Frequently
Asked Questions. . .
What
are the credit union's hours?
- Monday
thru Friday from 9 am to 5 pm.
How
do I update my Address or E-mail with M1FCU?
- Changes
can be faxed to (209) 521-4570 with your signature or you can mail your
changes to 430 12th Street, Modesto, CA 95354.
What
is a credit union?
- A
credit union is a member-owned, not-for-profit cooperative financial
institution owned and operated by its members. These members, who are
united by a common association, democratically operate the credit union
under state and federal laws.
Is
a credit union the same as a bank?
- A
credit union is not the same as a bank. A bank is a commercial business
in order to make money from its customers for their stockholders. A credit
union is a not-for-profit cooperative established to meet the needs of
its members. All members vote equally in the cooperative, regardless
of how much or little money they have in accounts. Credit Unions are
often able to provide financial services to members that banks refuse
to.
What
are some advantages of being a member of a credit union?
- Credit
unions exist to serve their members. Surveys have repeatedly shown credit
union members to be more satisfied with the products and services they receive
than bank and S&L customers. As a result of seeking to serve consumer
members instead of profiting from them, credit unions, usually offer lower
rates for loans, credit cards, and other services, and offer higher interest
on deposit accounts.
How
is a credit union governed?
- Members
elect a volunteer board of directors, to set the policies of the credit
union. The credit union holds an annual membership meeting each year in
which every member is invited to attend and vote for the Board of Directors.
Can
anyone join a credit union?
- One
must be a part of a common bond that makes up the field of membership of
the credit union. However, many people qualify for credit union membership
through work, association, or family. M1FCU Membership
Qualifications.
Are
my savings (shares) fully insured at a credit union?
- Your
money is safe and secure at M1FCU with your deposits being protected up
to $100,000 by the National Credit Union Administration (NCUA). The NCUA
is a government regulator and insurer for credit unions. The insurance they
provide protects you against loss due to the failure of the institution.
If
I leave the area or change employers, do I need to leave the credit union?
- Once
you are a Credit Union member, you are always a member. Regardless of
where you live or who your employer is, you are encouraged to remain
a member at the credit union.
