Information About Us
Power Co-op Employees Credit Union Volunteer Board of Directors
Thank you to these directors who volunteer their time to represent the entire membership at Power Co-op Employees Credit Union.
What is Power Co-op Employee Credit Union?
Power Co-op Employees Credit Union was chartered in 1956 by employees of Corn Belt Power Cooperative. From 29 members and $356 in assets after the first month of operation, it has grown to over 2100 members and $55 million in assets today.
How is Power Co-op Employee Credit Union different?
A credit union is a member owned and operated financial institution. Members have a "common bond" such as employment in the same occupation or company.
Credit union members pool their savings and lend this money to each other, often times at lower interest rates than other financial institutions. Because credit unions are not for profit, they are able to offer their members extra benefits. Credit unions call savings "shares" because each $5.00 saved is one share, making members owners of their credit union.
Members' savings are protected up to $250,000 by the National Credit Union Administration, an agency of the Federal government.
Who can join?
Membership in Power Co-op Employees Credit Union is open to, employees of Corn Belt Power and its distribution cooperatives and their families (including parents, grand-parents, siblings, children, aunts/uncles, nieces/nephews). And now the members of those REC's are eligible for membership in the credit union. Membership is also open to employees of several businesses in the Humboldt, Iowa area. For a full listing of those eligible for membership please check out our Membership Page.
How do I join?
To become a member, just complete an account card with a minimum deposit of $5.00. We have NO entrance or annual membership fee. Once you become a member, you are always a member as long as you maintain a $5.00 balance.
That means that if you move or change jobs, your membership is not affected unless you let your balance become zero.