F.A.Q.
(Frequently Asked Questions)
What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to
promote thrift and provide credit to members. It is member-owned and controlled
through a board of directors elected by the membership. The board serves on a
volunteer basis and may hire a management team to run the credit union. The
board also establishes and revises policy, sets dividend and loan rates, and
directs certain operations. The result: members are provided with a safe,
convenient place to save and borrow at reasonable rates at an institution which
exists to benefit them, not to make a profit.
Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the
institution and intend on making money from their investment. A credit union
doesn't operate in that manner. Rather, each credit union member owns one
"share" of the organization. The user of credit union services is also an owner,
and is even entitled to vote on important issues, such as the election of member
representatives to serve on the board of directors.
How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today,
credit unions are found everywhere in the world. The credit union movement
started in this country in Manchester, New Hampshire. There, the St. Mary's
Cooperative Credit Association, a church-affiliated credit union, opened its
doors in 1909. Today, one in every three Americans is a credit union member.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to
encourage members to save money. Another purpose is to offer loans to members.
In fact, credit unions have traditionally made loans to people of ordinary
means. Credit unions can charge lower rates for loans (as well as pay higher
dividends on savings) because they are nonprofit cooperatives. Rather than
paying profits to stockholders, credit unions return earnings to members in the
form of dividends or improved services.
Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the
NCUA, the National Credit Union Administration, an agency of the federal
government. At Fire Police City County FCU, your accounts are insured an
additional $250,000 per account with Excess Share Insurance.
Why won't my ATM card work in the ATM machine?
There can be a number of reasons why an ATM card will not
work. The most common reason is the magnetic strip on the back of the card may
have been demagnetized. This can happen when magnetic strips touch each other or
at a store with a magnetic strip remover at the counter. Also purses with magnet
closures can demagnetize your card.
What is my balance?
You can also call SYBIL (484-2102) to get your balance. Because of increased problems with
identity theft we no longer give balances over the phone. This is to protect
your accounts. If you do not have a SYBIL or Perfect Teller pin number, we can set
one up for you at any time during normal business hours.
What are your hours?
The Police and City-County offices are open 8:30 - 4:30 M,T,Th,F 9:30 - 4:30
W. The Clinton Street Office
9:00 - 5:00 Monday - Thursday and 9:00 - 5:30 Friday daily. The drive through is open
9:00 - 6:30 Monday
- Thursday, and Friday.
Jefferson Pointe office
lobby is open 9:00 - 5:00 Monday - Friday. The drive through is open 9:00 -
5:30 Monday. The ATM machines at
Police, Clinton Street, Jefferson Pointe and New Haven City Hall are availalbe 24-hours.
How does SYBIL work?
After the Credit Union recording comes on, enter Option 1 to get SYBIL. A voice will come
on and ask for your account number. First, enter your account number, then the
pound sign (#). Second, enter your password, then the pound sign (#). You
should now be at the options or Mail Menu: 1 = End phone call; 2 = Share
Information, 3 = Loan Information, 4 = Change password, 5 = Credit Union hours.
Under Share information you will have choices between (1) Regular savings
account (2) Draft/Checking (3) SLY, Christmas, IRA, Vacation For these we
suggest you write down your personal options so you don't have to listen to the
complete menu each time. Pesonal options include: (1) Balance, (2) Transfer $ to
your draft account, (3)Withdrawal, (4) Latest Dividend, (5) Find transactions,
(6) Request transaction history, (7) Visa payment, (8)Transfer to other member.
Although all these options may seem overwhelming the first time, it is very easy
after you have used SYBIL a few times. Also, you can do all these options on
Perfect Teller now, but it is still good to remember how to use SYBIL for times
when you cannot access your computer, such as when you are traveling.
I made a VISA payment on the 23rd and it doesn't reflect on my statement.
The statement was mailed out before VISA received the payment. However, VISA does receive payments daily and the
payment will show on the next statement as credited the day payment was made.
