We are excited to announce the upcoming Annual Meeting 2024 of The Family Credit Union, a gathering where members come together to celebrate our achievements, discuss important matters, and elect individuals who will shape the future of our credit union.

Date: Monday, April 22, 2024
Time: Doors open at 5:30 p.m.
Location: Elk’s Club – 4400 West Central Park, Davenport IA

The evening will commence with a brief business meeting promptly at 6:00 p.m., followed by an array of festivities to enjoy:

• Smokin’ Butts BBQ: Indulge in delicious barbecue, prepared fresh for you to savor.
• Local Sweet Treats: Tempt your taste buds with delightful treats from our local community.
• Complimentary Drink Ticket: Enjoy a complimentary drink from the bar selection, with soft drinks included.
• Door Prizes: Get ready for some exciting surprises! We have fantastic door prizes lined up for our attendees.
• Bring a Guest: Members are encouraged to bring along a guest to share in the experience.

RSVP Details: Attendance is by RSVP only, and reservations must be made no later than April 15, 2024. Please RSVP to tfcu@familycu.com to secure your spot.

Board Positions: As a valued member of The Family Credit Union, your input matters. We invite members who are interested in running for a board position to submit their resumes by April 1, 2024, to the Nominating Committee at the address below:

Nominating Committee
The Family Credit Union
1530 West 53 Street, Davenport IA 52806

We also want to take this opportunity to introduce the incumbents standing for re-election:

• Paul Fredenburg: Serving on the board since 2011, Paul brings a wealth of experience from his tenure at the Davenport Police Department.
• Diane Lange: With 44 years of service in the medical field, Diane’s expertise is invaluable to our credit union.
• Steve Horan: A longtime volunteer and advocate for community organizations, Steve’s dedication is unmatched.
• Bryan Zarn: With deep-rooted ties to The Family Credit Union, Bryan’s commitment to our community shines through his various roles and contributions.

We look forward to welcoming you to our Annual Meeting 2024 as we come together to celebrate our achievements and chart the course for an even brighter future for The Family Credit Union.

See you there!

As summer ends and school bells ring, the anticipation of a new academic year fills the air. However, the back to school season can also bring about financial challenges, especially for families with school-age children. This is where back to school loans from The Family Credit Union can help. They help families manage expenses and make the transition from vacation mode to study mode smoother. Let’s explore the various benefits of opting for a back to school personal loan from The Family Credit Union.

Budget Friendly Interest Rates

Getting a back-to-school loan from The Family Credit Union has the advantage of lower interest rates than traditional banks or alternative lenders. TFCU is member-owned and operated, meaning we prioritize the financial well-being of our members rather than maximizing profits. This translates to lower interest rates on loans, ensuring that families can borrow the funds they need without falling into a high-interest debt trap.

Flexible Loan Terms

We understand that every family’s financial situation is unique. To cater to diverse needs, TFCU provides flexible loan terms that can be tailored to match your repayment capacity. This flexibility allows you to choose a loan term that fits your budget. This makes it easier to manage the loan while keeping your financial stability intact.

No Hidden Fees

Unlike some traditional lenders that may surprise borrowers with hidden fees and charges, credit unions are known for transparency. When you opt for a back-to-school loan from a credit union, you can expect straightforward terms and a clear understanding of any associated costs. This transparency helps you make informed financial decisions and avoid any unpleasant surprises down the road.

Personalized Service

At TFCU, we take pride in delivering a personalized banking experience to our members. Expect personalized service and understanding when applying for a back-to-school loan. Our staff is  accessible and willing to guide you through the application process, making the experience smoother and more reassuring.

Back to School Loans Build Credit

A back to school loan provides an opportunity for young adults and students to begin building their credit history responsibly. By borrowing from a credit union and making timely payments, individuals can establish a positive credit track record, which can prove valuable when applying for future loans, credit cards, or even rental agreements.

Prioritizing Education

At The Family Credit Union, we prioritize financial education for our members. In line with this commitment, we offer resources, workshops, and guidance on budgeting, financial planning, and debt management. By taking advantage of these resources we hope to empower families to make informed financial decisions not only during the back-to-school season but throughout their lives.

Back to School Loans from TFCU

As the school year beckons, the financial strain of purchasing school supplies, clothing, and other essentials can be overwhelming for families. A back to school loan from The Family Credit Union emerges as a valuable lifeline, providing affordable financing options with lower interest rates, flexible terms, and a focus on member well-being. By opting for a TFCU back to school loan, families not only ensure a successful academic start for their children and young adults, but also set the stage for a stronger, more financially secure future.

Find a branch near you to get started today, or apply for a back to school personal loan here.

