Many people assume their homeowners or renters insurance covers just about anything that could go wrong at home. But that’s not always the case. Policies often have limits, coverage gaps, and exclusions that could leave you responsible for certain losses.
That’s why understanding what your policy covers is so important. The right coverage can protect your finances and give you peace of mind when a pipe bursts, a storm damages your roof, or someone breaks in and steals your belongings. Knowing what homeowners and renters insurance typically covers helps ensure your policy provides the protection you expect.
What Does Homeowners Insurance Cover?
A standard homeowners’ insurance policy protects both your home and the belongings inside it from covered events.
Most policies typically include:
Dwelling coverage
Dwelling coverage protects the physical structure of your home against covered events like fire, windstorms, hail, and vandalism. It typically covers the walls, roof, floors, built-in appliances, plumbing, electrical, and any attached structures, like a garage, if they’re damaged or destroyed.
For example, if a tree limb breaks during a storm and crashes through your roof, dwelling coverage may pay to repair the damage.
Personal property coverage
Personal property coverage protects what’s inside your home, including your furniture, electronics, clothing, appliances, and other personal items. If your belongings are stolen, damaged, or destroyed by a covered event, your policy may cover the cost of repairing or replacing them.
For example, if someone breaks into your home and steals your laptop, your policy may cover the cost of a new one.
Liability protection
Liability protection provides coverage if you’re legally responsible for an accident on your property that causes injury or property damage.
For example, if someone slips and falls on your icy walkway and sues you, liability coverage may pay for medical costs and legal fees. It may also cover accidental damage to someone else’s property.
Additional living expenses (loss of use)
If you are temporarily unable to live in your home due to a covered event, loss-of-use coverage may pay for your living expenses until you can move back in. It may cover hotel, meals, and other expenses.
For example, if you can’t stay in your home while it’s being repaired after a fire, loss-of-use coverage may pay for temporary housing and other costs.
Renters Insurance Coverage Explained
Renters insurance provides important protection for your personal belongings and certain risks you may face while renting.
Here’s what insurance covers in an apartment or rental home:
Personal property coverage
Personal property coverage protects your belongings if they are stolen, damaged, or destroyed in a covered event. It typically covers furniture, electronics, clothing, and other personal items. A landlord’s insurance policy usually only covers the building itself, not the items inside, which is why this coverage is so important. If something happens, replacing your belongings would be your responsibility.
Liability coverage
Renters insurance doesn’t just protect your belongings. It also protects you if someone is injured in your rental and you are responsible. It may cover their medical bills and legal fees if they sue. It can also cover accidental damage to the property, like if you accidentally overflow the bathtub and water damages the flooring.
Additional living expenses
If you temporarily can’t live in your rental due to a covered event, additional living expenses coverage may pay for temporary housing. It may cover hotel, meals, and other expenses until you can return home.
What Insurance Usually Does Not Cover
Homeowners and renters insurance don’t cover every type of damage or loss. Understanding what’s excluded can help you avoid surprises and identify any additional coverage you may need.
Policies usually don’t cover:
- Flood and earthquake damage: If you live in an area that’s prone to these risks, you’ll need separate flood and earthquake policies.
- Normal wear and tear: Insurance covers sudden, unexpected losses, not maintenance problems that develop gradually over time.
- High-value items beyond coverage limits: Policies typically have coverage limits for personal property. Items like jewelry, fine art, and collectibles may exceed those limits.
- Intentional damage or neglect: Intentional damage is never covered. Damage that occurs because a home wasn’t properly maintained is also excluded.
If you need more protection, you may be able to add endorsements or riders to your policy for an additional premium. These add-ons can increase coverage limits or protect risks that a standard policy may not include. For larger coverage gaps, an additional policy may be needed.
Why Insurance Coverage Matters
Without insurance, the cost to repair your home or replace your belongings could be significant. Fire damage or water from a burst pipe could easily result in tens of thousands of dollars in repairs. Replacing your furniture, electronics, clothing, and personal items could cost thousands more. A single incident could drain your savings or even force you into bankruptcy.
Insurance provides an important safety net that protects your savings and financial stability. Instead of paying out of pocket when something happens, insurance helps cover repairs and losses up to your policy limits. This protection allows you to recover and rebuild without wiping out the savings you’ve worked so hard to build.
Many people think nothing serious will ever happen, but problems can arise at any time. For example, a small kitchen fire could damage cabinets, walls, appliances, and the flooring from smoke and heat, resulting in thousands of dollars in unexpected repairs. With insurance, these costs may be covered.
Do I Need Renters Insurance?
A landlord’s insurance policy only covers the building itself, not the personal belongings inside. That’s why renters insurance is essential. It isn’t just a good idea if you have expensive things. The total value of your belongings may be more than you realize, and replacing them could be very costly.
Renters insurance also provides valuable liability protection. If someone is injured in your apartment or rental home and sues, your coverage may help pay for medical expenses, legal fees, and a settlement or judgment.
If you are forced to temporarily stay at a hotel because of a fire, burst pipe, or another covered event, renters insurance may cover your living expenses until repairs are completed and you can return home. The cost of an extended stay could easily reach several thousand dollars, which you would have to pay out of pocket without insurance.
Renters insurance may not be optional. Many landlords and property management companies now require that you carry it. It may be included in the lease agreement, and some landlords ask for proof of coverage before they will give you the keys.
