A cent credit union is a non-profit banking and financial services cooperative of several credit unions. Each cent counts. Cent Credit Union is an ideal choice for new banking customers who want low interest rates on their checking and savings accounts, no fees for ATM use, and one cent in every cent. A cent credit union has no paid line of credit and does not accept business cash advances as a checking account alternative. However, members of this institution are permitted to use one cent for all expenses, including ATM transactions.
cent credit union is owned by the members of the Cent Credit Union, a network of more than 500 member banks and financial cooperatives located throughout Iowa, Minnesota, and southern Wisconsin. Each cent represents one US cent and is worth one US cent in the United States. This institution was started in Iowa in 1972 as a direct result of the widespread credit crisis that swept through the nation. Since its inception, it has grown to become one of the leading non-profit banking and financial cooperative in the nation.
The main goals of the cent credit union are to meet the needs of citizens through sound financial practices. It provides its nearly six million members access to a variety of banking services, such as savings, loans, mortgages, credit cards, and cash advances. There are about forty branches and over thirteen thousand financial agents throughout Iowa, Minnesota, and Wisconsin. They also do business in Canada and in Mexico.
The members of this credit union have elected board members who serve for a year and set the rules and procedures for the organization. Meetings are held every month and the minutes are published in the February 1st newsletter. Board members can be elected by vote and must follow the bylaws of the credit union. A president, a vice president, a secretary, a treasurer, and three other executive officers are designated to each board. These officers must agree to abide by the Bylaws if they are to be considered for any position.
The Iowan Public Employees Credit Union, better known as the Iowa City Employees Credit Union, is owned by the City of Iowa. The City of Iowa owns all of the properties and tax revenue generated within the three counties that comprise the City of Iowa. There are five counties and ten municipalities within the City of Iowa. These include the cities of Mason City, Iowa, Burlington, Fort Dodge, and Des Moines. About twelve thousand members reside in the various cities and towns in Iowa. All of these residents belong to the Iowan Public Employees Credit Union:
A few months ago, a gentleman called me from the Iowan Public Employees Credit Union and mentioned that he had just been discharged from his job because of an investigation into his connection with three different family members that are also members of the Iowan PEC. He had been let go because of these investigations. He didn’t know why he had been let go. The investigation resulted in the uncovering of financial irregularities involving several different City of Iowan PECs, which were being used by their City Council to re-vote their pay raises annually. Because of these irregularities, the officers of the PECs were allowed to improperly give their members special pay increases, which they weren’t entitled to receive under the laws of the state.
Several years ago, I discovered another of the many problems that are associated with the Iowa City Employees Credit Union, which is also named the Iowan PEC. This Union has close ties to the deceased members of the Cent Credit Union who happen to be some of the most dishonest individuals I have ever come across. These persons have caused the Iowan PEC to be riddled with over two thousand debt collection calls made by their former members, who are owed money by these persons. These debt collectors are demanding these payments from the deceased members of the PEC, yet the PEC is unable to meet this demand.
I have witnessed first hand, the inefficiency and corruption that are present within the Cent Credit Union of Iowa City, which was caused by the leadership and members of the PEC. Because of the numerous conflicts and unethical practices which are being committed by the members of this Union, the Service Company has decided to move its registration to a different city altogether. Although it will be moving its registration, the PEC members will still be in control of the future of this Union. Anyone that is interested in becoming a part of the Cent Credit Union of Iowa City should not hesitate to become a part of the bargaining table, which is already in place for the benefit of all the members. This will ensure that all of the wishes and demands of the past Cent Credit Union will be met by the present management.