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Why do you ask for Identification?
We know it may be an inconvenience to provide some type of I.D. in order to cash a check , but if the teller is not acquainted with you, it is for your protection. We do not want to give out your money or information to someone who is not you! Help us to protect you by willingly providing identification. Please remember we are protecting you and your Credit Union.
Will you put a 'hold' on any checks that I deposit?
This is very possible, not only for the protection of all of our members, but for your protection, too. Please remember that a check is only a piece of paper until it actually clears the institution it is drawn on. When we give you credit we are giving you 'provisional' credit. If you spend this money and the check bounces, YOU are responsible to pay us back, not the payor. Therefore, if you have already spent it, you may not have enough money to pay us back. This could be a difficult situation for you, and us.
So PLEASE do not plan to spend the amount of the check until it has cleared the institution it is drawn on. If you do not have enough money on deposit to cover the amount of the check(s) it is very likely that we WILL place a hold on it.
Are there other reasons you are placing holds on deposited funds?
Unfortunately, counterfeit checks, cashiers checks and money orders are on the rise, in fact they have reached epidemic levels. We had instances where a family member has stolen checks and then cashed or deposited them. We have had increased problems in divorce situations with people we would never have guessed we would have problems. In short, it is impossible for us to know what is truly going on with any of our members at any one time. Also, we used to be able to call local financial institutions to verify if the funds were available to cover a check, but now, due to the Financial Privacy restrictions, they all do not verify any more.
With the increasing switch to national businesses doing business locally, it takes longer for some checks to clear. Our society, market and laws have changed, so we have to change accordingly if we are going to minimize the risk for our membership as a whole.
So, please be careful when taking any checks, please do not plan to get immediate credit for the money you deposit, especially if you do not have enough already on deposit to cover it. And please be understanding when we take extra precautions. We are simply trying to protect you and all of our members. If you have any questions about how we will handle checks that you regularly deposit, please contact us.
Why should I protect my account numbers?
Your account numbers provide access to your money and your financial information. Con artists and financial scams have been around almost forever, but modern technology has helped make all of us more vulnerable to them. They may use different approaches, but the basic routine is to call you and get your account number and other personal information. They may say you've won some money, they may try to sell you something, they may say they are an employee or regulator of the credit union ... they will say anything to get you to tell them your account number! Once they have it, they may be able to create and issue drafts with your account number to debit (steal) money directly from your account.
Protect yourself by using extreme caution when giving anyone your account numbers. Please be especially leary when YOU have not initiated the call. If you have not initiated the call we recommend you do not disclose ANY personal information.
What is the difference between an appraisal and an assessment?
An "assessment" is usually the value that your taxing authority uses for determining the amount of taxes on your home. This "assessment" may be done across the board with a drive-by look at your property, or a more detailed inspection. For tax purposes, this is adequate, but it may or may not reflect an accurate market value today.
An "appraisal", on the other hand, is performed by an independent appraiser that physically inspects your home (inside & out), compares your home to similar homes that have sold recently, evaluates the condition and layout of your home and then arrives at a value considering all these factors.
What is a P.O.A.?
P.O.A. is an acronym for Power of Attorney. When you designate someone as your Power of Attorney, you are giving them the authority to act for you. It is most commonly used when someone is unable to act for themselves. A Power of Attorney ceases upon death. A Power of Attorney can be a very important tool. Contact your attorney for a more detailed explanation.
Car Shopping?
Remember us as a resource, not just for financing, but for information. We have consumer magazines, Valuation Guides, car cost guides,and car buyers rule books. Is 2.9% really 2.9%? Usually not. We help you determine your true cost. "Information" is vital to getting a good deal.
Is dealer financing okay?
Sometimes it can be a good deal and is worth consideration. Unless you have done your research ahead of time though, buying a car in one stop may cost you. Buying a vehicle can be a major commitment and deserves serious thought. If you stop to just "check out" a vehicle and end up leaving as an owner (with financing), you have not had time to step back and analyze the consequences of this major purchase.
