REMINDER: Collins Community Credit Union will be performing a core conversion April 27 through May 1. During the conversion period you will experience service limitations as well as branch closures. All branches, including the in-store branches, will close at 5:30 p.m. on April 27 and reopen for business on Tuesday, May 1. To learn more about the core conversion, and to view frequently asked questions, click here.
Did you know that more than one million Iowans belong to a credit union? That means one out of three Iowans is a proud credit union member! So, you may be asking yourself, “What is a credit union, anyway?” Well, a credit union is a nonprofit financial cooperative whose members can borrow from pooled deposits at low interest rates. We don’t have stockholders who make decisions; we leave that up to you, our member.
Here are a few credit union fun facts…
- Credit unions are not-for-profit financial institutions
- Owned by members
- Excess earnings are returned to their members in the form of more affordable products and services
- Credit unions are run by a volunteer board of directors (members can run for board positions)
- Our members have a vote
According to the Iowa Credit Union League in the year ending September 2013, Iowa credit unions saved members more than $89.4 million in lower fees and higher savings rates compared to what they would have paid at a bank.
Did I mention that not only do credit unions save members money, but they also love to give back to their communities? That’s why we’re challenging the community to save $1 million in loan interest and fees by refinancing their existing loans from other financial institutions. When we reach our goal of saving the community $1 million, we’ll donate a total of $10,000 to four local charities!
If you’re looking to save money, click here to see how you can become a Collins Community CU member, too!
*Statistics provided by the Iowa Credit Union League.