“We’re not a bank. We’re better!”
By Jane Keller Gordon, Contributing Writer
Business name: Central One Federal Credit Union
Address: 714 Main St., Shrewsbury
Contact information: 508-842-7400
Central One Federal Credit Union’s 33,000 members understand the benefits that a credit union offers versus a bank—better interest rates and fewer fees.
Like all not-for-profit credit unions, Central One can offer advantages to their members.
“Our account holders (referred to as members) are not only our customers, they’re also our owners,” said David A. L’Ecuyer, president and CEO of Central One. “Because there are no investors taking profits, we are able to focus 100 percent of our attention and resources on satisfying the needs of our members.”
Founded in 1952, Central One was established by employees of the New England Electric System (now National Grid) as an employer-based credit union.
In 1998, Central One’s charter was changed to community-based, and access was opened to citizens of 25 neighboring towns in Central Mass., including Shrewsbury, Northborough, Marlborough, Southborough, Westborough and Grafton.
According to L’Ecuyer, “To become a member of the credit union, you need to live, work, worship, go to school, or own a business in one of these towns and maintain $5 in an Owner Voting Share Account.”
Headquartered in Shrewsbury, Central One also has full service branches in Northborough, Westborough, and Auburn, with smaller “Bank at Work” branches at Westborough and Shrewsbury high schools, two National Grid facilities, and BJ’s Headquarters in Westborough.
“To be the primary financial institution in our members’ lives we have to not only offer world-class banking products and services, but also non-traditional complimentary products,” said L’Ecuyer.
In addition to savings and loan products, Central One members have access to discounted rates for auto and home insurance via Oak Tree Insurance Agency and investment services, retirement planning, and educational seminars through W.F. Financial Services. Additionally, they can use the free Auto Advisor service for assistance finding and securing a great price when buying a new or used car.
Central One also offers state-of-the-art technology, including text message banking, ApplePay, AndroidPay, and a user-friendly mobile app, which allows for mobile check deposits. Their automated ClickSwitch service makes switching checking accounts from other institutions worry-free by transferring direct deposits and automatic debits easily online. Another benefit is on-the-spot issuance of debit or credit cards at any of Central One’s full service locations.
Members can access a nationwide network of 60,000 ATMs, at no charge.
“With car loan rates as low as 0.99 percent and a Visa card at 9.99 percent, which is almost 6 percent below the national average, we’re a tough act to follow,” stated David Kaiser, assistant vice president of retail services at Central One. “On the deposit side, our ‘Senior Sense’ certificate rates put us at the top among the competition.”
In support of first time borrowers, Central One’s “Future Focus” program offers special discounts and bonuses for those acquiring their first credit card, car loan, or saving for their first home.
Central One is well-known for its support for the communities it serves, as demonstrated by its recent commitment of $750,000 to the Shrewsbury High School athletic project and its receipt of the 2017 Corridor Nine Chamber of Commerce Corporate Citizen of the Year award.
Member satisfaction at Central One is exceptionally high.
“For over 10 years our monthly satisfaction surveys have consistently scored above 94 percent, currently at 98 percent,” Kaiser said. “Delivering world-class service is not merely a slogan at Central One; it’s how we do business every day.”
For more information about Central One, including rates, visit www.centralfcu.com or call 508-842-7400.