Q:
What is the difference between a credit
union and a bank?
A: “A bank is a
for-profit organization. Banks hold deposits, make loans, pay
checks, and provide other related services for the public. They
collect funds from three sources: demand, savings, and time
deposits; short-term borrowings from other banks; and equity
capital. A credit union is a not-for-profit financial cooperative
that makes personal loans and offers other consumer banking
services to individuals sharing a common bond or affiliation, such
as a common employer. Because credit unions operate as
not-for-profit institutions, they are exempt from both federal and
local taxes. Consequently, credit unions can charge below-market
rates on loans while paying higher rates to savers. A credit union
gets its operating funds from shares purchased by individual
owners, who are members. It also pays dividends (representing the
payment of interest) out of earnings.” Federal Reserve Board.
“Banking Information.” Frequently Asked Questions Page. 12 Feb.
2006
http://www.federalreserve.gov/generalinfo/faq/faqbkinfo.htm
Q:
What are the fees associated with being a
member of the IAM Credit Union?
A: The only fees incurred
for being an IAM Credit Union member are for the various fund
withdrawal methods, loan applications, non-sufficient fund checks,
corrected title applications, late loan payments, and loan
collections. Fifty dollars of your account will be held to keep it
open. However, upon closing the account, those funds are returned to
you.
Q:
Why hasn’t my payroll deduction started up
yet?
A: Give us a call as soon
as possible if you notice that your deposits have not started up and
we can check into that with your company’s payroll department. You
should also call and check to make sure that your application has
been received and your account has been opened. If you fill out a
payroll deduction form only and not the member information section,
your application is not complete. We will not have the necessary
information to open your account and have nowhere to deposit payroll
deduction when they arrive on your behalf.
Q:
What is the revocable proxy section about on
the application for membership?
A: The revocable proxy
(if signed) allows the board members to make a vote on your behalf
in your absence concerning credit union business (ex. software
purchases or system upgrades). If you have signed the revocable
proxy but now wish to cast a vote, a signed letter stating your
change of mind will void the signed proxy, but you must be present
to cast your vote.
Q:
How do I increase/decrease my payroll
deductions?
A: You will need to fill
out the payroll authorization sheet. It can be downloaded from this
site in the “forms” section or you can call the credit union and
request one be faxed or mailed to you. The form can be sent back to
the credit union and we will send it to your place of employment or
if your payroll department is onsite, then you can drop it off at
your payroll office. THIS IS ONLY FOR MEMBERS WHO CURRENTLY HAVE
OPEN ACCOUNTS. If you wish to be a member of the IAM Credit Union,
you must fill out the complete membership application so that we
have your personal information on file.
Q:
I applied for and received a
re-loadable debit card. When I tried to use it, it said there were
no funds on the card. What happened?
A: Please remember that
the debit cards are RE-LOADABLE and NOT attached to all your
available credit union funds. Once you receive the card YOU MUST
CALL THE CREDIT UNION TO HAVE FUNDS DEPOSITED ONTO YOUR CARD! The
card may be funded either by phone requests as funds are needed or
it can be put on a regular deposit schedule (of your choosing) from
your credit union funds just like your payroll deductions.
Q:
Are there any other ways to deposit into my
credit union account?
A: Yes, there are 3 other
deposit options you may exercise. You can make deposits in person
(cash/check/money order), by mail, or through deductions from your
personal bank account on a schedule and amount of your choosing.
Q:
Why have not I received an account statement
yet?
A: The IAM Credit Union
sends account statements twice a year (once each in January and
July). However, we will send account statements out by request any
time of the year detailing any requested time frame in which your
account was open.
Q:
Why have not I received my 1099 form stating by interest gained yet?
A: These statements are
mailed out between the first and second weeks of January. So, if you
have not received a statement by the end of January, please give us
a call and we can have one ready to be faxed, mailed again, or
picked up. If you move please make sure that you update your
address and other contact information SPECIFICALLY WITH THE CREDIT
UNION.
Q:
Why is it that my paycheck stub does
not match the amount on my credit union account statement?
A: Your paycheck stubs
only keep track of the total amount deposited to the credit union up
to that date. They do not reflect withdrawals or other deposits and
will start over at zero at the beginning of each year.
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