Question 1

What is 7 17 Credit Union?

Accepted Answer

7 17 Credit Union is a member-owned financial cooperative serving northeastern Ohio with over 123,000 members and $1.8 billion in assets. Named after the IUE Local 717 union hall where it was founded, the credit union operates 12 branches across six counties in the greater Warren, Youngstown, Kent, Ravenna, and Canton areas.

As a community-chartered federal credit union, 7 17 serves individuals who live, work, worship, or attend school in Trumbull, Mahoning, Columbiana, Portage, Summit, and central Stark counties. The credit union emphasizes its cooperative structure and mission to help members improve their lives financially while supporting local communities.

Question 2

When was 7 17 Credit Union founded?

Accepted Answer

7 17 Credit Union was founded in 1957 by fifteen hourly employees at the Packard Electric Division of General Motors. The credit union's original purpose was to provide Packard Electric's hourly workers with an opportunity to promote thrift and borrow money at reasonable rates.

The founding story is modest: the credit union began with just $75 stored in a cigar box locked in a desk drawer at the IUE Local 717 union hall. The institution's name commemorates this connection to the union that hosted its birth.

Initially serving only Packard Electric employees, the credit union expanded its field of membership over the decades through charter changes and mergers. In 2002, 7 17 received a community group charter for Trumbull, Mahoning, and Columbiana counties, allowing anyone who lives, works, worships, or attends school in those counties to join. A 2004 charter expansion added Portage and central Stark counties, and a 2015 merger with Kent Credit Union brought Summit County into its service area.

Question 3

Where is 7 17 Credit Union headquartered?

Accepted Answer

7 17 Credit Union is headquartered at 3181 Larchmont Avenue NE in Warren, Ohio. The Larchmont office has been the credit union's home since its early years, with the building erected at this site in 1966 and expanded multiple times in 1971 and 1985 as the institution grew.

In 2021, the credit union unveiled the 7 17 Credit Union Gary Soukenik Financial Center, renamed to acknowledge the CEO's more than 40 years of commitment to the organization.

Question 4

Where does 7 17 Credit Union operate?

Accepted Answer

7 17 Credit Union operates throughout northeastern Ohio with 12 branch locations serving six counties: Trumbull, Mahoning, Columbiana, Portage, Summit, and central Stark. Branch locations include Warren, Cortland, Vienna, Howland, Hubbard, Canfield, Austintown, Boardman, Kent, Ravenna, and Canton.

The credit union's membership is open to individuals who live, work, worship, or attend school in these six Ohio counties. Beyond its physical branches, 7 17 members can access their accounts at more than 5,000 participating Shared Branching locations nationwide, extending the credit union's reach across the United States for basic teller transactions.

The credit union also maintains a network of over 20 ATMs in Northeast Ohio and provides surcharge-free access to thousands of ATMs through the MoneyPass network.

Question 5

What services does 7 17 Credit Union offer?

Accepted Answer

7 17 Credit Union provides comprehensive personal and business banking services. Personal banking products include checking accounts (including free checking), savings accounts, money market accounts, certificates of deposit, and IRAs.

The lending portfolio includes auto loans (new and used), mortgage loans, home equity loans and lines of credit, personal loans, student loans, and credit cards. The credit union offers specialized programs such as auto refinancing and debt consolidation.

For business members, 7 17 provides business checking accounts, business savings accounts, commercial loans, and merchant services.

Digital banking services are robust, featuring online banking with bill pay (NetWorth24), a highly-rated mobile banking app for both iOS and Android devices with mobile deposit capability, eStatements, external funds transfer, and Touch ID/Face ID login. The app includes features like Quick Balance checking, credit score monitoring through SavvyMoney, and purchase rewards.

Additional member services include financial education resources, investment services, youth accounts (Dollar Dog Kids Club and Cha-Ching Teen Club), and access to discounted TurboTax products. The credit union also operates Personal Teller Machines (PTMs) at select locations, offering extended hours through video teller technology available 8 a.m. to 7 p.m. weekdays and Saturday hours.

Question 6

What makes 7 17 Credit Union unique?

Accepted Answer

7 17 Credit Union distinguished itself as a technology pioneer in Ohio's financial services sector. In 1978, it became the first financial institution in its area to offer ATM services and the first credit union in the state to offer checking accounts. It was also among the first credit unions to offer Visa credit cards in that era.

The credit union's commitment to innovation continued with early adoption of in-house computer systems (1980), telephone banking (1985), and online banking with bill pay (1999). In 2014, it introduced mobile deposit technology, and by 2021, it had earned recognition from S&P Global Market Intelligence as a top 100 credit union, ranking first in Ohio and 40th nationally.

7 17's community focus extends beyond banking services. Its credit card program allows cardholders to support local organizations with their purchases, and the institution actively supports community development initiatives. The credit union's mission statement—"We help people improve their lives financially and support the communities we serve"—reflects its dual commitment to member financial wellness and community impact.

With strong financial performance metrics including a 13.67% net worth ratio and consistent double-digit loan growth, 7 17 has maintained stability while growing from 15 employees with $75 to over 123,000 members with $1.8 billion in assets.

Question 7

What type of financial institution is 7 17 Credit Union?

Accepted Answer

7 17 Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). As a federally chartered institution, member deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which has been protecting member deposits since 1971.

The credit union operates under a community charter, meaning membership is available to anyone who lives, works, worships, or attends school in its designated service area of six Ohio counties: Trumbull, Mahoning, Columbiana, Portage, Summit, and central Stark. This community charter replaced the original occupational charter that limited membership to Packard Electric employees.

As a member-owned cooperative, 7 17 operates as a not-for-profit financial institution. Members are also owners, with each member having an equal vote in electing the volunteer board of directors regardless of account balance. Profits are returned to members through competitive rates, lower fees, and enhanced services rather than distributed to external shareholders.

The cooperative structure allows 7 17 to focus on member financial well-being rather than maximizing profits for investors, aligning with the credit union philosophy of "people helping people" that has guided the institution since its founding in 1957.

7 17 Credit Union

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About 7 17 Credit Union in the United States