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Frequently Asked Questions
Is a credit union right for me? Find out why the answer is Yes!
- What is a Credit Union?
- What Do You Mean By A Credit Union Member?
- What Are The Advantages Of Credit Unions?
- Who Can Use a Credit Union?
- What Services Does a Credit Union Offer?
- What is the SURF Network?
- What is Shared Branching?
- How Do I Find a Shared Branching Location in My Area?
- What Transactions Can I Make at a Shared Branching Location?
- How Can I Perform a Shared Branching Transaction?
- How Quickly Does a Shared Branching Transaction Post to My Account?
- How Much Money Can I Withdraw?
- Why Is There A Hold On My Account?
1. What is a Credit Union?
Credit unions are not-for-profit cooperatives which provide financial services for their members. Credit unions serve groups of people that share something in common, such as where they live or work.
From basic savings and checking accounts to home mortgages and long-term retirement accounts, credit unions offer a wide variety of financial products. And because credit unions are owned by their members, they direct their income back to their members in the form of lower fees, higher rates of return and improved products and services.
Today there are 65 credit unions in Maine with more than 200 locations and more than 600,000 members.
Click here to find out how Maine Credit Unions do more for their communities
2. What Do You Mean By A Credit Union Member?
The people who use a credit union are called members and not customers. This is because when you open a credit union account you are more than a customer, you actually become a part owner of the credit union.
Credit unions operate like economic democracies. Every member has equal ownership and an equal vote on credit union matters. This ensures that credit unions focus on delivering the best financial value and services to all their members.
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3. What Are The Advantages Of Credit Unions?
The primary advantages of using a Maine Credit Union are the financial value, convenience, security and service.
Financial Value
People who use a Maine Credit Union save money, and lots of it. In a comprehensive study titled "An Examination of the Financial Benefits of Credit Unions to Maine Consumers", conducted by Charles Lawton, a highly respected Maine economist, found that, "by providing higher interest payments on deposits, lower interest rates on loans and lower fees on financial services, Maine's credit unions provide a financial benefit to Maine's consumers of approximately $73 million."
Convenience
Maine's Credit Unions offer more than 200 convenient locations including branches, ATMs and online account access. Many credit unions also participate in the SURF Network, where members have access to more than 200 no fee ATMs throughout Maine. And with the Shared Branching program, participating members have access to thousands of credit union branches nationwide to make a variety of regular transactions.
Strength, Security & Peace of Mind
Maine's Credit Unions provide financial strength, security and peace of mind to their members. They manage a total of more than $5 billion dollars in assets, including $3.7 billion in deposits and $3.1 billion dollars in loans. In total, nearly one in two Mainers uses a Maine Credit Union.
And with Maine's Credit Unions, your money is protected. At federally-chartered credit unions, deposits up to $250,000 per account are federally insured through the NCUA while at state-chartered credit unions your deposits are insured for $250,000 or more through private insurance programs. As a result, not one penny of any insured savings has ever been lost by a member of a Maine Credit Union.
And, like other financial institutions, credit unions are closely regulated. The operational procedures, policies and technology platforms at Maine's Credit Unions are audited and reviewed on a regular basis to ensure the safety and soundness of your money and personal information.
Service
Credit Unions are known for their focus on their members. Surveys have repeatedly shown that credit union members are more satisfied with the service they receive from their credit union than customers of banks or savings and loans are with their institutions. So the service representatives at a credit union treat you like you own the place, because you do!
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4. Who Can Use a Credit Union?
The simple answer is everyone in Maine can use a Maine Credit Union and, in most instances, there are several credit unions they can choose from.
The less simple answer is that eligibility to join a credit union is limited to those persons who fall within a credit union's field of membership as defined by its charter. This field of membership might be people living a specific town or county, or it may be defined as the employees of a specific company or members of a civic or church group. In Maine, there are multiple credit unions that cover each county and there are several employee-based credit unions.
So the question is not if you can be a credit union member, but which credit union do you want to be a member of, because if you work or live in Maine, there is a credit union for you. You can find yours by clicking here.
5. What Services Does a Credit Union Offer?
Today's credit unions offer a variety of products and services to their members.
