Who We Are
KONE Employees Credit Union is a financial cooperative
established to provide its members with quality products
and services through responsible management.
Who We Are, What We Do:
KONE Employees Credit Union is a progressive not-for-profit
financial services organization dedicated to serving the
needs of our members...that's YOU!
We do everything we can to keep our costs -- and your costs -- down while still providing the variety of financial services you need.
Elevator Employees Credit Union
was chartered on June 16, 1953 by the employees of Montgomery
Elevator Company. Our first office was in the basement of
the Montgomery Elevator Company in Moline, IL.
By the end of 1968 the credit union had grown to assets of $417,128.08. Membership was 581 members.
In the 1970's the credit union passed the $1 million dollar asset milestone. On October 24, 1978 the name changed to Montgomery Employees Credit Union.
Up until the middle of the 1980's the credit union was what was called a "plain vanilla" credit union. The only services were loans and savings accounts. In the 1980's Visa Credit Cards, IRA's and checking accounts were added to the services offered to members. By the end of 1989 the credit union had assets of over $5 million dollars.
In the 1990's services added included wire transfer of funds, ATM/debit cards, Student Loans, CALL24 Audio Response System, Visa Platinum Credit Card, 24 hour loans and many more services too numerous to mention.
On January 25, 2000 the name was changed to KONE Employees Credit Union to reflect the change in name of our sponsor. In the year 2000 we opened a branch office in the KONE, Inc. McKinney, Texas location. Our main branch location is in the Headquarters building of KONE, Inc., in Moline, Il.
In 2002 a website was set up to inform our members of our services and products. At the end of 2002 assets were $14,543,762. A project was started to give our members access to their checking and savings balances at ATMs all over the United States.
With the addition of a secure on line account access (home banking) and bill pay in 2005 our members have access to their account balances and may transact business as though we had a physical presence in their home. Our audio response system is also state of the art. A member is able to pick up the telephone and access account balances, transfer funds and request checks sent to their home address on file. Through the many ATM networks around the country our members enjoy the surcharge free access to their savings or checking account funds.
At the end of year 2006 and again year end 2007, the credit union paid bonus dividends to the members with open accounts based on the dividends paid to that account during the year. In 2006 members with loans also received a loan interest refund. Each year the bonus dividend was over $30,000.00 and the interest refund in 2006 was over $10,000.
KONE Employees Credit Union is a strong financial institution
serving its members through many types of technological
delivery channels. Approximately 15% of our members live
and work in the Quad City area. Most of our members use
these technological channels to correspond with the staff.
Because of this special relationship we are the primary
financial institution to members from California to Maine
in the United States and many worldwide.