FAQs

Yes! If You Are:

• An employee of a Life, General, Health or Insurance Company; related company and Broker
• A spouse, brother, sister, child, parent, in-law, cousin and grand relation of a member
• A past member of IECCU
• An IECCU Employee

There are many differences between banks and credit unions. But the most important is that credit unions are democratically run by the people they serve - their members. Credit unions' primary commitment is to serve their members' financial needs, whereas banks and trust companies exist to earn dividends for shareholders.

A credit union is a co-operative owned and controlled by its members. Each member of a credit union must purchase a share in order to gain membership.

The Hands and Globe logo has symbolic and historic significance for the credit union movement. The cupped hands symbolize both the financial security and support offered by the international credit union network, as well as the fact that the success of the movement is in the hands of its members.

The globe symbolizes the worldwide scope of the movement and suggests the impact that a truly united movement can have on the financial development of all countries. The people within the globe represent the real focus of the credit union movement. It is the human element - the harmony of people working for people - that distinguishes credit unions from other financial institutions.

The Hands and Globe became the official World Council of Credit Unions trademark in 1966, and today it is the recognized credit union symbol in more than 70 countries around the world.

A credit union’s first priority is to serve the needs of its members rather than to make a profit for stockholders. This fundamental difference ensures that credit union profits are reinvested back to the people they belong to, by way of dividends, lower rates and lower service fees. As member owned and governed institutions, this mission is always a top priority for IECCU's management.

Credit unions are community-based and community-focused. At IECCU, we make significant contributions to community events and special projects and play an integral role in local development by reinvesting deposits and profits in the community as personal and business loans, mortgages and dividends paid on Member shares.

YES!

Many credit unions offer a wide range of services, similar to banks. Other credit unions have more limited services. All credit unions specialize first and foremost in services for consumers, such as chequeing and savings accounts and personal and consumer loans. IECCU have expanded to include credit and debit cards, home equity loans, and other products and services.