Frequently Asked Questions (FAQs)
What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and hire’s a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Who owns a credit union?
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 is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
How did 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.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer 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.
Are savings deposits 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.
Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group.
What is your field of membership/who can join SSCFCU?
Membership in South Side Community FCU is open to individuals or businesses on Chicago’s south side, from 22nd Street on the North to the city limits on the South and from the Lake on the East to Western Avenue on the West. You can live, work, worship, attend school or belong to an organization that is within this boundary area.
What is the minimum opening deposit to join?
Minimum opening balance to open a savings account is $50.00 and dividends are paid quarterly on account balances of $100.00. There is a one-time membership fee of $10.00 upon opening your savings account.
When can I apply for a loan?
Once you become a member you are eligible to apply for a loan. To apply for a short term Payroll Advance Loan Plus (PAL PLUS) and the regular Payroll Advance Loan (PAL), you will have to be a member for 30 days and to apply for a Signature Loan after you have been a member for 3 days. Once you apply for the loan, all loans are reviewed by the Credit Committee for approval. Is there a monthly service fee on savings accounts? There’s no service fee if you have total balances in all your SSCFCU accounts of $50.00 or more and you get three free withdrawals per calendar month.
Are checking accounts available at SSCFCU?
Checking Accounts is for you. Unlimited check writing, no minimum balance required, no monthly service charge and a low opening balance of $50.00 and $100.00 in your savings account and no record on ChexSystems.
What online services are offered to members?
Here are a few of the things you can do with Home Banking: •Perform account inquiries •Download account statements •View checks that have cleared •Set up automatic transfers •Name your own accounts •Obtain info on dividends and interest •Order checks •Stop payment on a check(s) •Make account transfers and loan payments
Are Visa® Check Cards (debit cards) offered to members?
Yes, every checking account comes with free Visa Check Card. Debit cards are only available with checking accounts not savings accounts.
Do I need to be a member before I can apply for a loan?
Yes, you will need to be a member to apply for a loan.
Does SSCFCU offer home loans?
No, we do not offer either traditional home loans as well as home equity loans. Visit our website for more information on CU Members Mortgage. How do I add a beneficiary to my account? On, page 2 of the membership application there is an area for you to list the beneficiary for your account.
Hours of Operations:
Monday, Tuesday & Wednesday 9:00 AM to 3:00 PM
Friday 10:00 AM to 3:00 PM
Saturday 10:00 AM to 1:00 PM