What is a Credit Union?

Many of you may have grown up with HFS, either as a member or you know of someone who is. You may have visited a branch with your ‘ohana as a child or driven past a branch as an adult. HFS has been around for quite some time. Our humble beginnings started on January 4, 1937, with nine individuals who shared a common bond; the need for credit to be available to those of small means. For over 85 years, we have grown tremendously thanks to the Big Island community for their continued trust and support.

What makes credit unions, like HFS, unique is that we are not-for-profit organizations that serve members and communities. We are member-owned and governed by a board of volunteers elected by its members. Credit unions operate with the philosophy of “People Helping People.” You may be asking yourself, what is the difference between a credit union and a bank? The most significant difference is that banks are profit driven and owned by shareholders. They are governed by a compensated board comprised of majority stockholders. Banks and credit unions tend to offer the same products and services, but credit unions often charge less fees. As a non-profit institution, credit unions use any profits made to provide lower interest rates on loans and higher interest rates on savings for their members. This circles back to that philosophy of “People Helping People”.

Each month throughout 2023, we will help educate our membership and community on what it means to be a credit union. We’ll focus on a different word each month and how that word relates to HFS. Check it out below!

  • January – ‘Ohana


You are more than just a member, you are ‘ohana.

We take pride in showing our members that they will always be welcomed and treated like family.  As a credit union, we are consistently keeping our members at heart.

Not a member yet? Visit any branch location to become a member today, or start your application online.  For any questions, please contact us at (808) 930-1400 or toll-free at (800)216-2666.


Leave a Reply

Your email address will not be published. Required fields are marked *

HFS FCU Andriod app icon

HFS Federal Credit Union
Free - On the App Store

HFS FCU iOS app icon

HFS Federal Credit Union
Free - On the App Store

Online Banking