The Union Credit Union

The Union Credit Union was a credit union chartered to serve union members. A national advocate for unions and union members, it was headquartered in Spokane, Washington, United States. It closed operations in October 2010.[1]

The Union Credit Union
TypeCredit union
IndustryFinancial services
Founded1968
HeadquartersSpokane, Washington, United States
ProductsSavings; checking; consumer loans; mortgages; credit cards; online banking
Websitetheunioncreditunion.com

In 1968 members of Bricklayers Local 3 founded The Union Credit Union as a not-for-profit means of obtaining loans and saving money. The credit union served only trade union members and was named Inland Empire Trades Credit Union. Today members from any union can belong and bank at The Union Credit Union. The families of union members, union employers and unions can also hold accounts and obtain loans at The Union Credit Union.

The Union Credit Union received media attention in 2008 for a series of advertisements using the phrase "It just works for me" without a logo or name attached.[2]

Advocacy

The credit union's mission is to provide union members with a not-for-profit banking alternative. The Union Credit Union is the only remaining credit union in the United States run by an all union staff, board and management. The credit union has positioned itself as an advocate against union-affiliated credit unions merging into community chartered credit unions resulting in the loss of services to union members.

Employees

The Union Credit Union has an all union staff, all union volunteer board of directors and the CEO is also a union member. Demaris Krummel is the CEO of The Union Credit Union.

Services

The Union Credit Union allows union members to skip loan payments during difficult times, including union strike. Members can obtain Step-Up Loans for tools, job training or college. The credit union also handles payroll for union shops.

Partnerships

The Union Credit Union has partnerships with the following unions to serve their members:

Grant program

The Step-Up Program is a consumer financial education and workforce development program to help the 2.7 million union workers in Washington state to take the next step up in life. Below market rate, not-for-profit Step-Up Loans are offered to union workers at their place of employment and union halls. The loans are used to cultivate new skills and obtain tools that support workforce development.

The program was conceptualized from the historical writings of Edward Filene’s vision in founding both unions and credit unions in the United States to serve the employees of Filene's Department Store. Filene was an advocate for workers' rights and supported his staff in collective bargaining. He also was a founder of the Chamber of Commerce - understanding what was good for employees was also good for business.

See also

References
  1. The Union CU Closes; Members Now Served by Numerica Credit Union of Spokane National Credit Union Administration.
  2. It Just Works For Me Media Syndicate.
  • Dryden, Carley. "Credit union reaches out to workers. Low-interest loans offered to members of labor groups". Spokane Spokesman-Review. Retrieved 2008-09-18.
  • "The Union CU Closes; Members Now Served by Numerica Credit Union of Spokane". National Credit Union Administration. Retrieved 2020-05-28.
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