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Is iTHINK Financial a Bank or a Credit Union?
iTHINK Financial is a credit union, not a bank. Credit unions are owned by their members rather than shareholders, with earnings returned through competitive rates, lower fees, and higher savings yields
Who Can Join?
Membership is available to eligible people who live, work, worship, or attend school in approved Florida or Georgia counties, participating employer groups, and eligible family members.
Frequently Asked Questions About iTHINK Financial
Find quick answers about iTHINK Financial, membership, insurance and our services.
What is iTHINK Financial?
iTHINK Financial is a member-owned, not-for-profit credit union headquartered in Delray Beach, Florida, serving members across Florida and Georgia. Founded in 1969, iTHINK Financial offers checking and savings accounts, vehicle and personal loans, mortgages, credit cards, business banking and wealth management. Deposits are federally insured to at least $250,000 by the National Credit Union Administration.
Is iTHINK Financial a bank or a credit union?
iTHINK Financial is a credit union, not a bank. Credit unions are owned by their members rather than shareholders. Earnings are returned to members through competitive loan rates, lower fees and higher deposit yields. Deposits at iTHINK Financial are federally insured by the National Credit Union Administration, rather than the FDIC, at the same coverage level of at least $250,000 per depositor.
Who can join iTHINK Financial?
Membership is open to people who live, work, worship or attend school in an approved county in Florida or Georgia; employees and retirees of participating employers; and eligible immediate family and household members of current members. Opening a savings account with $5 begins a lifetime membership. Learn more about joining iTHINK Financial.
Is iTHINK Financial federally insured?
Yes. Deposits at iTHINK Financial are federally insured to at least $250,000 per depositor by the National Credit Union Administration, a federal agency. Credit unions are not FDIC insured; NCUA insurance provides the same standard coverage amount provided by FDIC insurance.
What is iTHINK Financial's routing number?
The iTHINK Financial routing number, also called the ABA number, is 267077627. Use it for direct deposit, wire transfers and automatic payments. For help with a specific transfer, call 800.873.5100 or email serviceplus@ithinkfi.org.
Where is iTHINK Financial located?
iTHINK Financial is headquartered in Delray Beach, Florida, with branches throughout Florida and Georgia. Members also have access to CO-OP Shared Branch locations nationwide. Find a branch or ATM near you.
Is iTHINK Financial the same as IBM Southeast Employees Credit Union?
Yes. iTHINK Financial was formerly known as IBM Southeast Employees Credit Union, or IBMSECU. The credit union adopted the iTHINK Financial name in 2020. Existing member relationships and the routing number carried over through the rebrand, and membership is no longer limited to IBM employees.
What products and services does iTHINK Financial offer?
iTHINK Financial offers checking and savings accounts, money market accounts, certificates and IRAs, vehicle loans, personal loans, mortgages, home equity lines of credit, Visa credit cards, business banking and lending, and wealth management services. Members can also use Digital Banking for features such as mobile deposit, bill pay and account transfers. Explore personal banking products and services.
Is iTHINK Financial connected to iTHINK Financial Amphitheatre?
iTHINK Financial is the title sponsor of the iTHINK Financial Amphitheatre and the Tabernacle Presented by iTHINK Financial. iTHINK Financial is a financial institution and does not operate either venue, sell tickets or manage events.
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To Buy vs. Rent Your Home
By: iTHINK Financial | Jan 02, 2016
Buying a home versus renting, which is right for you? There are many differences in buying a home versus renting. Determining if owning a home better suits ones needs rather than renting is a serious question. In contemplating the options, consumers typically consider location, amenities, lifestyle, and costs in their analysis.
Home ownership can bring a lot of pride. When you own the home, it is yours to renovate, paint, decorate, landscape (etc.) as you choose. However, home ownership also means when something is broken, you have to fix it or pay someone to fix it. Whereas, with renting, you have less leeway in making home improvements/changes, but you can leave the responsibility for repairs to your landlord or apartment manager.
When a person lives and works in a major city, it can sometimes limit the affordability of owning a home and renting may be the best option for his/her budget.
When considering the upfront cost of renting versus buying, renting is typically less expensive. The upfront cost for renting usually consists of one or two months rent, typically referred to as a security deposit. Then you can expect your monthly housing cost to be stable except for utilities and extras such as cable or satellite TV if they are not included with rent. On the other hand, when buying a home, closing costs on a mortgage are typically 3% of the purchase price and can go higher depending on the size of your down payment. That’s $6,000+ on a $200,000 home.
A major difference in buying versus renting is that when one wants to move, the house will (most likely) have value. The apartment will definitely not have any value. Of course, the house may have to be sold before moving to a new home; unless one decides to rent the house to someone else. Leaving a rental home requires nothing more than a notice to the landlord.ne can move to the next place leaving all the rent paid to the landlord behind.
Here are some hypothetical comparisons of costs assuming a $1,500 rent payment versus a $1,500 mortgage payment.
| Rent $1,500 a month | Buy $200,000 No increase in Value | ||
|---|---|---|---|
| Deposit 2 X $1,500 | 3,000 | Down Payment | 10,000 |
| Security | 1,500 | Closing Costs | 6,000 |
| 5 Yrs Rent | 90,000 | 5 Yrs Payments | 90,000 |
| Repairs | 0 | Repairs | 5,000 |
| Balance on Lease | 0 | Balance on Mortgage | 174,163 |
| Value of Apartment | 0 | Value of House | 200,000 |
| Residual Value | 0 | Residual Value | 25,873 |
| Rent $1,500 a month | Buy $200,000 w 1% increase /Yr in Value | ||
|---|---|---|---|
| Deposit 2 X $1,500 | 3,000 | Down Payment | 10,000 |
| Security | 1,500 | Closing Costs | 6,000 |
| 5 Yrs Rent | 90,000 | 5 Yrs Payments | 90,000 |
| Repairs | 0 | Repairs | 5,000 |
| Balance on Lease | 0 | Balance on Mortgage | 174,163 |
| Value of Apartment | 0 | Value of House | 208,120 |
| Residual Value | 0 | Residual Value | 33,957 |
| Rent $1,500 a month | Buy $200,000 w 2% increase /Yr in Value | ||
|---|---|---|---|
| Deposit 2 X $1,500 | 3,000 | Down Payment | 10,000 |
| Security | 1,500 | Closing Costs | 6,000 |
| 5 Yrs Rent | 90,000 | 5 Yrs Payments | 90,000 |
| Repairs | 0 | Repairs | 5,000 |
| Balance on Lease | 0 | Balance on Mortgage | 174,163 |
| Value of Apartment | 0 | Value of House | 216,486 |
| Residual Value | 0 | Residual Value | 42,323 |
As you can see from the chart, buying a home you can afford and plan to live in for at least a few years is most likely the best option. However, renting is also a viable alternative in certain situations. Remember to consider all of your options in your housing decision.
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