The good news about renters insurance is that it’s very affordable. Most policies cost between $15 and $30 per month for personal property, liability, and loss-of-use coverage. For just a little more than the average streaming subscription, you can protect your belongings and your finances if something unexpected happens.
Understanding Coverage Limits and Deductibles
When you purchase a homeowners or renters insurance policy, you can choose different levels of coverage. Typically, the higher the coverage limit, the higher your monthly premium will be.
Your coverage limit is the maximum amount your insurer will pay for a covered loss. For example, if your personal property limit is $40,000 and a fire destroys $55,000 worth of belongings, you’ll be responsible for the remaining $15,000. Although you may be tempted to choose a lower limit to reduce your premium, it could leave you underinsured if something unexpected happens.
The deductible you select also affects your claims and premiums. Your deductible is the amount you agree to pay out of pocket before insurance kicks in. For example, if you have a $1,000 deductible and a burst pipe destroys $5,000 worth of electronics, you’ll pay $1,000 for the damage, and your insurer will cover the remaining $4,000. A higher deductible usually lowers your premium, while a lower deductible increases it.
So, how much coverage should you get? Before purchasing a policy, estimate the value of your belongings. It can also help to add a cushion to account for future purchases. Although you’ll likely pay more for higher coverage limits, it may be worth it to ensure you have enough protection to fully replace everything after a major loss.
Choosing the Right Insurance Policy
After you’ve estimated the value of your belongings, you’ll need to assess your risks to choose the right insurance policy for your needs. Does the property have older plumbing or frequent maintenance issues? Maybe you live in a flood-prone area or in an earthquake-prone region. If so, you may need additional coverage beyond what a standard homeowners or renters policy covers.
Once you have an idea of what you need, talk to your insurance provider. Asking the right questions can help you better understand your options:
- What specifically is covered?
- What is excluded?
- Does the policy cover the full replacement value, or does it factor in depreciation?
- What does the liability coverage include?
- Are there discounts available for bundling policies?
- What additional coverage do you recommend?
After obtaining a policy, be sure to review it annually to ensure it still meets your needs. A good time to do this is right before it renews. A major purchase, a new roommate, or a move to a different property could change your coverage needs.
Find the Right Coverage Today
Homeowners and renters insurance can keep a bad event from wiping out your savings. It can also help you recover and get back to normal. Whether you’re a renter or homeowner, insurance is an important safety net that protects your finances and gives you peace of mind when the unexpected happens.
At Great Lakes Credit Union, we’re committed to helping our members protect their assets. Click the link below to explore our affordable insurance options and find the right coverage for your home and belongings.
The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.
The insurance offered is not a deposit. It is not federally insured, sold or guaranteed by your credit union.
Women’s History Month offers an opportunity to celebrate the trailblazing women who helped build, expand, and advocate for the credit union industry. Their leadership, determination, and commitment to cooperative finance created the foundation for the member-focused credit unions we know today.
Read on to learn more about four amazing women who helped build the credit union movement.
Louise McCarren Herring: The “Mother of Credit Unions”
Louise McCarren Herring is one of the most recognized names in credit union history — and for good reason. At just 23 years old, she began organizing credit unions while working for the Kroger Company in the early 1930s, motivated by the unfair and predatory lending practices she witnessed.
She went on to establish 13 employee credit unions and became a pivotal leader at the 1934 Estes Park conference that formed the Credit Union National Association (CUNA), now known as America’s Credit Unions. Later, as the first director of the Ohio Credit Union League, Louise helped organize more than 500 credit unions across the state.
Her grassroots efforts, passion for financial fairness, and lifelong advocacy earned her the title “Mother of Credit Unions,” symbolizing her deep and lasting impact on the cooperative finance movement.
Dora Maxwell: Champion of Social Responsibility
Another early pioneer, Dora Maxwell, was instrumental in chartering hundreds of credit unions throughout the United States.
She was a delegate at the 1934 Estes Park conference and worked as an organizer for the Credit Union National Extension Bureau (which later become CUNA, and then America’s Credit Unions), often facing opposition from large banks that resisted the growth of credit unions.
Her dedication to underserved communities continues to be honored through the Dora Maxwell Social Responsibility Community Service Award, presented annually by America’s Credit Unions to credit unions demonstrating outstanding community impact.
Geraldine Traina: Trailblazer for Women’s Financial Independence
Geraldine Traina co-founded the Washington Area Feminist Federal Credit Union in 1970, a time when many women couldn’t take out a loan without a male co-signer. Geraldine’s contributions paved the way for women to achieve financial independence.
Nora Herlihy: Irish Credit Union Pioneer
In the 1950s, Nora Herlihy was working as a full-time school teacher in Dublin when she helped to establish Ireland’s first credit unions. Nora also played a key role in passing Ireland’s 1966 Credit Union Act, which recognized credit unions as essential community institutions, and established the laws that govern credit unions in the country.
Honoring the Past, Inspiring the Future
Women have shaped the credit union movement at every stage. Their vision, courage, and commitment to cooperative values have strengthened financial inclusion and empowered millions of members nationwide.
This Women’s History Month, we honor their legacy — and celebrate the generations of women who continue to drive the credit union’s People Helping People mission forward.
At Great Lakes Credit Union (GLCU), “Banking for a Greater Good” means making financial tools, resources, and guidance accessible to more members in the communities we serve. One important way we do this is by removing barriers that can stand between our members and their financial goals. That’s why we’re proud to share that our website is now available in Spanish!
