About Us


About Gold Coast FCU

Gold Coast FCU was formed on January 11, 1936, as the Palm Beach County Teachers Federal Credit Union. The new credit union was located at Twin Lakes High School in West Palm Beach and volunteers ran the credit union on a part-time basis. The only services offered were payroll-deducted savings accounts and small loans. At the end of the credit union's first year of operation, it had $461.03 in assets and 149 members. Through the years, Gold Coast FCU has responded to the needs of its members by providing economical products and services. As a result, the credit union is now a full-service financial institution serving over 20,000 members.

What is a Credit Union?

A credit union is a member-owned, nonprofit financial cooperative dedicated to the motto; "Not for profit, not for charity, but for service." Credit unions of today have their origins in southern Germany, where cooperative credit societies were formed by poor farmers in the mid-1840s. With feudalism gone, farmers were allowed to own land, but they could not afford to purchase the land, farming equipment, and other things necessary to operate a farm. They needed credit, but existing credit facilities, like banks, would not lend to farmers and other people of lesser means. These people were forced to borrow money from unscrupulous money lenders at exorbitant rates of interest. The credit societies gave people a convenient place to save and borrow money at reasonable rates. The societies became very popular and were known as "people's banks."

Commitment to Service

Commitment to Service


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