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Indiana credit unions: a better deal and easy to join
November 8, 2004
Credit unions are more important than ever as people look for better rates
and lower fees for financial services. Credit Union National Association
research indicates that Indiana's credit unions save consumers more than $160
million through better rates and lower fees compared to if those consumers had
to rely only on for-profit banks for the same services. “This is because credit
unions operate as member-owned, not-for-profit cooperatives where earnings not
needed for reserves and operations are returned to the members,” explained
Indiana Credit Union League President John McKenzie.
Credit unions believe that people are worth more than money. With better
rates, lower fees, and service and advice provided with members’ best interests
at heart, it’s easy to see why more than two million Hoosiers have joined. If
you are not already a member, now is a great time to join a credit union.
Here's how to find a credit union to join:
- Ask your boss. Your company may sponsor a credit union or may be a
sponsor group that has access to a credit union. Most employers will directly
deposit your paycheck to the credit union.
- Poll your family. Does your spouse's employer sponsor a credit
union? Most credit unions invite family members to join. Each credit union,
however, may define “family” differently. At some, only your immediate family
members are eligible. At other credit unions, “family” may include extended
family members, such as grandparents, cousins, uncles, and aunts.
- Quiz the neighbors. Some credit unions have a “community” field of
membership, serving a region defined by geography rather than by employment or
some other association. Ask friends in the community if they know of a credit
union you may join.
- Look around. Most credit unions advertise, and even more are
involved in community service. Chances are good that you’ll see and hear
credit union information in the newspaper or on your favorite TV and radio
stations. You may also notice a credit union’s sponsorship of events and
activities important to your community.
- Call the Indiana Credit Union League, 800-285-5300. We can help you
begin your search for a credit union to join. You can visit our Web site, too:
www.icul.org. Select “Find a Credit Union.”
A few facts related to Indiana Credit Unions (as of June 30, 2004):
Number of credit unions in Indiana: 232
Number of credit union members: 2,174,749
Assets: $14,183,067,571
Loans: $9,515,512,982
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