Savings & Checking
1.How can I avoid the excessive withdrawal fee and monthly service charges?
- Always keep an average daily balance of at least $100 in your savings and/or checking account.
- Use our ATM for your withdrawals. Only in-office withdrawals count towards your 4 per quarter — there’s never a charge to use one of our ATMs (or surcharge-free ATM network).
- Use payroll deduction to save money — not as a petty cash fund. If you find yourself consistently and completely withdrawing each payroll deduction — consider lowering your deduction to an amount that you can afford to leave in the account — and then let your balance grow to over $100.
2.What is the difference between payroll deduction and direct deposit?
- Payroll deduction is when you sign up to have a specific amount taken out of each paycheck. It is only a portion of your paycheck–not the entire check. Your payroll deduction is then distributed to one or more of your credit union accounts. For example, you might split your payroll deposit between loans, a Christmas club, your spouse’s or children’s accounts, vacation club, etc.
- Direct deposit is when your net paycheck is automatically deposited into your checking or savings account.
- You don’t have to choose one or the other. In fact, most checking account members have both Payroll Deduction and direct deposit. They specify how much they want distributed between their different accounts (payroll deduction) and then have the balance of their check directly deposited to their credit union checking account.
1.How are dividends calculated?
2.What's the difference between the dividend rate and the Annual Percentage Yield (APY)?
3.Will I lose my accrued dividends if I withdraw funds before the end of the dividend period?
1.What are your Loan Requirements?
- Your Debt Ratio should be below 55%. (Most lenders require a debt ratio below 40%).
- Your FICO Score should be above 550 (Most lenders require a minimum score of 620).
- You should not have more than 2 open collection accounts (or a history of collection accounts) on your credit report. (One collection account can be a mistake — repeated collection accounts are a pattern)
2.Why would you disapprove a loan application if it would be repaid through Payroll Deduction?
3.Do you provide mortgages for 2nd homes or Vacation homes?
4.Can I apply for a loan at the credit union if I declared bankruptcy?
If, however, we had to write your loan off as a “loss” — the answer would be “No“. We have a policy that states that: any member who causes the credit union to suffer a loss is denied all benefits of membership except for one savings account — loans are one of the many benefits of membership.
5. If I declare bankruptcy, don't I have to include the credit union?
Money Market Account
1.Can I write checks against my Money Market Savings balance?
2. Can I withdraw money market funds outside the credit office?
- Call any branch office; and/or;
- Use Access-24, our 24/7 audio response program;
- Use our internet home banking program.
3.Do I have to transfer my entire savings balance into the Money Market Account?
4.How do I make additional deposits to my Money Market account?
- At any one of our branch offices;
- Via internal account transfers;
- Through payroll deduction;
- And, indirectly through our ATM program at any Price Chopper Service Desk.
The first step is to deposit the funds into your savings or checking account.
Then after the 2 day hold – transfer the funds into your Money Market Account.
5.What if I need more than 6 transfers/withdrawals in a month?
6.Can I have my mortgage payment automatically deducted from the Money Market account?
7.How do I open the Money Market Savings Account?
1.What's the difference between credit unions and banks?
Non-profit credit unions only serve their members — who are also the owners of the credit union. Most banks, on the other hand, serve their stock holders — who are not always customers of that bank. So why is that important?
Members want “service” — at a fair price. So credit unions exist to provide the best possible service at the lowest possible price.
Stock-holders, on the other hands, want higher profits and share prices — which often puts them at odds with the desires of the bank’s customers — resulting in higher loan rates and fees coupled with lower savings rates.