What is a Credit Union?
A Credit Union is a member owned non-profit cooperative. The first credit union was formed in 1850 in Germany. In this first Credit Union, members deposited their savings with a credit society to provide working capital with dividends paid on these “share” accounts. Loans were extended for “productive purposes” based on the character of the borrower. The concept of Credit Unions quickly spread throughout Europe, then to North America in 1900.
What is the biggest difference between a Bank and a Credit Union?
Not for Profit, Not for Charity, But for Service – It’s true, credit unions are financial institutions like banks, and savings and loans, but they operate much differently. Credit unions are financial cooperatives, owned by the people who use the credit union. Since the focus is on service (not profit), members benefit with lower rates on loans, higher rates on savings, and often pay fewer fees and service charges on the same services offered by other financial institutions.
Who owns the Credit Union?
As a credit union member, you own your credit union. You are entitled to elect, and be elected to, the volunteer Board of Directors, which is composed of your fellow members. The Board of Directors set policies for the operation of the credit union based on the needs and wishes of the members. The Board of Directors also establish dividend rates, loan interest rates, and fees.
Are my deposit accounts insured?
Funds on deposit are federally insured for up to $250,000 per member by the National Credit Union Administration (NCUA), an agency equivalent to the banking industry’s FDIC.
I need to make a deposit and the credit union is closed, what should I do?
Our credit union has a drop box just outside the front door. Use an envelope to make your deposit and we will credit your account on the next business day.
When I have a problem I can call the credit union, but what are the credit union’s hours? Are they open on holidays?
The credit union is open Monday through Friday, 8:30 am – 4:30 pm. We have extended drive-thru hours on Thursday until 6:00 p.m. Saturday hours are from 8:30 – noon. We are closed each year during federal reserve designated holidays.
My debit card is lost or stolen, what do I do?
Call the credit union at 856-299-1279 ext 120 to block the lost card for you over the phone. If your card is lost after hours, call (800) 299-9842.
Why won’t my credit card and/or Debit card work for transactions outside the US?
Overseas fraud is on the rise. We recommend notifying us prior to traveling overseas to assist. Call 856-299-1279, ext 120 for assistance.
How do I get a loan?
You can get a loan by applying online at www.deepwaterind.org, or by visiting our loan department. We offer mortgages, home equity loans, VISA cards, auto loans, boat loans, recreational vehicle loans, and personal loans.
What are some convenient ways I can make my loan payments?
If you sign u for on-line banking you can make transfers from deposit accounts to your loan anytime of the day.
What electronic services does the credit union offer?
We offer online banking, bill pay, mobile app, eStatements, PAT (Phone Any Time Teller), wire transfers and our website.
I don’t have internet access how do I make a transfer or check on my account?
PAT (Phone Any Time Teller) is our 24/7 telephone system that provides members with access to their accounts using a touch-tone telephone. It is user friendly and free to all members. The number is (856) 299-0722.
I can’t find my statement from last month. What should I do?
With eStatements, members can receive their statements electronically, usually just a few days after the end of the month. Members access their current or previous eStatements securely through the internet. You can sign up for eStatements online through your account profile.
What is the cut-off time for outgoing wires?
Our cut-off time for outgoing wires in until 3:00 p.m.
What is the fee for outgoing wires?
The fees for outgoing wires $30.00 for domestic wires and $50.00 for international wires.
Does the credit union exchange or accept foreign currency?
No, the credit union is unable to accept any foreign currency.
Can I get teller checks or money orders from the credit union?
The fee is $2.00 per teller check. Money orders are available. The fee for money orders is $1.00 each.
Do you have the service of a Notary Public available?
Yes, we offer notary service free to our members.
I want the best rate for my money, but don’t want a certificate. What should I do?
The credit union has Money Market accounts with great rates!
What is Online Banking?
Online banking is a tool that allows you to use a personal computer with an Internet connection to conduct your financial transactions online.
What can I do with Online Banking?
You can view account balances and transaction history, transfer money, view cleared check images and much more. You can access your checking, savings and loan accounts. Online banking is intended to give you as much access, security and versatility as possible.
How secure is Online Banking?
Your account information is very secure. We use the latest technology to protect our member’s privacy.
Can anyone else access my account?
Absolutely not. Information on Online Banking is not public. Only you can access your account information using your access code (unless you share your password with another person).
When do transactions post to my account?
When you perform a transaction with Online Banking, posting will occur immediately.
Is there a way to pay my bills online?
We do offer Electronic Bill Pay service. You can sign up for Bill pay directly through online banking.
When I add a new payee to my bill payment account or make another changes, how quickly will the change take place?
When you update the information for the bill payment account, the changes are implemented instantaneously.
How can I order checks?
You can order checks by stopping into the credit union or by calling us at (856) 299-1279, ext 126. You can re-order checks online through our website or by going directly to www.legacymemberservices.net. If you are over 55, stop by or call us for your free checks.