Frequently Asked Questions
HOW CAN I SAVE
MONEY?
There are many ways:
- Members of Credit Union can make regular
deposits by mail and receive generous dividends.
- Members can save by applying for low cost loans
to fulfill a variety of personal financial needs.
IS MY DEPOSIT
SAFE?
Deposits are insured up to $100,000 by NCUA a
U.S. Government Agency
WHAT INTEREST
RATE CAN I EXPECT ON MY DEPOSITS?
Interest is determined at the end of the
dividend period and is usually higher than most banks. For current information
call:
(631) 661-4800 x371 (718) 739-8700
x371
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WHAT TYPE OF
DEPOSIT ACCOUNTS ARE AVAILABLE?
- Individual Accounts.
- Joint Accounts. (more than one person may
deposit and withdraw funds)
- Trust Accounts.
- Institutional Accounts by sponsor organization
LIBOR or its subsidiary such as MLS or Chapters.
WHAT TYPE OF
LOAN ACCOUNTS ARE AVAILABLE?
- Unsecured or Signature Loans
- Secured - Auto Loans
- Share Secured Loans
- Mortgage Loans
- Vacation Loans
- Holiday Loans
WHAT IS ACCEPTED
AS COLLATERAL?
- Share dollars in your share account.
- Chattel mortgage on automobiles. As the total
share dollars climb the collateral list will be expanded in relation to total
share dollar deposits.
WHAT IS A
SHARE?
Each $5.00 deposited in your share account
constitutes 1 share unit.
WHAT IS THE
INTEREST RATE ON LOANS?
Interest is not deducted from the loan amount in
advance; you receive the full dollar amount of the loan. Interest is paid on
the unpaid balance. You can pre-pay at any time without penalty. Call for
current loan rates.
HOW CAN I APPLY
FOR A LOAN?
A 3 member Credit Committee meets regularly to
consider loan applications and to grant loans. A minimum share balance of
$100.00 is required before the loan can be granted.
DO I NEED A
CREDIT REPORT?
Yes, you do, but loans are based on the
character of the individual member in addition to the credit standing. The
Credit Union can approve loans where other lending institutions have
declined to approve them.
REASONS TO
SAVE:
Members can save for interest income, college
education, marriage, others can save for vacations, rainy day, or
retirement.
REASONS TO
BORROW:
Medical expense, payment of taxes, finance auto
and other insurance premiums, purchase autos, appliances, home repairs, debt
consolidation, carry over lean business periods.
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