Electro Savings Credit Union is a full-service not-for-profit financial cooperative, owned and governed by its members. Credit union membership is available to individuals who live or work in St. Louis City and County, St. Charles, Franklin and Jefferson counties in Missouri, and Jersey, Madison, St. Clair and Monroe counties in Illinois. Credit union business accounts, merchant services, and lending are also available to businesses located in these areas.
Electro Savings is a state-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the Missouri Division of Credit Unions and the National Credit Union Administration, an agency of the U.S. Government.
Becoming an Electro Savings Credit Union Member is Easy!
Open your membership account with a $5 initial deposit online. Or, if you prefer, stop in our Maryland Heights, Wildwood, Manchester or South St. Louis County office – we'd love to meet you in person and welcome you to our credit union.
Celebrating 75 Years of Local Ownership
2016 marked 75 years of local ownership and decision making for Electro Savings Credit Union. On April 23, 1941, the employees of Union Electric Company (now Ameren), received permission from the State of Missouri to form Electro Credit Union (now Electro Savings Credit Union). We've come a long way since 1941 thanks to the loyalty of our members. We celebrated this milestone at our annual members' meeting in May 2016 with the premiere of our 75th Anniversary Video.
Concern For Community
While focusing on our members' needs, Electro Savings works for the sustainable development of the communities we serve. Each year, we donate time and money to many charities and non-profit organizations such as:
- Better Family Life
- Children's Miracle Network
- 100 Neediest Cases
- MoKan Educational Institute
- Old Newsboy Day
- United Way
- USO of Missouri
- Warners' Warm-Up
- Annie Malone Children's Home
In 2016, the credit union donated $10,435 and over 750 employee hours to community community organizations, and taught 76 financial education classes for 1,289 people. Learn more about how your credit union supports your community on our News & Updates page.
Where you can find us.
Electro Savings has four St. Louis area offices located in Maryland Heights, Wildwood, Manchester or South St. Louis County. The credit union also participates in the Credit Union Shared Branch Network, the 3rd largest branch network in the U.S. offering our members no-fee branch access at over 5,300+ Credit Union Service Center nationwide; and the CO-OP ATM Network, the largest ATM network in the U.S. offering our members no-fee access at over 30,000+ surcharge-free ATMs across the United States and Canada.
Credit unions are not-for-profit financial cooperatives, offering the same services as other financial institutions, but with a people-first philosophy. It's credit unions "authentic difference” that makes us different from banks, fintech startups and other financial institutions.
Credit unions all over the world have operated according to the same core principles since the 1850s, when a group of weary German workers, tired of being exploited by loan sharks, formed the world’s first credit union by banding together to provide affordable credit to each other. These principles are derived from the 7 cooperative principles, shared by all cooperatives. They are:
- Democratic Control. One member = One vote. Whether you have $5 or $5 million, your voice is equal.
- Open and Voluntary Membership. Members are connected by a bond of association, fostering a sense of community.
- Non-Discrimination. Credit unions are open to all without regard for race, orientation, nationality, sex, religion, gender, or politics.
- Service to Members. Credit unions are ranked No. 1 in service in numerous surveys, because they exist to serve members, not profit.
- Distribution to Members. Credit unions return all profits to their members through dividends, lower fees, better savings rates, and improved services.
- Building Financial Stability. Credit unions are historically stable organizations. They’re owned by the people they serve, so they don’t take unnecessary risks.
- Cooperation Among Cooperatives. Credit unions and cooperatives share the same principles. Together, they amplify each other’s good works.
- Social Responsibility. Credit unions strive for social justice by committing to strengthening their communities and helping people of modest means.
- Ongoing Education. Credit unions prioritize financial education for their members, employees, and communities as part of their pursuit of social justice.
We think ideas like people before profit, social responsibility, and financial education improve lives. It’s why cooperative banking is a key component of helping people in developing countries get access to microloans, or a middle-class couple in the Greater Metro St. Louis area receive an affordable mortgage for their first home.
Copyright 2016 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
Difference between a Credit Union and a Bank.
Like banks, credit unions are full-service financial institutions managed by a paid professional staff, are federally insured and are regulated by state and federal agencies. However, that's where the similarities end and the credit union difference begins.
Credit Union Ownership.
Unlike banks, credit unions are not owned by a few individuals; credit unions are not owned as a family business or as a publically traded company with stockholders having varying degrees of influence and ownership. Credit unions are equally owned and influenced by every member with a savings account.
Credit Union Governance.
Unlike banks, credit unions are guided and governed by an unpaid board of directors composed of members that volunteer their time and talents. The result is a board of directors that makes sure everything the credit union does is in the best interest of our full membership, not just a few with more influence or a higher degree of ownership.
Credit Union Purpose.
Unlike for-profit banks, credit unions are not-for-profit financial cooperatives existing to enhance the lives of its members through the financial services they provide. A credit union must make a certain amount of profit to run its day-to-day business, but that's it. Because its members are our owners, credit unions don't need to make additional profit to pay public stockholders or private owners. This benefits the credit union's member-owners directly in the form of fewer and lower fees, overall better savings and loan rates, and free financial education resources.
What Is A Credit Union' Annual Meetings?
By attending your credit union's annual meeting, you have a voice in the direction of your credit union. The annual meeting provides a forum for members to give their opinions, ask questions and receive financial information about their credit union’s performance.
Through an annual report that is released at the annual meeting, the credit union provides an overall financial review of its performance. The annual report specifically outlines members’ deposits and loans, as well as the assets and operating costs of the credit union from the prior year.
All members are invited and encouraged to attend the annual meeting, since the information that’s shared impacts the dividends that are paid, the rates that are received, the products that solve life needs, the fees that are sometimes applicable and the reasons that those fees exist, not to mention the investments in technology, branches, ATMs and more.
Your funds are federally insured up to $250,000.
Electro Savings Credit Union is federally insured through the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration. The U.S. Government backs this fund with full faith and credit just as it does the Federal Deposit Insurance Corporation (FDIC). NCUSIF provides the same amount of coverage for credit unions as the FDIC does for banks: up to $250,000 per depositor for Individual Retirement Accounts (IRA) and an additional $250,000 for non-IRAs.
Learn more about your account's coverage:
- Share Insurance Toolkit
- National Credit Union Share Insurance Fund (NCUSIF)
- How Your Accounts Are Insured
- Your Insured Funds
- NCUA Insurance Estimator