To be a member of the Kankakee Federation of Teachers Credit Union, you must be a current member of the Kankakee Council of AFT Local 604 and an employee of Kankakee School District #111.
Immediate family members (spouses, parents, and children) may also join, and are entitled to the same membership benefits.
Yes, and you will retain access to all benefits and services. Our philosophy is "once a member, always a member".
We do not use risk based lending. All members qualify for the same low rate.
Each member can have a total of three loans with a maximum combined loan amount of $50,000.
All deposits are insured by the National Credit Union Administration (NCUA) up to $250,000.
Dividends are paid at the end of June and December and are based on the average daily balance in your account.
The KFTCU Board of Directors has established a deposit limit of $10,000 per dividend period.
The current Board of Directors consists of: Ruth Alexander, Jeff Anderson, Zeola Bellephant, John Bottorff, Jennifer Conn, Randall Degenhart, Patricia Geel, Maria Glasgow, Oachia Irvin, Marion Jackson, Jr. and Matthew Rusek.
Credit unions are not for profit. Credit union members share ownership of their credit union and have democratic control. They elect from their membership a volunteer Board of Directors, which appoints the Supervisory Committee that also serves without pay. All credit unions have a limited field of membership, meaning its members share something in common, such as where they work or live.
A bit of history...
The KFTCU was started by 7 visionary teachers in 1956 as a financial cooperative to benefit the then 152 members of the Kankakee Federation of Teachers Local 886. The very first KFTCU financial report indicated that the total share balance held by the original 59 members was approximately $7000 and loans totaled $3800. Compare that to the current totals: 1000 members, a share balance over $5.5 million and total loans of almost $3.5 million!