Tyco Federal Credit Union Story

The Tyco Federal Credit Union Story

The credit union was started in 1971 to serve the employees of Raychem Corporation. It was founded as a non-profit financial services cooperative dedicated to helping its members with their savings and loan needs at competitive rates. After Tyco International acquired Raychem Corporation in 1999, TFCU expanded its field of membership to include all Tyco employees. In 2007, the divestiture of Tyco Electronics and Tyco Healthcare from Tyco International, expanded TFCU’s field of membership to include the three separate organizations -
Tyco Electronics, Tyco International and Covidien (formerly Tyco Healthcare).

In 2008, your directors made a major decision. Because eligible Tyco employees are scattered throughout the U.S., because the cost of banking operations is increasing so dramatically, because technology is changing
absolutely everything about the way banking is done, and because Tyco people tend to be more technology-savvy than most— the commitment was made to “Go Virtual”. While there is much precedent for doing this, the full concept is still new enough that Tyco Federal Credit Union may well be the first credit union in the land to go the full distance. So branches are OUT (not entirely, of course!), and the Internet is definitely IN. And we’re now exploring every avenue for delivering state-of-the-art banking services to you in a very new, very modern, very convenient, very “value-added” way.

From the beginning, our members have had a say in what we do and a stake in our success. By returning profits to our members in the form of higher dividends, lower loan rates and banking fees, various free or lower-cost financial services, and improved delivery systems-- we hope to instill a sense of ownership among our members that results in even greater down-the-road success. By electing credit union officials from their own ranks, our members help to direct credit union activities, and protect its pool of funds.

The credit union operates under guidelines and regulations imposed by NCUA (the National Credit Union Administration, an agency of the federal government). We are a member of NAFCU (National Association of Federal Credit Unions), the body that represents the interests of federal credit unions throughout the U.S.)