Membership Benefits
SAVINGS AND SHARE ACCOUNTS
When you open your credit union account, your savings are called shares. One share equals $5.00. Members need at least $5.00 in their share account to earn quarterly dividends and to use other credit union services.
ARE YOUR SHARES SAFE?
YES! The Berea Credit Union is supervised by the State Department of Financial Institutions and your savings are insured to $250,000.00 by the National Credit Union Administration (NCUA).
PAYROLL DEDUCTION PLAN
Payroll deduction, often called the “ painless way to save,” is the authority given by a member to his/her employer to deduct a certain amount from each paycheck for deposit in his/her credit union account. You may start the payroll deduction at any time for the amount you want to deposit. College employees may obtain deduction plans from the credit union manager. Other members must contact the payroll officer at their place of employment.
MAKING DEPOSITS AND WITHDRAWALS
You can deposit money into your share account any time you wish. You can do this by mailing in checks or coming by the office. When you need to make a withdrawal, come by the office to sign a withdrawal slip and pick up your check. BCU reserves the right to require members to give up to 60 days notice on all withdrawals from share/savings accounts.
LOANS
Members having at least $5.00 in their share accounts are eligible for a loan. Certain restrictions may apply.
Loan applications may be made for any reasonable purpose, however, the Berea Credit Union does not participate in mortgage loans. Personal loans have precedence over car or truck loans in order to regulate cash flow and successfully manage the loan demand.
Examples of typical loan requests are: winter fuel purchases, automobiles, consolidation of bills, Christmas expenses, vacations, farming expense, and limited home improvement.
The overall limit of all unsecured loans is 15% of the member’s annual gross income up to $8,500.00 with a maximum term limit of 36 months. The aggregate limit of all secured and unsecured loans for any member may not exceed $35,000.