BBB Business Review

BBB Accredited Business since 03/01/2011

Corporate America Family Credit Union

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Phone: (800) 359-1939Fax: (847) 888-66532075 Big Timber Rd, ElginIL 60123-1140 Send email to Corporate America Family Credit Union

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BBB Accreditation

A BBB Accredited Business since 03/01/2011

BBB has determined that Corporate America Family Credit Union meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised Corporate America Family Credit Union's rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 2 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.

Customer Complaints SummaryRead complaint details

2 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues1
Delivery Issues1
Advertising / Sales Issues0
Problems with Product / Service0
Guarantee / Warranty Issues0
Total Closed Complaints 2

Customer Reviews Summary Read customer reviews

0 Customer Reviews Customer Reviews on Corporate America Family Credit Union

Customer Experience Total Customer Reviews
Positive Experience
Neutral Experience
Negative Experience
Total Customer Reviews 0 Customer Reviews

Complaint Breakdown by Resolution

Complaint Resolution Log (2)BBB Closure Definitions
08/17/2012Delivery Issues
10/08/2014Billing / Collection Issues | Read Complaint Details

I ***** ****** took out a personal loan in the amount of $2000.00 with CAFCU in 2003 which I also had a bank account with them too every month when my direct deposit post to my account CAFCU will take $75.00 out of my account right away they did this for nine years and they are still saying that I owe them $1999.00 their is no way that I still owe them $1999.99 I don't owe them anything and I want them to take this off all three credit bureau. If you look at my credit report it show that I took the loan out in 2003 and I was paying $75.00 a month and I was never late until 2012 when I stop paying them and I stop paying them because the balance was never going down their is no way I still owe them anything because if you take $75.00 every month for nine years that will add up to be 8,100.00 and I only got a $2,000.00 loan I have paid them $6,100.00 more than what the loan was.

Desired Settlement
I want them to take this off all three credit report and show that I have a 0 balance and that this was paid in full and I want something in writing stating that my account is paid in full.

Business Response
Our records indicate that on October 31, 2003, Ms. ****** opened a Line of Credit, which is a personal, revolving line of credit loan with a monthly payment of $75.00 which she chose to pay through payroll deducted payments. Ms. ****** continued to make advances on this line of credit until December, 2012, at which time she discontinued her payroll deducted payments. She made no further payments on the line of credit after such time.

CAFCU charged off Ms. ******'s Line of Credit as bad debt in June, 2013, when the account was in excess of being 120 days delinquent. No additional payments have been received from Ms. ****** since the date of charge off.

Our records further indicate that Ms. ****** currently owes a total amount of $3,963.43 on the written off Line of Credit, with a breakdown as follows:

Written Off Principal Amount $1,999.24
Accrued Interest $1,664.30
Accrued Late Fees $ 299.89
TOTAL $3,963.43

Although Ms. ****** made monthly payments of $75.00 for the loan from November, 2003 to November, 2012, she continued to make advances on the funds available on the line of credit, so her balance did not decrease. CAFCU wrote off a principal amount of $1,999.24, which was nearly 100% of her $2,000.00 available credit line.

CAFCU is accurately reporting Ms. ******'s Line of Credit to all 3 major credit reporting agencies as "unpaid balance charged off".

Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Because they charge me $1,963.43 in interest that is double the amount of the loan and if they was taking $75.00 out of my checking account for 9 years I still don't see how I will owe them $1999.24 over the 9 years I paid them $75.00 a month that add up to be $8,100.00 where did this money go if I have already paid them $8,100.00 and still owe $1,999.24 this mean that I would have paid them back 10,099.24 on a $2000.00 loan this is too much to pay back on a $2,000.00 loan ever if I kept making advances on the loan as they say I didn't get $8,100.00 because this is what I paid them no one in their right mind will agree to pay $8,100.00 back on a $2,000.00 loan no matter how bad they need money they are worse than a payday loan place and they suppose to be a Credit Union I don't think this is right they need to be investigated to make sure they are going by the Credit Union guide line because I can't see how anyone will pay that much on a $2,000.00 loan.

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I did not borrow $6,896.91 the loan amount that I borrowed was $2,000.00 and that's all have them to fax you the contract that I sign for $6,896.91 because I never borrowed $6,896.91 nor did I sign a contract for $6,896.91 the only contract that I sign was for $2,000.00 and I will never make a settlement with them because I don't owe them anything

Final Business Response
We are always hopeful that our members will respond to our efforts to work together to achieve resolution to any matter. CAFCU is willing to review any offers of settlement from Ms. ******. At this time she would need to submit a settlement offer. She must do so by contacting our settlement agency at ***/XXX-XXXX.

Thank you.

Industry Comparison| Chart

Credit Unions, Financial Services, Mortgage Lender, Loans

Additional Information


Progress Credit Union claims to have merged with Corporate America Family Credit Union on November 1, 2004.

BBB file opened: 09/23/2004Business started: 06/03/1939
Licensing, Bonding or Registration

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Illinois Department of Financial and Professional Regulation
100 W. Randolph 9th Fl
Chicago, IL60601-3218
(312) 814-4500

BBB records show this business has a registered license with Illinois Department of Financial and Professional Regulation.Their web address is The expiration date of this license is 12/31/2016.

Type: Department of Professional and Financial Reg.

Check License Status: nbr=REGISTERED&type2=LICENSE

Please note that governmental licensing information may not be current.

Type of Entity


Incorporated: September 1996, IL

Business Management
Ms. Faith Myers (VP of Lending)Mr. Peter Paulson (President)
Contact Information
Principal: Ms. Paula McCarthy (Senior Vice President)
Business Category

Credit Unions, Financial Services, Mortgage Lender, Loans

Alternate Business Names
CAFCU, Corporate America Financial Services Inc
Industry Tips

Map & Directions

Map & Directions

Address for Corporate America Family Credit Union

2075 Big Timber Rd

Elgin, IL 60123-1140

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Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Chicago and Northern Illinois. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*Corporate America Family Credit Union is in this range.


Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

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  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.


BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.


Industry Tips for Credit Unions


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BBB Customer Review Rating plus BBB Rating Overview

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A+ 5
A 4.66
A- 4.33
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C- 2.33
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D- 1.33
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1 star 0-1.49

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