By Ann Donnelly
Saratoga’s Community Federal Credit Union, a local institution with deep roots dating back to 1945, is embarking on an ambitious expansion, extending its services to Fulton, Montgomery, Warren, and Washington counties. This move marks a significant step for the credit union, also known as Saratoga Federal, which has historically served the Saratoga community, starting as an organization for Saratoga teachers.
The credit union’s recent approval to expand its charter reflects a commitment to serving underbanked communities, a core principle emphasized by its governing agency, the NCUA. The decision to extend services northward comes from the organization’s desire to provide essential financial services to areas where traditional banking options may be limited.
According to Don Denofio, Saratoga Federal’s President and CEO for nearly 20 years, “The regulators were saying, get into places where there’s no banking because that’s where we can make a difference as an organization.” This philosophy underscores the credit union’s dedication to serving individuals who may not fit the stringent criteria of traditional banks, particularly those with lower credit scores or limited financial histories.
Unlike banks, credit unions operate on a member-owned model, where customers are shareholders, not just account holders. This structure allows for a more community-focused approach, reinvesting profits into the members through lower fees, competitive loan rates, and higher savings rates. While the gap between credit union and bank offerings has narrowed in recent years, the fundamental difference remains: credit unions prioritize member benefit over maximizing shareholder profits.
Expanding into the four new counties will be facilitated through a network of shared branches and ATMs, partnering with existing credit unions and retail locations like Price Chopper and Stewart’s Shops. This strategy provides members with convenient access to banking services without the immediate need for physical branches. The credit union is also implementing a 24/7 phone and online lending service to enhance accessibility further.
