By Robert Williams

Editor

In 2019, United Savings Credit Union opened its fourth branch in the North Shore Plaza in Detroit Lakes.  The Fargo based credit union was realizing movement to the lakes area for more of their retiring demographic and the new location provides the same exceptional service to  those members and others living in lakes country.  The credit union serves 7,200 members with three branches in Fargo, one in Dilworth, MN, and the Detroit Lakes location.

“Credit unions are getting to be a little more known because most used to be a separate employee group (SEG); you used to have to work for a company or organization having a credit union for its employees and that’s how they all started out.  However, many credit unions have changed to open community charters where membership is based on where you live.” said Jim Schaefbauer, President/CEO.  

He added, “Credit Unions are not-for-profit financial cooperatives where the members are the owners.  When people ask me the difference between a credit union and another financial institution, I say three and two; if you have a regular bank you have three entities: the shareholders, the bank and customers,” Schaefbauer said. “With a credit union, there are no shareholders, only the credit union and the member/owners.  There is nothing wrong with either type of organization; I just happen to believe in the credit union philosophy and member ownership,” Schaefbauer said. “That’s why I work here.”

United Savings Credit Union has a long history in the Fargo-Moorhead and lakes area. It was originally established in 1935 under the name of the Northern Pacific Employees Federal Credit Union and was created to meet the financial needs of the employees of the Northern Pacific Railroad. They operated under this name until the early 1970s, at which time they merged with the Great Northern Railroad Employees Credit Union. The name was changed to Railway Transportation Employees Federal Credit Union and served employees of both Northern Pacific and Great Northern Railroad. 

In the late 1970s, Burlington Northern Railroad purchased Northern Pacific and Great Northern Railroads and a 1985 merger with Steiger Federal Credit Union created United Savings Credit Union (USCU).

At this time, USCU began bringing in additional (SEGs) and petitioned to become an open community charter in the state of North Dakota and was approved in 1997 allowing them to serve a specific geographical area. The current field of membership is a 75-mile radius from their Main Office in Fargo. Minnesota branches in Dilworth and DL opened in 2016 and 2019, respectively. More recent mergers with Dakota Telco Federal Credit Union (2023) and Freedom Community Credit Union (2024) provided growth and brought us to our current footprint with five branches, 32 employees and over $121 Million in assets.  USCU is celebrating a major milestone in 2025 – its 90th anniversary this year.

USCU provides its customers with personal and business loans, home equity, car loans and even student loans offered through a third party. Like other institutions, USCU also provides mobile banking, mobile deposits and helps safeguard customers from financial scams and risks online. 

The internet is filled with websites providing unregulated financial services and online products that, in the end, are too good to be true. Financial institutions are seeing many of their most vulnerable customers becoming victims of scams that are becoming more and more elaborate and enticing.

“It’s scary how easy they’re able to do some of this stuff; that’s the part that keeps me awake at night these days – trying to protect our members,” Schaefbauer said.

With so many of these uncertain options becoming more prevalent, credit unions provide customers with stability and sound ways to get the most out of their money. 

During the last week of October, all USCU branches will be celebrating the financial cooperative’s history and stability with coffee and cookies all week and prize drawings.

“There are not too many credit unions that are 90-years-old,” Schaefbauer said. “We are proud to be serving the Lakes country as part of our credit union family and we are looking forward to fulfilling our mission in building our members’ financial freedom through trusted relationships for many years to come.”

USCU’s field of membership, the 75-mile radius, includes Frazee, Vergas and surrounding communities like Perham and Dent.

“We certainly welcome new members and we’re happy to be serving the members that we are,” said Schaefbauer.

The Detroit Lakes branch is located next to Hedstrom American Family Insurance and Lakes Golf Simulator at 1121 U.S. Highway 10.