Question 1

What is Wakefern Federal Credit Union?

Accepted Answer

Wakefern Federal Credit Union is a member-owned financial cooperative serving employees of Wakefern Food Corporation and its affiliated supermarket brands, including ShopRite and PriceRite stores. Headquartered in Elizabeth, New Jersey, the credit union operates under a federal charter with supervision from the National Credit Union Administration (NCUA).

With approximately 1,217 members and over $11.3 million in total assets, Wakefern Federal Credit Union focuses exclusively on serving the workforce of one of America's largest supermarket cooperatives. The credit union maintains a strong financial position with a net worth ratio of 24.12% and a return on average assets of 1.43%.

Question 2

When was Wakefern Federal Credit Union founded?

Accepted Answer

Wakefern Federal Credit Union was established in 1962 to serve the employees of Wakefern Food Corporation. The credit union was created to provide financial services specifically tailored to the needs of associates working within the Wakefern cooperative family.

The credit union's founding came sixteen years after Wakefern Food Corporation itself was established in 1946 by five founding families whose names formed the company name: Lawrence Weiss, Sam and Alex Aidekman, Abe Kesselman, Leo Eisenberg, and Dave FERN. As the cooperative grew to become the largest retailers' cooperative of supermarkets in the United States, the credit union expanded its field of membership to include employees of ShopRite stores (where store owners have signed agreements) and all PriceRite store employees.

Question 3

Where is Wakefern Federal Credit Union headquartered?

Accepted Answer

Wakefern Federal Credit Union is headquartered at 505 Division Street in Elizabeth, New Jersey. The credit union office is located within the Wakefern Foods Produce building, which also houses a free ATM for credit union cardholders.

Question 4

Where does Wakefern Federal Credit Union operate?

Accepted Answer

Wakefern Federal Credit Union operates primarily in the New Jersey area, with its main office in Elizabeth. However, its field of membership extends across multiple states where Wakefern Food Corporation, ShopRite, and PriceRite operate locations.

The credit union serves employees working throughout the Wakefern cooperative's geographic footprint, which includes New Jersey, New York, Connecticut, Pennsylvania, Maryland, Delaware, Massachusetts, New Hampshire, and Rhode Island. Membership is restricted to associates of Wakefern Food Corporation and its wholly-owned subsidiaries (including Food Haulers, Inc. and National Transport Services Company), all PriceRite store employees, and ShopRite store employees whose store owners have enrolled with the credit union.

Question 5

What services does Wakefern Federal Credit Union offer?

Accepted Answer

Wakefern Federal Credit Union provides a comprehensive range of financial services designed to meet the everyday banking needs of its members:

Deposit Accounts: The credit union offers savings accounts and checking accounts with competitive rates. Members can take advantage of convenient features like payroll deduction and direct deposit to make saving automatic.

Lending Services: Personal loans, signature loans, and vehicle loans are available to members at competitive rates. As of the most recent data, the credit union manages approximately $4.4 million in total loans.

Digital Banking: Members have access to modern banking technology through a mobile banking application available on iOS devices. The app allows members to check balances, view transactions, transfer funds, and manage accounts from their smartphones or tablets. Online banking services are also available for 24/7 account access.

ATM Services: A free ATM for credit union cardholders is located at the credit union's headquarters at 505 Division Street in the Wakefern Foods Produce building. Members also have access to shared ATM networks.

Electronic Services: The credit union provides ATM/debit cards for convenient access to funds and everyday purchases.

Question 6

What makes Wakefern Federal Credit Union unique?

Accepted Answer

Specialized Workforce Focus: Wakefern Federal Credit Union is dedicated exclusively to serving the employees of one of America's largest supermarket cooperatives. This specialized focus allows the credit union to understand and address the unique financial needs of grocery retail workers and corporate associates.

Strong Financial Performance: The credit union demonstrates exceptional financial health with a net worth ratio of 24.12%, significantly higher than regulatory requirements. This strong capitalization ensures member deposits are well-protected and the institution can continue serving members effectively.

Workplace Integration: With services like payroll deduction, the credit union seamlessly integrates with members' employment, making it easy for Wakefern, ShopRite, and PriceRite employees to save automatically from each paycheck.

Community Connection: The credit union serves the workforce of a cooperative that employs nearly 80,000 people across its member companies. This creates a strong sense of community among members who share common employment connections.

Member-Centric Mission: Operating under the mission statement "Providing outstanding service, one member at a time," the credit union emphasizes personalized attention and member satisfaction over profit maximization.

Question 7

What type of financial institution is Wakefern Federal Credit Union?

Accepted Answer

Wakefern Federal Credit Union is a federal credit union, operating under a federal charter granted and supervised by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. As a federally chartered credit union, all member deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF).

As a cooperative financial institution, Wakefern Federal Credit Union is owned and controlled by its members, not outside shareholders. Each member has an equal vote in credit union governance, regardless of account balance. The credit union operates on a not-for-profit basis, returning value to members through competitive rates, lower fees, and personalized service.

Membership is restricted to a select employee group (SEG): associates of Wakefern Food Corporation and its wholly-owned subsidiaries, employees of participating ShopRite stores whose owners have enrolled with the credit union, and all PriceRite store employees. Family members of existing members may also be eligible to join. This selective field of membership creates a close-knit financial community built around shared employment connections within the Wakefern cooperative family.

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About Wakefern Federal Credit Union in the United States