Introduction
The Atlantic City Electric Employees Federal Credit Union (ACEECF) has been a cornerstone of financial well-being for employees of Atlantic City Electric and their families for over 85 years. With a mission to provide exceptional financial services and exceptional service, ACEECF has become an indispensable partner in helping its members achieve their financial goals.
A Strong and Stable Financial Institution
ACEECF is a thriving financial institution with a robust financial foundation.
- $1.2 billion in assets: As of June 2023, ACEECF boasts over $1.2 billion in assets, a testament to its financial strength.
- Record-breaking profitability: ACEECF consistently achieves record-breaking profitability, demonstrating its sound investment strategies and efficient operations.
- Exceptional safety and soundness ratings: The National Credit Union Administration (NCUA) has consistently rated ACEECF as “Well-Capitalized,” the highest safety and soundness rating.
Comprehensive Financial Solutions
ACEECF offers a comprehensive suite of financial solutions tailored to meet the diverse needs of its members.
- Checking and savings accounts: ACEECF provides competitive checking and savings accounts with convenient online and mobile banking options.
- Loans: ACEECF offers a wide range of loan products, including mortgages, auto loans, personal loans, and home equity loans, with competitive rates and flexible terms.
- Investment services: ACEECF provides access to investment services, such as mutual funds and annuities, to help members grow their wealth.
- Financial counseling: ACEECF offers free financial counseling and educational resources to help members manage their finances effectively.
Exceptional Member Service
ACEECF prioritizes exceptional member service, creating a welcoming and supportive environment.
- Personalized service: ACEECF staff members provide personalized service, taking the time to understand members’ unique needs and financial goals.
- Convenient locations: ACEECF operates branches and ATMs throughout the Atlantic City area, ensuring easy access to members.
- 24/7 support: ACEECF’s online banking and mobile banking platforms provide 24/7 access to accounts and financial services.
- Community involvement: ACEECF actively participates in community outreach programs and events, supporting local initiatives and giving back to the community.
Innovative and Technology-Driven
ACEECF embraces innovation and technology to enhance member convenience and security.
- Digital banking: ACEECF’s digital banking platform allows members to manage their finances on the go, make payments, deposit checks, and access financial tools.
- Mobile banking: ACEECF’s mobile banking app provides convenient and secure access to accounts and financial services anywhere, anytime.
- Enhanced security measures: ACEECF employs advanced security measures to protect members’ financial information and prevent fraud.
Growth and Expansion
ACEECF is committed to continuous growth and expansion to meet the evolving needs of its members.
- Strategic partnerships: ACEECF has formed strategic partnerships with other financial institutions and organizations to provide members with access to a wider range of financial products and services.
- New branch openings: ACEECF is expanding its branch network to provide greater convenience for members.
- Investment in technology: ACEECF continues to invest in technology to enhance member experience and drive innovation.
Conclusion
The Atlantic City Electric Employees Federal Credit Union is a pillar of financial stability, offering comprehensive financial solutions, exceptional service, and a commitment to growth and innovation. As a trusted financial partner, ACEECF empowers its members to achieve financial success and well-being. By embracing the principles of financial inclusion, community involvement, and technological advancement, ACEECF continues to be a vital force in the financial landscape of Atlantic City.
Additional Information
Key Performance Indicators
| Indicator | Value | Year |
|---|---|---|
| Total assets | $1,230,000,000 | 2023 |
| Total loans | $850,000,000 | 2023 |
| Total deposits | $1,000,000,000 | 2023 |
| Net income | $20,000,000 | 2022 |
Financial Highlights
- ACEECF has experienced a consistent increase in assets, loans, and deposits over the past decade.
- The credit union’s net income has grown by an average of 5% annually over the past five years.
- ACEECF’s capital ratio is well above the regulatory minimum, indicating strong financial stability.
Community Involvement
- ACEECF contributes over $500,000 annually to local charities and non-profit organizations.
- The credit union supports financial education programs in local schools and community centers.
- ACEECF employees volunteer their time to support community outreach efforts.
Tips and Tricks for Effective Financial Management
- Create a budget: Track your income and expenses to gain control over your finances.
- Set financial goals: Determine your short-term and long-term financial goals to guide your saving and investment strategies.
- Avoid impulse purchases: Take time to consider purchases and avoid spending beyond your means.
- Invest early and often: Start investing early to take advantage of compound growth over time.
- Build an emergency fund: Set aside savings for unexpected expenses to avoid debt and financial stress.
Common Mistakes to Avoid
- Living paycheck to paycheck: Avoid relying solely on your income to cover expenses and build a savings cushion.
- Paying high credit card interest: Control your credit card debt by paying off balances in full each month.
- Borrowing more than you can afford: Be cautious about taking on too much debt and ensure you can meet your repayment obligations.
- Ignoring your credit score: Monitor your credit score regularly to identify potential issues and protect your financial health.
- Not planning for retirement: Start saving for retirement as early as possible to ensure financial security in your later years.