The mission of IH Credit Union, Inc., a financial cooperative, is to continually strive to maintain a progressive and financially stable credit union that provides high quality savings, loans, and other financial services to its membership at competitive rates.
Who We Are
The IH Credit Union, Inc. was organized in 1934 as a State Chartered Credit Union and is a non-profit corporation whose purpose is to serve the financial needs of its members, who are also owners. When a person opens a share account, he or she actually purchases a “share” in the cooperative. Everyone who is 18 years of age or older and who owns a share is eligible to vote in the annual election for the Board of Directors. The Board of Directors establishes policies and they are directly responsible for the operation of the Credit Union, including financial solvency, the selection of services to be offered, the price of services and other operating decisions. The directors of IHCU are chosen from the membership through the annual election. There are no outside directors. Directors and other volunteers serve without pay.
In addition to being supervised and examined by the State government, the Credit Union has a three million dollar bond and is audited monthly by an independent accounting firm.
IHCU is capitalized by its members through regular savings. Savings held by members are then available for other members to borrow. No one can borrow until someone saves.
You may ask “Why not go to a bank for these services?” IHCU offers several advantages. Because costs are kept low, the Credit Union can offer loans at substantially lower rates than other financial institutions. Individuals often feel more confident about asking for a loan at IHCU, because they’re owners, not just customers. Other services, like our share draft (checking) accounts and Visa credit card, also have lower service fees than at banks.
Now that we’ve told you who and what we are, we would like to tell you what we are NOT. IHCU is not a credit bureau; it is not a labor union; it is not a loan or finance company; it is not a bank. IHCU’s basic objective is, through our combined savings, to promote thrift among its members and to extend credit to its members for any worthwhile purpose.
A credit union is a cooperative financial institution which is chartered under either state or federal law. The purpose of a credit union is to encourage saving, to make credit available at reasonable rates for productive purposes and to provide other financial services at a reasonable cost. After expenses and legal reserves are set aside, the profit is returned to the member in the form of dividends and other benefits. The Credit Union does not profit… only its members do. As a rule, IHCU does not provide commercial loans.
Many people ask if credit unions are connected with labor unions. Although many credit union members also belong to labor unions, credit unions have no official connection with labor unions. They are controlled by their individual members, not by any outside organization. Credit unions are found in both unionized and non-unionized companies.
We welcome you to join our Credit Union! You are eligible if:
- You live, work, worship or attend school in Ohio.
- You or a family member is employed by one of our member companies.
- You are a retiree of one of our member companies.
- Select employee groups made up of individuals associated through employment, or other organizational affiliation.
- Members of the families of any current member of IHCU.
Remember: once a member, always a member!
Leaving town, getting married, going to a new job, away to school or retiring? Those are all personal milestones, but none of those events means you have to leave the Credit Union. At IHCU, we follow a “once a member, always a member” policy. That means if you enjoy the Credit Union’s great services and rates, you can continue to use them, even when other things in your life are changing.
And isn’t that good news? After all, being able to continue your credit union membership means one less detail you’ll have to worry about as other things in your routine are changing. Change is good – it keeps us all growing. But continuity is good, too. We’re here to provide the financial services you need, even as you face new challenges.
Businesses: If you or your company are interested in providing credit union membership to your employees, please contact our Business Development Representative for details.
Enjoy peace of mind! Each depositor’s combined accounts are insured to at least $250,000 by American Share Insurance.
Share savings accounts at this credit union are protected up to $500,000—the highest level of combined share insurance available. American Share Insurance provides $250,00 of this protection, and the Excess Share Insurance Corporation (ESI), a licensed property and casualty insurer, provides an additional $250,000. Because Individual Retirement Accounts (IRAs) are insured separately, your savings and retirement accounts at the credit union could have combined coverage of $850,000!
So, avoid the hassle of maintaining savings accounts at multiple institutions, and get the best protection here. For more information on share savings insurance and ESI, please contact us.