Frequently Asked Questions
To assist you, we have compiled a short list of the most frequently asked questions and answers. We trust that these questions and answers will respond to your concerns.
What’s a Credit Union?
Who owns a credit union?
How did credit unions start?
What is the purpose of a credit union?
Are savings deposits insured?
Who can join a credit union?
Will I have to close my account at the Credit Union if I leave my job or relocate?
Can my family members join the Credit Union?
What are your hours of operation?
What is the monthly fee for savings and checking?
Do you have to maintain a minimum balance?
Can I have my payroll check deposited directly into my Credit Union account?
How do I reorder checks?
How can I check on my Credit Union account after hours?
Where may I use my ATM card?
How long do I have to be a member before I can apply for a loan?
Can I apply for a loan online?
What do I do if I am changing my address?
Q. What’s a Credit Union?
A. A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Q. Who owns a credit union?
A. Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
Q. How did credit unions start?
A. The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
Q. What is the purpose of a credit union?
A. The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Q. Who can join a credit union?
A. A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
Q. Can my family members join the Credit Union?
A. Yes - immediate family members are eligible for membership. Contact a credit union representative for further details.
Q. What are your hours of operation?
A. See our location page for current information.
Q. What is the monthly fee for savings and checking?
A. Savings accounts have NO MONTHLY FEE. Checking accounts also have NO MONTHLY FEE with Direct Deposit to your account. There are no per check fees and dividends are paid on both types of account. See our fee schedule for more information.
Q. Do you have to maintain a minimum balance?
A. A $5.00 minimum balance is required to keep your account active, and avoid a monthly service fee. See our fee schedule for more information.
Q. Can I have my payroll check deposited directly into my Credit Union account?
A. Yes! Simply contact the Credit Union and/or your payroll department.
Q. How do I reorder checks?
A. To reorder checks without changes, you can order online through Harland Clarke. If you have not ordered checks with Harland Clarke (formerly Liberty) or you have misplaced your order form, contact us at 727-442-7746, or visit our office for assistance.
Q. How can I check on my Credit Union account after hours?
A. By using DANA, the Credit Union's Audio Response System. The service is FREE and allows you access to your account 24 hours a day, seven days a week. Call 727-447-1076. For more information please contact our Member Services department.
Q. Where may I use my ATM card?
A. Anywhere you see the logos displayed on the back of your card. Several ATM locators are available online.
Q. How long do I have to be a member before I can apply for a loan?
A. There is no waiting period. As a matter of fact, you can become a member, apply for a loan and have an answer within 24 hours. Fill out our online loan application to get started.
Q. Can I apply for a loan online?
A. Yes! You can apply for a loan. Simply complete our online application.
Q. What do I do if I am changing my address?
A. Please notify the Credit Union in writing as soon as you change your address. When we receive notice from USPS of an address change, your account will be charged a $3.00 postal forwarding fee.
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