What is Streator Community Credit Union's Member Loyalty Program?
When you get your new or used auto loan pre-approved, booked and funded at the Credit Union, we'll pay you $100! We offer great rates and applying is easy. Complete an application on-line.
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What is Open Ended Lending and How Does it Work?
Open ended lending is new to Streator Community Credit Union. When a member joins the Credit Union they will be given the option to enter into an open ended lending plan. If you choose to borrow money at the time of joining the Credit Union, you may but it is not required. By being a plan participant you can call the Credit union and request funds over the phone. No longer will you need to make a trip into the office to sign loan documents. Once your loan is approved, a voucher will be sent to you explaining your monthly payment and the cost associated with the loan.
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What’s a Credit Union?
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.
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Who Owns a Credit Union
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 manner. 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.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. 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, credit unions are found everywhere in the world and one in every three Americans is a credit union member.
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What is the purpose of a credit union?
The primary purposesd of a Credit union is to encourage members to save money and offer loans to their 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.
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Who can join a credit union?
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 they live, where they work, or their membership in a social or economic group.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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