The Credit Union Difference
Credit unions are not "just like banks." While both credit unions and banks offer a full range of financial products, structurally they are completely different. Luckily, that difference translates into a wealth of benefits to credit union members and their communities. Here's how:
Governance – Credit unions are locally owned by the members who do business with them, not stockholders. Credit union members elect a volunteer board of directors from among the membership, and the board looks out for members’ best interests. At credit unions like KVCCU, it’s not just about the bottom line. It’s about what benefits you — the members.
Purpose – Not-for-profit credit unions exist solely to meet the financial needs of their member owners. Because they have no stockholders expecting dividends, earnings are invested in members in the form of more competitive rates of return on accounts, lower interest on loans, lower fees, and improved services.
Member Benefits – Money made by a credit union is invested in members. Whether through competitive product pricing — which helps working people stretch their money further — or by offering services members may not be able to get somewhere else. We treat all members equally regardless of how much they have on deposit. Finally, credit unions provide financial counseling, educational seminars and more opportunities that for-profit institutions often see as a drain on resources better put toward profit making.
Values – Credit union values aren't in profits; they're in people. And that translates to significant contributions within the communities we serve. For example, credit unions lead the nation when it comes to branches operating inside schools — a way for young people to learn to use financial products (such as credit cards) responsibly. As part of their community efforts, credit unions also reach out to people with low incomes, new Americans and people who lack a relationship with a financial institution to offer an affordable alternative to predatory financial providers, such as high cost payday lenders.
A Community of Members Like You
For more than 30 years, Kaskaskia Valley Community Credit Union has served the needs of our membership as a financial cooperative. This includes those who live or work in Clinton, Marion, Washington, and Jefferson Counties. Immediate family members of any current credit union member are also welcome to join.
In addition to our community, KVCCU partners with Select Employee Groups (SEGs) to ensure greater financial opportunities for company employees and retirees. Members of our SEGs are eligible for all of the benefits of credit union affiliation, even if they live or work outside of the area. If you would like to learn more about the benefits of working with KVCCU as a SEG, contact the credit union office.
How to Join
To join the credit union, you must:
- Live or work in Washington, Marion, Clinton or Jefferson Counties. Or, have a family member who is already a member
- Bring in a current driver's license along with a piece of mail or pay stub showing your current address
- Bring $10 to deposit into your Share Savings
The initial deposit into your Share Savings establishes your membership to the credit union. Once you are a member, you remain a member for life — whether you move, change jobs, or retire — as long as you maintain a $10 balance.