Founded in 1935 during the Great Depression, the original Dade County Florida Teachers Federal Credit Union, in Miami, FL, holds the distinction of being one of Florida's oldest federally chartered Credit Unions. The Credit Union was founded by a few employees of the public school system, as a financial alternative for teachers in Dade County. As word spread and membership increased, so did product offerings and with it, considerable growth.
In 1972, the Credit Union changed their name to Dade County School Employees Federal Credit Union to reflect the eligibility of all school employees.
The Credit Union underwent another name-change in 2000, becoming South Florida Educational Federal Credit Union, after the county's name converted to Miami-Dade. This name better reflected the Credit Union's educational focus.
On April 1, 2021, on the anniversary of the original charter, South Florida Educational Federal Credit Union became EdFed, The Educational Federal Credit Union. This new name conveys our deep commitment to serving the unique financial needs of our educational community.
The Credit Union Difference
EdFed is a not-for-profit cooperative, financial institution established to provide our members a variety of money-saving financial services. Each member is an EdFed owner and has one vote at the annual meeting when Board of Directors elections are held. All Board of Directors and Supervisory Committee members are volunteers, unlike those of banks who are paid stockholders.
EdFed is a member-owned cooperative dedicated to providing members with quality affordable financial services.
The Credit Union's Board of Directors consists of seven members elected for a term of three years in accordance with the Credit Union's by-laws. All board members are elected from our field of membership and serve as unpaid volunteers. Directors are required to attend monthly meetings to set Credit Union policies and oversee its many member services.
Our Supervisory Committee
Our Supervisory Committee is:
- Responsible for ensuring the Credit Union's Board of Directors and management establish practices and procedures to properly safeguard members' assets.
- Comprised of volunteer members and function completely independently of Credit Union management.
- Responsible for the annual financial statement audit from a licensed, independent auditor.
- Appointed by the Board of Directors.
Members can report perceived Credit Union rule or policy violations, unethical behavior, and complaints not resolved by management directly to the Supervisory Committee by mailing a letter to the following address:Educational Federal Credit Union
c/o Supervisory Committee
P.O. Box 160355
Miami, FL 33116-9998
All member communications are handled with the utmost confidentiality.
In January 2013, Michael DiBenedetto was named the new President of South Florida Educational FCU, following the retirement of William C. Page. Previously DiBenedetto was the Executive Vice President of Administration at First Light Federal Credit Union, in El Paso, Texas.