Welcome to Canaan Credit Union!
A Member-Owned Bank

“Your Self-Help Route to Financial Independence”

Canaan Credit Union is a financial cooperative, a group of individuals who have banded together to create their own bank for the mutual benefit of everyone in the group. It is a self-help route to financial independence; it is where members are owners and not just customers.

Credit unions have built-in profit margins and profits are not distributed solely to an elite group of shareholders. Instead, all revenues generated by the credit union are used to cover basic administrative expenses, and the remainder is distributed back to the members in the form of reduced fees, higher savings rates, and lower loan rates.

Field of Membership
"Membership includes the group for which the Credit Union is organized and members of their immediate families, which shall include any relative by blood or marriage, or foster and adopted children, and employees of the Credit Union."

Who can belong?
Membership is open to anyone sharing the common bond. Societies, associations, clubs, the majority of whose members are eligible for credit union membership. Partnerships in which the majority of the partners are individuals who are eligible for credit union membership, and corporations, the majority of whose stockholders are individuals who are eligible for credit union membership, any be admitted to membership in this credit union in the same manner and under the same conditions as individuals, subject to such rules as the Director of the Department of Financial Institutions may promulgate.

Membership requires a one-time entrance fee of $10, and at least one share at a par value of $10, for a total cost of $20.

State Chartered, and Federally Insured

Canaan Credit Union is chartered by the Illinois Department of Financial Institutions (IDFI). We were federally insured and received our certificate of insurance on May 11, 2001 from the National Credit Union Administration (NCUA).

Lobby Hours
Monday-Friday 8:00 A.M. – 4:30 P.M.
Saturday CLOSED
Sunday 12:45 P.M. – 1:30 P.M.

Canaan Credit Union is a window to the future that allows God’s people to “Bank at God’s House.”