Department Spotlight: Duke Credit Union Serves 16,000 Members

Department: Duke Credit Union

Years at Duke: 44

Number of employees: 38

Who they are: The Duke University Federal Credit Union is a full-service financial cooperative that offers savings, checking and credit cards accounts, auto and home loans and online services to more than 16,000 members. Membership is open to Duke University and Duke University Health System staff and faculty, graduate students, alumni, retirees and their immediate family members. The 37 credit union employees are Duke employees, and the credit union has its own board, elected each year by members at the annual meeting.

What they are known for:  Because the Duke Credit Union is a non-profit institution owned and operated by its members rather than stockholders, it can provide better rates on loans and higher yields on savings than commercial banks. "Our goal is to have the best rates in the market," said Lee Fogle, chief executive officer.

What they do for you: The credit union has its main office in Erwin Square Plaza at 2200 W. Main St. in Durham and has nine ATMs on Duke's West Campus, the American Tobacco Campus, and in all Duke University Health System hospitals. Services range from loans to savings and checking accounts as well as financial seminars to help educate members. "Our financial counselors are out there between 80 and 100 times a year giving seminars on everything from buying a car to building a budget," Fogle said.

Hidden department fact: The credit union opened in 1968 in a small room in the basement of the Old Chemistry building with eight charter members and one employee. "I've heard that when a member came in, Toni Phillips, the credit union's first employee, would pull out a filing box to do business. That's how small it was when it got started," Fogle said.

Significant achievement: The ability to retain an identity as a Duke-centric credit union, which concentrates on serving the Duke community and actively supports Duke programs such as women's basketball and Duke Children's Hospital. "We understand our members' needs because we are Duke employees, just like them," said Jennifer Sider, the credit union's development officer. 

Big goal: The credit union wants "to retain our personal touch even as we use highly sophisticated technology" such as online bill pay and paperless bank statements, Sider said. The credit union will soon be launching a mobile version of its website, she said. "More and more of our banking is done by phone or online, but our employees still view each and every transaction as happening with a real person, even if it isn't face-to-face," Sider said.

How they make a difference: By advocating for the financial health of each member who comes to the credit union for service. "If members come in saying they want to buy a house or a car, we walk them through all of the steps needed to make a wise investment," Fogle said. "That can mean everything from reviewing their budget to determine the appropriate amount to spend, to choosing the best loan and repayment schedule for their situation and discussing their insurance needs. That level of customer service is our hallmark."