Project Differentiation

Xerox Federal Credit Union

As A MEMBER-owned, not-for-profit financial cooperative, Xerox Federal Credit Union is committed to our members. Consistent with our MemberFirst Philosophy, we will uphold our fundamental responsibility to actively serve people within our field of membership, and as appropriate, the communities they live in. We will treat all members with respect and dignity and we will offer honest, fair deals to all members at all times. We will deliver a range of low cost products and services to the diverse economic and social make-up of our members and potential members. We will look for better ways to reach out to the un- or underserved in our field of membership. And we will continually, in all facets of operations, demonstrate the value of membership in Xerox Federal Credit Union.

We will monitor and communicate our service to members in a meaningful way so that members, potential members, legislators, regulators, and the community at large will understand and appreciate the unique role that member-owned financial cooperatives play in their lives.

Throughout Xerox Federal Credit Union's strategic plan, we will put forth every effort to enable our members to become financially self-sufficient and successful. We will place high importance on consumer education and the teaching of financial thrift.

This Statement of Commitment to Members is consistent with our credit union principles of "Not For Profit, Not For Charity, But For Service" and our philosophy of "People Helping People". This statement represents good business practices that ensure the financial strength of our Credit Union on behalf of our members.

Section I: Service to Members

Xerox Federal Credit Union strives to offer services designed to improve the economic and social well being of all members from all socio-economic backgrounds, including our low- and moderate-income members, and return financial value to all those who participate in our member-owned financial cooperative.

Current Services that Help Improve the Economic and Social Well Being of Members:

  1. Low/No minimum balance requirements


  2. Savings accounts


  3. Baby accounts


  4. Free checking accounts


  5. Interest bearing checking accounts


  6. Club accounts


  7. Money market accounts


  8. Certificate of deposit accounts


  9. IRA accounts


  10. Payroll deduction


  11. Direct deposit


  12. The Balance Program™ (Financial planning and counseling)


  13. Consumer loans (including low cost Member First Loan)


  14. No down payment auto loans


  15. Looks like a lease loan (lower payments)


  16. Mortgage loans (including 95% LTV and first time homebuyer)


  17. Housing partner program


  18. Genesis program (welfare to work)


  19. Surcharge free ATMs and Networks


  20. Free SuperAxcess (Web home banking and bill paying)


  21. Free AudioXpress


  22. 800 number access to Teleservices


  23. Visa credit cards


  24. Visa check cards


  25. XCU Capital Corporation (Brokerage and financial planning subsidiary)


  26. Focus Insurance (Insurance agency subsidiary)


  27. CUAF (Rochester indirect lending partnership)


  28. Dollars for College scholarship (XCU Capital Corporation sponsored)

Section II: Member Education

Xerox Federal Credit Union is committed to member and consumer financial education; in addition we are committed to educating members and consumers, alike, about credit union uniqueness, philosophy, and values.

Current Programs that Support Member Education and Advocacy:

  1. Images newsletter


  2. Web site www.xfcu.org (Winner of CU Times "Most Useful" Award)


  3. Focus groups


  4. Member satisfaction response cards


  5. Member satisfaction surveys


  6. Home buying workshops (including first time)


  7. Seminar series (Managing your finances, car shopping, plastic surgery, adventures in saving for kids)


  8. National Endowment for Financial Education (staff volunteers trained to teach at high school level)

Section III: Involvement/Governance

Xerox Federal Credit Union will endeavor to preserve credit union democratic principles, including demographic representation and volunteer participation in credit union activities.

Current Programs that support Involvement/Governance:

  1. Established budget for volunteer participation


  2. Active nominating committee


  3. Participation in NAFCU governmental affairs conferences


  4. NYSCUL legislative committee participation


  5. Involvement in other state Credit Union Leagues


  6. Submit comment letters to NCUA on a regular basis

Section IV: Diversity

Xerox Federal Credit Union recognizes the value of demographic diversity in staff as well as in volunteers, and will strive to bring people of diverse backgrounds and experiences into leadership and other roles at the credit union.

Current Programs that Promote Diversity:

  1. Volunteer representation


  2. Staff recruitment and hiring practices


  3. Diversity Visa Card


  4. Sponsorship of all Xerox diversity groups (includes Women, Black, Hispanic and Asian American organizations)

Section V: Commitment to the Credit Union Movement and other Cooperative Activities

Xerox Federal Credit Union will work to build and strengthen our unique credit union movement by providing financial and in-kind resources to others within the credit union community, and by actively advocating the credit union difference at all levels of government and in other appropriate public forums. In addition, Xerox Federal Credit Union will participate in local, state and national cooperative activities as appropriate, and will strive to build and strengthen relationships with other sectors of the national cooperative movement.

Current Activities that Support the Credit Union Movement:

  1. CEO serves on NAFCU Board


  2. CUES Memberships


  3. League chapter meeting participation


  4. Filene Research Council


  5. American Credit Union Mortgage Association (founders and participants)

And other Cooperative Activities:

  1. XCU Capital offers brokerage services to credit union partners


  2. CUAF offers indirect lending to other interested credit unions

Section VI: Public Service / Corporate Citizenship

Through direct financial support or other in-kind contributions to worthwhile local organizations, and by participating in public service activities, Xerox Federal Credit Union strives to be an active partner in our community. We recognize that practicing good Corporate Citizenship supports the Credit Union Philosophy of People Helping People; furthermore, it will help raise the overall level of social and economic well being of those in our community, help to strengthen ties within the community, and better position us to reach out and serve - as only credit unions can - those people in greatest need of affordable financial services.

Community/FOM Groups Currently Receiving Financial or Other In-Kind Support (including the support given) and Current Public Service Activities:

  • American Red Cross (CEO serves on Los Angeles Chapter Board)


  • United Way (Staff supports via payroll deduction)


  • Habitat for Humanity (Board and Staff volunteers)


  • School 45 (NY Staff volunteers-Won NY Dora Maxwell Award)


  • Crestwood Children's Center


  • Open Door Mission


  • Foodlink


  • Heritage Christian Home


  • Toys for Tots


  • National MS Society


  • Harvest for Hunger


  • NYSCUL Scholarship Program


  • Donation of equipment (Progressive and Genessee Co-op Credit Unions)


  • Public Interest Law Office of Rochester (participate in their fair housing website)


  • Federal Home Loan Bank of San Francisco's Affordable Housing Program (XFCU contributed $14,818 of forgone dividends in 1999)


  • Tree Musketeers Program-El Segundo


  • Sponsor Xerox and other Select Employee Groups "Future Professionals Day"


  • Annual summer intern programs


  • Revlon run/walk Champions for a Cure


  • Heal the Bay Foundation


  • Academic Decathlon


  • Xerox Management Association


  • Circle of Friends


  • Big Brothers and Big Sisters


  • National Employee Health and Fitness Day
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