About Us


Why are Credit Unions Tax Exempt?

Most financial institutions are owned by stockholders, who intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, credit unions are owned by their members. Credit unions provide financial services in a democratic, not-for-profit, cooperative manner. The board of directors serve as unpaid volunteers, elected by and from the membership. Credit unions return excess income to members in the form of higher deposit rates and lower fees and loan rates (not to stockholders and highly compensated directors).

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are not-for-profit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?

Yes. Your accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

Who can join Cheney Federal Credit Union?

A credit union exists to serve a specific group of people, such as a group of employees or the members of a community. This is called a “field of membership.” The field of membership for Cheney Federal Credit Union consist of everyone who lives, works, worships or attends school in the Cheney or Medical Lake School Districts, and their immediate family members.


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Credit Unions

Credit unions are democratically owned and controlled institutions based on “People Helping People” principles. A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union.

The board also establishes and revises policy, sets dividend and loan rates and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit for stock-holders


Cheney Federal Credit Union is dedicated to serving all members in a confidential and professional manner. We are in business to provide convenient, efficient, low cost financial services to those who live, work, worship or attend school in the Cheney or Medical Lake School District, and their immediate family members. We will be responsive to member needs while maintaining sound financial principles.
It is our mission to offer members financial services that fulfill their needs, service that exceeds their expectations and relationships that inspire their trust. By treating members like family and friends we will build lasting relationships.


Our History

Our roots truly run deep in the Cheney community…

In 1951 a group of ten people got together and formed a financial cooperative where they could pool their money and make loans to their co-workers and neighbors. This was the beginning of Cheney Public Employees Federal Credit Union. When originally chartered, the credit union served federal, state and local government employees. Through the years our membership, as well as our name, evolved. Cheney Federal Credit Union is now able to serve everyone who lives, works, worships or attends school in the Cheney and Medical Lake School Districts.

Along with the evolution of our field of membership came the need for an expanded product line. Basic savings accounts and consumer loans no longer filled the needs of our ever expanding membership. Over the years we have introduced additional services such as checking accounts, certificate and money market savings accounts, individual retirement accounts and real estate loans. Convenience services, including credit and debit cards and online banking, have also been added.

Cheney FCU has grown to nearly 5,600 members and 0ver $100 million in assets. Throughout the years and the many changes, one thing has remained constant, our desire to deliver the best service possible to our members.

Today we strive to be true to our roots as we move toward the future.



Who Can Join

Cheney Federal Credit Union has a “community based” field of membership. This means that everyone who lives, works, worships or attends school in the Cheney or Medical Lake School Districts, and their immediate family members can join.

Apply for Membership Today!



You may review detailed financial information by clicking on NCUA-Credit Union Data for Cheney Federal Credit Union, Charter # 7101.


The following links will tell you a lot about the City of Cheney and our surrounding community.
(Please be aware that Cheney Federal Credit Union does not control the content or security of these links.)

City of Cheney
Local Newspaper
Chamber of Commerce
Kiwanis Club of Cheney
City of Medical Lake
City of Airway Heights



Special Offer:  Earn 3% bonus dividend on the first $200 in all Kid and Youth Accounts at CFCU.Save_A_Saurus

For our members that are 8 years old and under we offer our Dino-Saver account. When the account is opened the child receives a dinosaur bank. To encourage regular saving, each time a deposit is made of $5 or more we will put a stamp in the passbook and we’ll give a special prize when 5 stamps are accumulated. Birthdays are also a special time for our Dino-Savers.

Our 9 to 12 year olds are in the Kid’s Club. For their birthday these kids receive a $5 Birthday Bucks Certificate to be deposited to their account. We encourage saving by offering several promotions throughout the year.

The Smart-Start account is for our 13 to 17 year old members. An ATM card is one of the perks with this account. This will help our young people develop responsible use of plastic cards. Smart -Start members also receive a birthday card with an extra surprise.

Credit Unions Celebrate Youth in April!
Every April, Cheney FCU celebrates Credit Union Youth Week. Children are encouraged to save via contests and informational materials geared toward young savers.


Cheney Federal Credit Union is proud to serve members in two locations! 

Cheney Federal Credit Union’s headquarters is located in the heart of downtown Cheney, Washington. Our building, at 520 First Street, is open Monday through Friday. The lobby is accessible from 9:00 a.m. until 5:00 p.m. We also have two drive-up windows at the same location that are open from 8:00 a.m. until 6:00 p.m.

CFCU’s Westbow Branch is located on Westbow road off of I-90 exit 272 (the Medical Lake exit, next to the Petro truck stop). The address is 10505 W. Westbow Road Spokane, WA 99224. This branch offers everything our Headquarters has offered for over 65 years! This location also offers two ATM options, a walk up and a drive-thru. 

(If you are wondering where Cheney is…we are in eastern Washington approximately 20 miles southwest of the city of Spokane.)

Out of Cheney, but still, need to do some banking? No problem. We are a CO-OP Shared Branch. That means you can access your accounts at thousands of shared branches across the country. Contact us for a list of shared branches near you.

No time to come into the credit union – no need – you can do virtually anything from this website via computer, tablet, or smartphone.

Find a CO-OP Shared Branch or ATM Near You!