What is a credit union anyway?
A credit union is a not for profit financial institution, owed by
the people who use its services. These people are members. A credit
union’s leadership is made up of staff and volunteers and
serves groups of people with a common bond, such as where they work,
live, or go to church.
Credit unions exist to provide a safe place for members to save
and borrow at reasonable rates. The National Credit Union Administration,
an agency of the federal government, insures deposits of credit
union members for up to $100,000.
How is a credit union different from a bank or savings
Banks and savings & loan institutions are in the business to
make a profit by their stockholders, whose interest includes a healthy
return on their investments.
Why should you join a credit union?
A member of a credit union has access to low-cost financial services
with fewer fees, lower rates on loans and higher savings rate. As
a credit union member, you will join the more than 67 million Americans
who trust that their credit union will provide the services necessary
to improve their financial well being.
Credit unions strive to offer the best service possible to their
USA PATRIOT ACT
WE REQUIRE IDENTIFICATION
The USA Patriot Act was issued by the Department of the Treasury,
the Financial Crimes Enforcement Network and the seven functional
regulators, including the NCUA. The Patriot Act requires that all
financial institutions establish procedures for identifying and
verifying the identity of persons that open new accounts. This act
helps our government fight the funding of terrorism and money laundering.
The procedures are designed to combat crime.
MDOT Federal Credit Union has always taken your financial security
seriously. That is why when you open an account with us we request
such information as your name, address, date of birth, and an identification
number such as your Social Security number and/or a photo I.D. like
your driver’s license.
We will continue to assist the government in the war against terrorism
by taking steps to recognize account fraud that terrorists use to
finance their operations.
THANK YOU FOR YOUR UNDERSTANDING.
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