You’re more than a customer
Helen Keller once said, “Alone we can do so little; together, we can do so much.” Here at your Credit Union, we strive to provide members with products that help them reach their financial goals. Eastern Indiana Federal Credit Union was originally chartered in 1950 as Chrysler Employees Federal Credit Union. The Credit Union was created to provide for the basic financial needs that would not have otherwise been met. For most people, our founding and its circumstances have been long forgotten. Over the years, folks in the community may have come to think of us as simply another financial institution, but we are not. We have had changes in names and membership eligibility but we have never forgot our purpose – to assist members in achieving a brighter financial future.
Why Choose a Credit Union?
Credit Unions are not-for-profit 501c3 financial institutions, owned by their members, built on the principle of “people helping people”, and have a different bottom line. The Federal Credit Union Act was signed into law by President Roosevelt on June 26, 1934 to address the financial problems facing rural America. Credit Unions defined are a group of people associated by a common bond, who save together and lend to each other.
Credit Unions are owned by the people they serve (called "members"). Unlike banks, Credit Unions exist solely to serve their members, not to enrich an outside group of stockholders.
Officers and Directors are elected by and from the Members, and serve without pay. Each member, regardless of how much he or she has on deposit, has an equal vote in director elections.
Credit Unions are not-for-profit. Credit Unions operate to promote the well-being of their members. Operating income is returned to depositors in the form of higher savings rates and lower loan rates and fees.
Credit Unions are Cooperatives. The Seven Cooperative Principles for Credit Unions are Voluntary Membership, Democratic Member Control, Members Economic Participation, Autonomy and Independence, Education Training and Information, Cooperation among Cooperatives, and Concern for Community.
The field of membership of Eastern Indiana Federal Credit Union shall be limited to those having the following common bond:
Persons who live, work, worship, or go to school in, or businesses and other legal entities in the counties of Henry or Rush County, Indiana;
Spouses of persons who died while within the field of membership of this credit union;
Volunteers in the community;
Members of the immediate family or household;
Employees of this credit union; and Organizations of such persons.
Eastern Indiana Federal Credit Union is a member owned cooperative that provides a wide range of services to promote the financial well being of its members.
Eastern Indiana Federal Credit Union will assist member-owners in achieving a brighter financial future.