Not for profit: not for charity - but for service
To those familiar with the advantages that credit unions offer compared to other financial institutions, the choice is obvious! IECU is a member-owned, not-for-profit financial cooperative. By definition, we believe in returning our profits back to our membership in the form of lower rates on loans, higher rates on savings and cutting edge products and services. When opening a credit union account, all members become owners with an equal say in how their funds are distributed.
Founded in February of 1938 as the Springfield Teachers Credit Union by thirteen local teachers, their goal was simple: to improve the financial lives of educators and school staff here in the Land of Lincoln. Two of the original founders, Carol C. Hall and Leslie Nimmo, later went on to found Horace Mann Insurance Companies to further improve the financial lives of educators through insurance products. The name of the credit union was later changed to Illinois Educators Credit Union to better reflect our diverse and ever-growing membership.
While we’ve spent the last 84 years specializing solely in the financial needs of educators throughout Sangamon County and the State of Illinois, we are pleased to announce that we have expanded to serve the students that our teachers have educated throughout the years!
The IECU Board of Directors is elected from and by the membership and serve in a voluntary capacity. Their responsibilities include establishing policies, reviewing and setting dividend and interest rates, and ensuring the overall stability of the Credit Union. Click here to view the current members of the board.
IECU’s directors, officers, and staff constantly review the Credit Union as a whole to ensure we are providing the best financial services for you, the members. In promoting Credit Union products and services, we continue to foster the ideals established in 1938 and ensure growth and stability that will allow us to serve generations to come.
Why Choose IECU?
IECU is proud of the compliments we’ve received from our members:
- "IECU always has fun & good membership support offers! As a long term IECU member, I always carefully go over various new offers and information as I find IECU to be both highly competitive as well as surprisingly grounded in financial day-to-day runnings which is highly reassuring to us and stands out as a beacon in the regional financial landscape! IECU's debit card offer looks promising to further facilitate the usage of my accounts with you—well done!" -Sunny T
- "IECU staff are always ready to help when a problem arises. Recently my wallet was stolen while out of state. IECU staff were able to help me navigate getting a new debit card while on the road. They were fast, efficient, and responsive. Great staff! Great service!!" -Elisabeth P.
- "Banking online with IECU is so easy and safe. My daughter and I both have home loans with IECU, and are so pleased with the service we received. The IECU staff is always so pleasant and helpful. Wouldn’t change banks ever!!!!!!" -Marilyn J.
- "We couldn't be happier customers for 17 years now. Gaspare particularly has been great in lots of situations from helping us get our house refinanced to tricky business buying situations. We love our credit union!" -Scott N.
- "I just want to say thank you! Every time I have interacted with an employee, they have all been very kind and helpful. It makes every visit or phone call a pleasant experience. Keep up the great work. It is very much appreciated! " -Becky G.
YOUR MONEY IS SAFE & SECURE
Illinois Educators Credit Union operates under a charter administered by the Illinois Department of Financial and Professional Regulation. Each account is insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency. In addition, Credit Union funds are protected by external and internal supervision, a strong employee bonding program, and mandatory reserve requirements. Annual audits are conducted by the Illinois Department of Financial and Professional Regulation and the Credit Union’s Supervisory Committee.Go to main navigation