Credit unions are owned by their members. They are created to meet the members financial needs. Over 2 millions Illinois citizens belong to credit unions. Credit unions create a source of credit at reasonable rates and provide an opportunity for members to improve their economic and social conditions. Since inception of the credit union regulation in 1925, over 1,000 credit union charters have been granted in Illinois.
Credit unions help members save.
Most sponsoring organizations provide payroll deductions where deposits and loan payments are made automatically during each payroll period, at the member s request. Credit unions are non-profit corporations. Earnings after expenses are returned to the members as dividends. Regulations do not limit the dividend rates paid to members. Credit unions provide loans at low rates.