Question 1

What is AAEC Credit Union?

Accepted Answer

AAEC Credit Union is a member-owned, not-for-profit financial cooperative based in Arlington Heights, Illinois. Originally known as Arlington Area Education Community Credit Union, AAEC serves members across northern Illinois with approximately $117 million in total assets and over 4,300 members as of 2025.

The credit union operates with a "people helping people" philosophy, offering a full range of financial services including savings and checking accounts, consumer and mortgage loans, credit cards, and digital banking. AAEC focuses on providing personalized service while maintaining competitive rates and low fees.

Question 2

When was AAEC Credit Union founded?

Accepted Answer

AAEC Credit Union was founded in 1955 by a group of educators who believed in the power of financial cooperation. The credit union was originally established to serve education employees in the Arlington Heights area.

Over the decades, AAEC has evolved from serving a handful of education employees to becoming a community-focused credit union. While it maintained its educational roots, the credit union expanded its field of membership to serve a broader geographic area in northern Illinois, now welcoming anyone who lives or works within its defined service region.

Question 3

Where is AAEC Credit Union headquartered?

Accepted Answer

AAEC Credit Union is headquartered at 1104 South Arlington Heights Road in Arlington Heights, Illinois.

Question 4

Where does AAEC Credit Union operate?

Accepted Answer

AAEC Credit Union operates from its single branch location in Arlington Heights, serving members throughout northern Illinois. The credit union's geographic service area is defined by specific boundaries: the Illinois/Wisconsin border to the north, US 90/US 39 to the west, US 80/US 294 to the south, and US 294 to IL 19 (Irving Park Road) to Lake Michigan on the east.

Membership eligibility extends to anyone who lives or works within this geographic area. The credit union also serves employees, students, and alumni of specific school districts including Districts 15, 21, 23, 25, 26, 57, 59, 214, NSSEO, and Harper College. Family members of current AAEC members are also eligible to join.

Question 5

What services does AAEC Credit Union offer?

Accepted Answer

AAEC Credit Union provides a comprehensive suite of financial products and services designed to meet diverse member needs.

Deposit Accounts: Primary savings (share) accounts with no minimum balance and no monthly fees, checking (share draft) accounts with free online bill pay, sub-savings accounts for specific savings goals, Holiday Club accounts, Kids' Club accounts earning 5.0% APR on balances up to $500, and Teen accounts earning 2.5% APR on balances up to $1,000. All accounts are insured up to $250,000 by the NCUA.

Lending Products: Vehicle loans financing up to 100% of purchase price for new and used cars, trucks, motorcycles, boats, RVs, and ATVs with loan amounts up to $120,000. Personal loans and bill consolidation loans up to $30,000. Easy Money loans offering $500 with no credit check for eligible members. Share-secured loans to help build credit. Visa Credit Card with 11.9% APR, no annual fee, and no balance transfer fees.

Home Lending: Mortgage loans with competitive rates, Home Equity Lines of Credit up to $150,000 with no annual fees and AAEC paying closing costs, and Home Equity Loans with fixed rates. The credit union offers a special anniversary discount of 0.7% off current mortgage rates.

Digital Banking: AAEC Anywhere online banking platform accessible 24/7 with account management, bill pay, fund transfers, and card controls. Mobile app available on Apple App Store and Google Play with mobile check deposit, account alerts, and biometric login. Access to over 80,000 fee-free ATMs nationwide. ATM and Visa debit cards with unlimited free PIN and signature-based transactions.

Additional Services: Overdraft protection, loan protection products including life and disability insurance, GAP insurance, and auto warranties.

Question 6

What makes AAEC Credit Union unique?

Accepted Answer

AAEC Credit Union distinguishes itself through its commitment to personalized, community-focused service while maintaining competitive products typically associated with larger institutions.

The credit union's youth-focused accounts stand out with exceptionally high rates: Kids' Club accounts earn 5.0% APR on balances up to $500 for members 12 and under, while Teen accounts earn 2.5% APR on balances up to $1,000 for members ages 13-18. These programs demonstrate AAEC's commitment to financial education and helping young members build strong financial foundations.

AAEC emphasizes accessibility with no minimum balance requirements on checking accounts, no monthly service fees, and membership open to anyone living or working in its northern Illinois service area. The credit union maintains a small-institution feel where members are treated as more than just numbers, while offering modern conveniences like comprehensive digital banking and access to over 80,000 fee-free ATMs.

The Easy Money Loan program provides a unique alternative to predatory payday lending, offering $500 loans with just a $20 fee to eligible members who have been with the credit union for at least six months. This demonstrates AAEC's dedication to helping members avoid expensive lending traps while building financial stability.

Question 7

What type of financial institution is AAEC Credit Union?

Accepted Answer

AAEC Credit Union is a federally insured state-chartered credit union (FISCU) supervised by the National Credit Union Administration (NCUA) and regulated at the state level. As charter number 60648, the credit union operates in NCUA Region 3.

As a member-owned cooperative, AAEC Credit Union operates on a not-for-profit basis, existing to serve its members rather than generate profits for external shareholders. Each member is an owner with equal voting rights, regardless of account balance.

The credit union maintains a "Well Capitalized" net worth classification with a net worth ratio of approximately 13%, demonstrating strong financial stability. All member deposits are federally insured up to $250,000 by the NCUA, providing the same level of protection as FDIC insurance at banks. Leadership is provided by President/CEO Rachel Noltner, with governance by a volunteer board of directors chaired by Kelley Zerfahs.

AAEC Credit Union

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About AAEC Credit Union in the United States