Illinois credit unions provide banking services such as loans to its members. Federal credit unions in Illinois must meet a set of well-defined criteria such as membership in a non-profit group or residency within a geographical area.

Credit unions of Illinois also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. These federally chartered credit unions in Illinois may be able to switch to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.

Credit unions of Illinois appear to be similar to banks but their tax exempt status mandates three important differences:

1. Members of a credit union in Illinois must own the credit union and run it as a non-profit, financial cooperative.

2. A credit union’s board of directors must be unpaid volunteers that are its members elect.

3. An IL federal credit union has a social mission that includes service to members of modest means. A credit union has restrictions on the services and products that it provides and must place restrictions on its membership.

Action Steps
The best contacts and resources to help you get it done

Search credit unions in Illinois by name

You can easily locate a credit union if you have some basic information about it such as its name or the location of one of its branches. A credit union's name will normally give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.

I recommend: Credit Unions Online provides websites and contact information for credit unions in Illinois. The Nation Credit Union Administration can locate a credit union by charter number and also is able to find a credit union by using a word in the credit union's name.

Search credit unions in Illinois by location

Resources are available to locate all of the government credit unions in Illinois based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.

I recommend: USA Credit Unions shows all of its credit unions in Illinois on a single page and also has a credit union locator by name and zip code. Credit Unions US has a credit union locator on its home page that allows you to specify your city and zip code.

Join one of the local Illinois credit unions for which you are eligible

Examine the membership requirements of federal credit unions in Illinois and the services they provide to know if you are eligible to join and if they will provide the services you need.

I recommend: Metro Federal Credit Union sponsoring employers are government units and school districts in the Arlington Heights area. United Credit Union serves many employees and community groups in a well-defined area of Chicago.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Federal credit unions in IL frequently allow a broader membership base than their name implies. Smaller credit unions may merge into a single credit union with a disparate set of membership qualifications. Additionally, an individual may usually remain a member of a credit union even after he no longer meets the membership requirements, as when a member moves or changes jobs.