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Prospectors Federal Credit Union

Offering Superior Financial & Lending Services for Your Family


Prospectors was originally chartered as Whittier Associated Telephone Federal Credit Union in 1949 and in the 50’s changed its name to Whittier Gen-Telco Federal Credit Union to correspond to changes within the General Telephone companies. In 1984 the Credit Union moved its office to City of Industry, changed its name to Prospectors Federal Credit Union and opened its field of membership to include other multi-common bond employer groups.  Today, Prospectors calls Diamond Bar it’s home and serves companies and members throughout San Gabriel Valley, Orange County and San Bernardino.

Our goal is always to provide the best possible service and the most current products and services at little or no cost to our members, while upholding the traditions of the Credit Union philosophy of “People Helping People”.

Our Member Care statement:

We at Prospectors Federal Credit Union, as a member owned organization, are committed to providing secure financial services through trusted partnerships in a personalized manner. We are dedicated to delivering a relevant and integrated product range with a unique approach that meets each of our member’s needs. We value our member’s time and their trust in our credit union. At Prospectors, quality member service is not just our job… it’s our passion.

Towards achieving the objective of the mission statement, Prospectors shall have as its focus:

  • The promotion of a cooperative enterprise;
  • Facilitating the accumulation of savings of its members;
  • The creation of a source of credit for its members at a reasonable rate of interest;
  • The provision of full financial services for its members.

Member-Owned Credit Union Difference

Credit unions are unique and quite different from other financial institutions.

In this time of accelerating change, it is important to truly understand how credit unions are unique and different, and why credit unions remain a necessary and extremely popular financial alternative for 87 million Americans. As stated by CUNA, (Credit Union National Association) credit unions hold the following characteristics:

  • Not-for-profit. Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Unlike most other financial institutions, credit unions do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
  • Taxation. Credit unions do pay taxes – payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act, which states: Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for- profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.”
  • Ownership. Credit unions are economic democracy. Each credit union member has equal ownership and one vote — regardless of how much money a member has on deposit. At a credit union, every customer is both a member and an owner.
  • Volunteer Boards. Each credit union is governed by a board of directors, elected by and from the credit union’s membership. Board members serve voluntarily.
  • Membership Eligibility. By current federal statute, credit unions cannot serve the general public. People qualify for a membership at Prospectors three ways: through their employer, or organizational affiliations like churches or associations, or as part of the ‘Under Served’ community (follow this link for a list of those communities) or as a direct family member of an eligible employee of one of our Employer Groups.
  • Financial Education for Members. Credit unions assist members to become better-educated consumers of financial services.
  • Social Purpose: People Helping People. Credit unions exist to help people, not make a profit. Our goal is to serve all of our members well, including those of modest means – every member counts. Our members are fiercely loyal for this reason. They know their credit union will be there for them in bad times, as well as good. The same people-first philosophy causes credit unions and our employees to get involved in community charitable activities and worthwhile causes – just ask us.

Federally Insured

All funds in Prospectors Federal Credit Union are fully insured to the standards set by the NCUA (National Credit Union Association). The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA.  Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board.  Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).

In addition to the federal share insurance from the NCUA, Prospectors is pleased to offer its Members a ‘no cost’ benefit of an additional $250,000 of insurance. This means that members deposits are covered up to $500,000 per individual account. This exceptional level of coverage is attained through a combination of the federal insurance provided by the National Credit Union Administration and American Share Insurance (ASI).

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