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What is a Credit Union?

Dedicated to members, community

Interra Credit Union isn’t just your average financial institution.  It’s a not-for-profit, member-owned financial cooperative. The driving force of the credit union is in providing exceptional service to members.

Credit Unions are different than other financial institutions. And that makes a big difference to you.

How? It starts with ownership and perspective.  At Interra, you’re not a customer; you’re a member-owner of the credit union, and that puts the focus on YOU. A credit union is also governed by the member-owners who elect the board of directors and the supervisory committee from the membership. And, while many other financial institutions focus on a return on investments for their shareholders, our priority is determining what is best for you — and working to make it happen.

Although we need to make money, our earnings are returned to YOU, in the form of customarily higher rates on savings and investments, customarily lower rates on loans, and fewer fees and charges.  That means money in your pocket.  
The earnings at Interra also return to you through traditional and innovative products and services you need, delivered the way you want them.  The ability to offer additional office locations and more electronic services also come from earnings.

For more than two decades, credit unions ranked #1 in the “customer satisfaction” category in the annual American Banker/Gallup Consumer Survey.  Further, credit unions scored better than banks when consumers were asked if they would look to their primary financial institution when shopping for a new financial product or service.

The broader credit union philosophy of “Not for profit, not for charity, but for service” lives at Interra Credit Union.  It is reflected not only in service to credit union members, but also in its dedication to the broader communities in which we live and work.  

The Seven Cooperative Principles

The Interra Credit Union “difference” is defined in the Seven Cooperative Principles.  Like other cooperative organizations, these principles provide focus and direction for the credit union.   

  1. Voluntary and Open Membership – Cooperatives are voluntary organizations, open to all people able to use its services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
  2. Democratic Member Control – Cooperatives are democratic organizations controlled by their members—those who buy the goods or use the services of the cooperative—who actively participate in setting policies and making decisions.
  3. Members' Economic Participation – Members contribute equally to, and democratically control, the capital of the cooperative. This benefits members in proportion to the business they conduct with the cooperative rather than on the capital invested.
  4. Autonomy and Independence – Cooperatives are autonomous, self-help organizations controlled by their members. If the co-op enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the members and maintains the cooperative’s autonomy.
  5. Education, Training and Information – Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperative. Members also inform the general public about the nature and benefits of cooperatives.
  6. Cooperation among Cooperatives – Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
  7. Concern for Community – While focusing on member needs, cooperatives work for the sustainable development of communities through policies and programs accepted by the members.

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Your savings insured to $250,000 per account.  By members' choice this institution is not federally insured.