Dupaco Community Credit Union continues to fulfill its not-for-profit mission to enrich the lives of our more than 114,000 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. At a credit union like Dupaco, people are worth more than money.
How are banks and credit unions different?
Here's a visual that breaks down the main points of differentiation.
Are bigger credit unions, like Dupaco, different than smaller credit unions?
Not-for-profit credit unions of every size focus on helping working families get ahead.
Dupaco’s structure and mission are the same now with more than 109,000 members as it was in 1948, when 10 employees of the Dubuque Packing Company formed the credit union to help each other improve each other’s financial position. Seventy years later, it’s the same mission, same structure—Dupaco is just making an even bigger positive impact.
What else does Dupaco do to help working families create financial sustainability?
Consumers Save with Competitive Choices As a not-for-profit credit union, Dupaco’s cooperative structure provides an opportunity for members to use and control their own money—on a democratic basis—in order to improve their social and economic condition. Our purpose remains unchanged from 1948, when 10 meat packers founded the credit union to encourage habits of thrift and provide a fair source of credit at reasonable interest rates.
Our community depends on strong banks and credit unions. But as banks continue to reap record profits, competition and consumer choice ensures credit union members AND bank customers get a better deal. And that’s good for everyone.
*Credit Union National Association data as of 9/30/16
Dupaco Money Makeovers We perform annually more than 1,700 free Dupaco Money Makeovers to help members pay less and save more.
Credit History Lessons Each year, we conduct more than 9,500 free Credit History Lessons to help members and non-members understand their credit report.
Bright Track Credit Score and Full Credit Report Access Among membership benefits, Dupaco provides free credit monitoring and education through Shine Online and Mobile Banking.
Thank Use Participation Giveback In 2017, members received more than $3.17 million as part of their participation in Dupaco's Thank Use campaign.
Dupaco is a Thrifty Refuge from Predatory Payday Lenders More than 1 out of 3 loans made by Dupaco are a small-dollar loan of $2,500 or less. In 2017, Dupaco made 9,123 loans that were $2,500 or less. These do not include credit card advances or overdraft protection.
Loans $2,500 and less: Number of Loans Made: 9,123 Average Loan Balance: $1,092 Average Interest Rate: 12.2% APR Loan Fees Charged: $0 Repayment Terms: Flexible
Of those 9,123 loans, these were $500 and less: Number of Loans Made: 2,614 Average Loan Balance: $398 Average Interest Rate: 11.27% APR Loan Fees Charged: $0 Repayment Terms: Flexible
Payday lenders may argue that the APR is misleading because loans are often paid back within two weeks. But, if the borrower is unable to repay the loan in full, the cost of the loan escalates. At this point the loan is “rolled over” into a new loan. If this continues, the original payday loan becomes expensive and starts a cycle of debt. By setting up loans with easier repayment terms, Dupaco can help individuals stop the borrowing cycle.