TLCU Financial

(574) 255-3193


What’s a Credit Union?

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

How do I become a member?

There are several ways you can qualify for membership. If you have a family member (Parent/Spouse/Children/Brother/Sister/Aunts/Uncles/Grandparent/Niece/nephew/etc...) who already has an account with us, you qualify for membership. If you live or work in LaGrange County, Marshall County, or St. Joseph County, you are eligible for membership. Or, if you work at one of our many sponsor companies, you can become a member! We will be glad to have you join! Stop in today to get the ball rolling!

How did credit unions start?

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.