THE CREDIT UNION PHILOSOPHY
Not for profit; not for charity – but for service.
To those familiar with the advantages that credit unions offer compared to other financial institutions, the choice is obvious! Illinois Educators Credit Union is a member-owned, not-for-profit financial cooperative. By definition, we believe in returning our profits back to our membership in the form of lower rates on loans, higher rates on savings and cutting edge products and services. When opening a credit union account, all members become owners with an equal say in how their funds are distributed.
Founded in February of 1938 as the Springfield Teachers Credit Union by thirteen local teachers, their goal was simple: to improve the financial lives of educators and school staff here in the Land of Lincoln. Two of the original founders, Carol C. Hall and Leslie Nimmo, later went on to found Horace Mann Insurance Companies to further improve the financial lives of educators through insurance products. The name of the credit union was later changed to Illinois Educators Credit Union to better reflect our diverse and ever-growing membership.
While we’ve spent the last 79 years specializing solely in the financial needs of educators throughout Sangamon County and the State of Illinois, we are pleased to announce that we have expanded to serve the students that our teachers have educated throughout the years!
The Illinois Educators Credit Union Board of Directors is elected from and by the membership and serve in a voluntary capacity. Their responsibilities include establishing policies, reviewing and setting dividend and interest rates, and ensuring the overall stability of the Credit Union.
IECU’s directors, officers, and staff constantly review the Credit Union as a whole to ensure we are providing the best financial services for you, the members. In promoting Credit Union products and services, we continue to foster the ideals established in 1938 and ensure growth and stability that will allow us to serve generations to come.
Why Choose Illinois Educators Credit Union?
IECU is proud of the compliments we’ve received from our members:
- “I have been a member since 1984 and have only high regards for IECU. They have helped us on so many occasions.”
- I LOVE this Credit Union! I have been a member since my college days and continue to use this as my main bank even though I live three hours out of town now. I will continue to use IECU even after I move out of state.”
- “It’s been fun to be part of the IECU family and watch it grow. Always a joy to come in and visit the friendly staff.”
- “IECU has helped me bring down by debt by allowing me to take small loans to pay off as I can. I don’t make a lot of money, so IECU’s assistance has been critical in helping me pay off my college debt.”
- “I trust IECU! They are still small enough for that hometown feel. If there is something strange going on with my account, they are on it and quickly let me know. I enjoy that security!”
YOUR MONEY IS SAFE & SECURE
Illinois Educators Credit Union operates under a charter administered by the Illinois Department of Financial and Professional Regulation. Each account is insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency. In addition, Credit Union funds are protected by external and internal supervision, a strong employee bonding program, and mandatory reserve requirements. Annual audits are conducted by the Illinois Department of Financial and Professional Regulation and the Credit Union’s Supervisory Committee.