In a world where banking is becoming increasingly digital, it can be hard to find an institution that still believes in providing reliable, friendly and personal service. That’s why Edison Credit Union stands out from the crowd. Founded in 1956, Edison Credit Union has been dedicated to serving the financial needs of its members with a commitment to excellent service and integrity. This blog post will discuss what sets Edison Credit Union apart from other institutions and how they continue to provide quality services to their customers. From low-interest loans and high-yield savings accounts to personalized advice on financial matters, there are many reasons why you should consider banking with Edison Credit Union.
Edison Credit Union is a not-for-profit financial cooperative owned and operated by its members. We are dedicated to providing quality financial services that benefit our members and the communities we serve.
We offer a full range of products and services, including Checking and Savings Accounts, Loans, Credit Cards, Mortgages, and more. We also offer online and mobile banking services to make it easy for our members to access their accounts from anywhere.
We are committed to providing our members with the best possible experience. If you have any questions or need assistance, please do not hesitate to contact us.
What is a credit union?
Credit unions are nonprofit financial cooperatives owned and operated by their members. They provide a safe place to save and borrow at reasonable rates. Credit unions offer checking and savings accounts, loans, credit cards, and other financial services. Anyone can join a credit union.
When you join a credit union, you become a member-owner with a say in how the credit union is run. Credit unions are governed by volunteer boards of directors elected by the membership. Profits are returned to members in the form of higher dividends on savings, lower loan rates, and lower fees.
The first credit union was started in Germany in 1852. The idea quickly spread to other countries, including the United States. There are now nearly 5,000 credit unions in the U.S., with more than 100 million members.
How is a credit union different from a bank?
A credit union is a not-for-profit financial cooperative that is owned and controlled by its members. Credit unions provide a safe place to save and borrow at reasonable rates. They focus on serving their members and giving back to the community, rather than maximizing profits for shareholders.
Banks are for-profit businesses that are owned by shareholders. They focus on making money for their shareholders, rather than providing affordable financial services to their customers.
The benefits of credit unions
Credit unions offer many benefits over traditional banks. Here are just a few:
1. Lower fees: Credit unions typically have lower fees than banks. This can save you a significant amount of money over time.
2. Higher interest rates: Credit unions often offer higher interest rates on savings accounts and loans. This can help you earn more money and save on interest payments.
3. Personalized service: Credit unions are typically much smaller than banks, which allows for more personalized service. You can develop a relationship with your credit union that you may not be able to with a large bank.
4. Flexible terms: Credit unions are often more flexible than banks when it comes to loan terms and conditions. This can be helpful if you need some extra time to pay off a loan or want to negotiate different repayment options.
5. Member-owned: Credit unions are member-owned, which means they are not motivated by making profits for shareholders. Instead, they focus on providing the best possible service to their members.
The history of Edison Credit Union
Edison Credit Union first began serving the people of Central Illinois in 1936. We have been proud to be a not-for-profit, member-owned financial cooperative serving the communities of Sangamon and Menard counties for over 80 years.
In December 1935, a group of Springfield, Illinois businessmen pooled their resources to apply for a credit union charter. They were concerned about the high rates and poor service being offered by local banks and wanted to offer an alternative for their employees and families. With just $600 in assets and 30 members, Edison Credit Union (then known as Springfield Municipal Employees Credit Union) opened its doors on January 2, 1936.
The credit union has seen many changes over the years, but our commitment to our members has always remained the same. In 2018, we celebrated our 82nd anniversary and continue to look forward to serving our members for many years to come.
How to join Edison Credit Union
Joining Edison Credit Union is easy! Just follow these simple steps:
1. Visit our website and click on the “Join Now” button.
2. Complete the online application form.
3. Once your application has been approved, you will be asked to open a savings account with a deposit of at least $5.00. This account is required for membership and will serve as your share in the credit union.
4. After your savings account has been opened, you can start taking advantage of all the great products and services we offer!
We hope this article has shed some light on the different services and benefits offered by Edison Credit Union. From savings accounts to loan options, members have access to a variety of financial products that are designed to meet their individual needs. Not only does the credit union provide great customer service, but they also offer low interest rates and competitive offerings for those looking for an alternative to traditional banking institutions. If you’re considering joining a credit union, be sure to take advantage of what Edison Credit Union has to offer!