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Credit Union FAQs
1.
How can I become a member of the credit union?
2.
Do you have pre-approved loans?
3. Can my spouse and/or children join the credit union?
4. I used to have an account at the credit union, and would
like to reopen my account. Is that something that I can do?
5. What are your loan rates?
6. What would my monthly payments be on a loan?
7. May I open more than one Savings Account?
8. Can I have direct deposit into my spouse or child's account?
9. How safe are my funds?
10. I am moving out-of-state when I retire. Can I still
keep my account at the credit union?
11. Why do I need a savings account? I just wanted a loan.
12. What is the easiest way to transfer my checking account
from another institution?
13. Whom should I speak with if I have more questions?
14. What products & services do you offer?
15. Why do I want to be a member?
16. What is a Credit Union?
17. How did credit unions start?
18. What is the purpose of a credit union?
1.
How
can I become a member of the credit union?
There are several ways in which you can become a member, including:
If you live, work, worship or attend school within Clark County including
the cities of Springfield and New Carlisle, if your current or previous
employer is one of our member groups, if you are a family member of a
current employee of one of our member groups. (Family members are defined
as "any person who is related to an IHECU member by blood, marriage
or adoption, or anyone who is living in the same household of that family
member).
2.
Do you have pre-approved loans?
Yes.
3.
Can my spouse and/or children join the credit union?
Family members of current members may also join the International Harvester
Employee Credit Union. (Family members may be defined as "any person
who is related to an IHECU member by blood, marriage or adoption, or anyone
who is living in the same household of that family member).
4.
I used to have an account at the credit union, and would like to reopen
my account. Is that something that I can do?
We have a policy called "once a member, always a member" Therefore
anyone who has closed their membership for some reason and wants to reopen
it, can do so at any time.
5. What are your loan rates?
Rates are now determined by your own personal credit rating, which is
called "Risk-based" lending. You can view our current rates
by clicking here.
6. What would my monthly payments be on a loan?
You can calculate your loan payments based on interest rate and the
loan term by using our easy to use loan
payment calculator.
7. May I open more than one Savings Account?
Yes, in addition to the savings account you must open to become a member
of the credit union, you can also have a second savings account. In addition
to those two savings accounts, we also offer other money-saving accounts
that earn interest, such as our Christmas Club, Money Market and Share
Certificates (CDs). Even our checking accounts earn interest if the balance
is over $500.
8. Can I have direct deposit into my spouse or child's
account?
Yes you can!
9. How safe are my funds?
All depositors' accounts at IHECU are insured up to $100,000 by the National
Credit Union Administration (NCUA), a government agency.
Top
10. I am moving out-of-state when I retire. Can I still
keep my account at the credit union?
Of course you can! Nothing says that you have to cancel your account just
because you aren't "just down the street" anymore. In fact,
through IHECU's affiliation with the Shared Branching Network, a nationwide
web of credit unions, you would, by visiting a Shared Service Center,
be able to conduct most of your business as if you were at your own IHECU
branch. By sharing facilities, affiliated credit unions can offer greater
convenience for their members to access their accounts in many more locations.
With so many convenient locations, you will be able to access your credit
union account even if you travel or relocate hundreds of miles from IHECU.
Top
11. Why do I need a savings account? I just wanted a
loan.
Your savings account establishes your membership within the Credit Union.
Once your savings account is opened, you may apply for any other service
or loan product we have to offer.
12.
What is the easiest way to transfer my checking account from another institution?
Establish your International Harvester Employee Credit Union account,
then write a check from your account at the other institution minus any
outstanding checks. Once all your checks from your other account have
cleared and you've received your new checks and Visa Check Card from IHECU,
close the account at the other financial institution.
13. Whom should I speak with if I have more questions?
Call our Member Services department during normal business hours at 937.390.1800.
We'll be happy to help you in any way we can.
14. What products and services do you offer?
International Harvester Employee Credit Union is a full-service financial
institution, able to meet most of the personal banking needs of over 200
companies in the Midwestern Ohio area. We offer checking, savings, credit
cards, auto loans, mortgage loans, signature loans, ATMs, online banking,
automatic deposits and withdrawals, and a full range of retirement and
investment products.
Top
15. Why do I want to be a member?
Unlike banks, which are "for-profit" and serve the interests
of their stockholders, credit unions are "not-for-profit" and
are owned by their members! Credit union members see benefits in higher
dividend rates on savings, CDs and Money Market accounts, as well as lower
rates on loans. International Harvester Employee Credit Union is here
to serve the financial needs of its 200+ member companies' employees and
families.
16.
What is 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.
17.
How did credit unions start?
The first credit union cooperatives started in Germany over a century
ago. Today, credit unions are found in over 90 countries! The credit union
movement started in the United States 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 belongs
to a credit union.
18.
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 "not-for-profit"
cooperatives. Rather than paying profits to stockholders, credit unions
return earnings to members in the form of higher dividends, lower rates
on loans, and improved services.