Members and visitors can now view key information about our products, services, and resources in Spanish simply by clicking the “Español” link in the upper right-hand corner of glcu.org. With this new feature, Spanish speakers can more easily explore accounts, loans, educational resources, and more.
Our website, however, is just one part of our commitment to serving the Spanish-speaking community. Read on to learn more about the additional Spanish-language resources available through GLCU.
Juntos Avanzamos: A Commitment to Serving Hispanic and Immigrant Communities
GLCU is honored to hold the Juntos Avanzamos (“Together We Advance”) designation, a national recognition awarded to credit unions that demonstrate a strong commitment to serving Hispanic and immigrant communities. Over 15% of GLCU’s membership identifies as Hispanic. To better serve our diverse membership base, GLCU employs 50 certified bilingual staff members across the organization.
The Juntos Avanzamos designation represents GLCU’s commitment to:
- Provide fair and accessible financial services
- Build trust with Hispanic and immigrant families
- Offer tools and guidance that support long-term financial stability
This recognition underscores GLCU’s ongoing work to meet members where they are —linguistically, culturally, and financially.
Olive Offers Support in Spanish
Our digital tools are also evolving to better support Spanish-speaking members. Olive, GLCU’s AI assistant, has become even smarter and more accessible by offering support in Spanish.
Spanish-speaking members can use Olive to:
- Ask questions and get answers in Spanish via chat
- Receive support in Spanish over the phone
Whether a member is looking for branch hours, account information, or guidance on how to get started with a new product, Olive can provide quick, convenient help in their preferred language.
New ATMs with Spanish-Language Options
GLCU’s new fleet of ATMs includes a range of enhanced features, including the option to complete transactions in Spanish. When using one of our updated ATMs, members can select Spanish on-screen and navigate:
- Balance inquiries
- Withdrawals
- Deposits
- Other common transactions
This added language option helps ensure that more members can bank confidently and independently.
Moving Forward — Together
Making our website available in Spanish is an important step in our broader mission to support financial stability and inclusion in our communities. From our Juntos Avanzamos designation, to Olive’s bilingual support, to Spanish-language options at our ATMs, GLCU is committed to offering resources that reflect the diversity of the members we serve.
To explore our new Spanish-language website experience, visit glcu.org and click the language toggle in the upper right-hand corner. For online banking members, our desktop and mobile online banking experiences will be translated to Spanish at a later date.
En Great Lakes Credit Union (GLCU), “Banca para un bien mayor” significa hacer que las herramientas, los recursos y la orientación financiera sean accesibles para más miembros en las comunidades a las que servimos. Una forma importante en que lo logramos es eliminando las barreras que pueden interponerse entre nuestros miembros y sus metas financieras. ¡Es por eso por lo que nos enorgullece compartir que nuestro sitio web ya está disponible en español!
Los miembros y visitantes ahora pueden ver información clave sobre nuestros productos, servicios y recursos en español simplemente haciendo clic en el enlace “español” en la esquina superior derecha de glcu.org. Con esta nueva función, las personas que hablan español pueden explorar con mayor facilidad cuentas, préstamos, recursos educativos y más.
Sin embargo, nuestro sitio web es solo una parte de nuestro compromiso de servir a la comunidad de habla hispana. Siga leyendo para conocer más sobre los recursos adicionales en español disponibles a través de GLCU.
Juntos Avanzamos: Un compromiso de servir a las comunidades hispanas e inmigrantes
GLCU tiene el honor de contar con la designación Juntos Avanzamos, un reconocimiento nacional otorgado a las cooperativas de crédito que demuestran un sólido compromiso con el servicio a las comunidades hispanas e inmigrantes. Más del 15% de la membresía de GLCU se identifica como hispana. Para servir mejor a nuestra diversa base de miembros, GLCU cuenta con 50 empleados bilingües certificados en toda la organización.
La designación Juntos Avanzamos representa el compromiso de GLCU para:
- Proporcionar servicios financieros justos y accesibles.
- Generar confianza con las familias hispanas e inmigrantes.
- Ofrecer herramientas y orientación que respalden la estabilidad financiera a largo plazo.
Este reconocimiento subraya el trabajo continuo de GLCU para encontrarse con los miembros dondequiera que estén: lingüística, cultural y financieramente.
Olive ofrece apoyo en español
Nuestras herramientas digitales también están evolucionando para apoyar mejor a los miembros de habla hispana. Olive, la asistente de IA de GLCU, se ha vuelto aún más inteligente y accesible al ofrecer soporte en español.
Los miembros de habla hispana pueden usar a Olive para:
- Hacer preguntas y obtener respuestas en español a través del chat.
- Recibir asistencia en español por teléfono.
Ya sea que un miembro busque el horario de las sucursales, información de su cuenta o guía sobre cómo empezar con un nuevo producto, Olive puede brindar ayuda rápida y conveniente en su idioma de preferencia.
Nuevos cajeros automáticos (ATM) con opciones en español
La nueva flota de cajeros automáticos de GLCU incluye una gama de funciones mejoradas, incluida la opción de realizar transacciones en español. Al utilizar uno de nuestros cajeros actualizados, los miembros pueden seleccionar español en la pantalla y navegar por:
- Consultas de saldo.
