Organizations Filed Purposes:
The Otter Tail Credit Union is a not-for-profit, member owned, financial institution that offers financial products and services to its' members at competitive rates and fees. These products and services will be administered in the most economical way feasible. The credit union will help its' members to make better financial choices by educating them.
Promoting thrift to the credit union's members is a primary service. Thrift is promoted by offering a variety of saving accounts. The credit union offers basic saving accounts, money market type accounts, IRA accounts, and certificates of deposit. All of these accounts have either no minimum balance requirements or very low minimum balance requirements. The credit union also offers its' members payroll deduction and direct deposit to facilitate savings. In 2020 the credit union paid out $17,944.96 in dividends and interest to its' members.
Lending is another primary service the credit union offers its' members. In 2020 the credit union granted 263 loans in the amount of $2,645,176.34 to its' members. The credit union does not charge the members an application fee for loans nor does it have a minimum loan amount. The credit union's loans do not have pre-payment penalties and all of the loan contracts are simple-interest contracts. The credit union offers its' members payroll deduction to make paying their loans more convenient.
The credit union provides its' members with low cost share draft accounts as another primary service. These share draft accounts do not have a minimum balance requirement nor do they have monthly service charges. There are some fees associated with this account but the credit union strives to keep those fees to a lower amount than other financial institutions. The credit union also follows policies designed to keep member costs to a minimum. At the end of 2020 the credit union 549 of these accounts open.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
|Name||Title||Hours Per Week||Total Salary|
|David R West||President||40||$44,392|
|Amy Westerberg||Assistant Secretary/Treasurer||1.2||$0|
|Tammy J Bolstad||Membership Officer||1.2||$0|
|Russell J Larsen||Treasurer||1.6||$0|
|Jeffrey Mckeever||Chairman of the Board||1.6||$0|
Data for this page was sourced from XML published by IRS (public 990 form dataset
) from: https://s3.amazonaws.com/irs-form-990/202131729349301313_public.xml