What is the credit union difference?
Simple. People helping people. Not shareholders, not owners, not Wall Street executives. Regular folks like us helping regular folks like you.
Not-for-profit. As a not-for-profit industry, credit unions answer to no one but their members. Unlike the big banks, credit unions don’t exist to make a profit, sell stock or pay dividends to stockholders. Instead, when Icon makes money from our loans and investments, we simply return the money to our members by way of lower rates on loans and higher dividends paid on deposit accounts like checking, savings and money market, and on certificates of deposit. Our goal isn’t to make money so our executives can buy big homes and retire in style. Our goal is to help our members save money so they can buy homes and retire in style.
Ownership and taxation. One of the ways we’re able to deliver greater value to our members comes from the 1937 Credit Union Membership Access Act, which states:
Credit unions, unlike many other participants in the financial services market, are exempt from Federal and most State taxes because credit unions are member-owned, democratically operated, not-for-profit organizations generally managed by volunteer boards of directors and because they have the specified mission of meeting the credit and savings needs of consumers, especially persons of modest means.
This nearly 80-year-old law recognizes the difference between credit unions and banks that still exists to this day. We’re owned by our members, we’re run by an all-volunteer, democratically elected Board of Directors and our focus lies exclusively on helping the hard-working members in the communities we serve.
Membership eligibility. Because of these federal tax exemptions, all credit unions are limited in who they can accept as members. However, Icon is a community chartered credit union, meaning just about anyone who lives near one of our branches is already qualified to join. For our full membership criteria, click here.
Financial education. In the world of predatory lending, robo-signing and other big bank scandals, it often feels like the biggest movers in the financial industry are also the ones looking to keep people in the dark so they’re easier targets for profit. This unfortunate reality is what has led thousands of members to Icon over the years, where they seek clear financial advice, honest products, and service with integrity.
Icon is proud to deliver. An educated member is a responsible member, and when our members make sound decisions with their money, everyone wins. Our credit union is built on integrity, and the “old school” values hammered out by our founders more than 60 years ago are still enshrined in our internal culture, our member service and in every decision we make as a credit union. And because we’re owned by our members and succeed only when they do, we’ll never have a motive to stray from that path.
That’s the credit union mission, and we invite you to join us and help power this mission into the future. Click here to apply for membership!