Home > F.A.Q.
The Pros and Cons of 0% Financing
How is my money insured at the Credit Union?
What is this Credit Union's purpose/mission?
What is the history of Credit Unions?
How is a Credit Union different from a bank?
Free checking accounts at the Credit Union have no
strings attached.
How do I report a lost or stolen Visa Debit
or Credit card?
What is the Credit Union's routing #?
Where can I find an
ATM machine?
What holidays does the Credit Union observe?
Can I apply for a loan over the internet/telephone?
How
does my company apply for membership into the credit union?
How do I join this Credit Union?
How do I check my balances by internet?
How do I check my balances by telephone?
Reading between the Lines about Interest Rates!
10 WAYS TO RECOGNIZE FAKE (SPOOF) EMAILS
| A credit union is a nonprofit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one another. The volunteer board that runs each credit union is elected by the members. Not for profit, not for charity, but for service is a credit union motto. Go Back
Credit unions are not new. Originating in Europe, credit union history began in this country when the first credit union was formed in Manchester, New Hampshire, in 1909. Today, over 10,000 credit unions with over $480 billion in assets serve more than 79 million people in the United States. More and more people join credit unions every year and they are pleased with the service. Credit unions have rated No. 1 in customer satisfaction at financial institutions for 10 years according to the American Banker Newspaper's annual customer satisfaction survey. To join a credit union, you must be eligible for membership. Each institution decides who it will serve. Most credit unions are organized to serve people in a particular community, group or groups of employees, or members of an organization or association. -NCUA Go Back
A bank is a for-profit organization and its goal is to maximize shareholders' profits. A bank typically does this by charging higher rates on loans, higher fees on transactions, and offering lower rates on savings plans. The owners' interests are often contrary to the interests of customers, who are valued primarily for the income they generate. Go BackA CREDIT UNION has the mission of service; and its goal is to help members improve their lives through more effective use of their financial resources. This is accomplished both through the education of the membership of financial topics and the Credit Union offering typically lower loan rates, lower fees and paying higher rates on saving instruments. The major difference is that a bank has to charge higher rates and fees to cover both normal operation expenses and earnings for stockholders; the credit union only has to pay for normal operation expenses and a sufficient allocation to reserves. All of your credit union's net earnings are given back in some way to the members who use its services. Go BackPlease call your local branch office or click here to e-mail your request. You can also find this number along the bottom of your credit union checks.
CAROLINA COOPERATIVE CREDIT UNION
2008 HOLIDAY SCHEDULE
Tuesday, January 1, 2008 New Year’s Day
Monday, January 21, 2008 Martin Luther King, Jr. Day
Monday, February 18, 2008 President’s Day
Monday, May 26, 2008 Memorial Day
Friday, July 4, 2008 Independence Day
Monday, September 1, 2008 Labor Day
Monday, October 13, 2008 Columbus Day
Tuesday, November 11, 2008 Veterans Day
Thursday, November 27, 2008 Thanksgiving Day
½ Wednesday, December 24, 2008 Christmas Eve
Thursday, December 25, 2008 Christmas Day
½ Wednesday, December 31, 2008 New Year's Eve / Year End
You absolutely can apply over the internet or over the telephone 24 hours a day and 7 days a week! Click here for more info: 24/7 Applications
How much coverage does each credit union
member have?
Share accounts in federally insured credit unions are insured up to $100,000 - just as with FDIC coverage at banks. IRA and Keogh accounts are insured up to $250,000. Generally, if a credit union member has more than one individual account in the same insured credit union, those accounts are added together and are insured up to $100,000. Shares maintained in different legal ownership capacities may each be separately insured. There are numerous combinations of accounts which can increase the total coverage. See some examples here: Combinations Are shares in different credit unions insured separately? Yes. If a member has accounts in several different insured credit unions, the maximum of $100,000 is applicable to share accounts in each insured credit union. In the case of a credit union having one or more branches, the main office and all branch offices are considered as one credit union. How are IRAs, and Keogh accounts covered? With federal share insurance through NCUA, these types of accounts are insured separately up to $250,000 from other accounts that the member maintains at the same credit union. To learn more about your credit union share insurance and how to maximize your coverage, drop by your credit union! Who pays for federal share insurance? The cost for this important credit union benefit is borne by credit unions. As a member, you do not pay directly for your share insurance protection. Your shares and savings are not only insured by this federal fund, the fund is also fully backed by the U.S. government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
NCUA Insurance Can
Reach $1.9 Million!
