WHO IS THE LITTLE GUY?
The Little Guy represents the more than 900,000 Iowans credit unions serve. They’re hardworking women and men from all walks of life who are often overlooked by traditional financial institutions. Teachers. Small-business owners. Immigrants. Soldiers. Farmers. The list goes on and on.
As not-for-profit financial institutions, credit unions pass earnings onto their members in the form of lower interest rates on loans and higher returns on savings. Many Iowa credit unions offer free checking accounts, surcharge-free ATMs, and financial counseling.
WHAT IS A CREDIT UNION?
A credit union is a member-owned, not-for-profit financial cooperative formed solely to meet the needs of its membership. Credit union members can be people who share something in common such as where they live, work or worship. Credit unions pool their members’ deposits in order to provide loans to other members at affordable rates. Members also benefit from higher returns on savings and fewer fees, on average, as compared to for-profit banks. Learn more about the difference between credit unions and banks.
CREDIT UNIONS ARE SAFE AND SOUND
Iowa credit union members' funds are just as safe as those insured by the Federal Deposit Insurance Corporation (FDIC). The federal insurance safety net at credit unions is provided by the National Credit Union Administration (NCUA), a U.S. Government Agency.
Members’ funds at the nation’s 7,972 federally insured credit unions are guaranteed under the National Credit Union Share Insurance Fund (NCUSIF), to the same levels and safety as the FDIC insured accounts. NCUSIF, like the FDIC, is backed by the full faith and credit of the United States.
The Iowa Credit Union Division, a division of the Iowa Department of Commerce, regulates Iowa’s state-chartered credit unions. Regardless of charter type, deposit accounts at every credit union in Iowa are insured by NCUSIF up to $250,000. Because of this insurance coverage, all Iowa credit unions are also regulated by NCUA.
How Your Accounts are Insured
Account Insurance Estimator
Credit Union Fact Sheet
CREDIT UNIONS IN THE NEWS
Below are a few recent national articles that highlight the credit union difference.
Credit Unions Better Than Banks for You?
CBS Early Show
Credit Unions Cash In On Banking Backlash
CNBC.com
Move Your Money Success Stories
Huffington Post
Bye, Bye, Banks: Time to Join a Credit Union
CBS Moneywatch
EASY TO JOIN
To become a credit union member, you must have a "common bond" with a certain employment group, association membership or a well-defined geographical region. IowaCreditUnions.com allows you to locate credit unions near you to help you determine your eligibility for membership.
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