Frequently Asked Questions

Have a question? We have an answer!Frequently Asked Questions

Check out our FAQ (Frequently Asked Questions) list. We have compiled popular questions from Section 705 FCU members. If your question is not included in the list below, contact the credit union. We are happy to help in whatever way we can. 

General FAQs

How did credit unions start?

The Origin of Credit Unions!

The 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. Credit unions strive to promote financial dignity for all. Learn more about credit unions and specifically Section 705 Federal Credit Union

Become a member. Learn more about credit unions at www.asmarterchoice.org!  

Who owns a credit union?

Credit Unions are Member Owned!save

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 member of the credit union. Each member is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

What is the purpose of a credit union?

The Credit Union Purpose!

The primary purpose in furthering their goal of service is to promote financial dignity to all. We encourage members to save money and offer low interest 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.

See Also:

The Difference between a Credit Union and a Bank
How to Join?
Who Can Join?

 

Are savings deposits insured?

NCUA

Your Funds ARE Insured!

Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. Visit NCUA’s website to find out more about how the agency works. NCUA is the credit union equivalent of the FDIC that insures for-profit financial institutions like banks.

After I become a member of Section 705 Federal Credit Union, can my other family members also join?

Can Family Join? Of course! Keep It in the Family.

Yes, your spouses, children, step-children, grandchildren, legal parents, and siblings are eligible for membership through a family relationship. 

Can Family Join

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 you become a member, you are 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.

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. The information is also available online. Just click!

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.

Do you offer money orders, stamps, and gift cards?

Yes. We currently offer money orders ($2.00 each), stamps (prices vary), and VISA gift cards (maximum of $500.) All of these options are available at the credit union. If you are interested and want to learn more, call 337-232-8450 or visit our fee schedule for pricing.

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.

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.

How do I report my debit or VISA credit card lost or stolen? What if my card is damaged and I need a replacement?

In either situation, you will need to call for a new card.

  • For VISA credit cards, call 1-800-325-3678 to report needing a new card.
  • For debit cards, you will call 1-800-472-3272 to ask for a new card.

Your new card will come in the mail within 7 to 10 business days in both scenarios. If you have further questions call the credit union at 337-232-8450.