Chartway Federal Credit Union is a credit union headquartered in Virginia Beach and is chartered and regulated under the authority of the National Credit Union Administration (NCUA). Chartered in 1959, Chartway has assets of nearly $1.9 billion USD. Chartway has close to 200,000 members and is ranked in the top 100 credit unions in the country.
History
On September 4, 1959, seven civilian workers at the Norfolk Naval Air Station each invested $5.00 and incorporated NorVA N.A.S. Federal Credit Union. In October 1959, the organization that would later become Chartway Federal Credit Union was chartered. Its field of membership included civilian and military personnel, along with their family members. The charter also extended to employees of the credit union and their families. The main purpose of this new credit union was to provide low-cost loans and to provide a convenient place for its members to save in a more organized manner.
In January 1965, NorVA N.A.S. reached its first milestone of $1 million in assets and over 3,000 members. In 1969, the credit union had an opportunity to further expand with the passage of government legislation that allowed credit unions to change its charters. Members would now be eligible for lifetime membership even if they left the qualifying field of membership. Because of this, the credit union was able to retain its members and open its membership to retired Navy department civilians. In April 1972, the credit union changed its name to the Naval Air Norfolk Federal Credit Union. It also merged with Radron Credit Union to expand its field of membership to include the Cape Charles Air Force Station and anyone in the military who used either base.
In 1977, the credit union moved into what is now its headquarters at 160 Newtown Road in Virginia Beach, Virginia. In March 1983, the credit union changed its name again to Naval Air Federal Credit Union. In 1996, under the direction of President and CEO Ronald L. Burniske, the credit union became Chartway Federal Credit Union. Because there were branches in many different states, a much broader field of membership, and fewer ties to the military, the old name no longer seemed appropriate. According to Burniske, "Chartway" was chosen because "it reflected the members who brought us where we are today...and it reflected a dynamic new course for all of us."
In 2000, Chartway introduced its eBranch Internet Banking, which allowed members to manage their accounts online, pay their bills online, and receive electronic statements. By 2005, Chartway reached $1 billion in assets. During the mid-2000s Chartway partnered with local supermarket Farm Fresh Food & Pharmacy to provide financial services to grocery shoppers. As of 2010 Chartway has eighteen full service branches located in Farm Fresh supermarkets.
HeritageWest Credit Union and SouthWest Community Credit Union joined the Chartway family in 2010. Utah Central Credit Union became part of the organization in 2011, and is now recognized as Chartway Federal Credit Union.
Altogether, the organization has assets of nearly $1.9 billion, and serves close to 200,000 members.
Membership
Chartway services members in Florida, New Jersey, North Carolina, Rhode Island, Texas, Utah, and Virginia. Membership with Chartway Federal Credit Union is limited to people who share a common bond or who join its charitable arm, the We Promise Foundation. An individual is eligible to join Chartway under the following guidelines: he/she lives, works, worships, or goes to school in a defined geographic area served by one Chartway's branches; he/she is an immediate family member of a Chartway member; he/she is an employee or an immediate family member of an employee who works for one of the 750 Select Employer Groups who offer Chartway's credit union benefits to employees.
Services
Chartway Federal Credit Union offers savings accounts, checking accounts, IRA's, credit cards, loans (including home equity, auto, personal, and mortgage) certificates of deposits, investments, insurance, eServices, and financial counseling.
We Promise Foundation
As the charitable arm of Chartway Federal Credit Union, the We Promise Foundation is dedicated to making dreams come true for children struggling with degenerative, life-threatening, debilitating or chronic illnesses, or those facing tremendous hardship.
The foundation is a non-profit 501(c)(3) public charity that provides support to help children with a single goal: to put smiles on the faces of children by making their dreams come true.
The foundation was launched in 2005 based on the enduring success of Chartway's charitable events. Since 1999, the credit union's charitable arm has raised nearly $4,000,000 to lighten the burden of more than 600 children through their partnerships with numerous chapters of The Make-A-Wish Foundation, St. Mary's Home for Disabled Children, Families of Autistic Children in Tidewater, The Front Row Foundation, Toby's Dream Foundation, Rock-n-Jock Charities and other charitable children's groups who share their passion and mission to make a difference.
References
Berry, Carolyn. The Story of Chartway Federal Credit Union: From Cigar Boxes to Data Chips. Chesapeake, VA: Professional Printing Center, 2001.
ArrayExternal links
- Chartway Federal Credit Union official website
- HeritageWest Credit Union official website
- SouthWest Community Credit Union official website
- We Promise Foundation official website
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