iQ Credit Union and the Community

Have you ever wondered what it means for a company to be employee owned? Basically, it means that the people who work for the company each own a piece of that company. 

Having pride of ownership tends to promote better customer service and a drive to be the best. In many ways, the same is true of credit unions. Because credit unions are member owned, they tend to have a greater stake in their community and take pride in helping members whenever possible.

The primary difference between a bank and a credit union is in the way the two institutions are structured. Banks are for-profit institutions that, like most businesses, are structured to make money for shareholders. When you do business with a bank, you are a customer. Credit unions are not-for-profit institutions, and in order to do business with a credit union you must be a member, which means that you have a stake in the credit union’s operation. Unlike banks, credit unions also have criteria for membership, such as living or working in a specific area, being part of the same company or organization, or meeting some other condition that makes you part of a defined community with common interests. It is this distinction that makes credit unions like iQ active participants in the local community.

Our Members Are Our Community

First of all, credit unions like iQ place the interests of their members first. We are here to help our members along life’s financial journey by helping them at each financial milestone. For example, we provide financial support for events such as buying a car, financing college, buying a first home, planning a wedding, starting a business, or any of life’s watershed moments for which financial advice and assistance are needed.

iQ Credit Union supports its members in a variety of ways. We offer the same services as a bank, such as savings, checking, retirement strategies, home loans, and credit cards, but the difference is that we work with members to understand their financial goals and needs, not just sell services. Financial planning is a lifelong endeavor, with intertwined elements and changing needs. As a member of a credit union, you are part of a group that wants to help you achieve your long-term dreams.

For example, iQ Credit Union is actively engaged in business investments in and around the Pacific Northwest. We help small businesses become bigger as one way to invest in community growth, help the local economy, and promote employment. We help businesses in a variety of ways, including providing business checking and savings, small business loans, real estate loans, and everyday money management strategies.

We see the symbiotic relationship between helping the community and our own success. That’s why we work to actively help our members and give back to the community.

Giving Back Means Active Community Involvement

Of course, our community support goes beyond helping just our members. We also want to find ways to give back to the community because we live here, too. iQ has developed a variety of community programs, such as:

Financial Education 

One of our most active programs is designed to promote financial education for everyone. We have student programs such as classroom presentations that help promote financial literacy for students at all ages. We host Financial Reality Fairs for teenagers to help them understand how to live in a world where they have to pay rent, utilities, and student loans. One of our most innovative programs is our student-run campus branches program, in which high school students are taught how to manage their own functioning credit union, which helps prepare them for internships or other career opportunities. We currently have student-run credit union branches at seven area high schools. 

iQ for Kids 

We also have our own nonprofit fund that raises money to help improve the lives of children in the area. iQ for Kids helps raise money for organizations such as 4-H Clovernauts, Camp Hope, iTech Prep Boosters, Oregon’s Children’s Theatre, and the YWCA, to name a few. iQ for Kids accepts donations from members of the community, but iQ Credit Union employees also donate part of their paycheck—those donors are easy to spot because you will see them wearing jeans and iQ plaid on Fridays.

iQ Scholarships 

To help students get ahead, iQ gives $2,000 each year to deserving high school students to help them start off on the right foot. Scholarship applications are available in January.

Helping Kids Learn to Read

iQ Credit Union is also helping to teach kids how to read. We sponsor Read with Me^TM Grants to give money to elementary school teachers in southwestern Washington to help buy books for students and encourage them to read. To date, we have handed more than 75,000 books out to young readers. We also offer literacy grants to middle-school and high-school teachers for field trips, supplies, and reading-related activities.

Business and Community Learning

Even business professionals need a little advice once in a while. That’s why we host educational events for members. For example, you can stop by one of our Pumpkin Spice and Financial Advice workshops for some coffee and financial advice. Our financial experts are always ready with a smile and sound advice to help any business get off the ground or expand.

Like any good credit union, giving back to the community is in the iQ DNA. We recognize that money is the fuel that powers our community, but we also know that providing financial support isn’t enough. We know that we have to actively work to improve the community where we live and work. iQ Credit Union is here to help.