FAQ
What is the difference between a Credit Union and a Bank?
The main difference is Credit Unions are owned by their members and profits are shared among the owners. Banks are owned by their shareholders and profits are shared among the owners. Credit Unions were built on the philosophy of people helping people.
Who oversees the functions of the Credit Union?
ICU is headed by a member-elected Board and staffed by a manager and asst. manager. We must follow the regulations of the Ill Dept of Financial & Professional Regulation/Div. of Financial Institutions.
Will my money be safe in this Credit Union?
Deposits are insured by the National Credit Union Administration (NCUA) for up to $250.000, just as bank deposits are insured by the Federal Deposit Insurance Corporation. The members of the Board of Directors are bonded as required by law.
How do I become a member of the Credit Union?
By completing an ICU Membership Application, paying $30 (includes $10 membership fee and $20 for Savings Account).
What are the benefits of joining the Credit Union?
Click here to learn the benefits of membership. In addition, as you help ICU grow,you and other members will have an even stronger credit union.
How do I Direct Deposit money to the Credit Union?
Contact the Imperial Credit Union to determine what is the best way for you to set up direct deposit. It may be through your human resources department or through another financial institution with which you are affiliated.
Who is eligible for membership?
Any member of an African Methodist Episcopal (AME) church in the Illinois Conference and their family members are eligible to join ICU. Illinois Conference churches and their organizations may also join.
The main difference is Credit Unions are owned by their members and profits are shared among the owners. Banks are owned by their shareholders and profits are shared among the owners. Credit Unions were built on the philosophy of people helping people.
Who oversees the functions of the Credit Union?
ICU is headed by a member-elected Board and staffed by a manager and asst. manager. We must follow the regulations of the Ill Dept of Financial & Professional Regulation/Div. of Financial Institutions.
Will my money be safe in this Credit Union?
Deposits are insured by the National Credit Union Administration (NCUA) for up to $250.000, just as bank deposits are insured by the Federal Deposit Insurance Corporation. The members of the Board of Directors are bonded as required by law.
How do I become a member of the Credit Union?
By completing an ICU Membership Application, paying $30 (includes $10 membership fee and $20 for Savings Account).
What are the benefits of joining the Credit Union?
Click here to learn the benefits of membership. In addition, as you help ICU grow,you and other members will have an even stronger credit union.
How do I Direct Deposit money to the Credit Union?
Contact the Imperial Credit Union to determine what is the best way for you to set up direct deposit. It may be through your human resources department or through another financial institution with which you are affiliated.
Who is eligible for membership?
Any member of an African Methodist Episcopal (AME) church in the Illinois Conference and their family members are eligible to join ICU. Illinois Conference churches and their organizations may also join.
