What is the difference between a credit union and a bank?
Whereas banks exist for the profit of outside stockholders, credit unions are not-for-profit, member owned financial institutions offering low rates and valuable financial services to their members. Credit union members come together from a common bond (employment, residence, or house of worship)and pool their resources to provide low-interest loans to other members. Operating income is returned to members in the form of higher dividends for monies on deposit and lower interest rates on loans. A credit union is dedicated to serving its members'' financial needs in a low-cost, efficient manner. Because each member is an owner, regardless of how much he/she has on deposit, they have an equal vote in director election. Credit unions are democracy in action. This means our members directly benefit from participating in their credit union.
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Why are interest rates ususally lower at a credit union?
Credit unions are not-for-profit financial cooperatives. As such, they do not have stockholders to pay. These savings are returned to members in the form of higher savings rates, lower loan rates, and low-or no-fee services.
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How much do you need to deposit when opening an account?
To open a Share(savings)Account, we require a minimum of $5.00 - our minimum balance. Opening a Checking(share draft)Account requires a minimum of $25.00, that is to cover your first check-printing charge, and to order your atm/debit card if so desired.
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How long do I have to be a member before I can get a loan?
Once you establish your membership, you can apply for a loan immediately - there is no requirement on length of membership.
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How do I apply for a loan?
You can fill out a loan application over the Internet and a loan officer will contact you; come into the Loan Office at 1135 S. Main Street and see one of our loan officers; or apply over the phone at 765-454-5590. In any case, you will need the following information: proof of income (paystubs), current obligations (payment amount and balance due), and amount needed to borrow. If you are borrowing for a vehicle, you will also need a bill of sale, Vehicle Identification Number (VIN), mileage, and insurance information. Refinanced vehicles would also need current financing information (institution, balance, and loan number).
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Why is my loan payoff more than the balance reported on my last statement?
The difference in amounts is due to your finance charge, or accrued interest. Finance charges accrue each day on unpaid balance exists. Ask a loan officer for the daily accrual rate when calling for a loan payoff to be sure you get a correct amount.
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Can I get Credit Disability and Credit Life Insurance?
Yes. The primary borrower can purchase either or both insurance. This amount will be added to the principal. Eligibility is based on several criteria. For further information, please contact a loan officer.
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