Searching for a safe and reliable place to secure your funds? Look no further than Purdue Federal Credit Union. Founded on Purdue University’s West Lafayette campus in 1969, the credit union was created by a group of Purdue employees so they, their families, and their fellow co-workers could save, invest, and borrow money safely and confidentially at a fair rate of interest. This was done so the average worker could have access to various financial services that weren’t always readily available back in 1969.
To join Purdue Federal Credit Union, members must be a part of a Select Employee Group (SEG). Regulated by the National Credit Union Administration (NCUA), this is a specific type of charter that requires members to be a part of a certain group in order to join a credit union. These groups can range from anything to companies, schools, and even churches.
Currently Purdue Federal has over 100 SEGs, including those who live, work and worship in LaPorte County. If an individual or entity meets these membership requirements, they can take advantage of the many benefits the credit union offers.
“Purdue Federal is a member-owned cooperative, so essentially our members own the credit union,” said Jeffrey Love, Account Vice President of Purdue Federal Credit Union. “It’s also one share, one vote. Many banks have numerous shareholders, which isn’t the case with the credit union. At every annual meeting, every Purdue Federal member follows the one share, one vote policy.”
In addition, Purdue Federal is a not-for-profit cooperative. At the end of the year, the credit union gives back the majority of its profits to its members.
“We re-invest in equipment and employees just as any other company does,” Love said. “But we continually give back to our members through a variety of membership perks.”
Purdue Federal’s loyalty program is called My Member Perks. Through My Member Perks, a member’s entire relationship with the credit union qualifies the member for a Bronze, Silver, Gold or Diamond status based on the products and services used. Each status offers a variety of perks designed for members at all stages of life. Perks include free checking, monthly cashback, and discounts and bonuses on rates.
Purdue Federal has given back $29 million to members since the program began in 2013.
“For example, if you have your mortgage, car loan, checking, and savings with us, your giveback at the end of the year is a little more than someone else who just has their health savings account with us,” Love said. “To put it simply, the greater your relationship with us, the more perks you receive.”
Purdue Federal also issues the official Purdue Alumni Association Visa® Credit Card, which comes in an assortment of Purdue card designs. The Annual Percentage Rate is fixed, making it a better option than adjustable-rate cards offered by other issuers.
Love further commented that the Crown Point location that recently opened in August has been met with much positive reception, largely due to its identification with Purdue University and more specifically, Purdue University Northwest. Besides the Crown Point and La Porte locations, the credit union is actively seeking and evaluating opportunities to further grow in Northwest Indiana.
“As a Purdue graduate from a third-generation Purdue family, it’s been great working for the credit union,” Love said. “I love representing a brand that has the word ‘Purdue’ in it. I always love coming into work and cooperating with a great team of people.”
For more information about Purdue Federal Credit Union and how to join as an individual or as a business, please visit www.purduefed.com.
To learn about the My Member Perks program, visit www.purduefed.com/perks.