Indiana University Credit Union is headquartered in Bloomington and is the 10th largest credit union in the state of Indiana. It is also the 289th largest credit union in the nation. It was established in 1956 and as of December of 2022, it had grown to 206 employees and 68,534 members at 8 locations. Indiana University Credit Union's money market rates are 6X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in IU Credit Union is open to those who live or work in the Indiana counties of Adams, Allen, Bartholomew, Boone, Brown, Carroll, Cass, Clark, Clay, Clinton, Decatur, DeKalb, Delaware, Elkhart, Fayette, Floyd, Grant, Greene, Hamilton, Hancock, Harrison, Hendricks, Henry, Howard, Huntington, Jackson, Jasper, Jefferson, Jennings, Johnson, Knox, Lake, LaPorte, Lawrence, Madison, Marshall, Martin, Miami, Monroe, Montgomery, Morgan, Newton, Noble, Orange, Owen, Porter, Putnam, Randolph, Rush, St. Joseph, Scott, Shelby, Starke, Sullivan, Tippecanoe, Tipton, Union, Vanderburgh, Vigo, Washington, Wayne, Wells, or Whitley, or the Marion County townships of Center, Franklin, Lawrence, Perry, Pike, Warren, Washington, or Wayne. Immediate family member of a current IU Credit Union member are also eligible to join.
See current membership details
My experience with IU Credit Union
My wife and I opened an IU (Indiana University) Credit Union account when we moved to the area about seven years ago. Over that time period we have used checking (with a debit card), savings and a Money Market account. We have always found the service at the credit union to be better than we have ever seen at any bank. We have also been impressed with the interest we receive on our savings account; it appears to be consistently a half point higher than our local bank. We also like that the credit union was willing to offer us a loan when we were considering remodeling our house. Their web site is fine, no frills. We also like that there are no checking fees and that we get free paper statements each month, which we like more than the online ones at other banks. All in all our experience with IUCU has been nothing but positive, we would recommend them to everyone.
Perfect for me!
I just needed a local place to cash checks and was recommended IU Credit Union from a family member. Friendly, communicative, and I am so glad that I switched to them. They have gone to a new online banking system that actually informs you of transactions before they are actually processed.
So-So Offerings, Clueless Employees
As a student, I banked with them for about 2 years. They have several ATMs around Bloomington, one in the union, one in the library for example. They give free checks.
But the employees always seemed a bit off. For example, they refused to raise my credit card limit from 2k to 3k citing my "lack of income" (apparently they only would consider my stipend, and ignored the fact I earn 20k each summer doing internship). Capitol One gave me a card with a 10k limit - much more than the 3k I asked for, with the same information. Since I must often purchase plane tickets and then submit the receipt for reimbursement, it is nice to have a credit card limit that can carry all charges from a business trip.
IUCU also shut down my Visa credit card while I was travelling in Spain. My backup card was a Discover (not accepted in most European businesses). They were completely unapolegetic when I had to call them (at international rates) to gain access to my funds.
When I planned to spend a summer in the SF Bay Area, I called IUCU to inquire about their "shared branching" service. They assured me I could perform all the functions I perform at IUCU (such as cashing checks) at affiliated CUs in the Bay. After I received my first paycheck, I went to deposit it... I had to pay off Visa charges from my gas and meals driving to California, as well as get access to money for rent. Unfortunately, IUCU would not allow shared branching because they had been unable to deliver mail to me. (I had filed a temporary change of address with the post office - but to no avail, the bank would not honor it). In addition to not being able to cash my rent check, I was charged a "bad address" fee (which, in their defense, they waived after I called to complain)
There also have been other minor issues... for example, they upgraded their online banking, breaking Mint compatibility. The new UI was powered by Intuit (Mint's parent company) and contained similar functionality, but I lost several months of historical data from the switch.
In short, the only real benefit IUCU provides is ample atm access, even this is true only in Bloomington, and you can get a Charles Schwab account and not be subject to ATM fees anyways. IUCU's basic saving accounts gives less interest than a Charles Schwab checking account.
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68577 |
| Year Chartered | 1956 |
| Employees | 206 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.02% |
| Return on Equity - YTD | 9.14% |
| Annual Interest Income | $43.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $1.57B$1.52B |
| Loans | Q4 2022vs Q4 2021 | $1.14B$972.2MM |
| Deposits | Q4 2022vs Q4 2021 | $1.30B$1.28B |
| Equity Capital | Q4 2022vs Q4 2021 | $173.4MM$174.7MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $3.2MM$3.0MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $2.1MM$2.1MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |