How do I establish an account?
To establish an account visit a Member Services Representative or download a membership application. Complete the application and deposit $20.00 into your share account. Congratulations – the benefits of membership are now available!
Please note, due to new federal regulations additional identifying information may be required. Please refer to the membership application for more details.
What is a VRU?
Voice Response System is our 24 hour telephone access line, by calling 410-821-5324 and knowing your account number and last 4 digits of your SS# you can access all of your accounts-you can even do a withdraw and have it mailed to you!
Please explain the new check clearing law
Check 21, the new federal law that affects check clearing rules started October 28, 2004. The law allows financial institutions to use electronic image capturing and transmission technology to improve the check collection process. The process will produce an electronic check for processing versus a paper check for clearing – it will be called a substitute check. What does that mean to you? It means the Credit Union is required to accept substitute checks and the time it use to take to clear a check will be drastically reduced. For instance, you write and mail your normal mortgage payment on the last payroll Friday of the month, it use to take about 7 to 10 days or so for the money to come out of your account. Sound about right? Now you mail that check on Friday and the funds could be deducted from your account as early as Tuesday or Wednesday, depending on your financial institution. That’s just a for instance, depending on your circumstances the timing could be different. Be aware, and as always, we recommend that you have the funds available in your account BEFORE you write a check.
What is Courtesy Pay?
Courtesy pay is a new service available to our standard checking account members. It is an extra layer of member protection from returned checks. Have you ever inadvertently bounced a check or have forgotten to write a check card purchase or ATM withdrawal in your check register? The credit union has added Courtesy pay to our checking account layer of member protection to help you avoid those situations. If you inadvertently overdraft your account, the credit union will pay the overdraft for you, even it if makes your account negative, and charge you the regular bounced check fee. You then have 30 days to bring the account current. But as always, the credit union wants to keep your money in your pocket, so we’ll still look in your savings account first to see if we can transfer monies from there to cover the draft, then to your overdraft line of credit, and finally to the courtesy pay option which will cover only up to $500. Make no mistake about it, we’re not saying go ahead and use all those checks in your checkbook, because we’re buying. No, we’re saying, we know we’re all human and mistakes happen, we just don’t think the whole world, including the person you wrote the check to, their financial institution, and anyone else involved needs to know. Plus, we’re trying to keep your money in your pocket, you won’t incur additional fees from the person or business you wrote the check to. Consider Courtesy Pay, an extra layer of member protection. We’re here to help.
How do I get a copy of a substitute check?
The procedures for requesting and receiving a copy of a personal check will remain mostly the same. The only difference is if an original copy of the check is requested, a substitute check may be sent instead.
Please explain check holds
Check holds are a security feature where the Credit Union makes deposits unavailable until the funds are processed through the Federal Reserve System. The funds are placed into your account the day you transact the deposit and you will receive the current dividend rate on the funds, but they are not available for use until they have gone through the process of being presented to the financial institution where the check was drawn and the funds made available to the Credit Union. This is done to protect your account from future bounced checks in the event a deposit is returned. Check holds vary based on whether or not the financial institution it was drawn on is local or non-local. Local check holds will not exceed two business days, non-local check holds are normally five-business day. With both types of holds, $100 is available the first business day after the deposit. As with every rule, there are exceptions, please refer to the “Know the Facts” brochure available at both locations. Please note: the funds will be held against the account where the majority of the deposited money went. If you prefer the hold be placed on funds elsewhere, please let the teller know at the time of deposit.
I deposited a check into my account and it was returned (bounced)
I did not receive the original check back, I got a copy instead. What do I do now? Because of a new federal law, Check 21, the copy was returned instead of the original check. The copy returned to you is of legal tenure and can be redeposited if you so wish. It’s as good as the original check that was given to you.
What is the Teen Checking account?
The Credit Union realizes the importance of getting kids started on the right foot when it comes to financial matters. This account gives our teen members, ages 13 to 17, the financial freedom of being responsible for their own money while under the tutorage of their guardian/parent and the Credit Union. This account comes with all the conveniences of our standard checking account with the exception of lower spending limits on the MasterCard Check Card. Our young member will have access to their account via phone and on-line access, free overdraft protection from their savings, along with other great features. Contact a Member Service Representative for additional information.
How long do I have to be a member before I can apply for a loan or purchase specialty tickets?
You can join the Credit Union and immediately take advantage of all the benefits of membership. Go ahead, join today and start the refinance of your car right away!
What is a Dormant Account Fee?
If you have not used your credit union account in a year or more you could be charged with a $5.00 fee. A Member Service Representative will send you a letter within a year of you not accessing you account to find out your intentions (there could be new services your missing out on) before you are charged the $5.00 fee. After 3 years of no use your account is turned over to the state as Abandoned Property as a state regulation.
Why does my change of address have to be in writing?
The Credit Union believes in account security, we don’t sell your information to anyone and we don’t believe in giving it away either. We request your change of address in writing so we can verify the signature against your membership application. Thieves have been known to change an address on an account and then request additional services be mailed to the new address and you would never know; we’re trying to prevent this.
How many times can I use my ATM card in a day and what is the daily maximum dollar amount?
You can access your account nine times a day with a $500 maximum at an ATM, and, 15 times a day with a maximum of $1,000 for purchases. The Credit Union will not charge a fee for the first eight withdrawals a month, after that there is a $1.00 fee per transaction – unless you use a CO-OP Surcharge Free machine (they’re always fee-free!) The Credit Union cannot guarantee you will not be charged a fee (surcharge) to use another financial institution’s machine. Go to the ATM locator link to see the listing and location of the other Credit Union machines.
If I’m eligible for membership through my employer and I retire or leave, do I need to close my account?
No, the Credit Union’s policy is, “Once you’re a member, always a member.” You do not have to close your account, but if you have payroll deduction to a loan from your paycheck you should contact the Loan Department to make other payment arrangements.
