ABOUT ISU CREDIT UNION

Checking Accounts   -   VISA Cards   -  Loans    -   Electronic Services    -   Investments

ISU Credit Union was founded in 1960 to serve employees of Illinois State University.  Since then, we have grown into a full service institution with more than 10,000 members.  We now serve anyone who lives or works in McLean County.  ISU Credit Union is chartered by the state of Illinois and insured by the National Credit Union Administration (NCUA).

When you join ISU Credit Union you are a member for life.  Even if you change jobs or move from the area, you may still retain your credit union membership. 

ISU Credit Union is committed to offering excellent member service, excellent rates and no or low fees.  We have no hidden membership fees or deceptive relationship plans.

ISU Credit Union delivers personalized member service while offering you all the convenience that modern technology can bring.  Conduct your financial transactions in whatever way is best for you. 

Credit unions, like other financial institutions, are closely regulated.  They operate in a very prudent manner.  The National Credit Union Share Insurance Fund (NCUSIF), administered by the NCUA, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide.  Deposits are insured up to $100,000.

What makes a credit union different from a bank or savings & loan?  Like credit unions, these financial institutions accept deposits and make loans—but unlike credit unions, they are in business to make a profit.  Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.  Credit unions are member owned, so the people they serve are those who benefit from their financial success.


ACCOUNT OPTIONS

Choose from a variety of plans that are capable of meeting all of your savings and checking needs.

SHARE DRAFT (CHECKING)  ACCOUNTS

ISU Credit Union offers free checking with significant advantages over traditional programs including:

SHARE ACCOUNTS

All ISU Credit Union members must have a savings account with a $25 minimum balance.  Dividends are paid monthly and computed on your average daily balance.  

CHRISTMAS CLUB ACCOUNT

This account is a non-withdrawal account and earns the same dividend rate as the regular share account.  Dividends are paid monthly and computed on your average daily balance.  Funds are automatically transferred into your regular share account in mid-October.  

SPECIAL PURPOSE ACCOUNTS

Any number of accounts may be opened for different purposes:  taxes, vacation, summer expenses, etc.  This account has the same policies for dividends as the share account.

VISA CREDIT CARDS

There is no annual fee for any ISU Credit Union VISA credit card.  The primary borrower may qualify for valuable Credit Life / Disability Insurance. 

VISA CLASSIC

·       14.9% APR

VISA GOLD

·       10.9% APR

VISA PLATINUM

·       9.9% APR

 

* Rates effective as of May 1, 2003 and are subject to change.

 

CONVENIENCE SERVICES

HFS ONLINE BANKING

You can access your ISU Credit Union accounts 24 hours a day, 7 days a week using a computer with Internet access.  

Online banking gives you the freedom to:

· View and print your account transactions, including deposits and cleared checks

· Transfer funds between your primary and joint accounts and to related accounts

· Transfer loan payments

· Download account information into your personal financial software    

 

DIRECT DEPOSIT

If you are an employee of ISU, or are employed with a company that can originate direct deposit, you qualify to direct deposit your paycheck(s) into your credit union account.

PAYROLL DEDUCTION

As a member, you can direct the money from your paycheck into any of your accounts or the account of any member.  

AIME PHONE BANKING

Our audio response service lets you complete credit union transactions by simply dialing a phone number 24 hours a day.  Please contact our office to activate your PIN before dialing 451-8411 to conduct transactions. 

MAILED TRANSACTIONS

All transactions are posted on the day they are received.  Member must request receipts for mailed transactions, they won’t be sent automatically. 

 

Through the mail, you can:

· Deposit to savings, checking or special purpose accounts

· Make loan payments

· Transfer between accounts

· Request a term share certificate

 

NIGHT DEPOSITORY

Located in the first lane of the drive-thru at the Center St. location and on the second floor of the Bone Student Center outside of our office.  Available 24 hours a day to make deposits.

 

ATM ACCESS

With a CuCash/CuCheck Card and a Personal Identification Number (PIN), you have access to ATMs worldwide.  You have access to your savings and checking accounts to make withdrawals and transfers.  

 Area ATMs with no surcharge include:

  Visit our website for maps to these area ATMs at www.isu-cu.org

There is a $1.00 charge from ISU Credit Union for transactions through other ATMs.

ATM Network changes will occur, please check our website or ask at the credit union.

  

INVESTMENT OPPORTUNITIES

TERM SHARE CERTIFICATES

These are fixed-rate savings accounts with minimum balances requiring specific time commitments.  Length of time ranges from 6 to 36 months.  CDs have a fixed rate for the term of the investment and can automatically be renewed.

ENHANCED SHARE ACCOUNTS ( Money Market )

Our version of a money market account is E-Shares.  Enhanced membership is to ensure that all members receive a fair value.  You receive a high-yield dividend that increases as your balance grows.  You are allowed one free withdrawal per month.   

IRAs

 At ISU Credit Union, you can choose from several IRA plans:  Traditional, Roth and Education.  You’ll earn competitive dividends and enjoy federal insurance up to $100,000 by the NCUA.  This coverage is in addition to the $100,000 insurance on your other ISU Credit Union savings accounts.   

TRADITIONAL IRA

A Traditional IRA is simply a tax-deferred retirement savings plan that can be opened by anyone with income from compensation under age 70 ½.  You enjoy tax-deferred investment growth and your contributions may be tax deductible.   

ROTH IRA

When investing in a Roth IRA the money is taxed before invested, therefore the earnings are tax-free.

EDUCATION IRA

The Education IRA can help you fund your child’s college education.  Contributions can be made for the benefit of a child under age 18.  Anyone may make a contribution for a child (i.e., parents, grandparents).  The funds must be withdrawn by the time the child is 30.

MINIMUM BALANCE REQUIREMENTS

To open an IRA plan, the minimum balance is $25 for savings and $500 for a CD.  For savings, the dividend rate is subject to change daily.  Dividends are computed daily and credited monthly.  For a CD, a term of one year is available and earns dividends at the rate in effect when the account is opened. 

 

LOAN TYPES

 

From vehicle loans to credit lines to mortgages, ISU Credit Union can help meet your borrowing needs. 

· Express Lending program makes your next loan a click or phone call away

· Online loan application

· No prepayment penalties or fees

 

TITLE SECURED LOANS

ISU Credit Union offers low rates for financing new and used vehicles, boats, RVs, and motorcycles.  

 We are affiliated with certain dealers in town that are capable of writing auto loans for the ISU Credit Union.  Anyone that is a current member or anyone that is eligible to join the credit union can stop by the participating dealers and get an automobile and financing with the credit union in one stop.  Please check with the credit union for a list of participating dealers.    

PERSONAL LOANS

ISU Credit Union offers competitive rates and terms for personal loans.  

HOME EQUITY LINE OF CREDIT

With a Home Equity Line-of-Credit you can borrow against your home without refinancing. You can borrow up to 100 percent of your home’s equity and access your line-of-credit online.   

FIXED-RATE MORTGAGE LOANS

Your monthly payment is fixed for the life of the loan.  So if interest rates rise, your monthly payments won’t change.  You can choose a 15, 20, or 30-year term.   We offer a wide variety of first mortgage options.

CREDIT PROTECTION

TEMPORARY DISABILITY INSURANCE

This optional insurance has a reasonable premium, which is charged each month on the unpaid loan balance.  Starting with the thirty-first day of the disability, with doctor’s authority, your payments will be made as long as you are disabled.