- Retiros.
- Depósitos.
- Otras transacciones comunes.
Esta opción de idioma adicional ayuda a garantizar que más miembros puedan realizar sus operaciones bancarias con confianza e independencia.
Avanzando juntos
Poner nuestro sitio web a disposición en español es un paso importante en nuestra misión más amplia de apoyar la estabilidad financiera y la inclusión en nuestras comunidades. Desde nuestra designación Juntos Avanzamos y el soporte bilingüe de Olive, hasta las opciones en español en nuestros cajeros automáticos, GLCU se compromete a ofrecer recursos que reflejen la diversidad de los miembros a los que servimos.
Para explorar nuestra nueva experiencia de sitio web en español, visite glcu.org y haga clic en el selector de idioma en la esquina superior derecha. Para los miembros de la banca en línea, nuestras experiencias de banca electrónica tanto en versión de escritorio como móvil se traducirán al español en una fecha posterior.
At Great Lakes Credit Union (GLCU), financial empowerment is a key part of our mission of banking for a greater good. That means we’re dedicated to making sure you have the tools and support you need to meet your financial goals. No matter where you might be on your financial journey, we’re here to help you succeed. Because when you succeed, we succeed.
Read on to learn about some of the ways we financially empower our members and the communities we serve.
Supporting Our Communities
Community Giveback
As a not-for-profit financial institution, we reinvest in the neighborhoods where our members live and work. The GLCU Foundation for Financial Empowerment, the philanthropic arm of GLCU, is proud to support initiatives that strengthen financial well-being for everyone, including community programs, grants, local partnerships, and more.
Our Community Giveback initiatives help:
- Expand access to financial resources
- Support local organizations that provide assistance and education
- Build stronger, more resilient communities
Youth Financial Education
Our youth accounts and financial education efforts are a key part of our community giveback initiatives. Our Money Mammals® Saving Money Is Fun Kids Club™ teaches youth how to spend, save, and share their money.
In 2025, more than 360 students participated in Money Mammals financial education programs. Our Adolescent$ financial education program teaches teens how to set financial goals, save for the future, and make smart money decisions. More than 460 students took part in Adolescent$ financial education sessions in 2025.
For high school students, our Bite of Reality budgeting simulation sessions teach students how to balance a budget and save money. Students are given a job, a family, and income, and are tasked with making decisions about housing, transportation, groceries, and more. In 2025, more than 1,200 students completed Bite of Reality budgeting simulation sessions.
Free HUD-Certified Housing and Financial Counseling
GLCU is proud to be one of only five credit unions nationwide to offer free HUD-certified housing and financial counseling.
Our certified counselors work with both members and non-members on:
- Creating and managing a budget
- Reducing and managing debt
- Improving credit scores
- Preparing for homeownership
- Navigating financial challenges and life changes
Whether you are facing a financial setback or planning your next big step, our counselors are here to help you build a clear, realistic path forward.
Supporting the Next Generation Through Scholarships
Each year, we award scholarships to help promising students in our communities pursue higher education. These scholarships support students’ academic goals and help reduce some of the financial barriers that can stand between them and their educational goals.
By investing in students today, we are helping build a stronger, more financially secure tomorrow.
Expanding Financial Access Through Partnerships
We know that financial empowerment often starts with access—access to safe accounts, trustworthy information, and equitable opportunities. That is why we partner with organizations that share our commitment to financial inclusion.
Bank On: A Fresh Start Checking Account
Through our Bank On-certified Fresh Checking account, we help individuals who may be unbanked or underbanked open accounts that are:
- Safe and affordable
- Non minimum monthly balance requirement
- Structured to support long-term financial stability
This partnership helps remove common barriers to banking and provides a secure foundation for managing money.
One Summer Chicago and the Economic Awareness Council
Collaboration with local organizations allows us to extend our impact even further. Through the GLCU Foundation for Financial Empowerment, we support the Economic Awareness Council (EAC) and its workforce development programs, including One Summer Chicago.
As part of this partnership:
- Students are offered checking and savings accounts, giving them the opportunity to experience the confidence and security that comes with having a bank account.
- In 2024, 8,164 students opened bank accounts through this program—raising the percentage of youth with bank accounts from 56% to an impressive 84% by the end of the summer.
- We provide financial education to students at City Colleges of Chicago, equipping even more young adults with essential money management skills.
These partnerships help young people build healthy financial habits early, so they can move into adulthood with knowledge, confidence, and practical experience.
Innovative Products that Build Financial Confidence
In addition to education and community programs, we design products specifically to support financial progress.
Credit Builder Loan
Our Credit Builder loan is designed for members who want to establish or rebuild credit in a safe, structured way. By making on-time payments, members can demonstrate positive payment history—one of the key factors in a healthy credit score—while also setting aside funds for the future.
Fast Cash Loan
Life happens, and sometimes you need quick access to funds. Our Fast Cash loan offers an alternative to high-cost, predatory lenders, providing members with:
- A more affordable, transparent way to borrow
- Clear terms and fair rates
- Access to quick cash when unexpected expenses arise
Banking for a Greater Good
Through our programs, partnerships, products, and the work of the GLCU Foundation for Financial Empowerment, we are focused on breaking down barriers and opening doors through:
- Helping more people access affordable financial services
- Supporting students and young adults as they build their financial futures
- Providing counseling and tools for individuals facing financial challenges
- Strengthening the financial resilience of our communities
At GLCU, financial empowerment is at the heart of our mission of banking for a greater good. We are here to help you reach your goals, build confidence in your financial decisions, and live life on your terms.
