What are membership qualifications?
To be a member of the Kankakee Federation of Teachers Credit Union, you must be a current member of the Kankakee Council of AFT Local 604 and an employee of Kankakee School District #111.
Can family members belong?
Immediate family members (spouses, parents, and children) may also join, and are entitled to the same membership benefits.
If I leave District #111, can I still be a member of the credit union?
Yes, and you will retain access to all benefits and services. Our philosophy is “once a member, always a member”.
How is my loan interest rate determined?
We do not use risk based lending. All members qualify for the same low rate.
How many loans can I have?
Each member can have a total of three loans with a maximum combined loan amount of $60,000.
Is my savings account insured?
All deposits are insured by the National Credit Union Administration (NCUA) up to $250,000.
How are dividends paid?
Dividends are paid at the end of June and December and are based on the average daily balance in your account.
Is there a deposit limit for share accounts?
Currently there is no deposit limit on share accounts. However, balances on share types may not exceed $150,000.
Who are the members of the Board of Directors?
The current Board of Directors consists of: Ruth Alexander, Jeff Anderson, Zeola Bellephant, Jennifer Conn, Randall Degenhart, Patricia Geel, Maria Glasgow, Oachia Irvin, Marion Jackson, Jr., Matthew Rusek and Penny Sylvester.
What is the difference between a bank and a credit union?
Credit unions are not for profit. Credit union members share ownership of their credit union and have democratic control. They elect from their membership a volunteer Board of Directors, which appoints the Supervisory Committee that also serves without pay. All credit unions have a limited field of membership, meaning its members share something in common, such as where they work or live.
A bit of history…
The KFTCU was started by 7 visionary teachers in 1956 as a financial cooperative to benefit the then 152 members of the Kankakee Federation of Teachers Local 886. The very first KFTCU financial report indicated that the total share balance held by the original 59 members was approximately $7000 and loans totaled $3800. Compare that to the current totals: 1200+ members, a share balance of approximately $7.5 million and total loans of over $6.5 million!