Chocolate Bayou Community Federal Credit Union is a full-service, not-for-profit financial cooperative owned by its members. It is governed by a volunteer Board of Directors elected by the membership. Members pool their money to provide loans and other services to each other, with the help of the credit union staff. As your staff, it is our mission to provide innovative, convenient, cost-effective products and services through sound financial leadership.
Chocolate Bayou is open to people who live, work or worship in Brazoria County or to those who have eligible family members (related to you by blood, marriage, adoption or foster relationships). Our policy is “once a member, always a member”. Even if you change jobs, retire, or move away, your credit union membership continues and you continue to enjoy the benefits.
What is a Credit Union
A credit union is a cooperative financial institution that is owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.
Like credit unions, banks accept deposits and make loans, but unlike credit unions, they are in business to make a profit. Banks are owned by groups of stockholders whose interests include earning a healthy return on their investments. This means they often charge higher fees and interest rates to customers. Since Credit Unions are not-for-profit and are member-owned, earnings are returned to members in the form of higher dividends, lower rates and low fees.
Why Should I Join?
More than 95 million Americans are members of a credit union. When we work together as member-owners, we have more control over our fees, rates, products and services. We also have a stronger voice in government, which helps ensure our financial rights and those of future generations are protected.
It is important to keep the credit union movement growing for the benefit of the people it serves. Through the efforts of this movement, credit unions of all sizes are free to offer their members quality, affordable financial services.
Chocolate Bayou is a full-service financial cooperative that offers a wide variety of products and services from interest-bearing deposit accounts to credit cards and low-interest loans. We also offer products such as Check cards and FREE Home Banking & Online Bill Payer.
Our lobby and drive-thru hours are convenient, our products and rates competitive and the staff very friendly. Chocolate Bayou is also very community oriented and especially dedicated to promoting financial education for our youth. As a member-owner, you have a voice in your credit union and the right to vote each year at Annual Meeting.
Is My Money Protected
Yes. Deposits are insured to $250,000 by the National Credit Union Administration, a federal government agency.
To become a member of Chocolate Bayou, simply open a savings account with a minimum deposit of $5. To open a checking account with a savings account requires a minimum total deposit of $55. Once you’re a member, you will benefit from the many financial products and services we offer.
What forms of documentation do I need?
Chocolate Bayou requires some forms of documentation that prove your identity. We need to see your social security card and a photo ID such as a drivers license, passport, Texas Concealed Handgun License (CHL) etc. If you do not have a social security card we need a form of ID from your native country. Examples of this might be the Mexican Matricula or government-issued ID cards from other countries. Another form of ID might be an Individual Tax ID number (TIN) in lieu of a social security number. There may be other acceptable forms of ID provided by local and state government. If you have any questions on ID, feel free to call a Member Services representative at 281.331.2253.
Chocolate Bayou is open to people who live, work or worship in Brazoria County or to those who have eligible family members (related to you by blood, marriage, adoption or foster relationships). Our policy is “once a member, always a member”. Even if you change jobs, retire, or move away, your credit union membership remains and you continue to enjoy the benefits.