Frequently Asked Questions
| Q: | How is a credit union different from a bank? |
| A: | Banks are for-profit companies that exist to generate high levels of
profit for their stockholders. Bank stockholders elect a paid board of directors to run
the bank and to financially benefit stockholders, not the bank’s depositors. On the
other hand, credit unions are not-for-profit organizations that were founded on the idea
that through a cooperative financial effort, individuals sharing common bonds could
benefit. Credit unions are member owned and exist to serve and educate their members, who
are their depositors, and to promote thrift. The members elect an unpaid board of
directors to run their credit union for the financial benefit of all members who are the
depositors and borrowers.
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| Q: | Who can join a credit union? |
| A: | Each credit union has a defined field of membership and is not open to
the public. Since credit union membership is not open to the public, individuals must meet
certain requirements before being granted access to a credit union, one of the most
important being that they share a "common bond." Examples of individuals sharing
a common bond are employees of corporations, members of associations, churches or
synagogues and residents of defined areas such as communities. Members can be drawn from
more than one group, each sharing a distinct common bond.
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| Q: | Are members the only ones who benefit from credit unions? |
| A: | No. Members obviously benefit from the affordable financial services,
money management education and personalized service that credit unions provide. However,
companies also gain by offering a credit union benefit to their employees. By doing so,
employers increase their companies’ marketability and help employees gain access to
financial services that they might have been unable to obtain elsewhere. In the end, credit unions benefit all consumers — members and non-members alike. Credit unions provide the economic benefits of capital investment and help local capital pools serve local communities. Credit unions also benefit all consumers by continuing to provide rate competition and an overall choice for financial services in the marketplace.
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About Membership In Central Credit Union:
| Q: | Who qualifies for membership in Central Credit Union? |
| A: | To take advantage of the money-saving benefits of Central Credit Union
membership, you must work for one of our more than 300 affiliated companies and
organizations or be an immediate family member of a Central Credit Union member.
If you live or work in Orland Park or the southwest Chicago suburbs, you
may also qualify for membership.
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| Q: | How can my organization become affiliated with Central Credit Union? |
| A: | For more information regarding affiliation, please click
here.
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| Q: | How do I become a member? |
| A: | If you qualify for membership, please see your Human Resources
Department for a membership application or contact the credit union. You can request an
application via e-mail or by calling our Member Services
Department at (708) 649-6410.
|
| Q: | Once I become a member, are my immediate family members eligible to join? |
| A: | Yes. Membership extends to immediate family members including any
relative by blood or marriage and foster or adopted children.
|
| Q: | What happens if I stop working for my employer who offers the credit union benefit? |
| A: | The credit union offers lifetime membership. As long as you maintain a
minimum balance of $25 in your Share Account, which establishes
your share of ownership in the credit union, you can retain your membership regardless of
your employment status.
|
| Q: | Are my credit union deposits federally insured? |
| A: | Yes. Your deposits are insured up to $100,000 by the National Credit
Union Administration (NCUA), an agency of the federal government.
|
| Q: | How can I make deposits to my accounts? |
| A: | You can make deposits in person, by mail or by ATM if you have a credit
union checking account. You can also make deposits
conveniently through payroll deduction or direct deposit.
.
|
| Q: | How can I withdraw money from my accounts? |
| A: | You can make withdrawals in person or by ATM if you have a credit union
checking account. Of course, if you have a checking or money market account, you
can withdraw money by writing checks. With a checking account, you can also withdraw funds
by using your Cash Card to make purchases and requesting cash back from merchants. You can request withdrawals of $250 or more by calling our Member Services Department at (708) 649-6410. You can also request withdrawals of any amount 24 hours a day through CALL 24 , the credit union’s automated response service, and a check will be sent to mailed to your home address.
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| Q: | How can I transfer funds between my accounts? |
| A: | You can easily transfer funds between your accounts with CALL 24, the credit union’s automated response
service, or through Central
At Home, the credit union’s home banking service. To request a CALL 24
application, please call our Member Services Department at (708) 649-6410 or click here. Once you have registered for CALL 24, you can register
for Central At Home online using your account number and CALL 24 PIN. You can also request transfers by calling our Member Services Department at (708) 649-6410.
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| Q: | How long do I have to be a member before I can apply for a loan? |
| A: | As soon as you have $25 in your Share Account,
you are eligible to apply for any of the credit union’s loan
services.
|
| Q: | How do I apply for a loan? |
| A: | You can conveniently apply for a loan online. You can
also apply by calling our Loan Department at (708) 649-6420.
|
| Q: | How long will it take to process my loan request? |
| A: | The credit union can approve most loans for qualified members in an
hour or less. Qualified members who apply online, can be approved in 45 seconds or less.
|
| Q: | Can I repay my loan through payroll deduction? |
| A: | Yes. With payroll deduction, the amount of your monthly payment can be
deducted from your paycheck and deposited directly into your Share
Account. The money will then be transferred and applied to your loan balance on your
loan payment due date. Repayment through payroll deduction is available for all loans
except for Visa.
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| Q: | Can I make my loan payments online? |
| A: | Yes. With Central At Home, the credit union’s free home banking service,
you can transfer funds from your savings or checking account to your loan account. As long as there are
sufficient funds in your account, your payment will be made immediately. You can register online for Central At Home using your account number and CALL 24 PIN. To request a CALL 24 application, click here or call our Member Services Department at (708) 649-6410.
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About Direct Deposit And Payroll Deduction:
| Q: | What are direct deposit and payroll deduction? |
| A: | Direct deposit and payroll deduction are services offered by your
employer to enable you to conveniently make deposits to your credit union accounts. With direct deposit, your entire net paycheck is automatically deposited into one or more of your accounts on payday, and is available for use that same day. With payroll deduction, you can have a portion of your paycheck deposited into one or more of your accounts each payday. If your company sends your funds electronically, they will be ready for use on the day you are paid. For more information or to sign up for direct deposit or payroll deduction, please see your Human Resources Department or call our Member Services Department at (708) 649-6410.
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| Q: | If I’m on direct deposit, does my entire net paycheck have to go into only one of my credit union accounts? |
| A: | No. If you have your entire net paycheck sent to the credit union, you
can designate the different accounts you would like the funds deposited into and the
amount of funds you want deposited into each.
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| Q: | If I am on direct deposit or payroll deduction, how long after I am paid will the funds be deposited into my account? |
| A: | If your employer sends your funds via the Automated Clearing House
(ACH) method, your funds will be available for use on the day you are paid. If the funds
are sent by check, we will post them to your account on the day they arrive at the credit
union.
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| Q: | How can I change the amount of my payroll deduction? |
| A: | To change the amount of your payroll deduction, complete a new Payroll Deduction Authorization Form, which you should be able to obtain from your Human Resources Department. |
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