Have you ever wondered about the secret recipe behind your credit score? While some ingredients are straightforward, others can be confusing or open to interpretation. One such element is the “credit account mix,” which may leave you with mixed feelings. Let’s shed some light on this topic and gain a better understanding.

The Credit Account Mix Demystified

Your credit account mix refers to the blend of different types of credit in your financial portfolio. It goes beyond simply having multiple credit lines—it showcases your ability to handle various types of debts successfully. From cards to car loans and mortgages, each account type adds to your credit mix.

Why it Matters

Lenders value a diverse credit mix as it demonstrates your capability to manage different financial obligations simultaneously. Being able to handle both installment loans (e.g., mortgages, car loans) and revolving credit (credit cards) reflects positively on your creditworthiness. It instills confidence in lenders that you will repay borrowed money reliably.

VantageScore and Credit Account Mix

VantageScore, one of the prominent credit scoring agencies, emphasizes the significance of credit mix in its scoring model. In addition, VantageScore also considers credit experience. A varied credit mix, consisting of different types of products, indicates your expertise in managing diverse financial responsibilities.

How it Works With FICO

FICO, another major reporting agency, assigns a 10% weight to credit mix in its scoring model. Although this may appear relatively small, it shouldn’t be underestimated. FICO not only evaluates the types of credit you possess but also scrutinizes the payment history associated with each loan. A solid credit mix won’t compensate for a questionable payment history, as payment track record contributes 35% to your FICO score.

How You Can Build and Improve

If you currently lack a diverse credit mix, there’s no need to panic or rush into applying for multiple credit cards or loans. Haphazardly pursuing such avenues can harm your credit score. Remember, every loan application triggers a hard inquiry, which can cause a slight score drop. The most effective way to build and enhance your credit score is by consistently paying your bills on time, without exception.

The Family Credit Union and CreditSense

The Family Credit Union offers Credit Sense, powered by SavvyMoney®, is a tool that provides you ongoing access to your credit score, along with recommendations on how to improve it. Credit Sense℠ gives you the ability to monitor, improve, and ultimately save you money by managing your credit scores.

Remember, a well-balanced credit mix can unlock favorable borrowing rates and potentially save you thousands on loans for significant investments like homes or cars. Stay informed and proactive, and watch your credit score soar!

Now, access your credit scores from anywhere, anytime within your Home Banking session or in the Mobile Money app.

When the failure of Silicon Valley Bank and the problems it exposed at other banks dominated the news in March, many people began asking the same question: Is my money secure?

At Family Credit Union, we are proud to say that yes, yes it is.

We are among the 98% of credit unions that have accounts insured by the National Credit Union Share Insurance Fund.

And no one has ever lost a penny of an insured deposit in the credit union system.

What is the National Credit Union Share Insurance Fund?

The Federal Deposit Insurance Corporation, or FDIC, is well known for securing bank deposits. The NCUSIF is not as famous.

At their core, however, they are similar.

The National Credit Union Administration, an independent agency of the United States government runs the NCUSIF. It regulates, charters, and supervises federal credit unions.

The NCUSIF insures deposits at National Credit Union Administration member institutions the same way the FDIC does at banks.

How Much Does the NCUSIF Cover?

Much like the FDIC insures accounts up to $250,000, the NCUSIF insures $250,000 per share owner at each insured credit union for every account ownership category.

That means that every credit union member gets $250,000 for their single ownership accounts (checking, savings, money market, and share certificates).

While the NCUSIF limits the insurance to $250,000 for single ownership accounts at a single credit union, there are other types of insured accounts that can increase that amount.

For joint accounts, $250,000 is insured for each account holder. That means that for a two-person joint account with no beneficiaries, the total insured is $500,000.

NCUSIF also insures retirement accounts and trust accounts. For more information on the amount of insurance for these accounts, visit the NCUA guide on account insurance.

MyCreditUnion.gov also offers a share insurance estimator.

In the rare case that a credit union fails, the money is usually available within just a few days.

The Credit Union Difference

One big difference between credit unions and banks is that credit unions are not-for-profit institutions. They are often managed locally by people in the area in which they are based.

Instead, members see the benefit of any “profits” in the form of higher interest rates on accounts or share certificates or lower rates on loans. This both leads to better rates for you and less incentive to accumulate risk.

We also offer financial education services to our members, both young and old, through our partnerships with Zogo and Banzai.

At Family Credit Union we have been serving the communities in which we are located since we began in 1935 at the Quad-Cities Oscar Mayer plant. We are dedicated to looking out for our members’ money.

Click here to become a member of The Family Credit Union and experience the difference in banking through a local credit union.

Have one of these? Or maybe one of these?

When you switch to e-Statements, you can say goodbye to the piles and files, BUT retain secure access to all the information they contain.

