What You Need to Know
A Credit Union is a member-owned, not for profit financial cooperative that provides savings, credit and other financial services to its members. Credit unions pool their members’ savings deposits and shares to finance their own loan portfolios rather than rely on outside capital. Members benefit from higher returns on savings, lower rates on loans, and fewer fees on average. Member may run for the volunteer board of directors and cast a vote in elections.
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that fashion. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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 nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Yes. All savings accounts are insured up to at least $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where members live, work, or involvement in a social or economic group.
- All health-related professionals, heath-related employees, incorporated and non-incorporated affiliates and organizations of the health care field, within a 65-mile radius of Mason City
- Employees of the City of Mason City
- Employees of the Lehigh Portland Cement Company
- All public employees in Cerro Gordo County
- Employees of the Federal Government, the United States Postal Service, the United States Parcel Service and the Federal Express Co., in Butler, Cerro Gordo, Floyd, Franklin, Hancock, Mitchell, Winnebago, Worth Counties in Iowa
- Employees of the Iowa Department of Human Services, the Iowa DOT, Iowa State Patrol, the Iowa DNR and the Iowa Workforce Development in Cerro Gordo County
- Employees of this Credit Union
- Employees of Schukei Chevrolet
- Employees of Mason City Business Systems
- Members of the Lehigh Employees Credit Union as of the date of merger, February 1st, 2004
- Employees of such small employee groups as may be approved from time to time by the Superintendent
- Member of the Government Employees Credit Union as of the date of merger, November 1st, 2012
- Including persons related to a primary member or member’s spouse such as parents, grandparents, children and grandchildren, sisters and brothers, great grandparents, great grandchildren, aunts, uncles, nieces, nephews, and such relatives of a deceased member
- Members of the City Employees Credit Union as of the date of merger, July 1st, 1998
- Members of the Cerro Gordo Employees Credit Union as of the date of merger with City Employees Credit Union, June 16th, 1986
- Members of Northwestern States Cement Employee Credit Union as of the date of the merger
- Employees of Woodharbor Custom Cabinetry
- Family members of any of the above groups. Family members shall include persons in the same household and persons related to the member by the first, second, or third degree of consanguinity of affinity, including foster children, adoptive children, and such relatives of a deceased member.
Our routing (or ABA) number is 273975548. This number is used for automatic withdrawals or direct deposits from your checking or savings accounts, and helps companies identify your financial institution.