Save Your Money with the Illinois Community Credit Union
The first credit union was started in the United Kingdom in 1844 by a group of weavers wanting to save money by buying goods at wholesale. The movement came to Canada in 1901 and it was a huge success. Attracted by the success in Canada, the first credit union in the United Staes was established in 1908.
Pierre Jay, the Massachusetts Banking Commissioner, and a Boston merchant by the name of Edward Filene were instrumental in passing the first state legislation in the United States in 1909 in the state of Massachusetts.
In 1921, one of the original founders of the Massachusetts association, Boston merchant Edward Filene stepped up his efforts to get laws passed in other states and for the creation of more credit unions. He used his own money to promote the movement. As a result of these efforts, by 1925, 25 states passed credit union laws and there were 419 credit unions with a total membership of 108,000.
Credit unions are basically cooperatives with members sharing in the savings they realize by eliminating the normal fees and interest charged by banks.
Enjoy the convenience and low cost of online banking with ICCU – the Illinois Community Credit Union – Our goal is to return our profits to our members by offering more service with lower rates on services such as Dekalb Mortgages and Sycamore Auto Loans.
Normal banks are motivated by profit which is disbursed among the stockholders. By comparison, the intention of the credit unions is to provide cheap credit to members. These factors help the credit unions keep their operating costs very low. As there is no profit motive there is no need to show big surpluses in the balance sheet.
Compared to banks, the credit unions have no intention of making they type of profit made by other banks. This allows credit unions to offer things like car loans and consumer loans at lower rates. They also keep their service fees for their members very low.
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