The mission of the GLCU Foundation for Financial Empowerment is to effect positive change, financially empower everyone, regardless of their socioeconomic status, and make a tangible difference in the community. In 2025, The GLCU Foundation embodied the credit union philosophy of “people helping people” through its wide-reaching, community-focused giveback efforts.
Community Outreach
In 2025, the GLCU Foundation supported 152 organizations through its community outreach efforts. From packing books to sorting food, volunteers from the GLCU Foundation’s Great Wave Volunteer program spent a total of 4,000 community outreach hours supporting our partners this year. The organizations where GLCU employees spent the most community outreach hours were United Way of Lake County, Northern Illinois Food Bank, HOPE Food Distribution, COOL Ministries Food Bank, and Bernie’s Book Bank.
Notably, in 2025, on October 13th through the 17th, GLCU employees volunteered 400+ hours across 24 events during the Week of Volunteering – a week-long volunteering effort held in honor of CUKind Day. A total of 18 organizations were supported, including GiveNKind, the Bridge Teen Center, and more.
Overall, the GLCU Foundation supported more than 300 events and donated more than $150,000 to local organizations in 2025.
Scholarships
In 2025, the GLCU Foundation, in partnership with GLCU, awarded eight $2,500 scholarships as part of its annual Member Scholarship program. Two of this year’s recipients were GLCU employees.
The program exemplifies the credit union’s commitment to supporting its members’ educational development and financial wellness. By supporting their academic goals, GLCU and the GLCU Foundation are investing in the promising futures of its members and communities.
Making an Impact in 2025 and Beyond
In 2025, the GLCU Foundation for Financial Empowerment continued to turn its mission into meaningful action—supporting hundreds of community events, investing in local organizations, and helping members pursue their educational goals. These efforts reflect our commitment to “people helping people” and to expanding financial opportunity for all.
As we look ahead, the GLCU Foundation remains dedicated to deepening its impact, strengthening community partnerships, and empowering individuals and families to build more secure financial futures.
Visit the GLCU Foundation’s Givebutter page to support our giveback efforts.
Stable housing is more than just a roof overhead. It’s the foundation every person needs to build a secure, healthy and fulfilling life. Yet for many families, navigating the housing landscape can feel overwhelming. From understanding credit scores to securing a mortgage or avoiding foreclosure, the path to stable housing is often filled with obstacles that aren’t easy to overcome alone.
At the GLCU Foundation for Financial Empowerment, we encourage a collaborative partnership to help community members face these challenges with support. That’s why our housing and financial counseling program is designed to empower individuals and families with the knowledge, tools, and confidence they need to take control of their housing journey.
Why Housing Counseling Matters
Housing decisions can impact nearly every aspect of a person’s life, from financial stability and mental health to employment opportunities and long-term wealth building. Unfortunately, many people enter this process without the guidance they need.
At GLCU and the GLCU Foundation for Financial Empowerment, our housing and financial counselors play a vital role in this process, acting as guides, advocates, and educators for those seeking stability and long-term success.
At the GLCU Foundation, our housing counselors provide:
One-on-One Counseling – From budgeting and analyzing credit scores to understanding debt management and creating a savings plan, our counselors help individuals and families gain an understanding of their financial picture and plan for success.
First-Time Homebuyer Support – Because buying a home is one of the biggest decisions many families make, we provide monthly workshops in local neighborhoods to demystify mortgage options, credit requirements, the closing process, and more. We also connect families with lenders that offer down-payment assistance programs for buyers who qualify.
Rental Assistance – The GLCU Foundation housing counselors help tenants understand leases and know their rights and responsibilities. We also help renters navigate legal disputes with landlords and identify resources to make renting more affordable.
Foreclosure Prevention – When families face financial hardship, our counselors step in with compassionate support, helping them explore loan modifications, payment plans, and financial assistance resources to avoid foreclosure and stay in their homes.
Success Story: Tahnikah’s Journey to Becoming a First-Generation Homeowner
One of the most inspiring examples of how the GLCU Foundation’s housing and financial counseling program supports individuals comes from Tahnikah, a determined mother who set out to become the first person in her family to own a home. She entered the process with a clear goal and the drive to achieve it yet realized she needed expert guidance to make sure she was on the right path to achieve her dreams.
Tahnikah worked with Sr. Housing and Financial Counselor Wilane Boone. Together, they reviewed her current income, expenses, and debt obligations. Wilane provided her with information on how lenders underwrite and approve mortgage loans and the type of loan options available. What’s more, they created a monthly spending and savings plan to make sure Tahnikah’s current obligations were paid on time. They also reviewed her current spending to identify expenses that could be eliminated or reduced so that she could put more money aside into savings.
Wilane recalls, “The journey wasn’t easy, and Tahnikah had some financial ground to cover before she could be considered mortgage-ready. But she never gave up on her goal.”
Tahnikah’s perseverance paid off. She raised her credit score more than 150 points and began the home-buying process. The GLCU Foundation provided her with lender referrals to shop for the best rate and down payment/closing cost assistance options. We also provided her with referrals for other members of her homebuying team, including a realtor who helped her negotiate a seller credit, which are funds from the seller to help with closing costs.
