Question 1

What is Encompass Credit Union?

Accepted Answer

Encompass Credit Union is a community-focused federal credit union headquartered in Tipton, Indiana. With over $265 million in total assets and serving more than 17,000 members, Encompass operates four branches across Tipton, Clinton, and Howard counties. The credit union specializes in providing comprehensive financial services to individuals, families, and businesses in central Indiana, offering a full range of banking products with a strong emphasis on community involvement and member service.

Question 2

When was Encompass Credit Union founded?

Accepted Answer

Encompass Credit Union was established in 1953 as Steel Parts Federal Credit Union. Founded by Walter York, the credit union began modestly from a desk drawer in York's office inside Steel Parts Corporation. Walter's primary motivation was to help his fellow factory workers access financial services, with a passion for people rather than profit driving the initiative.

Over the following decades, the credit union experienced significant growth by adding select employee groups in the community. In 1988, the credit union faced some of its toughest financial challenges due to explosive growth, but persevered to emerge as a financially solid and stable institution. In 2001, the credit union merged with Nickel Plate Industrial Credit Union, which had been founded in 1951 to serve railroad workers in Frankfort and Clinton County.

Just before the merger, Steel Parts FCU obtained a community charter, opening membership to all of Clinton County and Tipton County residents. In 2009, the credit union changed its name to Encompass Credit Union to better reflect its open membership and growth potential. In 2018, Encompass expanded its community charter to include Howard County and opened a corporate office in downtown Tipton.

Question 3

Where is Encompass Credit Union headquartered?

Accepted Answer

Encompass Credit Union is headquartered at 201 North Main Street in Tipton, Indiana. The credit union's corporate office is located in downtown Tipton, serving as the central hub for operations across its multi-county service area.

Question 4

Where does Encompass Credit Union operate?

Accepted Answer

Encompass Credit Union operates four full-service branches across central Indiana. Branch locations include the Steel Parts Branch in Tipton (201 North Main Street), two branches in Frankfort (Maish Road Branch at 1035 North Maish Road and Nickel Plate Branch at 2115 West Holiday Road), and the Reed Road Branch in Kokomo (4020 South Reed Road).

The credit union serves residents of Tipton, Clinton, and Howard counties. Membership is open to anyone who lives, works, attends school, or worships in any of these three counties. Spouses, children, and parents of eligible persons are also eligible to join, as are businesses and organizations located in these counties.

Question 5

What services does Encompass Credit Union offer?

Accepted Answer

Encompass Credit Union provides a comprehensive suite of financial products and services. Deposit accounts include regular savings accounts (with a minimum $5 opening deposit), checking accounts (Draft Checking), Christmas and Vacation club accounts, and Individual Retirement Accounts (IRAs). The credit union also offers certificates of deposit with terms ranging from 6 to 60 months.

Lending services include auto loans for new and used vehicles with terms up to 72 months, recreational vehicle loans for boats, motorcycles, RVs, and equipment, personal loans including signature loans and lines of credit, and share-secured loans. The credit union offers a full array of mortgage products including fixed and adjustable-rate first mortgages with terms from 10 to 30 years, second mortgages with terms up to 20 years, home equity lines of credit with a 10-year draw period, and construction loans. Commercial and agricultural loans are also available.

Digital banking services include online home banking with 24/7 account access, check balances, transaction history, fund transfers, and check images. The Encompass Mobile Banking App allows members to manage accounts on the go, including remote deposit capture for check deposits via smartphone. The credit union also offers e-statements, iTalk telephone banking, and electronic bill payment services.

Card services include ATM cards with access to a nationwide network of surcharge-free machines through Alliance One, Mastercard debit cards for purchases and ATM access worldwide, and Mastercard credit cards with low fixed rates and no annual fees. Additional services include automatic loan transfers, notary service at no cost, night depositories at all branches, drive-thru banking, wire services, cashier checks, money orders, savings bond redemption, and collector coin sets.

Question 6

What makes Encompass Credit Union unique?

Accepted Answer

Encompass Credit Union distinguishes itself through deep community involvement and its grassroots origins. The credit union actively sponsors local sports teams, supports community organizations, and participates in school events across its three-county service area. This "Community Minded...Just Like You" philosophy reflects the institution's founding values from Walter York's original vision in 1953.

The credit union maintains a democratic structure where members elect the Board of Directors, who set policies and direction according to membership wishes. This cooperative ownership model ensures that members have a voice in credit union operations and that profits are returned to members through competitive rates and lower fees rather than being distributed to outside shareholders.

Encompass has demonstrated resilience and strategic growth through its history, including navigating significant financial challenges in the 1980s and successfully merging with Nickel Plate Industrial Credit Union in 2001. The credit union's evolution from a single-employer credit union to a multi-county community charter reflects its commitment to expanding access to quality financial services while maintaining personalized, local decision-making and member service.

Question 7

What type of financial institution is Encompass Credit Union?

Accepted Answer

Encompass Credit Union is a federal credit union chartered under federal regulations and supervised by the National Credit Union Administration (NCUA). As a not-for-profit financial cooperative, Encompass operates under a member-owned structure where each member has equal voting rights regardless of their account balance.

The credit union's community charter allows membership to anyone who lives, works, worships, or attends school in Tipton, Clinton, or Howard counties in Indiana. This open membership structure reflects the credit union's transition from its original employer-based field of membership to serving broader community needs. Family members of eligible individuals and employees of eligible businesses can also join, ensuring comprehensive access to credit union services throughout the region.

As a cooperative, Encompass returns earnings to members through competitive loan rates, higher savings rates, and lower fees compared to traditional for-profit banks. Members' deposits are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), backed by the full faith and credit of the United States government.

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