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  • MyICCU

What is a Credit Union?

What's the difference between a credit union and a bank?

STRUCTURE For-profit. Managed on a regional or national level. Not-for-profit. Managed locally by members of our communities.
OWNERSHIP Profits go to shareholders. Member-owned. Profits go to members in the form of higher dividends, lower loan interest rates, and investments into the credit union.
DEPOSIT ACCOUNT RATES Usually lower interest rates Usually higher interest rates
LOAN RATES Usually higher loan rates Usually lower loan rates
DESPOIT INSURANCE FDIC insured up to $250,000 per account. Federally insured by NCUA up to $250,000 per account and by ESI for amounts above that limit.†


† Like many financial institutions, ICCU is federally insured. But unlike most banks, deposits at ICCU are insured beyond the initial NCUA limit of $250,000 by Excess Share Insurance. ICCU can work with you to arrange for your deposits to be 100% insured regardless of amount in most cases.