Yonkers Postal Employees CU
PO Box 653
Name and Location
1. The name of this corporation, established and chartered on March 26, 1934
by the New York State Banking Department, shall be known as the Yonkers
Postal Employees Credit Union. This corporation shall be located in the
City of Yonkers, County of Westchester, in the State of New York .
2. No business shall be transacted at any place other than its official
address, as last approved by the Superintendent of Banks.
3. The fiscal year of this Credit Union shall begin on the first day of
January. The fiscal year of this Credit Union shall end on the
thirty-first of December.
1. The purpose of this Credit Union shall be to promote thrift among its
members and to make loans to its members at reasonable rates.
1. A Career appointed employee of the United States Postal Service in
Westchester , Putnam, Dutchess, Rockland , and Orange Counties who has
passed their three (3) month probationary period, shall be eligible for
2. Those members who transfer from the above mentioned counties, may
retain their membership.
3. Upon electing to obtain membership and subscribing for one or more
shares, shall pay for the same, together with an entrance fee, shall
become a member of this Credit Union.
4. All members are required to remain on payroll deductions until full
retirement (30/55, 20/60, 5/65).
5. Members absent from the payroll for a period of over six months may
be required to resign their membership. Each circumstance will be
considered on a case by case basis. Members having outstanding loans are
required to pay their indebtedness. Co-makers may be responsible for
payment of the loan. Legal proceedings may be required.
Meeting of Members
1. Annual Meeting
annual meeting of members shall be held in the month of February.
member shall have one (1) vote and no vote shall be cast by proxy.
otherwise provided in these By-Laws, the vote of the majority of members
present at the Annual Meeting shall be the Act of Incorporation.
percent (10%) of the membership shall constitute a quorum. If a quorum
is not present on the date of the first appointment, the meeting shall
be adjourned for four (4) weeks and a Special Notice shall be sent to
all members. At the re-scheduled meeting, ten percent (10%) of the
membership shall constitute a quorum.
record of attendance at both meetings shall be kept and noted in the
minutes. Should an adjournment be necessary, the Superintendent of Banks
must be notified. All members are required to sign in at all meetings.
Order of Business of the Annual Meeting is as Follows:
1. Saluting the flag.
2. Special Meetings
Directors and Officers
1. At the Annual Meeting, members shall elect a Board of Directors of
five (5) members and a Supervisory Committee of three (3) members to
serve a term of two (2) years.
2. The majority of the Board of Directors holding office are permitted
to vote to fill the vacancies of the Board of Directors or Supervisory
Committee, until the next Annual Meeting. The general membership then
votes to fill the un-expired term in the event the vacancy occurs during
the two term period. The newly elected member shall hold office for the
balance of the original two year term.
3. All officers and committee members must abide by the following Code
4. Members accepting positions in the Credit Union are to perform duties
in accordance with their office. Members who find they are unable to
meet their obligations either through their service schedules or private
responsibilities are required to relinquish their position.
5. The Credit Union is unable to function properly without the full
cooperation of the Board of Directors and Supervisory Committees.
6. No officer may jeopardize the Credit Union by being placed in a
questionable or awkward position causing detriment or embarrassment to
the Yonkers Postal Employees Credit Union.
7. Major infractions dealing with finance, unlawful handling of the
mail, dismissal, and or related acts, reflects upon the good judgment
and proper management of the Credit Union.
8. It becomes the responsibility of the officer to relinquish their
position in good faith, until such time as the problem is resolved. Once
this problem is resolved, they may once again resume their office or
seek office at the next election.
9. The Code of Ethics also holds true for candidates applying for a
position in any capacity.
10. No salary shall be paid to any officer or committee member, except
for the Treasurer and Employees as permitted by law. The amount of such
compensation shall, in each instance, be fixed by the Board of
Directors, as well as reimbursements for expenses to officers and
11. A meeting of the newly elected Board of Directors shall be held
within ten (10) days after the Annual Meeting of the membership. The
Board shall elect a President, Vice President, Secretary, Treasurer and
Officer-at-Large. These members shall be known as the Executive Officers
of the Credit Union.
