How and Why Credit Unions Got Started
The idea for CREDIT UNIONS began in Germany in the mid-1800s when peasants were being charged unfair rates to borrow money from their landlords. They got together and pooled their resources to help each other. Then when someone needed to borrow they were able to lend the funds at a very reasonable rate. They got better rates on savings, too. They made enough to continue.
Credit Unions were born — for the benefit of all their members. People Helping People!
Freedom Federal Credit Union began as MATCOM in 1953 in Baltimore. We moved to Harford County in 1956 to what was then Edgewood Arsenal, the Army post, which later merged with Aberdeen Proving Ground. We still have a branch there today, serving the military and civilian employees of APG. Now we also have four additional branches, and a charter to serve all of Harford County.
What has not changed? The CREDIT UNION PHILOSOPHY! People Helping People. Charging fair rates on loans and credit cards, awarding fair dividends on savings. When our members participate fully, bringing all their banking needs to the credit union, we can do the most.
We are not the biggest or most well-known of Maryland’s Credit Unions, but we live in and know about Harford County. We take pride in our community and give back every way we can—through sponsorships, donations, scholarships, and employee volunteerism. If you, too, care about Harford County and helping your community, join us and be a part of something special!