Our Mission Statement
Provide our members with a variety of financial services at competitive rates and fees. These services, which are convenient, dependable, accurate and secure will be provided in a personalized and friendly manner.
Credit Unions vs. Banks
What really is the difference?
Banks and Credit Unions are the same in that they are both operate under federal or state charters. Their deposits, up to $250,000, are insured by one of two federal agencies: the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Both are subject to periodic regulatory and federal insurance examination.
They are different in that Credit Unions, such as ours, are established to promote the financial well-being of their members, from those people of modest means to those of significant wealth, through a system that is cooperative, member-owned, volunteer directed and not-for-profit.
Banks are for-profit institutions looking to make a profit for their share-holders; their boards of directors are compensated. Credit unions are not-for profit, their income is reinvested in its’ members thru dividends and services. Boards are volunteer and elected from among the members. With that philosophy, credit unions can offer higher interest rates on deposits and lower rates on loans.
According to research done by another credit union, BECU, savings to credit union members is estimated to have been $6.3 billion in 2002. $2 billion of the $6.3 billion total benefit represents the greater yield on savings that members receive from credit unions compared to bank interest rates. $2.3 billion of the member benefit comes from the lower rates that credit unions charge on loans compared to banks and the other $2 billion of the credit union advantage is because of lower service fees at credit unions compared to banks.
Loyola Credit Union’s philosophy of “People Helping People” is seen through our pledge of good customer service, our commitment to our members’ financial growth through low rates on loans, low fees and high interest rates on deposits. LCU has a federal charter and deposits are insured through the NCUA.