We have had several people who have been "sold" a car deal that they regretted later. They came to us for help because the payment on their dealer financing and/or the rate was too high. Unfortunately, the Blue Book value was usually less than the balance of their loan, and the term was too long on a used vehicle, so we couldn't help them. They now owe more than the vehicle is worth after only a few months.
Please be an informed shopper and give this major commitment the thought it requires. One stop shopping for the vehicle may be convenient, but it can also be very expensive! If you're in the market for a vehicle, get pre-approved and be a smart buyer!
Important information for co-makers of loans
Being a co-maker of a loan is a serious commitment. When you co-sign for someone, you are legally obligated to repay the loan if the maker fails to do so. Please remember you are co-signing because the lender felt the "maker" did not qualify for the loan. Read the documents you sign and be absolutely clear on how much you are signing for. Be absolutely clear as to the reason the maker did not qualify on his/her own.
It is also important to understand that if the maker becomes delinquent, the late payment history may appear on your credit record, in addition to the maker's record. Credit reports are coded to show that the loan is a "co-signed" loan, but please be aware that any delinquency on the co-signed loan could have a negative impact on your ability to obtain credit in the future. It can also lower your credit score and cost you more on your own loans with a higher interest rate.
It is a normal credit practice to include the loan payment from the loan on which you are co-signed in the debt ratio calculation on any future loan for which you may apply (especially if the loan is, or has been, past due).
Uncollected Funds
When you deposit a check from another financial institution, it does not become "money" until it actually gets back to their institution, they pay it, and we collect it. For this reason, a check is considered "uncollected" when you deposit or cash it. We normally give you "provisional credit," or in other words, we give you the benefit of the doubt that the check is good when you deposit or cash it. Because the check is not actually money, we may not be able to give you this provisional credit if it is a large check, it is drawn on a distant bank, you don't have enough money on deposit to cover it, you are a new member, it is used to purchase travelers checks, money orders or CU checks, or you want a lien release for a loan paid with a check.
Therefore, it is a good practice not to spend the money your check represents until you are certain it has cleared the bank it is drawn on. This is especially important with a large check. If you spend it and the check is returned, you are responsible to cover that check.
Why is it important that I look over/balance my statement when I receive it?
There has been a large increase in the number of electronic transactions the past few years and they will continue to increase. Merchants and creditors can now initiate electronic transactions (with your permission), and pre-notifications are no longer required. This means there is an increased risk of unauthorized transactions hitting your account because a merchant or creditor may enter the wrong account number (and they do frequently). So, PLEASE check your statements every month. You must notify us within 60 days in order for us to return any unauthorized transactions. Plus it is always more effective to resolve a problem when it is fresher in everyone's mind.
What do I do if my checkbook is lost or stolen?
Notify us immediately, and place a stop payment on the checks. Then you may want to file a police report, depending on the situation. To prevent any checks clearing your account, we advise that you close the account in question and open a new account.
What do I do if I lost or misplaced some checks?
Come into the credit union and place a stop payment on the checks that have been lost. In the event you discover the checks, simply void and shred them. The stop payment will stay in effect for six months.
Can I remove someone from my account?
Yes. Simply close the account and open a new one in your name alone.
Can I send someone to the credit union to get money or a check from my account?
To fully protect your money, we only allow the signers that are on the account to perform transactions on the account. If you want someone to make withdrawals for you, you should add them as a joint holder on the account.
Why do I have to fill out a loan application every time I want a loan?
If you have a Convenience Plus Loan Plan you do NOT have to complete a new application with every loan request. There are, however, good reasons to request current information. Information or circumstances may have changed from your previous application. We want to make a sound decision for you and us. Current information helps us expedite your request. You can obtain a loan application online at at our web site or "CU@Home," or we could fax or mail you one. We also keep loan applications in the display next to our night deposit. It will speed up the loan process if you include a recent paystub with your application., complete the application in its entirety and include a copy of the purchase order if you are making a purchase.
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