Question 1

What is Local 355 Maryland Credit Union?

Accepted Answer

Local 355 Maryland Credit Union is a small, member-focused federal credit union serving members of Teamsters Local 355 and their families in the Baltimore area. With approximately 1,442 members and $5.6 million in total assets, this credit union provides basic financial services tailored to the needs of union workers in the transportation, logistics, and related industries.

The credit union operates as an occupational credit union, serving employees and members of Teamsters Local 355, which represents nearly 6,000 workers across Maryland, Virginia, and Delaware in both public and private sectors.

Question 2

When was Local 355 Maryland Credit Union founded?

Accepted Answer

[Information not publicly available]

While the specific founding date is not publicly documented, the credit union was established to serve the financial needs of Teamsters Local 355 members. The credit union operates under federal charter number 14815.

Question 3

Where is Local 355 Maryland Credit Union headquartered?

Accepted Answer

Local 355 Maryland Credit Union is headquartered at 1030 S Dukeland Street in Baltimore, Maryland 21223. This location serves as both the administrative center and primary service point for members.

Question 4

Where does Local 355 Maryland Credit Union operate?

Accepted Answer

The credit union primarily serves members in the Baltimore, Maryland area, with its service area extending to regions where Teamsters Local 355 has members. This includes parts of Maryland, Virginia, and Delaware.

Membership is restricted to individuals affiliated with Teamsters Local 355, including union members, their families, and employees of the local union.

Question 5

What services does Local 355 Maryland Credit Union offer?

Accepted Answer

Local 355 Maryland Credit Union provides basic financial services to its members, including:

Loan Products: The credit union offers various lending options, with particular emphasis on auto loans to help members finance vehicle purchases. Total loans outstanding are approximately $603,000.

Deposit Accounts: Members can access share savings accounts and other deposit products, with total deposits of approximately $4.5 million. The credit union maintains a strong net worth ratio of 20.24%, indicating financial stability.

Member Services: The credit union can be reached at 410-566-5700 for member inquiries and services.

It's important to note that the credit union does not maintain a public website, focusing instead on direct member service through its Baltimore location.

Question 6

What makes Local 355 Maryland Credit Union unique?

Accepted Answer

Union-Focused Mission: The credit union exclusively serves Teamsters Local 355 members and their families, creating a tight-knit financial community that understands the specific needs of union workers in transportation and logistics sectors.

Small and Personal: With fewer than 1,500 members, the credit union offers highly personalized service where staff members know their members by name and understand their individual financial situations.

Strong Financial Foundation: Despite its small size, the credit union maintains a robust net worth ratio of 20.24%, well above regulatory requirements, demonstrating prudent financial management and stability.

No-Frills Approach: The credit union operates without a public website, focusing resources on direct member service rather than digital infrastructure, which reflects its commitment to traditional, relationship-based banking.

Question 7

What type of financial institution is Local 355 Maryland Credit Union?

Accepted Answer

Local 355 Maryland Credit Union is a federal credit union operating under charter number 14815, regulated by the National Credit Union Administration (NCUA). As a federal credit union, deposits are insured up to $250,000 per depositor through the National Credit Union Share Insurance Fund (NCUSIF).

The credit union operates as an occupational credit union with a defined field of membership limited to Teamsters Local 355 members, their families, and employees of the local union. This cooperative structure means members are also owners, with each member having an equal vote in credit union governance regardless of account balance.

As a not-for-profit financial cooperative, the credit union exists to serve its members rather than generate profits for external shareholders, allowing it to offer competitive rates and personalized service focused on member financial well-being.

Local 355 Maryland Credit Union

in the United States 🇺🇸

Crypto-Friendliness

All done!

About Local 355 Maryland Credit Union in the United States