Discover the benefits of enrolling in e-Statements

1) 24/7 Access to your statements

E-statements allow you to access all of your accounts in one place.  You can quickly and easily keep an eye on your account balance, transactions and monitor for unusual activity.

2)View statements as soon as they are available

With traditional statements, you need to wait for the statement to be printed, stuffed into an envelope, go through the postal system and eventually make its way to your door. With e-statements, you receive an email at the end of the statement period that your account statement is ready to view. You can then log into your account and have immediate – and secure – access to your statement.

3)Reduce risk of identity theft and mail fraud

Your bank statements are full of sensitive financial and personal information. YOUR financial and personal information. When you switch to e-Statements, you are reducing the risk that your personal information will inadvertently fall into the wrong hands. E-statements help reduce your exposure to identity theft through your paper documents.

4)Better for the environment

Switching to e-Statements is a simple way to be more Earth friendly – from the reduction in the amount of paper that is used (the statement and also the envelopes!) to the amount of resources it takes to deliver that paper to your door.

5) Declutter

Using less paper is also better for your immediate home environment.  Clutter happens.  But it doesn’t have to!  You may have a stack of “important mail” that stacks up and becomes unmanageable.  When you sign up for e-statements, you don’t have to worry about misplacing your statement.  Your statement history is archived securely.  It is available for you whenever and wherever you are. 

So what are you waiting for? Start enjoying the benefits of e-Statements today!

Benefits of Banking with a Credit Union

When choosing to open a new account you have a few choices, including what type of banking institution you want to bank at. We are here to tell you that when you bank with a credit union–such as The Family Credit Union–there are a variety of benefits; some even that you might not expect! A lot of people don’t realize just how great a credit union can be. Here are a few reasons why you should bank with a credit union:

1. Higher Returns on Deposit Accounts: Since credit unions are not-for-profit, you will often see much higher rates of returns on your deposit accounts than you would on a non-credit union account. Credit unions put their earnings right back into the business, and that benefits you!
2. Better Loan Rates: Once again, because credit unions are not-for-profit, they offer very competitive loan rates. Credit unions don’t need to maximize their profits, so they have no need to give you high rates. Credit unions are very competitive lenders. Need student loans, a new car, buying a home? Consider a loan with a credit union.
3. Little to No Fees on Accounts: This is one of the best reasons to open a new account with a credit union. No minimum balance and no monthly fees are common for credit unions, unlike big banks. That way your money continues to grow rather than become profits for a big bank.
4. Investment in Local Causes: Another great thing about credit unions is that they often benefit local causes. For example, supporting local youth development, community development, and more!

You won’t regret opening a new account with us, we are sure of it. We care about you and our community, not profits! At The Family Credit Union, you are more than a member, you are Family. Contact us today to learn more about opening a new account or about the many benefits of banking with a credit union.

Family Credit Union’s Hidden Gems – Financial Wellness Tools

Did you know that The Family Credit Union offers tools for ALL members to improve their financial literacy and well-being? It’s one of our “hidden gems”!

Financial literacy is essential for individuals of all ages and backgrounds to achieve financial stability, security, and independence. It empowers our members to make better financial choices, avoid common pitfalls, and plan for their financial future effectively.

When you click on the “Financial Well-Being” tab on our website, you will be taken to a website that has a wide variety of tools and articles available to help improve your financial literacy and wellness. We have partnered with Banzai, an award-winning, interactive content platform that teaches real-world finance.  It is available and free to use for all members of our credit union.  Banzai offers experience-based online games that teach skills like budgeting, saving, understanding debt, using the internet safely, and more. 

If online games don’t appeal to you, Banzai also provides a comprehensive digital library with articles about everything from going to college to using credit cards to buying a home, and more. No matter what stage of your life you are in, you will be able to find information or tools that are useful for you. There are even budget and savings calculators! There are courses and a wealth of information for adults on topics including insurance, retirement, taxes, investment, and even running a business.  However, there are also courses geared more towards children and teens on how to start saving, how to stay safe on the internet, and so much more.  

Didn’t know about this feature of ours? Make sure to check it out!  We are pleased to be able to offer our members this fantastic tool to increase financial wellness and knowledge.  At the Family Credit Union, it’s part of our mission to ensure our members have the necessary knowledge and competence to manage their money prudently, budget effectively, invest wisely, and make sound financial decisions.

As we navigate through 2023, the significance of community support and financial stability remains paramount. Credit unions continue to play a vital role in empowering individuals and communities. Here are 5 credit union benefits that explain why joining a credit union, like The Family Credit Union, can be a game-changer for your financial journey this year.

