Understanding Credit Unions

Credit Unions are not for profit, member owned, financial institutions that exist to serve the financial needs of their member owners.  Their main focus is our member and local community.
Becoming a member is simple and easy.

Credit Unions are owned by their members and governed by a volunteer board of directors who are also members of the credit union.

Unlike other not-for-profits, credit unions receive a tax exemption because they are mutually operated without profit. Earnings are returned back to members of the credit union in the form of lower rates and fees.

By current federal statute, credit unions cannot serve the general public. People qualify for a credit union membership through their employer, organizational affiliations like churches or social groups or a community such as Rockland County.

Our critics often claim that credit unions don't pay taxes. Credit unions do pay 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 reaffirmed 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."

Palisades Perks

At Palisades Credit Union you get more!

We offer a variety of value added benefits to your membership account that we like to call "Palisades Perks." These are special offers that we extend exclusively to members at no extra cost. We hope you are able to take advantage of these perks.

• FREE Notary Service
• Liberty Mutual Insurance and Special Payment Plan
• Intuit TurboTax Discounts
• ADT Discounts
• Love to Shop Perks

If you would like more information on any of these extra perks listed above please call us at 845-602-4242 or stop by any of our branches for assistance.

Holiday Hours

Our Mission

Personal banking, personal solutions

Our Vision

To build valued relationships through a lifetime of financial solutions.

Our History

1941
Palisades Credit Union started out as the Lederle Employees Federal Credit Union (LEFCU). LEFCU was originally charted in 1941, by a small group of employees of the American Cyanamid Company. They were dedicated to building a financial institution that would provide outstanding financial services at the lowest possible cost.

1996
Over the ensuing years Lederle Employees Federal Credit Union grew to include the immediate family members of existing members and introduced new products and services. In 1996, LEFCU changed its name to Palisades Federal Credit Union and began to acquire new Select Employee Groups into its field of membership.

2002
In June of 2002, we became the first federal community chartered credit union in Rockland County to serve all persons who live, work, worship, or attend school in Rockland County, New York.

2017
In June of 2017, Palisades Credit Union expanded its community charter to serve all persons who live, work, worship, or attend school in Rockland County, New York or Bergen County, New Jersey. 

In October of 2017, Palisades Credit Union assumed most of New York State Employees Federal Credit Union's assets and all member shares and loans. Palisades Credit Union now services all persons who live, work, worship, or attend school in Rockland County, New York or Bergen County, New Jersey; and employees of the State of New York who work in one of the five New York City boroughs. 

2018
In October of 2018, Palisades Credit Union assumed the majority of Radio, Television and Communication Federal Credit Union's assets and all member shares and loans. Palisades Credit Union now services members of Radio and Television Broadcast Engineers Local 1212, International Brotherhood of Electrical Workers, AFL-CIO, in New York, NY and employees of USA Networks, who work in or are paid from New York, NY.

Today
With over $150 million in assets and over 11,000 members, Palisades Credit Union still strives to provide members with first class financial services.