CREDIT UNION BASICS
This is the maximum amount of money insured by the NCUA per individual credit union account, similar to the FDIC’s coverage for banks.
250,000.00
When a credit union member uses an ATM that is not within their credit union’s network, they may incur what type of fee
out-of-network ATM fee
What is the main advantage of using a credit union for loans compared to a bank?
Credit unions typically offer lower interest rates and more personalized service.
•What advice can we give our members when opening an IRA or HSA?
None, we can only inform them of our services and products. We must advise them to get with their tax consultant.
What is the slogan of the Credit Union?
THE POWER TO SHINE
Who are we insured by?
NCUA (National Credit Union Administration)
What is the term for the process of reviewing your credit report to ensure all information is accurate
credit report
This term refers to the calculation of the total cost of a loan, including interest and fees, expressed as a percentage of the loan amount
APR (annual percentage rate)
0% credit card balance, until the end of January.
How many branches does RCU currently serve?
10
What is the main difference between a credit union and a bank
Credit unions are member-owned and not-for-profit, while banks are for-profit institutions
This term refers to the amount of money you owe on a loan or credit card that accumulates interest over time
principal
This is the process of a lender evaluating a borrower's financial history and current financial status to determine their eligibility for a loan
underwriting
what is the maximum limit on RCU credit card?
40,000.00
44,000.00
When credit unions extend loans to members, they evaluate this to determine the member's ability to repay the loan?
creditworthiness or credit score
This type of retirement account allows individuals to contribute pre-tax income, reducing taxable income in the year of contribution, with taxes paid when funds are withdrawn.
traditional ira
when someone saves money into a traditional IRA, what type of tax treatment do they receive on their contributions?
tax -deferred contributions
what are the acceptable forms of ID with RCU?
DRIVERS LICENSE, STATE ID, GREEN CARD, MILITARY ID, AND US PASSPORT.
When was RCU founded?
1957
This defines the group of people eligible to join a credit union, typically based on their job, location, or association.
field of membership
This type of financial account allows you to contribute funds that grow tax-free and are used specifically for medical expenses
HSA (HEALTH SAVINGS ACCOUNT)
This is the practice of improving the terms of an existing loan, often by extending the payment period or reducing the interest rate
loan modification
What account types are not eligible for mobile deposit?
BASIC CHECKING, FUTMAS, GUARDIANSHIP OR CUSTODIAL, ESTATES, TRUSTS, MINORS (0-13) WITH NO CHECKING SHARE
What was RCU originally named?
Florida USDA Federal Credit Union