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CFCCU Blog

CFCCU Ranked Fourth Nationally in Value to Members

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In the category of Credit Unions between $100 and $250 Million in assets, Cedar Falls Community Credit Union ranked fourth among nearly 733 credit unions nationwide in the value provided to members, according to the Return of the Member (ROM) report released by Callahan & Associates, a credit union research and consulting firm located in Washington D.C.

 

The quarterly report is a comprehensive scoring system of member value with consideration to three core credit union functions: savings, lending and product usage. Cedar Falls Community Credit Union earned a total score of 99.59% in the most recent ROM report reflecting data from the first quarter of 2017.

 

"We’re excited to be ranked No. 4 nationally in the latest Return of the Member report," said Cedar Falls Community CEO Helen Pearce. "This report shows that we are giving our members exceptional value."

 

More information about the Return of the Member report, including how scores are calculated, is available from Callahan & Associates.  

Cedar Falls Community Credit Union was originally chartered in 1958 as a member-owned financial co-operative serving the needs of a local machinists union.  Membership was extended to other groups of employees over the years until in 1982, CFCCU received a community charter.  The current field of membership includes individuals who live or work in 20 Iowa counties: Allamakee, Benton, Black Hawk, Bremer, Buchanan, Butler, Chickasaw, Clayton, Delaware, Grundy, Fayette, Floyd, Franklin, Hardin, Howard, Linn, Marshall, Mitchell, Tama and Winneshiek.

For more information, visit www.cfccu.org or call (319) 266-7531.

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The Credit Union Difference: Reaching Out to Those In Need

Credit unions are unique in the world of financial institutions. Nowhere is the credit union difference more vivid than in the diverse ways they reach out to millions of low- and moderate-income Americans who seek basic financial services to realize their dreams.

The examples of outreach are heart-warming, and the results are life changing. Some credit unions offer individual development accounts--savings accounts with matched incentives--to low-income members who are saving for a home, education, or small business development. Others offer financial literacy training to members trying to re-enter the workforce, to people who are incarcerated, and to new Americans.

 Building bridges with the Hispanic community is an important goal for credit unions, as well as fostering entrepreneurship through business loans. Credit unions also offer alternatives to lenders who often take advantage of low-income people who are not using mainstream financial institutions. Coupled with financial literacy programs, these individuals are able to build savings accounts and improve financial well being.

Some credit unions offer financial counseling programs as well as programs for area schools, colleges, and universities. Student credit unions operate in many schools, allowing the credit union to work with the resources and needs of the school.

 And these are just a few of the many ways credit unions impact small and large communities across the country.
 

Cedar Falls Community Credit Union is here to serve you. Contact us at (319) 266-7531 to learn how we can help you realize your dreams.


Copyright 2012-2017 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

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The Credit Union Difference

What is the credit union difference?

The philosophy of "people helping people" sets credit unions apart from other for-profit financial institutions.

While credit unions and banks offer similar products and services such as checking accounts, credit cards, and mortgage loans, there are still many differences among the two types of financial institutions.

Credit unions are good corporate citizens.

Credit unions are located within the communities they serve and are dedicated to the well-being of their members. Iowa credit unions, on the average, lend a higher portion of their deposits compared to for-profit financial institutions.

As members of the local community, credit unions’ volunteer boards of directors are able to ensure that the best interests of their communities are served.

Credit unions are only able to loan money to their members — people who share a common bond within the credit union’s field of membership. Credit unions’ high loan-to-deposit ratios are a good indication of how involved they are within their communities.

Credit unions do pay taxes.

Contrary to what is often said about their tax structure, credit unions do pay taxes. Iowa’s state-chartered credit unions are assessed a moneys and credits tax based on reserves. Additionally, state-chartered credit unions pay sales, property and employer-related taxes.

Federally-chartered credit unions pay property and employer-related taxes.

Congress and the Iowa Legislature tax credit unions differently than banks because credit unions are not-for-profit, member-owned cooperatives whose only mission is to serve members.

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We Are Where You Are

 

Whether you're away on business or pleasure, your finances don't have to be put on hold—thanks to shared branching.
Shared branching is a network of credit unions that actually "share" their branches with one another. And, Cedar Falls Community Credit Union is one of the participants.

This way, if you travel, change jobs, or move away you still can find a credit union branch ready to meet your needs.
How does it work? Just find any credit union that displays the "Swirl" logo. To find which credit unions are shared branching participants, call 800-919-CUSC (2872) or visit www.sharedbranching.org. You'll be asked to enter your zip code or street address and the system will find participating shared branching credit unions in your area.

Using a shared branch is just as safe as using your home branch. Members of shared branching credit unions generally can conduct these transactions:

    * Deposit checks and cash
    * Withdraw cash
    * Make loan payments
    * Transfer money between accounts
    * Receive statement printouts
    * Purchase money orders
    * Purchase traveler's checks
    * Purchase certified checks

Because you're a member of Cedar Falls Community Credit Union, you can use any shared branch--just like you'd use your regular branch. In good times or bad—say, following a natural disaster that makes it impossible to get to the credit union—you'll value the convenience.

For more information call: 319-266-7531 today.

Copyright 2016 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

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Millennials: Six Reasons to Choose a Credit Union

It's no surprise: Mainstreet.com reports that millennials are ditching banks for local, cooperatively owned credit unions. The customer-friendly service and simple, straightforward solutions that you demand are found at local, cooperatively owned financial institutions, so it makes sense. Just in case you're still asking, here are six other reasons to choose credit unions over banks:

  1. Loans R us. You may need to secure loans, even if your credit isn't in great shape. While banks tend to turn away millennials with low credit scores, credit union lenders roll up their sleeves and get to work.
  2. We're real people. You want to text or talk to a real person and get what you want, when you want it, and how you want it. Credit unions are about people helping people.
  3. Got mobile. You demand access to your accounts whether you are at home or on the move. Credit unions offer tech and mobile services at the same level as banks.
  4. Cool deals. You're a smart social-media consumer who quickly identifies and shares opportunities, including for car loans or mortgages. Credit unions have the lowest rates and best terms.
  5. It's all about community. You value the role you play in your community. Out in the community is where credit unions can be found.
  6. Low fees work. You're on a tight budget. Credit unions charge lower overdraft fees than banks, more free checking and lower or no out-of-network ATM fees. Fewer fees at your credit union mean lower overall prices for top-quality financial services. If you're not a member of Cedar Falls Community Credit Union already, we want to meet you. Visit any of our convenient branches or check out our website www.cfccu.org to get a glimpse of what we offer. If you're already a member, thank you. We'd love to hear from you. Stop today or call (319) 266-7531.  

Copyright 2015 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

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