Chartway Federal Credit Union
Encyclopedia
Chartway Federal Credit Union is a credit union
headquartered in Virginia Beach
and is chartered and regulated under the authority of the National Credit Union Administration
(NCUA). Chartered in 1959, Chartway has assets of over $1.8 billion USD. Chartway has more than 210,000 members and is ranked in the top 100 credit unions in the country.
each invested $5.00 and incorporated NorVA N.A.S. Federal Credit Union. In October 1959, the organization that would later become Chartway Federal Credit Union was charter
ed. Its field of membership included civilian and military personnel, along with their family members. The charter also extended to employees of the credit union and their families. The main purpose of this new credit union was to provide low-cost loans and to provide a convenient place for its members to save in a more organized manner.
In January 1965, NorVA N.A.S. reached its first milestone of $1 million in assets and over 3,000 members. In 1969, the credit union had an opportunity to further expand with the passage of government legislation that allowed credit unions to change its charters. Members would now be eligible for lifetime membership even if they left the qualifying field of membership. Because of this, the credit union was able to retain its members and open its membership to retired Navy department civilians.
In April 1972, the credit union changed its name to the Naval Air Norfolk Federal Credit Union. It also merged with Radron Credit Union to expand its field of membership to include the Cape Charles Air Force Station and anyone in the military who used either base.
In 1977, the credit union moved into what is now its headquarters at 160 Newtown Road in Virginia Beach, Virginia. In March 1983, the credit union changed its name again to Naval Air Federal Credit Union. In 1996, under the direction of President and CEO Ronald L. Burniske, the credit union became Chartway Federal Credit Union. Because there were branches in many different states, a much broader field of membership, and fewer ties to the military, the old name no longer seemed appropriate. According to Burniske, “Chartway” was chosen because “it reflected the members who brought us where we are today…and it reflected a dynamic new course for all of us.”
In 2000, Chartway introduced its eBranch Internet Banking, which allowed members to manage their accounts online, pay their bills online, and receive electronic statements. By 2005, Chartway reached $1 billion in assets. During the mid 2000s Chartway partnered with local supermarket Farm Fresh Food & Pharmacy
to provide financial services to grocery shoppers. As of 2010 Chartway has eighteen full service branches located in Farm Fresh supermarkets.
On January 1, 2010 Chartway announced that HeritageWest Credit Union
became a division of Chartway Federal Credit Union. HeritageWest has five branch locations within the Salt Lake City, Tooele and surrounding counties of Utah. SouthWest Community Credit Union also joined Chartway on July 1, 2010. SouthWest Community Credit Union is also located in Utah. The partnership with both HeritageWest and SouthWest has increased Chartway's core deposit base to nearly $1.8 billion, combined membership of more than 210,000, 60 branch locations operating within 10 states and now has the potential to serve nearly 4 million people nationwide.
, Florida
, Georgia
, New Jersey
, North Carolina
, Ohio
, Rhode Island
, Texas
, Utah
, and Virginia
. Membership with Chartway Federal Credit Union is limited to people who share a common bond
. An individual is eligible to join Chartway under the following guidelines: he/she lives, works, worships, or goes to school in a defined geographic area served by one Chartway’s branches; he/she is an immediate family member of a Chartway member; he/she is an employee or an immediate family member of an employee who works for one of the 750 Select Employer Groups who offer Chartway’s credit union benefits to employees.
accounts, IRA's, credit cards, loans (including home equity
, auto
, personal, and mortgage
) certificates of deposits, investments, insurance
, eServices, and financial counseling. In 2008, Chartway introduced its new eProducts Bundle—high yield savings and checking accounts accessed entirely online.
501(c)(3) public charity that provides support to help children with a single goal: to put smiles on the faces of children by making their dreams come true.
The foundation was launched in 2005 based on the enduring success of Chartway’s charitable events. Since 1999, Chartway and We Promise Foundation have raised more than $2.9M to lighten the burden of more than 600 children through their partnerships with numerous chapters of The Make-A-Wish Foundation, St. Mary’s Home for Disabled Children, Families of Autistic Children in Tidewater, The Front Row Foundation, Toby’s Dream Foundation, Rock-n-Jock Charities and other charitable children’s groups who share their passion and mission to make a difference.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Virginia Beach
Virginia Beach, Virginia
Virginia Beach is an independent city located in the Hampton Roads metropolitan area of Virginia, on the Atlantic Ocean at the mouth of the Chesapeake Bay...
and is chartered and regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA). Chartered in 1959, Chartway has assets of over $1.8 billion USD. Chartway has more than 210,000 members and is ranked in the top 100 credit unions in the country.
History
On September 4, 1959, seven civilian workers at the Norfolk Naval Air StationNaval Station Norfolk
Naval Station Norfolk, in Norfolk, Virginia, is a base of the United States Navy, supporting naval forces in the United States Fleet Forces Command, those operating in the Atlantic Ocean, Mediterranean Sea, and Indian Ocean...
each invested $5.00 and incorporated NorVA N.A.S. Federal Credit Union. In October 1959, the organization that would later become Chartway Federal Credit Union was charter
Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
ed. Its field of membership included civilian and military personnel, along with their family members. The charter also extended to employees of the credit union and their families. The main purpose of this new credit union was to provide low-cost loans and to provide a convenient place for its members to save in a more organized manner.
