Discover the Benefits of Members Cooperative Credit Union Cloquet in MN

Members Cooperative Credit Union Cloquet in MN is a fantastic option for those seeking a financial institution that truly has their members' best interests at heart.

With a strong focus on community, Members Cooperative Credit Union has been serving the Cloquet area for decades, offering a wide range of financial services to its members.

Their commitment to community development is evident in their various initiatives, such as financial education programs and community outreach events.

As a not-for-profit cooperative, Members Cooperative Credit Union operates on a member-owned model, meaning that any profits are reinvested into the community, not paid out to shareholders.

To become a member of the Members Cooperative Credit Union in Cloquet, you'll need to meet their eligibility requirements. You must live, work, worship, or attend school in Carlton, Cook, or Pine counties in Minnesota.

To open an account, you'll need to provide some basic information, including your name, address, and social security number. You can do this in person at one of their locations, or by mail with a completed membership application.

The credit union offers a variety of account types, including checking and savings accounts, to fit your needs.

Having a low minimum balance can make a big difference in getting started with your account. You can open an account with a low minimum deposit, making it more accessible to a wider range of people.

This can be especially helpful for those who are just starting out or don't have a lot of money to spare.

Members Credit Union has a unique history, starting with just $40 in capital from eight charter members who each deposited $5 in 1936. These members were from the Cloquet area and formed the Cloquet Co-op Credit Union.

The organization grew, and by 2001, it had changed its name to Members Cooperative Credit Union to acknowledge its members outside the Cloquet area, who now account for over half of its membership. This expansion led to over 28,000 members pooling over $375 million in assets.

Members Cooperative Credit Union is proud of its growth, but more so of its continued commitment to offering personal, community-oriented service, just like its founders envisioned. The credit union is not for profit, but rather for people.

Today, Members Cooperative Credit Union serves the Duluth, Cloquet, Aitkin, and McGregor communities with superior local service and smart financial products. It has more locations than any other credit union in the region, including two new locations in Duluth.

The certificate rates at Members Cooperative Credit Union Cloquet are quite competitive, with a range of options to suit different needs. For example, the Basic 3 Month Share Certificate has an APY of 1.25, regardless of the minimum balance.

To give you a better idea, here are the certificate rates for the Basic 3 Month and 6 Month Share Certificates:

The MembersPlus Certificate rates are even more impressive, with higher APYs for longer terms. For instance, the MembersPlus 36 Month Share Certificate has an APY of 3.35 for a minimum balance of $1,000.00.

Here's a breakdown of the MembersPlus Certificate rates:

Members Cooperative Credit Union, or MCCU, has a rich history that dates back to 1936 when eight people came together to form the Cloquet Co-op Credit Union. Each of these individuals deposited $5, forming the organization with just $40 in capital.

The credit union was established with a simple entrance fee of 25¢, which was a small price to pay for access to financial services. Today, MCCU has grown significantly, with over 28,000 members pooling over $375 million in assets.

MCCU's commitment to its members has remained strong over the years, with the organization proud to offer superior local service, smart financial products, and dynamic education programs to the communities it serves. They honor the strength of their cooperative membership and work hard to serve the member/owners.

The credit union has expanded its reach to include two new locations in Duluth, making it the largest credit union based north of the Twin Cities. Despite its growth, MCCU remains proud of the fact that it continues to offer the same personal, community-oriented service that the founders envisioned.