Today, Tahnikah is a proud homeowner. In fact, she and her daughters now share the housing expenses of their very own 2-flat and pay less to own than it cost for them to rent an apartment.
What made Tahnikah’s journey even more meaningful was the impact it had on her daughter, Janae. Inspired by her mother’s accomplishment and encouraged by conversations with Wilane, Janae began her own savings plan, already thinking ahead to the day she would purchase a home of her own. One achievement became a legacy in motion.
For an inside glimpse of Tahnikah’s story, watch this video.
Help Empower Our Communities this Giving Tuesday
Strong communities don’t happen by accident. They are built intentionally, person by person, family by family. Strengthening our communities remains at the heart of GLCU and the GLCU Foundation. Our Banking for a Greater Good philosophy shapes everything we do and drives our commitment to financially empower everyone in the communities we serve, regardless of socioeconomic status.
This year, on December 2, if you’re able, please consider making a lasting impact by supporting the GLCU Foundation and our housing and financial counseling program. Your donation helps us provide essential resources, programs, and support to strengthen our communities and improve the lives of those around us.
Check out how your donation can help others in need, and truly make an impact:
- $50 = Group education session for one community partner on topics such as renters’ rights or dealing with debt
- $100 = Application assistance for emergency programs such as Court Based Rental Assistance
- $150 = Time needed to assist a consumer in applying for mortgage assistance
- $250 = One-on-one pre-purchase homeownership counseling for one household
- $500 = A first-time homebuyer seminar for 10 attendees
Together, we can make a meaningful difference.
In many communities, there are often individuals and families facing challenges that go unseen, such as food and clothing insecurity, financial hardship, and limited access to essential resources. Yet, alongside these challenges is something just as powerful: the people and organizations who step up to help.
At GLCU and the GLCU Foundation for Financial Empowerment, community giveback is at the heart of our mission, Banking for a Greater Good. This guiding purpose shapes everything we do and fuels our commitment to create meaningful, lasting impact.
From volunteering at local food banks to sorting clothing at community closets and cleaning up neighborhood parks, GLCU and the GLCU Foundation’s employees uplift our neighbors in need, strengthen local communities, and foster opportunities that make a lasting difference.
Take a look at our impact so far in 2025:
- 4,428 community outreach hours
- 294 community events
- 849 households benefited from financial education and counseling services
- 511 households received group education
- 2,167 youth impacted by 88 youth education sessions
Community Partnerships Drive Our Success
Through strategic partnerships with local community organizations whose missions align with those of GLCU and the GLCU Foundation, we are able to provide community members with the necessary resources they need to face challenges, find their financial footing, and improve their overall well-being.
We value our partnerships with community organizations, including Northern Illinois Food Bank, COOL Ministries, United Way of Lake County, Bernie’s Book Bank, HOPE Food Distribution, and many others. What’s more, the GLCU Foundation’s financial and housing counseling team provides additional financial literacy resources that help community members facing eviction, homelessness, and other barriers to safe, affordable housing.
A Culture of Giving Back
At GLCU and the GLCU Foundation, we know that community impact isn’t just a program. It’s a part of who we are. By encouraging employees and partners to participate in volunteering and giveback initiatives, we live the credit union philosophy of “people helping people.” As a non-profit financial institution, GLCU is able to give back through financial literacy programs, provide employees with volunteer time off, support small businesses, and help communities thrive by strengthening our local economies.
At its core, community giveback is about investing in the neighborhoods we call home. When we volunteer, we help build safer communities, support local families, and create opportunities that might not exist otherwise.
At GLCU, we turned CU Kind Day – a day when credit unions across the country come together through acts of service and kindness – into a full week of volunteering. GLCU and the GLCU Foundation were proud to have more than 150 employees give back at nearly 20 organizations for a total of more than 400 volunteer hours, improving the financial and environmental well-being of local communities.
We’re proud to continue empowering our members and communities by making a meaningful difference and embracing our “Banking for a Greater Good” mission.
Help Empower Our Communities this Giving Tuesday
This year, on December 2, if you’re able, please consider making a lasting impact by supporting the GLCU Foundation and our ongoing community giveback initiative. Your donation helps us provide essential resources, programs, and support to strengthen our communities and improve the lives of those around us. Together, we can make a meaningful difference.
The GLCU Foundation for Financial Empowerment believes that it’s never too early—or too late—to start teaching your kids money management skills. That’s why GLCU and the GLCU Foundation are dedicated to financially empowering youth of all ages through education, specialized accounts, tools, games, and more.
Here’s our youth financial education impact for 2025:
- 1,170+ students empowered through Bite of Reality budgeting simulation sessions
- 230+ students reached through Adolescent$™ programming
- 360+ students impacted through Money Mammals® youth financial education
Read on to learn more about our youth financial education programs, giveback efforts, and impact!
Helping Kids Get Money Smart with Financial Education
One of the ways we financially empower local youth is through the Money Mammals Saving Money Is Fun™ Kids Club—a program that helps parents raise money-smart kids. With fun resources such as interactive apps, games, books, and videos, we get kids excited about managing money and learning valuable money management skills.
During the program, children explore the value of money and develop positive habits around saving, spending, and sharing. Money Mammals is also an extension of our youth savings account, giving kids the opportunity to watch their money grow as they learn.
