About EMC Credit Union
If you are an employee of EMC Insurance Companies, we invite you and your family to join EMC Credit Union. As members, you will enjoy the benefits of our many financial services. Your spouse, children, parents, brothers, sisters, grandparents and grandchildren are eligible to join.
Our purpose is to provide you with affordable credit, encourage savings and help you become more effective consumers. Unlike most other financial insitutions, credit unions are not-for-profit cooperatives that are member owned. After paying operating expenses and required reserves, the credit union's earnings are returned to the members in the form of dividends and other services. Your credit union is managed by a volunteer board of directors elected by the members. The board employs a professional staff to operate the credit union's daily business.
EMC Credit Union was chartered by the State of Iowa and is regulated by the Credit Union Division of the Iowa Department of Commerce. Member accounts are insured to at least $100,000 by the NCUA, an agency of the United State Government.
Frequently Asked Questions
Q. Who decides our interest rates?
A. Rates are determined by the board of directors each month after reserve and expense requirements are met.
Q. What is the unsecured loan limit at the Credit Union?
A. Unsecured loans may not exceed the borrower's one month's gross income, or $5000, whichever is less.
Q. Does the Credit Union offer mortgage loans?
A. Unfortunately no, due to our relatively small asset size and some restrictive lending regulations.
Q. Are there other "remote" banking options?
A. Yes, we offer both ATM cards and Debit Cards for 24 hour access to your funds.