What is a Credit Union?
A credit union is a group of people (identified as Members) formed around a common bond such as employment or interest. The main purpose is for the Member to put their funds into a variety of savings and investment accounts and then that money is then available to lend to other Members in the form of auto, home and personal loans. The interest that is paid by the borrowers is “income” to the credit union. The net income (after expenses) is returned to the membership in the form of dividends and new financial services or products.
Our Roots
The “Wichita City Teachers Credit Union” was officially state chartered on March 6, 1935, marking the birth of what is now “Credit Union of America”. The newly formed credit union was run by unpaid volunteers and the transactions were performed out of a desk drawer at a local school. In 1961, the staff and records were moved to 229 S. Ellis St. where the credit union remained until 2000 when we outgrew that space. In November 2000 we moved to our present corporate location at 711 W Douglas in Wichita. We have grown to 8 locations, 6 in Wichita, 1 in Derby, and 1 in Great Bend and many convenient ATM locations.
Over the years, we changed our field of membership to include not only Wichita teachers but all people who are employed in the field of education throughout the state of Kansas and individuals that live or work in eighteen Kansas counties: Sedgwick, Butler, Harvey, Kingman, Sumner, Harper, Barton, Pawnee, Ellis, Russell, Rush, Stafford, Rice, Reno, Saline, McPherson, Cowley, and Ellsworth. We still rely on member volunteers for our Board of Directors, Credit Committee and Supervisory Committee.
We are now a $278,000,000 financial cooperative with over 30,000 members and over 100 employees. We are state chartered through the Kansas Department of Credit Unions (KDCU) and CUA is governed by stringent regulatory laws that are monitored and enforced by the KDCU. CUA is an Equal Opportunity Employer, an Equal Housing Lender, and deposits in the Credit Union are insured up to the limits allowed, by the National Credit Union Administration, (NCUA) a government agency. We have a full line of products and services with many new and innovative options. Our financial soundness has permitted the growth and respect we have in the community. We're here for you!
Why a Credit Union?
Credit Unions are owned by the Members. Members have a direct say in how the credit union is run by casting their vote in board elections. Unlike a bank, where the dividends are paid only to the stockholders, our dividends come back to the entire membership in the form of lower loan rates and higher dividend rates on deposit accounts. Along with the monetary benefit, the service quality that you receive by being an owner member at thousands of credit unions nationwide is what makes us unique. Come experience the difference for yourself. Join us today!
