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 Premier Credit Union was founded in 1961 as a member-owned financial institution.
Since 1961, PCU has grown and expanded. We are a full service, not-for-profit
financial institution offering most all the products that a bank provides, with
greater value, better rates, lower fees, and superior service!
 Premier Credit Union serves anyone living or working in numerous townships
in the northwest suburbs of Chicago, Illinois. We also serve a large majority
of school districts in our local area. Various companies also offer their employees
membership in Premier Credit Union as an employee benefit.
- Not-for-Profit
- Member owned and operated since 1961
- Restricted Membership
- No outside investors or paid stockholders
- Exceptional loan rates and excellent
dividend rates
- Traditional values and personal service
- Full line of financial services
 Am
I eligible to join?
Why
Choose Us?
Are
We Insured?
What
are Credit Unions?
History
of Credit Unions
| Credit unions offer all the services that banks
offer, but with no or very low costs and better rates. What makes us different,
makes us better. See for yourself: |
Premier Credit Union
- Not-for-Profit
- Profit Returned to our Members
- Volunteer Board of Directors
- Restricted Membership
- Personal, Local Service
- Friendly and Reliable Staff
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Commercial Bank
- For Profit
- Profit Paid to Stockholders
- Paid Board of Directors
- Open to Any Customer
- Customer Service Scarce
- Staff – Who’s there this week?
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What are Credit Unions?
Credit unions are non-profit cooperatives, formed by groups of people to provide
low cost financial services. Before credit unions existed, banks took advantage
of the common consumer by charging excessively high rates. In the mid 1800’s,
farmers and other groups grew tired of this unfair treatment and formed their
own cooperatives, pooling their funds for the benefit of their own groups. This
idea caught on and over the last 150 years, the U.S. credit union industry has
grown to almost 10,000 credit unions.
History of Credit Unions
The credit union idea is a simple one: People should be able to pool their money
and make loans to each other. It's an idea that evolved from cooperative activities
in 19th century Europe. Since that time, the idea's guiding principles have remained
the same: (1) Only people who are credit union members should
borrow there; (2)loans are made for "prudent and productive" purposes;
(3) a
person's desire to repay (character) is considered more important than the ability
(income) to repay. Members are, after all, borrowing their own money and that
of their friends. These principles still govern most of the world's credit unions.
As the 20th century began, the credit union idea surfaced in Canada. Canada's
successful efforts profoundly influenced two Americans: Pierre Jay, the Massachusetts
banking commissioner, and Edward A. Filene, a Boston merchant.
EXTERNAL LINK DISCLOSURE
*This Website may contain hyperlinks
to other websites created and maintained by other organizations. PCU does not
regularly review materials posted on these linked sites. PCU does not endorse
the owners of such linked sites, or the products or materials appearing on such
linked sites. Any decision of Website visitors to view any of the linked websites
is at their own risk.
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Interested in becoming a member? Use our convenient
Switch Kit to switch your accounts over to Premier simply and easily.
Switch Today! |
ABA Routing #:
2719-8898-0
Regulation and Supervision
Credit unions are chartered under either federal or state
law. Federally chartered credit unions are regulated by the National Credit Union
Administration (NCUA), an independent agency of the U.S. Government. NCUA's three
board members are nominated by the President and confirmed by the Senate. State
chartered credit unions are regulated by their state credit union department.
NCUA administers the federal insurance fund (NCUSIF), which covers all federal
credit unions and most state chartered credit unions. No taxpayer money is used
for regulating and overseeing federal credit unions, as all activities of NCUA
and the NCUSIF are funded by credit unions.
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