FAQ

What is a credit union?

A credit union is a nonprofit, cooperative financial institution owned and run by its members. The following definition of a cooperative is from the University of Wisconsin's Center for Cooperatives:
"A cooperative is a business voluntarily owned and controlled by its member patrons, and operated for them and by them on a non-profit or cost basis. It is owned by the people who use it. It is organized and incorporated to engage in economic activities with certain ideals of democracy, social consciousness, and human relations included. A cooperative provides services and benefits for its members in proportion to the use they make of their organization rather than earning profits for the shareholders as investors."

Source: Cooperatives, Principles and Practices, Marvin A. Schaars, University of Wisconsin Extension, revised 1971.

Are you interested in more information about Credit Unions, their organization, or history of the credit union movement? Visit the National Credit Union Administration web site

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Who can be a member of your credit union?

Our field of membership is open to all who live or work within a 35 mile radius of our office in Morrison, Illinois and their families. Check our Membership Page for full details.

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Is a credit union like a bank?

In some ways, yes. That is, we are able to provide financial services for individuals that are comparable with those offered by commercial banks. For instance, our Share Draft accounts work much like a checking account with a bank and our Share accounts work much like a bank's savings accounts.

The word SHARE to describe our member's accounts is significant. When you deposit funds with a bank or savings and loan institution, you are "loaning" your money to that firm. Your credit union "SHARES", on the other hand, represent "ownership" in your credit union.

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Is my money safe?

Absolutely! Credit Unions are strictly regulated financial institutions. In addition to regulatory examinations and independent CPA audits, Advantage One Credit Union member's accounts are federally insured up to $250,000.

"...no member has ever lost money insured by the National Credit Union Share Insurance Fund."
(Source: National Credit Union Share Insurance Fund Fact Sheet)

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Do you make mortgage loans?

Yes. We offer both first mortgage and home equity loans. For details, visit out Real Estate Loans Page.

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