Member FAQs

Credit Unions

A bank is a for-profit company that exists to generate high profits for its stockholders. A bank is governed by a Board of Directors that makes decisions to benefit stockholders. Those decisions may not always be in the best interest of a bank's customers. Unlike a bank, a credit union is a not-for-profit cooperative owned by its members and managed by a full-time professional staff for the exclusive benefit of its members.

Credit unions have no stockholders, so after paying operating expenses and setting aside reserves, all remaining income is returned to members in the form of higher paying dividends, lower loan rates, reduced fees and enhanced services. In addition, a volunteer Board of Directors is elected by the members to ensure that all members have a voice in the credit union. Those serving on the Board must be members.

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.

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.


Central Credit Union Membership

To take advantage of the money-saving benefits of Central Credit Union membership, you must work for one of our more than 250 affiliated companies and organizations or be an immediate family member of a Central Credit Union member. Membership is also open to residents of the greater Chicagoland area.

For more information regarding affiliation, please click here.

If you qualify for membership, you can join at any of our locations. If you work for one of our Select Employee Groups, you can also see your Human Resources Department for a membership application. You can also request an application via e-mail or by calling our Member Services Department at (708) 649-6410.

Yes. Membership extends to family members including any relative by blood or marriage and foster or adopted children.

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.

Savings Accounts

Yes. Your deposits are insured to at least $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government.

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.

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 debit card to make purchases and requesting cash back from merchants. You can also request withdrawals by calling Member Services at (708) 649-6410.

You can easily transfer funds between your accounts through Central At Home, the credit union’s free online banking service or through mobile banking.  To register, click here


You do not have to be a member to apply for a loan, but you have to join prior to disbursing a loan.

You can conveniently apply for a loan through online banking. You can also apply by calling our Loan Department at (708) 649-6420.

The credit union can approve most loans for qualified members in an hour or less. Qualified members who apply online, can be approved in as little as 60 seconds.

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.

Yes. With Central At Home, the credit union’s free online banking service or mobile banking, 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 for online banking and mobile banking using your account number and electronic services PIN.

Direct Deposit And Payroll Deduction

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 Member Services at (708) 649-6410.

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.

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.

To change the amount of your payroll deduction, complete a new Payroll Deduction Authorization Form. To request a form, click here.