For teens, the Adolescent$ product teaches financial independence through educational videos, materials, and hands-on learning experiences. Additionally, the GLCU Foundation offers Bite of Reality budgeting simulations for teens, where they’re assigned jobs, given families, and are tasked with balancing salaries, family expenses, and making big financial decisions like buying a home—allowing them to get a sense of what real-life budgeting is like.
Community Giveback: Providing Educational Opportunities for Youth
The GLCU Foundation is dedicated to financially empowering youth by meeting their needs both in and outside of the classroom. Each year, the GLCU team holds an annual school supply drive where GLCU staff collect and distribute essential supplies to local schools.
GLCU branch managers and their teams personally coordinate deliveries to ensure resources reach children who need them most. This summer, we collected and distributed more than 10,000 school supplies to support local students’ success.
For members pursuing higher education, this year the GLCU Foundation for Financial Empowerment awarded eight $2,500 scholarships to students attending accredited technical schools, trade schools, and four-year colleges and universities.
These scholarships embody our mission to empower members and strengthen the communities we serve by helping young people achieve their educational goals.
Supporting Community Partnerships That Make a Difference
Collaboration with other local organizations amplifies our impact. The GLCU Foundation for Financial Empowerment has supported the Economic Awareness Council and its workforce development programs like One Summer Chicago—offering checking and savings accounts to students so they can experience the confidence and security that comes with being banked.
In 2024, 8,164 students opened bank accounts through this program, increasing the percentage of youth with bank accounts from 56% to an impressive 84% by summer’s end. We’ve also partnered with the EAC to offer financial education to students at City Colleges of Chicago, empowering even more young adults with essential life skills.
Our Great Wave volunteer program connects GLCU employees with community initiatives like Read Across America, Stuff the Bus, and Early Learning Trails through the United Way of Lake County, ensuring kids are set up for success from the start.
In 2025, the GLCU Foundation expanded its youth financial education efforts by adding new partners and initiatives, including:
New Money Mammals Partners
- BASIL Elementary
- McCutcheon Elementary
New Bite of Reality Partners/Initiatives
- Westside Youth Empowerment Conference
- Grayslake Central High School
- Zion New Tech High School
- Grayslake North High School
New Adolescent$ Partners/Initiatives
- GLCU Take Your Kids to Work Day
- United Way Youth Savings Month
- Antioch Emmons School
Support Us This Giving Tuesday
Giving Tuesday is coming up on December 2, 2025! This year, please consider donating to the GLCU Foundation for Financial Empowerment to help us expand our youth financial education program and provide more resources for our communities.
By supporting the GLCU Foundation, you are helping us provide the tools, resources, and guidance our youth need to thrive. Together, we can create brighter, more financially empowered futures for everyone in our community.
Ready to make a difference? Donate to the GLCU Foundation for Financial Empowerment this Giving Tuesday and be a part of our ongoing commitment to financially empower the youth in our community.
At Great Lakes Credit Union (GLCU), we believe that a financial institution should be more than a place to put your money—it should be a force for positive change for people and the communities they call home. That’s why we’re committed to our mission of “banking for a greater good”—a mission that embodies the credit union philosophy of “people helping people.”
For us, “banking for a greater good” means financially empowering everyone, regardless of socioeconomic status, providing full-service banking for every step of your financial journey, putting our members at the heart of what we do, and supporting local communities through giveback efforts and volunteerism.
Unlike traditional for-profit banks, GLCU’s not-for-profit structure means your success—and our community’s financial well-being—are always our top priority.
Read on to learn how we put our banking for a greater good mission into action every day.
Financial Empowerment
Financial empowerment at GLCU includes providing access, support, and tools for everyone. Whether you’re new to the financial world, a seasoned investor, or a savvy small business owner – when you succeed, we succeed.
A few examples of how we financially empower our members and communities include:
Community Giveback
- HUD-Certified Housing and Financial Counseling: We’re one of only five credit unions nationwide to offer free HUD-certified housing and financial counseling. Through this program, our counselors help members and non-members achieve their financial goals – from budgeting to homeownership.
- Scholarships: Every year, we invest in the futures of promising students in our community by providing scholarships to help fund their education.
Through these partnerships, including our collaboration with the GLCU Foundation for Financial Empowerment, we’re breaking down barriers and giving more people the power to meet their financial goals and live life on their terms.
Your Financial Partner
GLCU is dedicated to supporting our members at every stage of life. Our full-service approach means you always have access to expert guidance and tailored financial solutions that fit your unique needs, no matter where you might be on your financial journey.
With GLCU, you get the services of a big bank, but with low to no fees and a mission-driven approach that puts members’ needs first.
Here’s what being your financial partner looks like:
- Youth Savings Accounts: Our Money Mammals® and Adolescent$™ accounts and financial education programs help children and teens build smart money habits.
- Student Loans: Get the funds you need to finance your education and meet your financial goals.
- Business Accounts: We offer a full suite of accounts, tools, and lending products that can help you grow your business.
- IRAs and Retirement Planning: GLCU provides secure, flexible options to help you prepare for the future.
- Comprehensive Investment and Advisory Services: Members have access to expert advice through the GLCU Financial Advisory Center.
- Fresh Checking: Our Fresh Checking Account, certified by BankOn®, helps members establish or rebuild a positive financial history.
- Fast Cash Loans: Life happens. Our Fast Cash loan can help you manage unexpected expenses at a rate you can afford.
