Educational Community Credit Union

Gen Y Guide: Credit Union Basics

Are you a member of Gen Y? You know, the Millenials...young (30ish and under), confident, optimistic, diverse, technologically proficient, eager, strong, powerful, socially conscious, team-oriented, ambitious, and the largest group of consumers since the Baby Boomers. If so, you're most likely experiencing or about to experience a plethora of "firsts" and "beginnings." Your first car, your first after-school job, your first prom, your first year of college, or your first apartment. Perhaps these will be followed later on by the beginning of your career, the beginning of your home search, the beginning of your marriage, or the beginning of your family.

With all of these firsts and beginnings comes the need for knowledge and guidance in order to make the best decisions for your future. As Gen Y'ers, you do your research and are always well armed with the latest information, whether buying a cup of coffee or an iPod. You also have the help and advice of your loyal and loving parents. Wouldn't it be that much better to also have a financial institution you could really trust and relate to, who would not only value your needs and opinions, but also have your best interests in mind? You may be asking if such an organization exists, what it is, and where you can find it. The answer is yes, it's a Credit Union, and there's probably one right around the corner!

What is a Credit Union Anyway?

According to investopedia.com, a credit union is a member-owned financial co-operative created and operated by its members, and profits are shared amongst the owners. As soon as you deposit funds into a credit union account, you become a partial owner and participate in the union's profitability. Credit unions are formed by large corporations and organizations for their employees and members.

Banks, on the other hand, are owned by a group of shareholders who are trying to make a profit from the bank's customers through fees and penalties. Since credit unions are owned by their members, they reap the financial rewards that result from not having to pay shareholders. These rewards come in the form of better rates on loans, higher yields on savings, and lower fees on transactions. In addition, credit unions are historically known for providing superior member service and focusing on their member's needs while offering the same financial services as banks.

According to Judith L.

Educational Community Credit union helps Boyd Elementary ...

Originally posted: 4.15.2010

Educational Community Credit Union teamed up with a local Elementary school for a “Students-Go-To-Work” Program. Friday, April 9, 2010, 23 students visited ECCU’s Springfield Branch location to learn about Economics and the Work Place. Twenty three third graders were fed pizza and soda for lunch and later took a tour of the credit union to learb it’s day to day operations. During the visit they were interviewed for various staff positions, including one lucky student who was hired as president for the day. They even left with a brand new Presidential Dollar Coin and goodies to take back to the classroom!

“This is a great way to be involved with the local communities and schools. The students get first-hand experience about the work place and how money transactions work,” says Stacy Lipskoch, Director of Marketing and Business Development.

Educational Community Credit Union

Educational Community Credit Union Collection

Code of Federal Regulations, Title 12, Banks and Banking, Pt. 600-899, Revised as of January 1, 2010

A community credit union is frequently more susceptible to competition from ... As a result, a community credit union will often encounter financial and ...

History of the Michigan Credit Union League

The Kaiser-Frazer (Wayne Community) Credit Union Case Contact of July 15, 1953, ... neighboring credit unions and the League in all this educational effort. ...

National directory of nonprofit organizations

... Foundation American Society of Real Estate Educational Development Trust ... Credit Union Chicago Community MkJwives Inc Cupula Irving Park Community ...