What is a Credit Union?
It is a cooperative association organized and incorporated under Illinois law to help SEFCU members save money safely and conveniently and make it possible for them to borrow at a reasonable rate. The Credit Union is a non-profit organization in that all profits are returned to its members by way of dividends or low rates on loans.
What Makes A Credit Union Different from A Bank?
What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans–but unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.
Who may be a member?
A registered member of the Shiloh Baptist Church, family members related, residents and businesses within our field of membership.
How do I Join?
Fill out a membership Card
Deposit $20.00 ($10.00 share and $10.00 fee)
How are our Savings Protected?
Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 9,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $250,000.
What are the Procedures for Opening a New Account?
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What does this Means to You?
When you open an account, you must provide a valid state ID or drivers license and your social security card. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see other forms of identification.