Your Money for Good.
Credit unions like Dupaco are not-for-profit financial cooperatives created for the purposes of*:
- Creating a source of credit at a fair and reasonable rate of interest;
- Encouraging habits of thrift among its members; and
- Providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition.
*State of Iowa Code. Chapter 533.102: Definition of "Credit Union."
Dupaco Community Credit Union continues to pursue and fulfill its social mission to serve and enrich the lives of its more than 104,000 members. This ideal is as true today as it was in 1948, when 10 Dubuque Packing Company employees founded the credit union on the philosophy of cooperation and mutual self-help. For example:
- Provided members an annual direct financial benefit of $13,018,368 compared to Iowa banks rates and fees. This is equivalent to more than $251 per household.*
Credit Union National Association data as of Sept. 30, 2017.
- Shared with members more than $3.17 million as part of their participation in the Thank Use campaign. As owners of the cooperative, members pay taxes on this direct patronage giveback.
- Provided free credit score tracking and education into member online banking. More than 81% of members who used Dupaco’s free Bright Track improved their credit score by at least one credit tier after at least 12 consecutive months actively using the tool.
- Performed more than 2,000 Dupaco Money Makeovers. These 45-minute one-on-one sessions help individuals identify ways to cut costs and free up money to systematically save for a brighter future. For anyone—members AND nonmembers.
- Taught tens of thousands of consumers how to drive up their credit score and pay less through Credit History Lessons. As a result, many members who had past credit difficulties have been able to reduce interest rates, eliminate fees, and get back on the road to financial success. Dupaco will even lower loan rates for members as their score improves. For anyone—members AND nonmembers.
- More than one out of four consumer loans made by Dupaco is a small-dollar loan of $2,500 or less—more than 8,306 loans in 2017. These do not include credit card advances or overdraft protection.
- Continued its 36-year expertise in providing loans to Iowa small businesses. Dupaco’s median business loan amount is $40,000.
- The U.S. Treasury certified Dupaco as a Community Development Financial Institution (CDFI) because of the credit union’s proven track record serving low-income communities and people who lack access to financing. Dupaco is just one of eight CDFIs in the state of Iowa.
- Provided matched savings grants (individual development accounts) to help low-income individuals obtain sustainable wealth-producing assets like homes, small businesses, and education.
- Iowa families need credit unions like never before. In Iowa, 31% of all households face daily financial hardships. According to the United Way, 12% of Iowa households (148,239) live in poverty, while another 19% (233,027) earn enough to be above the federal poverty level, but not enough to afford a basic household budget of housing, child care, food, transportation and health care.
It's your money. Dupaco is your credit union. Please tell lawmakers you want them for good.