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Benefits of Credit Union
Credit Unions exist to serve their members
by promoting thrift and providing credit to people of
modest or ordinary means. Members are encouraged to put
aside money through a variety of savings plans.
To this end, credit unions originated
certain convenient methods of savings, such as the automatic
payroll deduction plan.
Credit unions have traditionally made
loans to members who might not qualify for credit elsewhere.
The character of the borrower is considered along with
the loan’s collateral.
The fact that credit unions are nonprofit
cooperatives sets them apart from other financial institutions.
Being owned and controlled by their members gives credit
unions a distinct marketing edge.
For example, they can offer a price advantage.
A credit union’s cost of doing business is often
less than other financial institutions. As cooperatives,
profits do not go to stockholders. Instead, earnings return
to member to improve member services. Volunteer directors
and committee members help to keep operating expenses
down with competitive, but not excessive salaries for
management. As a result, credit unions can usually pay
high interest rates on savings (called dividends on shares)
and can charge lower rates for loans.
Altogether, your
credit union is a unique financial institution!
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Do I Join
Local 24 Employees FCU consists
presently of the following field of memberships:
Employees of ILA 24
Spouses of the members of
local 24 or Local 28 (formerly eligible members
of 1525)
Employees of this credit
union
Member of their immediate
families
Member of other local unions
of the ILA holding valid work permits who
are hired through the union hall and work
within the jurisdiction of local 24 or local
28 (Formerly members of 1525)
Organization of the same
Once a member, always a member
If you fall within any of
these categories, stop by or give us a call
it’s just that simple. |
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Important Information
about Procedures for Opening a New Account
A Note to Opening a New Account
To help the government fight
the funding of terrorism and money laundering
activities, federal law requires all financial
institutions to obtain, verify, and record
information that identifies each person who
opens an account. What this means for you
is that when you open an account, we will
ask for your name, address, date of birth,
and other information that will allow us to
identify you. We may also ask to see your
driver’s license or other identifying
documents. |
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