News & Announcements

It's Official - State Charter Approval Granted !

The Credit Union is pleased to announce that the membership approved a proposal to convert from a federal to state-charter.  The vote was formalized at a special membership meeting held on August 16, 2017 at the Main Office in West Point, Virginia.

Following completion of the application process between the Credit Union, Virginia State Corporation Commission Bureau of Financial Institutions, and the National Credit Union Administration, approval has been granted!  Effective immediately, our new name will be Baylands Family Credit Union.  Membership remains open to individuals who live, work, worship, attend school or volunteer in the counties of:  James City, New Kent, King William, King & Queen, Middlesex, Essex, Gloucester and Mathews.

The Board of Directors and Credit Union Management thank you for voting “Yes!” and believe that our new state charter will allow the credit union to expand service to other communities and enhance the potential for future growth.

Frequently Asked Questions

We have put together information regarding some of the more common questions you may have.

What is the official date of the Charter conversion?
The official conversion date is October 18, 2017.

What is the difference between a state and federal credit union?
A federal charter means the credit union is regulated by the National Credit Union Administration (NCUA).  A state charter means the credit union is regulated by the Virginia State Corporation Commission Bureau of Financial Institutions which regulates all state-chartered credit unions and other financial institutions for compliance with the laws and regulations of the Commonwealth of Virginia, as well as appropriate rules and regulations of federal agencies.

Does this impact federal insurance coverage?
No.  The credit union will continue to be federally insured by the National Credit Union Administration (NCUA) and the standard share insurance amount of $250,000 per share owner, for each account ownership category, remains the same.

What other changes will take place?
BFCU will continue to offer the same great products and services from the same branch locations with the same great teams!  The most significant change will be the transition of their name and logo to Baylands Family Credit Union which will happen over the next six months.

Will new Credit / Debit / ATM cards be issued with the new credit union name? What about checks?
We will not do a mass reissue with new cards at this time.  As cards expire, new cards will be issued with the new name.   You can also continue to use your existing BFCU checks until you need a re-order.

Will there be any changes to my accounts, or to the services I use?
This will be a seamless transition to our members.  Account numbers and passwords will not change and our existing branches and business hours will remain the same.  It will be business as usual for all members.

Under a state charter, can you still be a member if you move outside of the eligible service areas?
Yes.  You can still be a member if you relocate outside of BFCU’s field of membership.  Once a member, always a member.


For additional questions , please feel free to contact us locally at 804-843-2520, toll free at 888-843-2520, or via email to:  charterconvert@baylandsfcu.org

Thank you for your support and for being a valued Credit Union member.