In January 1965, NorVA N.A.S. reached its first milestone of $1 million in assets and over 3,000 members. In 1969, the credit union had an opportunity to further expand with the passage of government legislation that allowed credit unions to change its charters. Members would now be eligible for lifetime membership even if they left the qualifying field of membership. Because of this, the credit union was able to retain its members and open its membership to retired Navy department civilians.
In April 1972, the credit union changed its name to the Naval Air Norfolk Federal Credit Union. It also merged with Radron Credit Union to expand its field of membership to include the Cape Charles Air Force Station and anyone in the military who used either base.
In 1977, the credit union moved into what is now its headquarters at 160 Newtown Road in Virginia Beach, Virginia. In March 1983, the credit union changed its name again to Naval Air Federal Credit Union. In 1996, under the direction of President and CEO Ronald L. Burniske, the credit union became Chartway Federal Credit Union. Because there were branches in many different states, a much broader field of membership, and fewer ties to the military, the old name no longer seemed appropriate. According to Burniske, “Chartway” was chosen because “it reflected the members who brought us where we are today…and it reflected a dynamic new course for all of us.”
In 2000, Chartway introduced its eBranch Internet Banking, which allowed members to manage their accounts online, pay their bills online, and receive electronic statements. By 2005, Chartway reached $1 billion in assets. During the mid 2000s Chartway partnered with local supermarket Farm Fresh Food & Pharmacy
Farm Fresh Food & Pharmacy
Farm Fresh Food & Pharmacy is a supermarket chain with forty-three stores, primarily in Virginia. Its headquarters is located in Virginia Beach, Virginia in the Chimney Hill Shopping Center, and its largest presence is in the surrounding Hampton Roads metropolitan area, although it also has stores...
to provide financial services to grocery shoppers. As of 2010 Chartway has eighteen full service branches located in Farm Fresh supermarkets.
On January 1, 2010 Chartway announced that HeritageWest Credit Union
HeritageWest Credit Union
HeritageWest Credit Union is a credit union with regional headquarters in Tooele, Utah and is regulated under the authority of the National Credit Union Administration . Originally chartered in 1948, HeritageWest merged with Chartway Federal Credit Union on January 1, 2010 and operates as a...
became a division of Chartway Federal Credit Union. HeritageWest has five branch locations within the Salt Lake City, Tooele and surrounding counties of Utah. SouthWest Community Credit Union also joined Chartway on July 1, 2010. SouthWest Community Credit Union is also located in Utah. The partnership with both HeritageWest and SouthWest has increased Chartway's core deposit base to nearly $1.8 billion, combined membership of more than 210,000, 60 branch locations operating within 10 states and now has the potential to serve nearly 4 million people nationwide.
Membership
Chartway services members in ArkansasArkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, Rhode Island
Rhode Island
The state of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island , is a state in the New England region of the United States. It is the smallest U.S. state by area...
, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
, and Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
. Membership with Chartway Federal Credit Union is limited to people who share a common bond
Bond of association
The bond of association or common bond is the social connection among the members of credit unions and co-operative banks. Common bonds substitute for collateral in the early stages of financial system development...
. An individual is eligible to join Chartway under the following guidelines: he/she lives, works, worships, or goes to school in a defined geographic area served by one Chartway’s branches; he/she is an immediate family member of a Chartway member; he/she is an employee or an immediate family member of an employee who works for one of the 750 Select Employer Groups who offer Chartway’s credit union benefits to employees.
Services
Chartway Federal Credit Union offers savings accounts, checkingCheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
accounts, IRA's, credit cards, loans (including home equity
Home equity
Home equity is the market value of a homeowner's unencumbered interest in their real property—that is, the difference between the home's fair market value and the outstanding balance of all liens on the property. The property's equity increases as the debtor makes payments against the...
, auto
Car finance
The subject of car finance comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment...
, personal, and mortgage
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
) certificates of deposits, investments, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, eServices, and financial counseling. In 2008, Chartway introduced its new eProducts Bundle—high yield savings and checking accounts accessed entirely online.
We Promise Foundation
As the charitable arm of Chartway Federal Credit Union, the We Promise Foundation is dedicated to making dreams come true for children struggling with degenerative, life-threatening, debilitating or chronic illnesses, or those facing tremendous hardship. The foundation is a non-profit501(c)(3) public charity that provides support to help children with a single goal: to put smiles on the faces of children by making their dreams come true.
The foundation was launched in 2005 based on the enduring success of Chartway’s charitable events. Since 1999, Chartway and We Promise Foundation have raised more than $2.9M to lighten the burden of more than 600 children through their partnerships with numerous chapters of The Make-A-Wish Foundation, St. Mary’s Home for Disabled Children, Families of Autistic Children in Tidewater, The Front Row Foundation, Toby’s Dream Foundation, Rock-n-Jock Charities and other charitable children’s groups who share their passion and mission to make a difference.