An Iowa federal credit union is a financial institution that provides banking services to its membership. Members of a federally chartered credit union in Iowa control the credit union and must meet a defined set of membership requirements such as living in certain areas or belonging to a non-profit group.

Federally chartered credit unions in Iowa also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. These credit unions 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.

There are three basic reasons why IA credit unions are tax exempt:

1. A federal credit union in Iowa must be a non-profit, financial cooperative its members own.

2. Members must elect a board of directors for Iowa federal credit unions who serve as unpaid volunteers.

3. Iowa federally chartered credit unions must provide service to members of modest means as part of their social mission. They must also place limitations on their memberships with restrictions on the products and services they provide.

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

Locate specific federal credit unions in Iowa 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. The names of government credit unions in Iowa will normally give you an idea of the basis of their membership, although the requirements for membership are frequently broader than this.

I recommend: Credit Unions Online displays the credit unions in its network that are located in Iowa alphabetically by name. Cudata.com shows credit unions in Iowa by name, along with the city, assets and number of members. Click on any credit union name to get contact information.

Find federal credit unions in Iowa by location

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

I recommend: CU Village.com allows you to find credit unions within your zip code. If you don't find any, this locator will show the credit unions that are closest to you. The Credit Union National Association has the ability to locate credit unions within a specified radius of a zip code or by city and state.

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

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

I recommend: The Greater Iowa Credit Union has an extensive list of qualifying factors and is available to virtually anyone living in Iowa. Employees Credit Union accepts residents of Emmet and Palo Alto counties in addition to employees of one of the approved employers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Natural-person credit unions serve individuals and form the majority of Iowa federally chartered credit unions. Corporate credit unions serve natural-person credit unions by providing them with operational support, products and other services. Corporate credit unions also act as a funds clearing house for natural-person credit unions.