Question 1

What is Chiphone Federal Credit Union (Chiphone FCU)?

Accepted Answer

Chiphone Federal Credit Union (Chiphone FCU) is a federally-chartered credit union serving northern Indiana communities. Based in Elkhart, the credit union holds approximately $111 million in assets and serves nearly 9,000 members across multiple counties. Originally established to serve employees of Chicago Telephone Supply Company, Chiphone has grown through strategic mergers and expansion to become a community-focused institution offering comprehensive financial services throughout northern Indiana and northwest Indiana.

Question 2

When was Chiphone Federal Credit Union (Chiphone FCU) founded?

Accepted Answer

Chiphone Federal Credit Union was founded in December 1946 to meet the financial needs of employees of Chicago Telephone Supply Company located in Elkhart, Indiana. Over its first three decades, the credit union grew to 4,500 members and $11 million in assets, prompting a move to its permanent location at 1655 West Beardsley Avenue. The credit union expanded through several mergers, including the Marquette Co-op credit union in 1972, LS&I Railroad Credit Union, Bunny Bread Employees Credit Union, and later mergers in 2010. In 2022, Chiphone FCU celebrated 75 years of service with assets surpassing $110 million, maintaining its founding mission of "Connecting with our members to provide quality financial services."

Question 3

Where is Chiphone Federal Credit Union (Chiphone FCU) headquartered?

Accepted Answer

Chiphone Federal Credit Union is headquartered in Elkhart, Indiana, at 1655 West Beardsley Avenue, maintaining its permanent location since the early growth years.

Question 4

Where does Chiphone Federal Credit Union (Chiphone FCU) operate?

Accepted Answer

Chiphone FCU operates throughout northern Indiana with branch locations in Nappanee (opened 1985), Middlebury, Elkhart North (partnership branch opened 2004), County Road 17 (opened 2006), and Merrillville serving Lake County and surrounding communities (added 2010). In 1995, Chiphone joined the Credit Union Centers of North Central Indiana, Inc., providing additional service center locations for member convenience. In 2006, Chiphone became a Credit Union Outlet, allowing members from many different credit unions to conduct transactions at Chiphone locations. The credit union serves residents and workers across Elkhart County and surrounding northern Indiana communities.

Question 5

What services does Chiphone Federal Credit Union (Chiphone FCU) offer?

Accepted Answer

Chiphone FCU provides full-service financial solutions including share accounts (savings) with multiple sub-account options, share certificates (CDs), checking accounts, and comprehensive lending services. Loan products include auto loans, mortgages, real estate loans, construction loans, small business loans, SBA loans, commercial loans, farm loans, student loan services, and credit cards. The credit union offers electronic services including online banking and mobile banking with mobile deposit capabilities. Chiphone provides investment services through investment executives and insurance products. The credit union also features a Jr. Saver's Kids Club to help young members develop strong financial habits. Additional services include loan servicing, loan modification programs, and customized company retirement programs including 401(k) plans and IRAs.

Question 6

What makes Chiphone Federal Credit Union (Chiphone FCU) unique?

Accepted Answer

Chiphone FCU stands out through its extensive membership program for Select Employee Groups (SEGs), serving over 150 businesses throughout Elkhart County. The credit union offers employers a free benefit to include in hiring packages, providing employees access to exceptional products, competitive rates, and full-service financial solutions. Chiphone's Credit Union Outlet status allows members from multiple credit unions to access services at their locations, demonstrating cooperative spirit within the credit union movement. With over 75 years of deep community roots in Elkhart County, Chiphone has continuously evolved through strategic mergers while keeping each member at the forefront of every decision, maintaining strong relationships with local businesses and families across generations.

Question 7

What type of financial institution is Chiphone Federal Credit Union (Chiphone FCU)?

Accepted Answer

Chiphone Federal Credit Union is a federally-chartered credit union regulated by the National Credit Union Administration (NCUA). As a not-for-profit financial cooperative, Chiphone is owned by its members who pool their resources to provide affordable financial services to one another. Membership eligibility is based on employment with Chicago Telephone Supply Company (the original charter), employment with one of over 150 Select Employee Groups, residence or employment in the credit union's service area, or having a family member who is already a Chiphone member. Once established, membership is permanent—members remain eligible even if they change employment or relocate. Each member has equal voting rights and becomes a shareholder in the cooperative.

Chiphone Federal Credit Union (Chiphone FCU)

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About Chiphone Federal Credit Union (Chiphone FCU) in the United States