Credit Union Membership
What is required for someone to qualify for membership at ORNLFCU?
The potential member must: live, work, worship, or attends school or have family in the 16 counties of Central East Tennessee.
What is the leading international trade association and development agency for credit unions and cooperative financial institutions?
World Council of Credit Unions
What Government agency insures the money held at a credit union so that it can't be lost in case of a catastrophic vent?
NCUA
What is the most popular type of loan taken out at a credit union?
An auto Loan
A ORNL FCU member must maintain a balance of ____ in membership savings: a. $50 b. $5 c. $1
$1
The first credit union in North America was founded in: a. Quebec, Canada b. New York City, NY c. Toronto, Ontario
Banks use their profits to pay out stock holders. What happens to the profits made by a credit union? a. They are reinvested in the institution or paid to members b. They are paid to stock holders c. Nothing; there are no profits
a. They are reinvested in the institution or paid to members
What are the requirements of a spending plus account?
$700 minimum daily balance to avoid a $7 per month service charge and a $25 minimum deposit to open.
Name 6 out of the 16 counties that ORNL FCU provides financial services to....
Anderson
Blount
Campbell
Claiborne
Cocke
Grainger
Hamblen
Jefferson
Knox
Loudon
Monroe
Morgan
Roane
Scott
Sevier
Union
Where was first credit union in the United States opened?
New Hampshire
Credit unions can save members money when they purchase a house and take out a mortgage because:
They have lower closing costs than a bank.
What are the terms of a share certificate and what is the minimum deposit?
Fixed rate terms from 3-60 months and a minimum opening deposit as low as $500.
At what age does a person qualify for senior membership benefits and what features do they get?
Members 60 and older enjoy these great benefits: -Two free boxes of standard-design checks per year -1/2 off first year of safe deposit box rental -No fee for domestic wire transfers -Up to four free cashier's checks or money orders per quarter
What is the primary complaint about credit unions from the banking industry?
Competition because credit unions offer lower interest rates on loans
What types of coverage does 7 Insurance offer?
Auto, Home, Business and Renters
What documentation is required to open a LLC Business account at ORNL FCU?
ID of Signers & Beneficial Owners/Controller per CIP
Beneficial Owner/Controller Information
Articles of Organization (recorded copy)
Operating Agreement
Verify “Active” status on SOS website;
Out of the countries listed which one boasts the largest percentage of credit union members? a. Jamaica b. France c. Japan
a. Jamaica
With the recent merger in January 2017, Gateway Cooperative Credit Union is now the fourth largest credit union in Jamaica, boasting a membership of approximately 70,000. The credit union movement in Jamaica comprises more than one million members.
In what year did Congress create the National Credit Union Administration as an independent agency to charter and supervise federal credit unions?
1970
The National Credit Union Share Insurance Fund is also formed, insuring share deposits at federally insured credit unions up to $20,000. Until this point, credit unions had operated without federal deposit insurance. Lieutenant General Herman Nickerson, Jr., becomes the first Administrator of the National Credit Union Administration.
What are 2 out of the 4 benefits of applying for a Home Equity line of credit?
-Easy to access funds
-Competitive Interest Rates
-Loans up to $250,000
-Loan-to-value up to 100%