Individual coverage Individual Individual 100,000 IRA Retirement 250,000 Keogh Retirement 250,000 TOTAL $ 600,000 Family of Two Individual Accounts Husband Individual $ 100,000Wife Individual 100,000 Joint Tenancy Accounts Husband & Wife (Joint) 200,000Testamentary Revocable Trust Accounts Husband as Trustee for Wife 100,000 Wife as Trustee for Husband 100,000 IRA Husband & Wife (Both have an IRA) 500,000TOTAL $1,100,000 Family of Three Individual Accounts Husband Individual $ 100,000Wife Individual 100,000Child Individual 100,000Joint Tenancy Accounts Husband & Wife (Joint) 100,000Husband & Child (Joint) 100,000Wife & Child (Joint) 100,000KEOGH Husband 250,000The Husband is insured to $100,000 on his two accounts with Wife and Child. The Wife is insured to $100,000 on her two accounts with Husband and Child. The Child is insured to $100,000 on his/her accounts with father and mother. Testamentary Revocable Trust Accounts Husband as Trustee for Wife 100,000Husband as Trustee for Child 100,000Wife as Trustee for Husband 100,000Wife as Trustee for Child 100,000TOTAL $1,250,000 Family of Four Individual Accounts Husband Individual $ 100,000 Wife Individual 100,000Child #1 Individual 100,000Child #2 Individual 100,000Joint Tenancy Accounts Husband & Wife (Joint) 100,000 Husband & Child #1 (Joint) 100,000Wife & Child #2 (Joint) 100,000Child #1 & Child #2 (Joint) 100,000As in the previous illustration, none of the co-owners have an interest of more than $100,000 in all the joint accounts, so the total amount held by each of the co-owners in all joint accounts is insured. Testamentary Revocable Trust Account Husband as Trustee for Wife 100,000Wife as Trustee for Husband 100,000Husband as Trustee for Child #1 100,000Wife as Trustee for Child #1 100,000Husband as Trustee for Child #2 100,000Wife as Trustee for Child #2 100,000IRA Wife 250,000KEOGH Husband 250,000TOTAL $ 1,900,000
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From the Federal Trade Commission: Car Ads: Reading Between the Lines Many new car dealers advertise unusually low interest rates and other special promotions. Ads promising high trade-in allowances and free or low-cost options may help you shop, but finding the best deal requires careful comparisons. Many factors determine whether a special offer provides genuine savings. The interest rate, for example, is only part of the car dealer’s financing package. Terms like the size of the downpayment also affect the total financing cost. Questions About Low Interest Loans A call or visit to a dealer should help clarify details about low interest loans. Consider asking these questions:
Questions About Other Promotions Other special promotions include high trade-in allowances and free or low-cost options. Some dealers promise to sell the car for a stated amount over the dealer’s invoice. Asking questions like these can help you determine whether special promotions offer genuine value.
You’re not limited to the financing options offered by a particular dealer. Before you commit to a deal, check to see what type of loan you can arrange with your bank or credit union. Once you decide which dealer offers the car and financing you want, read the invoice and the installment contract carefully. Check to see that all the terms of the contract reflect the agreement you made with the dealer. If they don’t, get a written explanation before you sign. Careful shopping will help you decide what car, options, and financing are best for you. Go Back For a printer friendly version Click Here For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
The Pros and Cons of 0% Financing Pros
Cons
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| How do you know if the deal you are being offered is the
best? This is an example of how you can actually save money
financing through your credit union:
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| You save $132 each month by financing through your credit union! |
