Question 1

What is Corporate America Family Credit Union (CAFCU)?

Accepted Answer

Corporate America Family Credit Union (CAFCU) is a state-chartered credit union headquartered in Elgin, Illinois, serving over 64,000 members with approximately $840 million in assets. Originally founded to serve employees of Automatic Electric Company in Chicago, CAFCU has evolved into a diverse, multi-state financial institution serving professionals across various industries including telecommunications, manufacturing, hospitality, health services, government and municipalities, construction, transportation and logistics, retail, and wholesale. The credit union operates twelve branches and maintains a low-income designation, demonstrating its commitment to serving underserved communities.

Question 2

When was Corporate America Family Credit Union (CAFCU) founded?

Accepted Answer

Corporate America Family Credit Union was founded on June 3, 1939, when 15 employees of Automatic Electric Company in Chicago each made a deposit of $5 into the newly established Automatic Credit Union. Their vision was to empower their own financial success by pooling resources and lending to one another at lower-than-average interest rates.

The credit union has undergone several name changes reflecting its evolution and growth. When Automatic Electric Company was purchased by GTE Corporation, the credit union became GTE Employees Federal Credit Union.

In the 1980s, following deregulation of financial institutions, the Board of Directors decided to diversify membership to preserve the long-term security of the credit union. In 1986, the name changed to Corporate America Federal Credit Union to reflect this broader membership base.

In 1997, the credit union transitioned from a federal charter to a state of Illinois charter to better serve its diverse membership. Shortly thereafter, the name was changed to Corporate America Family Credit Union (CAFCU), the name it bears today. The credit union celebrated its 70th anniversary in 2009 and has now served members for over 85 years.

Question 3

Where is Corporate America Family Credit Union (CAFCU) headquartered?

Accepted Answer

Corporate America Family Credit Union is headquartered at 2075 Big Timber Road in Elgin, Illinois. The headquarters location provides administrative oversight for the credit union's multi-state operations and twelve branch locations.

Question 4

Where does Corporate America Family Credit Union (CAFCU) operate?

Accepted Answer

Corporate America Family Credit Union operates twelve branches across multiple states, serving members nationwide. The credit union maintains a significant presence in Illinois with branches in Elgin, Burbank, Chicago (two locations), Crystal Lake, Oak Brook, Rosemont, St. Charles, and Streamwood.

CAFCU has expanded beyond Illinois with branches in several other states, including Arizona (Peoria and Scottsdale), California (Foster City and Santa Clara), Connecticut (Bristol), and Georgia (Atlanta). This multi-state footprint allows CAFCU to serve members working for over 700 active sponsor companies across the country.

Membership extends nationwide to employees of participating sponsor companies, representing a wide range of industries and professions. With a potential membership base of approximately 349,669 individuals and current membership exceeding 64,000, CAFCU serves a geographically diverse population.

Question 5

What services does Corporate America Family Credit Union (CAFCU) offer?

Accepted Answer

Corporate America Family Credit Union offers comprehensive personal and business banking services. Personal banking products include flexible checking and savings accounts, certificates of deposit, money market accounts, individual retirement accounts, and money-back credit cards with rewarding perks.

Lending products include competitive auto loans and vehicle financing, mortgage loans with low rates, home equity loans, personal loans for debt consolidation, and credit cards. CAFCU emphasizes competitive rates and accessible lending to help members achieve their financial goals.

For businesses, the credit union provides business loans, merchant services, business checking accounts, and commercial lending solutions tailored to support local growth and business development.

Digital banking services include robust online banking, mobile banking with approximately 1,725 active mobile banking users, bill pay center, and eStatements. Members benefit from ATM access and drive-thru services at branch locations for convenient banking.

CAFCU has partnered with The Arbor Day Foundation and PayItGreen.org, planting a tree for every member who enrolls in eStatements, with a goal of planting 10,000 trees to support environmental sustainability.

Question 6

What makes Corporate America Family Credit Union (CAFCU) unique?

Accepted Answer

Corporate America Family Credit Union distinguishes itself through its rich 85-year history of evolution and adaptation. From serving 15 employees of a single company with $75 in initial deposits in 1939 to serving over 64,000 members across multiple states with more than $840 million in assets, CAFCU demonstrates remarkable growth while maintaining the credit union philosophy of "people helping people."

The credit union's diverse membership base sets it apart, serving professionals across a wide range of industries through over 700 active sponsor companies. This industrial diversity provides stability and allows CAFCU to understand and meet the unique financial needs of various professional sectors.

CAFCU's low-income designation reflects its commitment to serving underserved communities and ensuring financial inclusion. The credit union employs 145 full-time staff members dedicated to member service across twelve locations.

With a high loan-to-share ratio of approximately 92%, CAFCU actively fulfills its mission of providing credit to members. The credit union maintains well-capitalized status with a strong net worth ratio above 13%, demonstrating financial stability and soundness.

Question 7

What type of financial institution is Corporate America Family Credit Union (CAFCU)?

Accepted Answer

Corporate America Family Credit Union is a state-chartered credit union regulated by Illinois state authorities and the National Credit Union Administration (NCUA). Member deposits are federally insured up to $250,000 by NCUA, with retirement accounts insured separately up to $250,000, backed by the full faith and credit of the U.S. Government.

As a not-for-profit financial cooperative, CAFCU is owned by its members, who elect a volunteer Board of Directors to oversee the organization. The credit union operates as a state-chartered natural person credit union, serving individual members rather than corporate entities.

Membership is based on employment with one of CAFCU's over 700 active sponsor companies or through family relationships with existing members. The sponsor company model allows employees across diverse industries and geographic locations to access credit union membership and services. The credit union's mission is to make a meaningful difference in the financial lives of its members through the cooperative principle of pooling resources to benefit all members.

Corporate America Family Credit Union (CAFCU)

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About Corporate America Family Credit Union (CAFCU) in the United States