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Welcome to the online home of Raleigh County Educators FCU

About Us

WHAT IS A CREDIT UNION?

This credit union is a non-profit organization for employees of public, private, and parochial schools and colleges in Raleigh County. These employees and their immediate family can be part of this organization. Raleigh County Educators Federal Credit Union is owned entirely by its own members and is operated by and for them exclusively. Since it is a non-profit financial institution, all financial profits are returned to us in the form of dividends and other benefits after expenses and legal reserves have been set aside.

WHAT ARE THE BENEFITS OF BELONGING TO THE CREDIT UNION?

Payroll deductions - The convenience of our credit union is greatly enhanced by the use of payroll deductions. Amounts which you determine will be automatically deducted from your paychecks and go directly to the credit union. It may be used to repay a loan in addition to increasing a savings account. Only one deduction is needed to handle both of these situations. The first payroll deduction is Sept. 20th & Oct. 5th and is posted on Oct. 10th. The last payroll deduction is posted on July 10th. If you don't have a loan, the amount to be deducted can be as low as $5 per pay period (which would be $10 a month). Cash payments will also be expected and a member may make cash payments in addition to regularly withheld deductions.

Savings - Because our members are the owners, the savings account is called a "share" account. Our members earn dividends on the money in their share account. Dividends are paid quarterly.

Share Draft - (checking account) is a written order for the payment of money issued by the credit union. Direct deposit is available for share draft accounts.

Christmas Club - Start a Christmas Club any time. It is very convenient. Instead of having to remember to pay each week and carry around a coupon book, we just take a certain amount (which you determine) out of your payroll deductions each month. The funds will remain in your account until requested.

Vacation Club - This club is basically the same as the Christmas Club, except this club starts in May. The funds will remain in your account until requested.

Summer Pay - Pay yourself 4 checks (July 20, Aug. 5 & 20, and Sept. 5), or as you need the money in the summer. Call and we will mail the check.

Share Certificates - Minimum investment is $1,000 for 1 year.

Loans - We have signature loans, co-signer loans, share secured loans, share certificate secured loans, recreational loans, and car loans.

Federal Share Insurance - All savings in the credit union are insured to $250,000 per account by the National Credit Union Administration, an agency of the Federal Government. This insurance coverage must be carried by all Federal Credit Unions.

HOW ARE SAVINGS WITHDRAWN?

In order to maintain an active account, a minimum of $5 must remain in the account at all times. The money in a share account may be withdrawn whenever it is needed. However, a primary reason for the credit union's existence is to provide thrift among its members through systematic savings. Therefore, frequent withdraws from shares defeat the purpose of the credit union, and cause unnecessary problems for the manager. The credit union should not be used as a checking account, with withdrawals made as soon as deductions are received. However, the money in a shares account belongs to the member and may be withdrawn at any time. The only exception to this would be when shares are pledged as security on a loan.

If you cannot get to the office during open hours, you can call the office and have the check mailed to your home. But, you need to know your account number whenever you call the office for money or information from your account.

HOW DO MEMBERS TRANSACT BUSINESS?

The business hours are: Monday - Friday 9:00 a.m. - 4:00 p.m. * Pickups are available until 4:30 if you call in before 4pm.

The credit union representative will post any new or updated material on your school bulletin board.

Credit union membership may also be maintained after leaving the employment of the school board. As long as a $5 share balance remains in the account, the basic philosophy applies: "Once a member, always a member."

Please advise the credit union of name, address, or school changes.

News and information

WHAT IS A CREDIT UNION?

This credit union is a non-profit organization for employees of public, private, and parochial schools and colleges in Raleigh County. These employees and their immediate family can be part of this organization. Raleigh County Educators Federal Credit Union is owned entirely by its own members and is operated by and for them exclusively. Since it is a non-profit financial institution, all financial profits are returned to us in the form of dividends and other benefits after expenses and legal reserves have been set aside.

THIRD PARTY SITE DISCLAIMER - By accessing the noted link you will be leaving the Raleigh County Educators Federal Credit Union website and entering a website hosted by another party. Raleigh County Educators Federal Credit Union has not approved this as a reliable partner site. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the Raleigh County Educators Federal Credit Union website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Raleigh County Educators Federal Credit Union. CLICK OK TO CONTINUE OR CANCEL TO ABORT

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