CAFCU's story as a credit union dates back to 1939, when 15 employees of Automatic Electric Co. in Chicago each made a deposit of $5 into the newly founded Automatic Credit Union on June 3 of that year.
Their vision was to work together to empower their own financial success by pooling their resources and lending to one another at lower-than-average interest rates.
Since then, our credit union has evolved in name, membership base, and charter while maintaining the credit union philosophy of "people helping people."
Growth of your credit union
The first change came when Automatic Electric Co. was purchased by GTE Corporation and the credit union changed its name to GTE Employees Federal Credit Union. The 1980s brought deregulation of financial institutions, which meant GTE Employees FCU had greater independence and new responsibilities. Determined to preserve the long-term security of the credit union, the GTE Employees FCU Board of Directors decided to diversify and, thereby, grow credit union membership. To better reflect this broader membership, the credit union changed its name again in 1986 to Corporate America Federal Credit Union.
In order to continue serving a diverse membership, the credit union transitioned from a federal charter to a state of Illinois charter in 1997. A name change soon followed and the credit union came to have the name you know today, Corporate America Family Credit Union, or CAFCU.
At CAFCU, we’re proud of how far we’ve come. We’re committed to continuing to empower your success – no matter where life takes you.