1. Community-Centric Approach

In the face of ongoing challenges, the importance of community solidarity has never been clearer. Credit unions, by their very nature, prioritize community well-being. The Family Credit Union is dedicated to supporting our community through initiatives like scholarships, donations, and more. We stand alongside our members, especially during times of adversity.

2. Enhanced Savings Returns

Credit unions offer competitive interest rates on savings accounts, ensuring your money works harder for you. As non-profit entities, credit unions aim to give back as much as possible to their members. This means your savings can grow more efficiently, providing you with greater financial security.

3. Favorable Loan Rates

Choosing a credit union for loans can result in substantial savings. Unlike major banks, which often impose high interest rates, credit unions offer lower rates, making it easier for you to repay the loan. This not only facilitates your immediate financial needs but also contributes to building a positive credit history through timely repayments.

4. Comprehensive Services

Despite their smaller scale, credit unions boast a diverse range of services that rival those of larger financial institutions. In addition to financial education and counseling, The Family Credit Union offers an array of services, including consumer loans, shared branches, electronic banking, ATMs, home equity loans, mortgages, car loans, member business loans, credit cards, and overdraft protection. We provide a comprehensive suite of solutions tailored to meet your financial needs.

5. Personalized Customer Service

Credit unions are renowned for going above and beyond to support their members on their financial journeys. As not-for-profit organizations, they have the flexibility to focus on individualized financial guidance. The Family Credit Union takes pride in offering personalized service that empowers our members to achieve financial success. This personalized approach is just one of the many advantages of being part of a credit union.

The Family Credit Union Benefits You.

In 2023, The Family Credit Union stands ready to be your financial ally, providing a wide range of services designed to support your financial well-being. From robust community engagement to competitive savings returns and favorable loan rates, we’re here to help you thrive. Join us today and experience the exceptional benefits of being a part of our credit union family. Contact us now to embark on a journey towards financial empowerment!

The Family Credit Union’s first ever virtual annual meeting was held on Thursday, October 15, 2020. On the agenda for discussion were the fiduciary results of the year and about the newly-added financial convenience features to the credit union. Some positions on the Board of Directors were up for reelection as well.

Results of the Annual Meeting

At the meeting it was reported that The Family Credit Union ended 2019 with assets over $170 million. Loans grew by 9.22% and deposits by nearly 1%. Overall, the credit union continues to be very stable and financially sound. Net income ended at $1,752,805. Those reelected to the Board of Directors were:

• William Buckley
• Lori Walker
• William Macdougall
• Stephen Turner

We look forward to safe and sound outlook with all of our wonderful members in the next year. Contact us today about our contactless financial solutions or about loans, retirement planning, college programs, and more!

The first Credit Union was created over 160 years ago, yet there are a lot of misconceptions still floating around about these financial institutions. Hopefully, this will clear up some of the myths surrounding credit unions.

Credit Union Myths

#1 – Credit Unions aren’t big enough.

Some people are afraid that Credit Unions aren’t big enough to protect their money or to help them with their finances. Banks are insured by the Federal Deposit Insurance Corporation (FDIC), with a coverage of $250,000 per customer. Credit Unions aren’t required to have FDIC coverage, but that doesn’t mean the money isn’t protected. The National Credit Union Administration (NCUA) offers the same coverage. The Family Credit Union is a member of the NCUA, in fact, 98% of the credit unions in the United States are insured by NCUA.

#2 – I can’t be a member.

Eligibility can be based on several factors. Some Credit Unions are based on your employer, but allow family members to join. The Family Credit Union is a community-based credit union, so membership depends on where you live or work. You can click here to see a map of eligibility.

#3 – Accessing my money can be a hassle.

The Family Credit Union has 9 branches in Illinois and Iowa, with 13 TFCU ATMs in the area. In addition, The Family Credit Union is part of the Privileged Status network which allows access to thousands of free ATMs. You should have no problem accessing your money, no matter where you are.

#4 – Credit Unions don’t offer perks like banks do.

The Family Credit Union offers everything a bank does. We have checking and savings accounts and offer online banking. We also have debit and credit cards, and home and auto loans, in addition to offering IRAs and student loans. TFCU also offers shredding services, college scholarships, Kirby Kangaroo Club (savings program for kids) and more! We also offer financial resources such as Credit Climber, Banzai, Credit Sense, financial coaching just to name a few. Credit Unions are non-profit institutions, owned by its members, so we are able to offer better rates than most banks. We have everything a bank has and much more.

Let The Family Credit Union Make Your Dreams A Reality

If you have any more questions about what a credit union can do for you, please call or stop in to one of our branches. We’re happy to answer any questions and help you get the most out of your money. Credit union myths are just that; myths! We want you to be secure and confident in your credit union. Contact us today and let us help you get started!