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Great Lakes Credit Union Expands Access to Financial Empowerment
NewsMay 8, 2023
BANNOCKBURN, IL (May 3, 2023) – Great Lakes Credit Union (GLCU), a community-minded financial institution serving northern Illinois, today announced it has lowered its par value share minimum from $5 to $1. This decision represents a significant step toward increasing financial accessibility for individuals and families in the community, as the lowered par value reduces the barrier of entry for GLCU members.
As a low-income designated credit union, GLCU is committed to promoting financial empowerment and inclusion for all. By reducing the minimum deposit, the credit union is making it easier than ever for anyone to become a member and benefit from GLCU’s comprehensive range of financial services.
“We are excited about this change, as it demonstrates our ongoing commitment to providing affordable financial services and resources to our community,” said Steven Bugg, President and CEO of Great Lakes Credit Union.
GLCU and other credit unions are “member-owned” and give their profits back to those member-owners and communities, not shareholders, through competitive rates, lower fees, technology investments and volunteerism. The par value represents the member’s share of ownership in the credit union.
“An ownership share in the credit union should be easily accessible; that’s part of our commitment as a certified Community Development Credit Union,” said Bugg. “We believe that everyone should have the opportunity to access quality banking services, and we’re proud to continue breaking down barriers to entry for all potential members.”
To open an account or learn more about Great Lakes Credit Union, please visit any GLCU branch, speak to a member service specialist at (800) 305-0776 or go to the credit union's website at www.glcu.org.
About Great Lakes Credit Union
Founded in 1938 and headquartered in Northern Illinois, Great Lakes Credit Union is banking for a greater good. As a not-for-profit financial cooperative with over $1.3 billion in assets, GLCU is proud to serve around 80,000 members in Chicagoland and surrounding areas, and to give back to its members and communities through education, volunteerism, and partnerships. Learn more about GLCU’s accounts, educational initiatives, and community development programs at www.glcu.org.