The Short Version
We’re here for YOU- not a group of investors and stockholders. Everyone from our board of directors to the Member Service Representative taking your deposit is dedicated to providing you the best service possible!
The Long Version
If you’re not already a credit union member, you may be wondering what the difference is between your local credit union and your local bank — and the truth is there are many similarities! We offer most of the same financial products and services, and the money you put in a credit union is insured up to $250,000 by the NCUA (similar to the FDIC for banks). But while we might have a lot in common, banks and credit unions have some big differences, including the way they operate and who they work for.
When you bank at your local bank, the institution is owned by investors and the bank works to make those investors money. When you bank at your local credit union, the institution is owned by the members of the credit union and if you’re a member the institution is owned, in part, by you. Therefore, the credit union is, in essence, working for you.
Where Do The Profits Go?
Another big difference between credit unions and banks is where the profits go. When you’re doing business with a bank, the investors of that bank are reaping the profits of the institution. However, credit unions are not-for-profit entities. When you’re doing business with a credit union the profits of that credit union are being returned to the members of the credit union in the form of better financial products and services. For example, loan interest rates will typically be lower at a credit union than at a bank and checking and savings dividend rates will usually be higher.
There are a lot of misconceptions out there about credit unions. For example, so many believe only an exclusive group of people who work for a particular company can join. That was true at one time, but now many credit unions are “Community Chartered” (including Casebine!) That means if you live or work in Des Moines, Lee, Henry, Louisa, or Van Buren counties in Iowa or Hancock or Henderson counties in Illinois you can be a member!
The Bottom Line
While a credit union may not be for everyone, if you sit down and weigh the pros and cons, you will likely find that Casebine is where YOU belong!
READY TO JOIN US?
Becoming a member is easy! Just bring a valid photo ID, your Social Security card (or official government document showing your Social Security number), and $6.00 for your first share!