About Belen Railway Employees Credit Union
BRECU is a not-for-profit financial organization that serves BNSF employees and their families.
BRECU is a member-owned financial cooperative organization operated by the volunteer members formed into governing bodies. A Board of Directors governs the overall operations of the Credit Union and the Supervisory Committee examines those operations. Our earnings go back to the member in the form of affordable loans, competitive rates on accounts and other valuable services.
BRECU is a State-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. You may visit the NCUA site for more information at NCUA.gov.
Membership Qualification --Who Can Join?
Credit unions are different from banks in several key areas:
- Credit unions are not-for-profit which means all income is returned to members in higher dividends, lower loan rates, expanded products and services for low or no cost, and used for capital reserves.
- Credit unions are member-owned and not owned by large and often out of state stockholders. Each primary member receives just one vote no matter the amount of their deposits.
- Credit unions are tax-exempt which allows them to typically have better rates.
- Credit unions are cooperatives and work together across the country to encourage responsible savings and borrowing.
- Credit unions serve specific employer groups or communities. Loans are only given to qualified members.
- Credit unions cannot be sold. Members must vote to combine credit unions.
- Credit union boards are unpaid volunteer members elected by the membership.