New Covenant Dominion Federal Credit Union
New Covenant Dominion Federal Credit Union
New Covenant Dominion Federal Credit Union is a credit union located in the Morrisania neighborhood in the South Bronx, New York. The credit union was established in 2007 by South Bronx-based New Covenant Christian Ministries, working with religious congregations to provide banking services to local residents, in a community that has historically had limited access to safe and affordable financial products.
Today, New Covenant Dominion FCU is a member- and mission-driven Community Development Financial Institution (CDFI) committed to serving and financially empowering its more than 600 members, as well as serving the larger community by investing in the local economy. With two branch locations offering a variety of financial products, including checking and savings accounts, loans, debit cards and online banking, New Covenant Dominion FCU works to provide banking services that are not currently available in the community, in order to promote financial well-being, and develop economic stability within the community and its membership. An increasing number of New Covenant members are also small business-owners, who use financial products and services from the credit union to grow their businesses and build economic opportunity.
About Our Products & Services
A debit card looks like a credit card, but it functions like a combination ATM card and check, allowing the cardholder to transfer money electronically from a checking account to make a purchase or to withdraw cash from an ATM or by selecting the “cash back” option some stores offer on debit card transactions.
Certificate of Deposit
A type of savings account in which a credit union issues a certificate to a person depositing money for a specified length of time -- generally a three month to seven year investment commitment. CDs offer higher and fixed interest rates, but with a greater initial deposit and penalty for early withdrawal.
A deposit method in which money is electronically transferred directly into your account, replacing the need to deposit a physical check. Frequently used for employee paychecks and government benefits, direct deposit is convenient and often processed quicker than paper checks, giving you access to your money sooner.
An ideal account for day-to-day money management that lets you to access your money almost anywhere by writing a check, using a debit card to make a purchase or withdrawing cash from an ATM. Often supports direct deposits and there is usually no limit to how many withdrawals you can make in a month.
A loan lets you borrow money that you agree to pay back, with interest, at a later date. Typical credit union loans include personal loans, auto loans and mortgage loans. Credit union members often enjoy lower interest rates and may have an easier time getting approved for a loan than at a bank.
A secure and convenient way to electronically access your money, check your balance and complete banking transactions with a credit union via the Internet.
An account (called a share account at a credit union) that lets you earn interest on the money you deposit. Interest rates are low, but minimum deposit is small. Unlike investment accounts, savings accounts – and the money you keep in them – are federally insured up to $250,000.
Become a Member
New Covenant Dominion FCU membership is open to members of the New Covenant Dominion Faith Church in New York and their families, as well as students of New Covenant Christian School and their parents. Immediate family of current members are also eligible to join New Covenant Dominion FCU.Apply Now
New Covenant Dominion FCU
My entire family has an account at the Credit Union. At its inception, my mother opened savings account for my three sons, which they continue to maintain today, as a college graduate and two college undergrads.
My own story of the credit union positively impacting my life came in the form of a loan towards improving my home. Having bought our first house, I found that the repairs needed were well beyond the reach of my pocket. I spoke to Mr. Sterling in the bank about my situation and he helped me to acquire a loan that would help me make the necessary repairs to my home. I doubt that one of the big institutions would have considered me and I really appreciate the fact that I can go in and speak with someone who understands my circumstances and would work with me towards a successful end.
Through this experience, I have come to appreciate the intimacy of smaller businesses and am now making certain that I do my transactions through the credit union. I believe that that they are a community-based organization that is making an impact in many families.
"New Covenant Dominion helped me acquire a loan to make needed home repairs. I doubt that one of the big institutions would have considered me and I really appreciate that I can go in and speak with someone who understands my circumstances and would work with me."
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.