Question 1

What is Midwest Coalition of Labor Credit Union (MCLCU)?

Accepted Answer

Midwest Coalition of Labor Credit Union (MCLCU) is a member-owned, not-for-profit financial cooperative serving union members in the Chicago metropolitan area. Headquartered in Countryside, Illinois, the credit union holds approximately $75.5 million in assets and serves over 8,300 members.

MCLCU specializes in providing financial services exclusively to union members in good standing, employees of unions within the Midwest Coalition of Labor, Teamsters Local 731, and their immediate family members. The credit union focuses on delivering favorable loan rates and comprehensive financial products tailored to the needs of labor union members in the construction and related industries.

Question 2

When was Midwest Coalition of Labor Credit Union (MCLCU) founded?

Accepted Answer

[Information not publicly available regarding the specific founding date of Midwest Coalition of Labor Credit Union.]

The credit union was established to serve union members affiliated with the Midwest Coalition of Labor (MCL), a non-profit coalition of unions dedicated to providing benefits to more than 225,000 union members in the construction industry. MCLCU operates with the mission to ensure long-term stability, managed growth, and members' continued trust and loyalty through competitive financial products and services.

Question 3

Where is Midwest Coalition of Labor Credit Union (MCLCU) headquartered?

Accepted Answer

Midwest Coalition of Labor Credit Union is headquartered at 6240 Joliet Road in Countryside, Illinois. The suburb of Countryside is located in Cook County, approximately 15 miles southwest of downtown Chicago.

Question 4

Where does Midwest Coalition of Labor Credit Union (MCLCU) operate?

Accepted Answer

MCLCU operates primarily in the Chicago metropolitan area and surrounding regions of Illinois. The credit union serves union members affiliated with the Midwest Coalition of Labor, which includes multiple unions throughout the region.

Membership is restricted to union members in good standing or employees of unions included in the Midwest Coalition of Labor, Teamsters Local 731, and their immediate family members. Eligible unions include the International Union of Operating Engineers (IUOE) Local 150, IUOE Local 399, and the Laborers' International Union of North America (LiUNA) Chicago Laborers' District Council, among others.

Question 5

What services does Midwest Coalition of Labor Credit Union (MCLCU) offer?

Accepted Answer

MCLCU provides a comprehensive range of financial products and services designed for union members:

Deposit Accounts: Share (savings) accounts with a $100 minimum opening deposit, free checking accounts, money market accounts, and certificates of deposit.

Lending Products: New and used auto loans, signature loans, home equity lines of credit, first mortgages, construction loans, motorcycle loans, boat loans, RV/ATV/UTV loans, jet ski loans, share-secured loans, and VISA credit cards with rates starting at 8.99%.

Digital Banking Services: Online banking platform, mobile app with remote deposit capture, 24/7 audio response system, bill pay services, and access to over 55,000 fee-free ATM locations nationwide through the Allpoint network, including ATMs at CVS, Mariano's, Target, Costco, and Walgreens.

Additional Services: Direct deposit, payroll deduction, certified checks, ACH services, wire transfers, VISA gift cards, and notary public services. Special services for Local 150 members include dues transfers and insurance payment processing.

Question 6

What makes Midwest Coalition of Labor Credit Union (MCLCU) unique?

Accepted Answer

MCLCU's defining characteristic is its exclusive focus on serving union members and their families. The credit union operates under the principle that "banks are for profit, credit unions are for people," emphasizing its commitment to providing financial products at the most favorable terms possible.

The credit union's membership structure requires affiliation with specific labor unions in the construction industry, creating a tight-knit financial community among union brothers and sisters. This specialized membership base allows MCLCU to understand the unique financial needs of construction and labor union workers, including seasonal income patterns and industry-specific benefits.

MCLCU members also gain access to extensive benefits through the Midwest Coalition of Labor, including free life insurance, accidental death and dismemberment coverage, legal services, identity recovery protection, and various member discounts. The credit union demonstrates strong financial performance with a 10.13% loan growth rate and a healthy net worth ratio of 14.66%.

Question 7

What type of financial institution is Midwest Coalition of Labor Credit Union (MCLCU)?

Accepted Answer

Midwest Coalition of Labor Credit Union is a state-chartered credit union operating under Illinois state regulations. As a credit union, MCLCU operates on a cooperative structure where members are also owners of the institution.

Membership is field-based, restricted to union members in good standing or employees of unions included in the Midwest Coalition of Labor, Teamsters Local 731, and their immediate family members. This selective membership model ensures the credit union remains focused on serving the specific financial needs of the labor union community in the Chicago area.

The not-for-profit cooperative structure allows MCLCU to return value to members through competitive loan rates, minimal fees, and member-focused services rather than maximizing profits for external shareholders.

Question 8

Who can join Midwest Coalition of Labor Credit Union (MCLCU)?

Accepted Answer

Membership at MCLCU is available to union members in good standing or employees of unions included in the Midwest Coalition of Labor (MCL), along with Teamsters Local 731 and their immediate family members.

Eligible unions include the International Union of Operating Engineers (IUOE) Local 150, IUOE Local 399, IUOE Local 139, the Laborers' International Union of North America (LiUNA) Chicago Laborers' District Council, and other unions affiliated with the Midwest Coalition of Labor. This membership structure creates a specialized financial institution dedicated exclusively to serving the construction labor union community.

To become a member, eligible individuals must open a share (savings) account with a minimum deposit of $100. Once membership is established, members and their immediate family members gain access to the full range of MCLCU's financial products and services.

Midwest Coalition of Labor Credit Union (MCLCU)

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About Midwest Coalition of Labor Credit Union (MCLCU) in the United States