How did credit unions start?
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.
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Who owns a credit union?
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.
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What is the purpose of a credit union?
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.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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After I become a member of Section 705 Federal Credit Union, can my other family members also join?
Yes, your spouses, children, step-children, grandchildren, legal parents, and siblings are eligible for membership through a family relationship.
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Does Section 705 Federal Credit Union charge a wire fee?
Yes there is a $20.00 wire fee.
The information needed to complete a wire transfer is:
Your name, account number and address.
For financial institution where it is going we need:
The name, city, state and their ABA routing/transit number.
Also to whom the transfer is going to-Name address and account number
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If I change jobs and no longer work for an employer group affiliated with Section 705 FCU, do I have to close my account?
NO, once a member always a member. As long as you maintain a $25.00 balance in your regular share account you will remain a member. You can continue to make deposits to your account either by mail or payroll/direct deposit through your new employer.
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Can my employee group join Section 705 Federal Credit Union?
More and more employers are seeking credit unions to join to offer their employees an added benefit. Contact Section 705 FCU 337-232-8450 or toll free 1-800-653-5990 and ask for a packet to enroll your employee group into our credit union.
Approval is necessary from our Board of Directors then final approval from NCUA (our federal governing agency). Once an approval is given, a representative from Section 705 FCU will come visit your workplace and explain the benefits of a credit union and open accounts. We want to bring the credit union to your employees and make this relationship quick and easy for your employees to take advantage.
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Do you offer money orders, stamps, and travelers checques?
We currently offer all of the above. Visit your credit union today.
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How can I change my mailing address?
You can change your mailing address several ways. You can visit the credit union or you may fax this information, along with your signature for verification.
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How can I get a copy of a cancelled check?
You can request a copy of a cancelled check by calling the credit union office during office hours.
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