HOMEWOOD FEDERAL CREDIT UNION
2005 Ridge Road, Homewood, Illinois 60430-0175
Telephone (708) 957-0444
Fax (708) 957-5881
Monday, Wednesday and Thursday 10-12 and 1-5
Friday 10-12 and 1-6 Saturday 9-12
The HOMEWOOD FEDERAL CREDIT UNION was formed in 1937, and today it has nearly 1,000 members. Membership is open to any Homewood resident, anyone employed in the Village of Homewood, volunteers or worships in Homewood, or is related to a Homewood resident.
To open an account, simply fill out a membership card
and deposit a minimum of $20.
The maximum allowed in a share account is $40,000.
Loans of up to $40,000 are available to members.
WHAT IS A CREDIT UNION?
The “credit union” idea originated in Germany.
The idea was for members to pool their small, but regular,
savings and provide low-interest loans.
The plan worked well, and today there are more than
17,000 credit unions in the United States.
Credit unions have become popular for many reasons, but the primary one
is that they provide loans at low interest rates to credit union members.
IS MY MONEY SAFE?
ABSOLUTELY! Credit unions are chartered under the terms of the Federal
Credit Union Act and supervised by the National Credit Union Administration (NCUA).
Each member’s savings are insured to the full legal limit
by the National Credit Union Share Insurance Fund (NCUSIF).
WHAT’S SO SPECIAL ABOUT CREDIT UNIONS?
Credit Unions are owned and run by the members. Members make up the Board of Directors, which manages and elects officers
to handle the operations of the credit union, and members make up theSupervisory Committee, which ensures the credit union is run properly.
Our members are joined by a common bond, and we serve ONLY our members.
There are no outside stockholders--almost ALL net earnings, after expenses and required transfers, are paid out to our members in dividends.