- Credit Builder Loans: Our no-cost Credit Builder loan is designed for people looking to establish or repair their credit score.
- Federal Workers Emergency Loan Program: During the government shutdown GLCU offered no interest loans to support federal employees.
Our extended “family of companies” is also here to help you on your journey:
- GLCU Foundation for Financial Empowerment: Our charitable and volunteer arm is a 501(c)(3) nonprofit committed to building financial well-being for our members, employees, and communities.
- GLCU Insurance Services: We’re proud to offer competitive rates for homeowners, renters, and auto insurance.
- Mortgage Forward: Make your homeownership dreams come true with expert guidance and exceptional service.
Every product and service is designed not only for your benefit, but to also give back—through lower fees, better rates, and reinvestment in our community. When you bank with GLCU, your choice helps us put our banking for a greater good mission into action.
Member-Driven
At GLCU, you’re not just a number—you’re a member-owner. What does that mean?
Here’s how being a GLCU member benefits you:
- Member Engagement: Every member has a voice, which includes voting in board elections and taking part in annual member meetings.
- Easy Access: Join with just $1 and access thousands of branches and ATMs nationwide via the CO-OP shared branching network
- Member Rewards: Earn perks simply for being a member.
- Personalized Service: Unlike a big bank, GLCU’s team prioritizes your needs, not shareholder profits.
The more you bank with GLCU, the more we can reinvest in both you and our wider community. Together, we form a partnership that supports you and turns banking into a force for good.
Community-Focused
Giving back is at the heart of GLCU’s banking for a greater good mission. Through donations, volunteerism, and partnerships, we invest in programs that empower people and the neighborhoods where we all live, work, and play.
Our community work spans financial education, events, and direct support to local organizations, including:
Community Outreach: Our employees give time to our “Great Wave” volunteer program.
Support for Local Nonprofits: We’re proud to financially support dozens of nonprofits in our community.
Events: From first-time homebuyer workshops to webinars, we’re here to provide the financial guidance you need.
By choosing GLCU, you help fuel greater opportunities and positive change for all through our community-focused mission.
Banking for a Greater Good Together
GLCU’s commitment to banking for a greater good shapes every product, service, and interaction. Whether you’re opening your first savings account, securing a mortgage, or finding financial stability, we’re here to empower you—and our community—every step of the way.
On October 16, the GLCU Foundation for Financial Empowerment celebrated progress, recognized achievements, and highlighted the power of partnerships at its annual event.
The evening started with the recognition of two community partners that are dedicated to empowering and inspiring local youth through financial education.
The GLCU Foundation recognized North Chicago Community Partners (NCCP) for its efforts to connect schools with relevant and high-quality programming and partners, with the goal of transforming schools into central resource hubs. Over the past two years, NCCP has worked to bring Money Mammals® youth financial education programs to local schools.
Money Mammals is an award-winning program that makes it fun and easy for children to learn financial skills they will use for the rest of their lives. The Money Mammals program helps kids learn through videos, games, apps, and more.
Thanks to the GLCU Foundation’s partnership with NCCP, more than 200 students have increased their financial literacy with curiosity, excitement, and active engagement.
The GLCU Foundation also recognized the Emmons School of Antioch for its participation in GLCU’s Money Mammals youth financial education program. The Emmons School was the GLCU Foundation’s first Money Mammals partner, and the GLCU Foundation has worked with the school to run an eight-week after-school financial education club.
With colorful mascots and creative lessons, the Money Mammals program has inspired more than 100 young learners, wrapping up each session with a field trip to see banking in action.
“Thank you to both North Chicago Community Partners and Emmons School of Antioch for encouraging and enriching the lives of youth in our communities with financial literacy lessons to last a lifetime,” said Jessica Obiala, Senior Manager of Community Partnerships for the GLCU Foundation.
A Story of Financial Achievement
The night concluded with the story of Tahnikah Draine, the GLCU Foundation’s 2025 Financial Achievement Annual Award recipient. Her journey embodies the Foundation’s belief in helping people unlock their potential through support, resources, and partnership.
Tahnikah wanted to become a homeowner and create multi-generational change. She had always dreamed of owning a 2-flat home where she and her daughters could live comfortably and securely.
After attending a GLCU Foundation first-time homebuyer workshop, Tahnikah connected with Wilane Boone, Senior Housing Counselor for the GLCU Foundation. Together, they built a plan for financial success that included a monthly spending and savings plan. Wilane also explained the mortgage underwriting process to Tahnikah.
Despite facing numerous challenges, Tahnikah remained focused on her goal. Over two years, she increased her credit score by 150 points and started her home-buying journey, ultimately securing her dream two-flat home for her and her daughters.
Today, Tahnikah and her daughters share the housing expenses of their very own two-flat and pay less to own than it cost for them to rent an apartment.
Inspired by her mother’s success, Tahnikah’s daughter Janae has also started working with Wilane to strengthen her own financial foundation, aiming to become a homeowner herself one day.
“On behalf of all of us at the GLCU Foundation, we wholeheartedly thank Tahnikah for allowing us to tell her story,” said Jeanette Velazquez, Senior Manager of Housing and Financial Counseling for the GLCU Foundation.
Interested in getting involved or supporting the GLCU Foundation’s mission? Contact the GLCU Foundation to learn more about upcoming workshops, volunteer opportunities, and partnership initiatives.