12. The Directors shall have such other powers and duties as provided in
Article XI of the New York State Banking Laws.
13. Thereafter, the Board of Directors shall meet at least once each
month. At such meetings, three (3) members shall constitute a quorum.
14. An officer who frequently omits meetings or duties shall be required
to resign from office.
Duties Of Officers
1. The duties of the President shall be to preside at all meetings of
members, Board of Directors, Special and Quarterly meetings
consisting of the Board of Directors and Supervisory Committee.
2. The President may countersign checks, disseminate correspondence, and
3. The President is required to know all aspects of the Credit Unionís
rules and regulations and current procedures.
4. The President shall assist new committee members in their duties and
perform periodic reviews.
5. The President shall be available to answer to the New York State
Banking Department and perform the administrative duties connected with
6. The Vice President shall perform the duties of the President during
any absence or disability.
7. The Vice President shall be delegated to conduct duties connected
with the office and serve in various capacities and sign checks.
8. The Vice President is required to know all aspects of the Credit
Unionís rules, regulations and procedures.
9. The Secretary shall be responsible for the keeping records of all
meetings, including the General Meeting of the Membership, Board of
Director's and Quarterly meetings, and Special Meetings and have them
available upon request.
10. The Secretary shall notify members of meetings, bulletins and other
11. The Secretary may sign checks as needed and be replaced by the
Officer-At-Large during absences or disability.
12. The Treasurer shall be custodian of funds, securities, books of
accounts, expenses, invoices, and all valuable papers pertaining to the
13. The Treasurer shall maintain a detailed record of all financial
transactions, sign checks, legal documents, secure the confidentiality
of all member accounts of the Credit Union.
14. The Treasurer shall be entrusted to invest funds and maintain
insurance coverage with the approval of the Board of Directors.
1. At the Annual Meeting the members shall elect a Supervisory Committee
of three (3) members to serve a period of two (2) years. The Committee
shall meet quarterly to audit the records and shall make reports to be
reviewed by the Board of Directors.
2. The Supervisory Committee shall audit securities, cash, and accounts
of this Credit Union. They are to supervise the acts of the Board of
Directors. They shall have such other powers and duties as are provided
for by New York State Banking Laws.
3. The Supervisory Committee shall keep a record of it proceedings,
together with the Records of the Credit Union.
4. The Supervisory Committee may call a special meeting with reference
to disciplinary Action against one or more Officers of the Credit Union.
1. Every member, at the time of their admission to membership in the
Credit Union, shall affix his signature to a signature card which shall
also state the Date of Admission, Address, Name, Address of Beneficiary,
and other required information. This card must be preserved among the
records of the Credit Union for a period of at least even (7) years from
the date of repayment to the member all money due from the Credit Union.
2. Every member shall sign at the time of their request for withdrawal
of any part of the money due them, a completed withdrawal form with the
signature of their co-maker if required.
3. The Credit Union shall maintain a file which shall show at all times,
the total obligations of the maker indebted to the Credit Union.
4. The Credit Union shall preserve all of its records of original and
final entry, including canceled checks, withdrawal forms, and deposit
slips for a period of seven (7) years from the date of making same or
from the date of last entry.
1. The number of shares which may be issued by this Credit Union shall
be in compliance with New York State Banking Laws.
2. Par value of each share shall be twenty-five ($25) dollars.
3. Shares must be paid for in full at the time of subscription, or may
be paid in regular bi- weekly or monthly installments.
1. The Credit Union may receive sums of money from its members on
deposit as such terms as the Board of Directors may determine and, in
amounts as permitted by law.
2. All deposits shall draw interest as determined by the Credit Union.
3. The rate of interest on deposits shall be determined by the Board of
Directors. Interest shall be payable within two (2) weeks after the
first day in January, April, July, and October, and shall be credited to
the account of the depositors.
