Enrichment Federal Credit Union Embraces Community
Enrichment Federal Credit Union has been a part of the Oak Ridge community for 73 years.
Sponsored by: Enrichment Federal Credit Union
Enrichment Federal Credit Union is in the business of helping its members achieve their financial goals.
“One of the ways we provide value to our members is by paying them cash back on all credit and debit card transactions,” says Jeremy Hodges, CEO of Enrichment Federal Credit Union. “That money is put into a special Ownership Rewards Account (ORA), where we pay members a 5% dividend rate on those deposits.”
Since the inception of the ORA in August 2020, Enrichment has paid members over $2 million in cash back and dividends into the accounts.
Furthermore, the credit union’s Community Enrichment Program, begun two years ago, allows members to choose how the credit union supports the wider community through charitable donations.
“It’s our members’ money, so it just makes sense that they should decide what groups receive the benefit,” Hodges adds.
Digital Media Manager Kelley O’Dell says the credit union allocates $25,000 each quarter to community charities based on members’ input.
Rooted in the Oak Ridge community for 73 years, Enrichment began as K-25 Federal Credit Union, created to provide financial services to employees of the K-25 Oak Ridge Gaseous Diffusion Plant, which enriched uranium as part of the Manhattan Project. Renamed Enrichment in 2007, the credit union now serves members in eight surrounding counties.
“We are approaching $800 million in assets and 50,000 members, making us the fourth-largest credit union in the Knoxville metro area,” Hodges notes.
Hodges says members can now conveniently close all types of loans — credit card, personal, auto and mortgage — remotely if they choose.
He also says Enrichment does not require members to carry private mortgage insurance (PMI) on higher loan-to-value real estate loans, helping them keep their monthly payments lower and build equity quicker.
“We really are committed to living out the credit union philosophy of people helping people,” O’Dell adds. “Whether in our branches, over the phone or through a virtual chat, our employees go the extra mile to help the members achieve their financial goals.”
