Question 1

What is Citizens Equity First Credit Union (CEFCU)?

Accepted Answer

Citizens Equity First Credit Union (CEFCU) is a state-chartered credit union headquartered in Peoria, Illinois. With over $8 billion in total assets and more than 416,000 members, CEFCU ranks among the largest full-service credit unions in Illinois and nationwide. The credit union operates member centers throughout 32 counties in Illinois and seven locations in California's Bay Area.

CEFCU is a not-for-profit, member-owned financial institution that returns earnings to its member-owners through competitive loan rates, higher savings yields, and lower fees. The credit union has earned recognition as a top credit union in Illinois by Forbes and maintains a 5-Star Rating from BauerFinancial.

Question 2

When was Citizens Equity First Credit Union (CEFCU) founded?

Accepted Answer

CEFCU was founded on May 11, 1937, during the Great Depression as Caterpillar Employees Credit Union (CECU). The credit union began with a simple idea and a cigar box used to pool funds from Caterpillar Tractor Company employees in the East Peoria cafeteria. Workers could become members for a $5 deposit, with the concept that one member's savings would help another member who needed a loan.

The credit union later switched to a federal charter and became Caterpillar Employees Federal Credit Union (CEFCU). Upon legally separating from Caterpillar, CEFCU changed its acronym to reflect broader membership eligibility—first to "Construction Equipment Federal Credit Union" and later to "Citizens Equity Federal Credit Union."

In 2000, CEFCU returned to an Illinois state credit union charter, adopting the name "Citizens Equity First Credit Union" while maintaining federal deposit insurance under the National Credit Union Share Insurance Fund (NCUSIF). Over nearly 90 years, CEFCU has evolved from serving a single employer to becoming one of the leading financial institutions in the region.

Question 3

Where is Citizens Equity First Credit Union (CEFCU) headquartered?

Accepted Answer

CEFCU is headquartered in Peoria, Illinois, with its mailing address at PO Box 1715, Peoria, IL 61656.

Question 4

Where does Citizens Equity First Credit Union (CEFCU) operate?

Accepted Answer

CEFCU operates member centers throughout Illinois and California. In Illinois, membership eligibility extends to individuals who live or work in 32 counties: Bond, Champaign, Christian, Clinton, DeWitt, Douglas, Ford, Fulton, Iroquois, Jersey, Knox, Livingston, Logan, Macon, Macoupin, Madison, Marshall, Mason, McLean, Monroe, Montgomery, Peoria, Piatt, Putnam, Randolph, Saint Clair, Sangamon, Stark, Tazewell, Vermilion, Washington, and Woodford.

In California, CEFCU serves individuals who live, work, or worship in three Bay Area counties: Santa Clara, Alameda, and Contra Costa. The credit union established its California presence in 2008 through the acquisition of Valley Credit Union in San Jose.

Additional membership eligibility includes employees and retirees of Caterpillar Inc., Caterpillar dealerships, and approximately 550 partner companies with CEFCU relationships, along with immediate family members and household members of eligible individuals.

Question 5

What services does Citizens Equity First Credit Union (CEFCU) offer?

Accepted Answer

CEFCU provides a comprehensive range of financial products and services including:

Checking Accounts: Regular checking and dividend checking options with no monthly fees, free debit cards, and no minimum balance requirements. Members enjoy access to over 30,000 surcharge-free ATMs nationwide through the MoneyPass and Alliance One networks.

Savings Accounts: Multiple share account options to help members build savings and earn dividends.

Loans: Personal loans, auto loans, mortgage loans (including first-time home buyer programs), motorcycle loans, and other consumer lending products with competitive rates and terms.

Credit Cards: Credit Mastercard options for members.

Digital Banking: Robust online and mobile banking platforms with features including mobile deposit, bill pay, account transfers, eStatements, and real-time account access. Members can manage their finances 24/7 from any device.

Investment Services: Wealth management and investment products to help members plan for their financial futures.

Additional Services: Overdraft protection through the Overdraft Transfer Plan, financial education resources, and workshops including fraud prevention seminars.

Question 6

What makes Citizens Equity First Credit Union (CEFCU) unique?

Accepted Answer

CEFCU stands out for its commitment to returning value to member-owners through extraordinary dividends. In 2024, CEFCU authorized a record-breaking $55 million Extraordinary Dividend—the largest in the credit union's history. Since 2000, CEFCU has returned over $500 million to borrowers, savers, and debit card users, demonstrating its dedication to putting members first.

The credit union's substantial community investment includes the 2016 purchase of naming rights to San Jose State University's Spartan Stadium for $8.7 million, now known as CEFCU Stadium. CEFCU actively supports thousands of charitable, civic, and non-profit organizations throughout the communities it serves.

As a not-for-profit cooperative, CEFCU operates without outside investors, ensuring that those who borrow and save with the credit union are the true owners. This member-first philosophy has guided CEFCU for nearly nine decades, shaping its mission to "understand members' individual needs and provide quality service and products to improve their financial well-being."

CEFCU's tagline, "Not a Bank. Better.®," reflects its commitment to providing superior value and personalized service compared to traditional banking institutions.

Question 7

What type of financial institution is Citizens Equity First Credit Union (CEFCU)?

Accepted Answer

CEFCU is a state-chartered credit union operating under an Illinois state charter. Although it previously held a federal credit union charter, CEFCU transitioned to state charter status in 2000. The credit union maintains federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration (NCUA).

As a credit union, CEFCU operates on a cooperative principle where members are both customers and owners. Each member has an equal voice in how the credit union operates, regardless of their account balance. Membership eligibility is based on geographic location, employment relationships, or family connections to existing members, distinguishing it from banks that serve the general public without membership requirements.

CEFCU's not-for-profit structure means earnings are returned to members through better rates, lower fees, and extraordinary dividends rather than being distributed to outside shareholders. This cooperative ownership model aligns the credit union's interests directly with those of its member-owners.

Citizens Equity First Credit Union (CEFCU)

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About Citizens Equity First Credit Union (CEFCU) in the United States