Power To Borrow
1. The Credit Union may borrow in such amount and manner as permitted by
law, provided, however, that the amount borrowed, the terms upon which
the loan is to be obtained and the name of the prospective lender are in
each instance first submitted to the Board of Directors and duly
authorized by them.
Investment Of Funds
1. The capital, deposits, guaranty fund, reserved for bad debts,
undivided profits, and all other funds of the Credit Union, may be
invested according to law and as ordered by the Board of Directors.
2. All securities shall be registered in the name of the Credit Union.
1. The Board of Directorís
will appoint Loan Officers to review applications for loans and approve
them in accordance with the guidelines established in the Loan Policy of
the Credit Union.
number of Loan Officers will be fixed by the Board of Directorís to
meet the demands of the loan approval process and as necessary to fill
the needs of the membership.
disapproved by the Loan Officer will be reviewed by the Board of
Directorís for further consideration.
2. Loans may be made to any member of the Credit Union in good standing
for productive purposes or urgent needs. No loan shall be granted unless
the borrower has been a member of the Credit Union for a period
determined by the Board of Directors.
3. The amount of the loan, the time for which it is granted, the terms
of payment, and the form and value of security, shall be fixed by the
Board of Directors within the limitations of the law.
4. The rate of interest charged for loans shall be fixed by the Board of
5. Applications for loans shall state specifically the purpose for which
the money is borrowed. In case the facts, as stated in the application,
are nor found to be represented or the money borrowed has been used for
purposes other than those for which it was granted, the Board of
Directors may declare the loan immediately due and payable.
6. No officer of the Board of Directors or Supervisory Committee, shall
submit a loan unless signed by the majority of the members of the Board
of Directors and Supervisory Committee.
7. The rate of interest on any such loans shall equal the current rate
1. Each member will receive a printout of their loan and share balances
quarterly or by request.
Guaranty Fund And Reserve For Bad Debts
1. A Guaranty Fund and Reserve For Bad Debts shall be established and
maintained in such manner as the New York State Banking Law requires.
They shall be the property of this Credit Union and shall be held to
meet contingent losses and no share therein may be claimed by any member
except upon dissolution.
1. Members shall be equally and ratably liable for the payment of the
debts of this Credit Union. No member shall be liable for any amount in
excess of the par value of the Shares, which the member owns for which
the member has subscribed.
Amendments To The By-Laws
1. These By-Laws may be amended by a three-fourths (3/4) vote of the
members present at any meeting provided that the proposed amendment
shall first have the approval of the Superintendent of Banks, and that
notice of such meeting containing a true copy of the proposed amendment
has been given to each member as prescribed by the New York State
1. Sums paid in on shares or on deposits may be withdrawn according to
Credit Union regulations when the Credit Union is open for business.
2. In case funds are not available to meet requests for withdrawals,
such withdrawals shall be honored as funds become available in the order
of filing notice or through the Bankís checking Reserve account.
1. At the meeting of the Shareholders, held as prescribed in the New
York State Banking Law, the shareholders may by vote of the owners of at
least two-thirds (2/3) in the amount of the entire capital shares of the
Credit Union, direct that the Corporation be closed and the business
completed in accordance with the procedure outlined in the Banking Laws.
2. In witness of the adoption of the foregoing By-Laws set forth as the
By-Laws of the Yonkers Postal Employees Credit Union.
1 adopted 1/15/97
Board of Directors voted to have the office administrator sign checks.
2 adopted 1/15/97
positions of Recording & Corresponding Secretary were eliminated and
it was voted to have only one secretary.
3 adopted 1/15/97
Board of Directors voted to have an Officer-At-Large to replace officers
4 adopted 2/16/14
Board of Directors voted to allow family members of credit union account
holders to become members. Since
the family member is most cases will not be a Postal employee, and
therefore, will not be privy to the payroll deduction process, the
member will be required to make over-the-counter deposits to their share
account. Loans will be
approved to qualifying members as per the loan policy.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government
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