A credit union is a cooperative financial institution that’s owned by the people who use its financial products. These people are called members. Credit unions are not-for-profit and exist to provide a safe, convenient place for members to save money at higher rates of return, and to receive loans at reasonable rates. Most importantly, credit unions provide greater and friendlier service to the membership, as well as dividends.
Members elect a board of directors to manage the credit union to ensure that their best interests are represented. As a member, you are an owner of the credit union.
The main difference between credit unions and banks is that credit unions are non-profit, member-only financial institutions, whereas banks are for-profit institutions open to anyone. In addition, credit unions were often created to serve specific regions, communities, or businesses, so they are known for providing better in-person customer service.
Credit unions are insured by the National Credit Union Administration while banks are backed by the Federal Deposit Insurance Corporation (FDIC). Deposits are insured to up to $250,000.
How to join our credit union
Gas & Electric Employees Credit Union serves the employees and their family members of Alliant Energy and other utility groups which serve the counties of Worth, Cerro Gordo, Franklin, Winnebago, Hancock, Wright, Mitchell, Floyd and Butler.
When you open an account, we will have you fill out a membership card and make a small deposit of $5 into your share (savings) account. You will need to provide a valid state ID or driver’s license and your social security card. We will also ask for your name, address, date of birth, and any other identifying information.