Question 1

What is Serve Credit Union?

Accepted Answer

Serve Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Des Moines, Iowa. Founded in 1931, it is one of the oldest credit unions in the state. With approximately $98 million in total assets and over 5,000 members, Serve Credit Union specializes in serving public safety professionals, government employees, educators, and their families throughout Iowa.

The credit union operates as a closed field of membership institution, meaning eligibility requirements must be met to join. Its mission is to serve as a trusted financial partner to those who serve their communities.

Question 2

When was Serve Credit Union founded?

Accepted Answer

Serve Credit Union was founded in 1931 during the Great Depression era as the Des Moines Police Officers' Credit Union. It was established by Des Moines police officers with the purpose of providing credit and savings to law enforcement officers and their families at fair and reasonable rates.

The original mission was to encourage habits of thrift and provide members the opportunity to use and control their savings for their mutual benefit. This "people helping people" cooperative spirit has remained central to the credit union's operations for over 90 years.

In July 2017, the credit union rebranded from Des Moines Police Officers' Credit Union to Serve Credit Union, reflecting its expanded membership base. The credit union has grown through strategic mergers with like-minded institutions, including the USDA Credit Union and the Polk County School Employees Credit Union.

Question 3

Where is Serve Credit Union headquartered?

Accepted Answer

Serve Credit Union is headquartered at 423 E Court Ave, Des Moines, Iowa 50309.

Question 4

Where does Serve Credit Union operate?

Accepted Answer

Serve Credit Union operates throughout the State of Iowa with two full-service branch locations:
• Court Avenue Branch: 423 E Court Ave, Des Moines, IA 50309
• Urbandale Branch: 3743 86th Street, Urbandale, IA 50322 (opened in May 2018)

The credit union serves members across Iowa who meet eligibility requirements. Membership is restricted to public safety professionals (law enforcement, firefighters, EMTs, corrections officers), employees of federal, state, county, or city governmental agencies within Iowa, employees of public schools and governmental agencies, military personnel, veterans, and family members of current members.

Additionally, members have access to shared branching services at thousands of participating credit union locations nationwide, allowing them to conduct transactions at other credit unions while traveling.

Question 5

What services does Serve Credit Union offer?

Accepted Answer

Serve Credit Union provides a comprehensive range of financial products and services, including:

Deposit Accounts: Basic share savings accounts (minimum $25 to join), checking accounts, club accounts, youth savings accounts, certificates of deposit (CDs), and Individual Retirement Accounts (IRAs).

Lending Products: Auto loans (rates as low as 4.29% APR), recreational vehicle loans, credit cards (rates as low as 8.90% APR), home equity loans, home equity lines of credit, home improvement loans, personal loans, and other consumer lending products.

Digital Banking Services: The credit union offers online banking with bill pay capabilities, a mobile banking app (Serve Credit Union Mobile), mobile check deposit, and a dedicated card management app (Serve CU Cards) for monitoring and controlling debit and credit cards. Members can manage their accounts 24/7 through these digital platforms.

Additional Services: Direct deposit and payroll services, wire transfers, safe deposit boxes (available at the Court Avenue branch), coin counting services for members, notary services, and shared branching access. The credit union also provides free $2,000 Accidental Death & Dismemberment (AD&D) coverage to all members.

Question 6

What makes Serve Credit Union unique?

Accepted Answer

Serve Credit Union distinguishes itself through its deep-rooted commitment to serving public servants. As one of Iowa's oldest credit unions with over 94 years of history, it has maintained its founding mission of serving those who serve the community.

The credit union provides complimentary $2,000 AD&D insurance coverage to all members simply for maintaining membership—a unique benefit that demonstrates its commitment to member welfare.

Its closed field of membership creates a tight-knit community of public safety professionals, government employees, teachers, and their families. This selective membership fosters a sense of shared purpose and community among members who dedicate their careers to public service.

Serve Credit Union maintains exceptionally strong financial health with a net worth ratio of 17.68%, significantly above regulatory requirements and the national average of 10% for credit unions of similar size. This financial stability is consistently recognized through high ratings from the Iowa Credit Union Regulatory Agency.

The credit union operates with a volunteer Board of Directors elected from the membership, ensuring that leadership truly represents member interests. This cooperative governance structure allows members to have a voice in the credit union's direction.

Question 7

What type of financial institution is Serve Credit Union?

Accepted Answer

Serve Credit Union is a state-chartered credit union, originally chartered in 1931 under the provisions of Chapter 533 of the Code of Iowa. It is regulated by the Superintendent of Credit Unions, appointed by the Iowa Governor, and supervised by the Iowa Credit Union Division of the Department of Commerce, which conducts annual audits and examinations.

As a state-chartered institution, Serve Credit Union is insured by the National Credit Union Administration (NCUA), providing federal deposit insurance up to $250,000 per member account with the backing of the full faith and credit of the U.S. Government.

As a credit union, Serve Credit Union operates as a not-for-profit financial cooperative owned by its members. Unlike banks that serve shareholders, credit unions return earnings to members through better savings rates, lower loan rates, reduced fees, and improved services. Each member holds equal voting rights in electing the Board of Directors, regardless of account balance.

Membership requires meeting field of membership criteria and maintaining a minimum $25 share account, which represents member ownership in the cooperative.

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