General Frequently Asked Questions. . .

What are the credit union’s hours?
Monday thru Friday from 9:00 AM to 5:00 PM.

How do I update my Address or E-mail with M1FCU?
You can make both of these changes by logging on to our Digital Banking service and click on settings to edit your member profile.  Changes can also be faxed to (209) 521-4570 with your signature or you can mail your changes to 430 12th Street, Modesto, CA 95354.  We do not accept address changes over the telephone for security reasons.

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 $250,000 by the National Credit Union Share Insurance Fund (NCUSIF) a part of 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.