Veridian Credit Union

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As a not-for-profit organization, Veridian's main objective is to benefit our members and their families. This is accomplished many ways including providing a variety of no or low cost services, low loan rates, and higher savings rates.

What is Veridian's history?

In 1934 John Deere Employees Credit Union was founded in Waterloo, Iowa by a handful of John Deere employees who wanted to offer their fellow coworkers an alternative to commercial banks and other for-profit financial institutions.

Our field of membership was extended to those living or working in the neighboring town of Cedar Falls in 1986. This prompted a small change in our name and we became John Deere Community Credit Union (JDCCU®).

JDCCU has always operated independently of Deere & Company and in 2004, Deere asked us to discontinue the use of "John Deere" in our name to avoid trademark confusion. This brought about our name change in 2006 to Veridian Credit Union. Our new name comes from the words "verdant," meaning green and growing, and "veritas," or truth.

Today's Veridian Credit Union is a modern, full-service financial institution offering a broad range of products and services to fit a variety of member preferences and lifestyles.

As a credit union we are organized differently than other financials. We're not-for-profit and owned by our members, not by stockholders. As a not-for-profit organization, Veridian's main objective is to benefit our members and their families. This is accomplished many ways including providing a variety of no or low cost services, low loan rates, and higher savings rates.

Your money is secure at Veridian Credit Union. Every penny you have at Veridian is insured, to at least $250,000, through the NCUA (National Credit Union Administration), a U.S. government agency.

What is the credit union difference?

The philosophy of "people helping people" sets credit unions apart from other for-profit financial institutions. Credit unions are dynamic full-service financial institutions with sophisticated delivery systems - convenient branches, no-surcharge ATMs, member contact centers and electronic delivery such as Online Banking. They easily compare to banks in the types of products and services they offer, but differ drastically in how they deliver these products and services. Credit union members receive the outstanding value and service they deserve.

While credit unions and banks offer similar products and services such as checking accounts, credit cards, and mortgage loans, there are still many differences among the two types of financial institutions.

Credit unions are good corporate citizens

Credit unions are located within the communities they serve and are dedicated to the well-being of their members.

  • Iowa credit unions, on the average, lend a higher portion of their deposits compared to for-profit financial institutions.
  • As members of the local community, credit unions’ volunteer boards of directors are able to ensure that the best interests of their communities are served.
  • Credit unions are only able to loan money to their members — people who share a common bond within the credit union’s field of membership. Credit unions’ high loan-to-deposit ratios are a good indication of how involved they are within their communities.

Credit unions do pay taxes

Contrary to what is often said about their tax structure, credit unions do pay taxes.

  • Iowa’s state-chartered credit unions are assessed a moneys and credits tax based on reserves. Additionally, state-chartered credit unions pay sales, property and employer-related taxes.
  • Federally-chartered credit unions pay property and employer-related taxes.
  • Congress and the Iowa Legislature tax credit unions differently than banks because credit unions are not-for-profit, member-owned cooperatives whose only mission is to serve members.
  • If banks truly believe credit unions are advantaged, we welcome them to join the credit union community. However, banks would have to become not-for-profit, require their boards of directors to be volunteers and give each customer one vote in policy decisions — regardless of how much money the individual has on deposit.

Veridian Credit Union Websitehttps://www.veridiancu.org
Veridian Credit Union facebookhttps://www.facebook.com/VeridianCU
Veridian Credit Union twitterhttps://twitter.com/VeridianCU
Papillion Community Foundation Enhancing the quality of life in Papillion
Papillion Community Foundation
Enhancing the quality of life in Papillion

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PO Box 461089
Papillion, NE 68046
4023313917

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