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