If you are looking to save your money, Maine's credit unions have the solution. You can choose between a traditional savings account (shares), checking (share draft), share certificates, money market accounts or a club account to help you save for vacations, holiday gift-giving or even just a rainy day. And many Maine Credit Unions also offer special savings accounts such as IRAs, Health Savings Accounts or Education Savings Accounts.
If you need to borrow money, look no further than your Maine Credit Union. Maine's Credit Unions offer home mortgage loans with great rates and lower closing costs. You can get a loan for your new or used vehicle. There are personal loans for home improvements, major and minor purchases or debt consolidation. And Maine's Credit Unions can help you harness the financial power of your home through home equity loans and lines of credit.
Maine's Credit Unions also provide members with services that may not be available at other financial institutions. For example, credit unions frequently make special provisions to help members through layoffs, finance their winter oil payments or handle other financial hardship. Unlike many other financial institutions, credit unions routinely provide small loans (less than $500) to members in need. These loans are hard to find elsewhere because they are simply not profitable enough for other financial institutions.
And to top this all off, Maine's Credit Unions are also making your money easier to access. Beyond the branches your credit union offers, there are debit and ATM cards, direct deposit or payroll deductions and online account access. And many of Maine's Credit Unions have broadened your accessibility through the SurF Network with the largest, surcharge-free ATM Network in Maine and Shared Branching network with thousands of branch locations nationwide.
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6. What is the SURF Network?
Many of Maine's Credit Unions have come together to form the SURF ATM Alliance. With a network of more than 200 surcharge free ATM locations throughout Maine members of participating credit unions can save an average of $300 a year in fees.
In addition, a number of SURF ATM Alliance locations give thousands of Maine credit union members the ability to not only access cash but to also make deposits, surcharge-free.
To find a convenient SURF ATM near you, visit our Find an ATM page.
7. What is Shared Branching?
Shared Branching is a cooperative network of credit unions that have joined together and created shared service centers across the country. By sharing facilities, credit unions can offer greater convenience for members to access their accounts at many locations just as if they were at their home credit union.
Members can enter any shared service center and conduct a range of transaction services, such as:
- Make deposits and withdrawals
- Make loan payments
- Make transfers between accounts
- Purchase Money Orders, Travelers Checks and Official Checks
- Obtain cash advances and balance inquiries
8. How Do I Find a Shared Branching Location in My Area?
To find a convenient Shared Branching location near you, visit our Shared Branching page or call, toll free, (800) 919-2872 to find a branch near you.
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9. What Transactions Can I Make at a Shared Branching Location?
Members of participating credit unions may withdraw funds, deposit funds, make loan payments, take out cash advances and purchase cashier checks, money orders or travelers' checks.
10. How Can I Perform a Shared Branching Transaction?
If you are a member of a participating credit union you can make shared branching transactions easily. To conduct shared branching transactions, you will need to provide the name of your credit union, your account number, your social security number and provide a photo ID such as a driver's license or government-issued ID. You can then make a deposit, withdrawal, transfer, or loan payment in your account at another credit union.
11. How Quickly Does a Shared Branching Transaction Post to My Account?
Immediately. Transactions made at any Shared Branching location are processes exactly like those done at your own credit union branch.
12. How Much Money Can I Withdraw?
You will be able to withdraw at $1,000 through a Shared Branching transaction at participating Maine credit unions. Other credit unions may have higher or no limits.
13. Why is There a Hold on my Account?
Check holds may be placed by your own credit union when making a deposit to an account, based on your credit union's hold policies. Holds do not apply to loan payments made by check.
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Credit unions are the right choice for your money!
Credit unions offer higher interest rates for savings accounts, lower rates for loans, and do not engage in predatory lending practices, such as offering subprime loans or payday lending programs with exorbitant rates and fees.
Credit unions also offer financial guidance for their members. Whether it's working with schools to open in-school branches, hosting a financial planning seminar, or offering ID-theft prevention tips at a branch, credit union staff members share their knowledge with the community.
Click on the image below to find out how Maine Credit Unions do more for their communities.
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