I thought this wasn’t a bank. Why are there still rules?

While we are proud of our differences, we also share a lot of similarities with banks. We are regulated by a governing body called NCUA. They insure your accounts, much like FDIC, so we are required to follow guidelines that they set.

Do I still have to pay my loan payment even if I’m laid off?

Yes. We understand that the majority of our members won’t always be working, but this is something that you should prepare for. We do offer some different options such as interest extensions and skip-a-payment. Ultimately you are still responsible for making sure you have enough funds set aside in the unlikely event that you are without work for an extended period of time.

Is the credit union part of the local union?

No. While we are here to serve members of the local union, we are our own entity. We do not pay dues or receive union benefits. Simply put, we have similar names and share the same members. Decisions are made for the credit union by our Board of Directors.