Q: What is a credit union?
A: Credit unions are member-owned, not-for-profit financial institutions that provide many of the same financial services that banks do, including checking and savings, loans, credit cards and ATMs. However, they are uniquely different from for-profit institutions and offer special advantages:
- Member ownership – Each member of a credit union is a part owner of that credit union and is entitled to one vote at the annual meeting, regardless of how much money he or she has deposited in the credit union.
- Members come first – Because credit unions are not-for-profit cooperatives, they are usually able to offer lower loan rates, higher savings rates and lower fees than for-profit institutions.
- Special services – Credit unions serve their members and can offer special services that for-profit institutions may not always offer. Examples include signature loans under $1,000 to help members through financial difficulties, savings clubs for kids, and financial counseling.
- Volunteer leadership – Credit unions are led by a board of directors elected from the membership at the annual meeting. Board members volunteer their time and service and are not compensated.
Q: How do I join Fulton Teachers' Credit Union?
A: To become a member of the credit union, fill out a membership form and return it along with a copy of a government-issued picture id (drivers license, state id card or military card) and a copy of your social security card. You must open a share (savings) account with a minimum $5 initial deposit. To remain a member, you must maintain a $5 balance in your account and demonstrate regular activity. You will have access to all of our services once you open your share (savings) account.
Q: How do I add/remove a joint member to/from my account?
A: To add a member, you will need to complete a new signature card, in which you and the joint member sign. To remove a member, all joint members of the account need to agree to the removal, or the account can be closed and remaining joint members may open a new account.
Q: Can my family members join the credit union?
A: Yes, your immediate family, including your spouse, children, brothers, sisters, parents, grandchildren, and grandparents can become members.
Q: How do I apply for a loan?
A: Members will need to complete a loan application. You can complete an application from our website, in person, via fax, request a copy by mail. We will also need verification of income to accompany the loan application. (Employees of Fulton County BOE don't need proof of income)
Q: How long do I have to be a member before I can apply for a loan?
A: You may apply for a loan as soon as you become a member. There are no minimum time requirements for membership to qualify. All members that maintain $5 in their share (savings) account will have immediate access to all products and services.
Q: What does the credit union look for when determining loan approval?
A: At Fulton Teachers' Credit Union, there are a variety of determining factors, such as employment history, amount of total debt, credit score, purpose of the loan, and your relationship with the credit union. However, loan decisions are based on case-by-case situations since our members are more than just a number to us.
Q: How long will it be before a loan decision has been made?
A: In most cases, we should have a loan decision within 24 hours.
Direct Deposit Questions
Q: Why should I use direct deposit?
A: Safe --- Your paycheck is protected against loss or theft,
Worry-free --- Assurance of deposited check, even when you’re away from home,
Saves time --- No longer have to make trips to the credit union or stand in lines,
Convenient --- Deposits will be made for you automatically.
Q: How will I be able to keep track of my money?
A: You can check your balance by our credit union web link or by reviewing your monthly statement.
Q: Is there a charge for direct deposit?
A: This service is free to all participating Fulton Teachers' Credit Union members.
Q: If I sign up for direct deposit will it take longer for me to receive the money than if I didn’t sign up?
A: Fulton Teachers' Credit Union deposits the money into your account upon receipt from your employer. If your employer submits payroll electronically, your money will be in your account by 9 a.m. the following morning. If your employer submits payroll manually, it will be deposited immediately upon receipt. Direct deposit should not cause a delay in receiving your paycheck.