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.
Are savings deposits insured?
A.
Yes. All savings accounts are insured up to at least $250,000 by the NCUA,
the National Credit Union Administration, an agency of the federal
government.
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.
Will I have to close my account at the Credit Union if I leave
my job or relocate?
A. Absolutely not. "Once a
member, always a member" - for life!
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 $25.00 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.
Looking for the answer to a different question? Send us
email and we
will respond to you quickly.
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