Welcome to the University of Illinois at Urbana-Champaign!
University life is exciting, and we know there are lots of changes and new things to adjust to.
The University of Illinois Community Credit Union (UICCU) is here to serve the banking needs of students and faculty on campus. We can help you open the banking accounts you need for managing your money in the U.S.
The following information explains how to open accounts and what accounts are available to you.
What’s the Difference Between a Bank and a Credit Union?
Banks and credit unions are very similar and offer comparable financial products and services. The main difference is credit unions are not-for-profit while banks are for-profit companies. In addition, credit unions are owned by their members who use their services, while banks are owned by stockholders.
This results in credit unions generally having lower interest rates on their loans and credit cards, higher interest rates on their savings accounts and certificates, as well as fewer and lower fees than a bank.
Why Pick UICCU?
- Our student checking account (iChecking) has no monthly service charges or minimum balance requirements and includes a free debit card!
- You can use online banking and also download our mobile app and manage your account from your phone!
- We have 3 branches in the Champaign-Urbana area, 1 of those branches is on the UIUC campus inside the Illini Union building.
- There are 40 ATMs in the Champaign-Urbana area that are surcharge-free for you to use.
- We offer free incoming wire transfers into all our student checking accounts.
- We partner with U of I and can enable you to conveniently pay your tuition straight from your UICCU account.
- Before making a decision come talk to us in person, give us a call, or check around this website to learn more about UICCU and what makes us great!
What to Bring to a Bank/Credit Union to Open a New Account
- Please bring your passport with you, or, if you have a valid U.S. issued driver’s license or state ID, then you can bring that instead of passport.
- Proof of address
- Please bring a copy of your current lease or housing agreement indicating the street address and your apartment or room number. You could instead bring your most recent utility bill as proof of address.
- You do not need to have a Tax Identification Number or Social Security Number to open an account at UICCU
- If you do have a Tax ID number, please bring your Tax ID card or have your Tax ID number memorized.
- Please note, some other Financial Institutions do require a Tax Identification Number.
Facts About U.S. Banking and U.S. Bank Accounts
Difference Between Savings Accounts and Checking Accounts
A savings account is a transactional account used to hold any funds you wish to set aside for future use. You have access to the money deposited here by withdrawing it in-person at a branch or by transferring it to your checking account. Please note, you will not be able to request an ATM/Debit card without first opening a checking account.
A checking account is designed for more frequent transactions than a savings account. You can request a debit card which will be linked with your checking account and can be used for cash withdrawals from ATMs or to conveniently pay at grocery stores, restaurants, etc. You can write checks (checks are still very common in the U.S.) from a U.S. checking account and the amount will be withdrawn from your checking account once the payee cashes the check.
Difference Between Card Numbers and Account Numbers
In the U.S., your debit card number is different from your bank account number – but the debit card is connected to your checking account. So when you use your debit card at a store to make a purchase, the money will automatically be withdrawn from your checking account. The debit card number is always 16 digits while the account number varies depending on different financial institutions.
How Can Money be Sent to My Account at UICCU?
Information About Incoming International Wire Transfers
There is no fee charged by UICCU for incoming wire transfers to students with an iChecking account. To receive an international wire transfer into your UICCU account, provide the sender with the information below:
- Intermediary Financial Institution: Alloya Corporate Federal Credit Union
- Intermediary Financial Institution Address: 184 Shuman Blvd Suite 400, Naperville, IL 60563
- Intermediary Financial Institution Routing/ABA #: 271987635
- Beneficiary Financial Institution: University of Illinois Community Credit Union
- Beneficiary Financial Institution Routing/ABA #: 271176899
- Beneficiary Financial Institution address: 2201 South First Street, Champaign, IL 61820
- Recipient Name: Your full name (the name you provide must match our records)
- Recipient Account #: Your UICCU account number (the account number you provide must match our records)
- Recipient Address: Your current address (the address you provide must match our records)
Additional Wire Transfer Information
At UICCU, we have an intermediary financial institution (Alloya Corporate FCU) that will receive the international wire first before the funds can reach your account here with us.
The international bank sending the wire must have a US correspondent bank that will receive the funds first and complete the wire by following the instructions above.
Funds availability: Incoming international wires may take longer to receive due to the numbers of financial institutions involved and processing time required by each financial institution.
Welcome to the University of Illinois at Urbana-Champaign.
We’d be happy to answer any questions you might have! Be sure to stop by and see us inside the Illini Union building branch or email firstname.lastname@example.org to get the help that you need.
Thanks for considering joining the University of Illinois Community Credit Union family!