Forbes Names SCU Top Five Credit Union In The State

Forbes Names Scott Credit Union Among Top Five Credit Unions in State of Illinois

Scott Credit Union was recently named one of the top credit unions in the State of Illinois in a Forbes Best-In-State ranking.

Forbes, in partnership with market research firm Statista, ranked Scott Credit Union fifth in the state based on surveys of credit union members on their overall satisfaction.

The survey also measured trust, terms and conditions, branch services, digital services, and financial advice, according to Scott Credit Union President & CEO Frank Padak.

“We were very pleased and honored to be in the top five in the state,” Padak added. “We are always focused on doing the right thing for our members. The ranking tells us we are on the right track.”

Statista surveyed more than 25,000 consumers throughout the country for their opinions on their current and former relationships with financial institutions. Nationwide, 182 credit unions made the final list of the best credit unions in their state.

Only 3.5% of all credit unions nationwide made the Forbes list, Padak noted.

According to Statista, Americans generally gave their banking institutions good reviews on satisfaction with scores of 4.2 on average on a scale of one to five. Scott Credit Union scored 4.32 on satisfaction.

“We serve members every day. It is really important that we provide them with a great experience,” Padak said.

Scott Credit Union is a not-for-profit financial cooperative. When people open accounts at the credit union, they become a member and an owner. Because of its not-for-profit structure, Scott Credit Union has given $12 million back to members through a bonus dividend and loan interest rebate over the past 12 years. In 2019, the local credit union gave over $1 million back to its members.

“Our cooperative structure is really the best for consumers,” Padak added. “We don’t answer to a small group of stockholders. We answer to our members. Because of that structure, we pay more on our members’ savings, charge less when they need to borrow and keep fees low.”

Scott Credit Union currently has 20 area locations. To find the one nearest you, visit our locations page.

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