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A credit union is a financial institution. Similar to other financial institutions, a credit union can offer a wide range of products and services such as Savings , Checking, CDs (Share Certificates), Loans, and much more. There is not much of a difference between products of a credit union and a bank. So, what makes a credit union different from other financial institutions?

  • Unlike banks that are open to everyone, credit unions serve specific groups of people. At CalCom Federal Credit Union, joining is easy! You’re eligible for membership if you work for one of our Select Employee Groups, have a family or household member who’s already part of CalCom, or make a small donation to the Downey Rose Float Foundation. Becoming a member is simple—and opens the door to better banking built around you.

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    Select Employee Groups:

    • 24Hr Homecare LLC

    • Astoria / G&E Healthcare Inc.

    • Arroyo Verde Medical Group

    • Bally Total Fitness

    • Beach Reporter

    • Briarwood Fasteners Inc.

    • Catholic Healthcare West of Southern California

    • California Hospital Medical Center

    • Community Hospital of San Bernardino

    • St. Bernardine Medical Center

    • Glendale Memorial Hospital and Health Center

    • Northridge Hospital Medical Center

    • St. Mary Medical Center

    • City of South Gate

    • Daily Breeze Newspaper

    • DeKing Screw Products

    • El Segundo Unified School District

    • Facey Medical Group

    • GEM Healthcare, LLC

    • Haskel Inc.

    • HealthCare Partners Medical Group

    • JLM Strategic Talent Partners Employees

    • Kreiger Deburring

    • La Salle Alumni Association of Southern California

    • Los Feliz Gardens

    • Metric Machining

    • Nautilus International Holding Corporation

    • Optimist Club of South Gate

    • PacifiCare Health Systems

    • Pacific Skies Aviation, LLC Employees and Students

    • Palos Verdes News

    • Partners in Care Foundation

    • Physician Associates of the Greater San Gabriel Valley

    • Professional Finishing Systems

    • Prospect Manor

    • Providence Little Company of Mary

    • Medical Center San Pedro

    • Medical Center Torrance

    • Outpatient Centers

    • Post-Acute Facilities

    • Remo Inc.

    • Regency Park Westwood, Inc.

    • San Gabriel Valley Medical Center

    • South Gate City Police Department

    • Southern California Orthopedics Institute

    • The Sullivan Group of Court Reporters

    • Torrance Rose Float Members

    • Transworld Shipping Employees

    • Trinity Care

    • UnitedHealth Group

    • Valley Presbyterian Hospital

    • VNA Care, Inc.

  • A credit union is a cooperative wherein its members are its owners. The general membership is represented by an elected board of directors who are members themselves and serves without compensation for their time. Each member, regardless of their balances on their accounts, gets to cast one vote and are eligible to be nominated as a director.

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    Unlike for-profit financial institutions the main focus of a credit union as an institution is not for profit. Its main focus is to ensure its financial stability and sustain its growth to continually provide financial products and services to its members. In the process of doing business the credit union does make a profit, however a credit union's profit does not go into the pocket of shareholders or select individuals. It goes back to the credit union in the form of capital to further its stability as an institution, to new products and services, or back to the general membership in the form of higher dividends, lower loan rates, and lower fees.

  • As a CalCom Federal Credit Union member, you can take advantage of lower rates, higher savings dividends, and low or no fees. Such benefits are available to members, in part, because Congress granted credit unions a long-standing exemption from taxation, and with good reason.

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    Not-for-profit credit unions return profits to members, and are led by an all-volunteer Board of Directors who are not compensated for their services. Credit unions also help the financially under-served, including members with below-average incomes, or those with limited or damaged credit. Banks, however, earn billions in profit from customers of their choosing, and pass those profits on to stockholders.

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  • Historically, credit unions have had broad support from Congress. In fact, Congress reaffirmed the tax exemption status of credit unions in 1998. However, led by the Bankers' Association, a subcommittee of the House Ways and Means Committee met last November with the sole intention of reviewing the credit unions' tax exempt status. For now, no recommendation has been made. But if our tax-exemption were revoked, our not-for-profit status and your credit union advantage would be in jeopardy.

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    As in all financial matters that affects you, we will keep you informed about this issue and work hard to protect your interests.

    A credit union is a financial institution. Similar to other financial institution, a credit union can offer a wide range of products and services such as savings (regular shares), checking (share draft), certificates of deposits (share term certificates), loan products, and much more. Other than the name of the products, there is not much of a difference between products by a credit union and a bank. So, what makes a credit union different from other financial institutions?

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