Tools & Resources
Frequently Asked Questions
- What is a credit union?
- A credit union is a cooperative, not-for-profit financial institution organized to promote financial well-being and savings, as well as provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. Members of the credit union make up the board of directors. 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 goal is not to make a profit but provide a safe, convenient place for members to save and borrow at reasonable rates.
- Who owns a credit union?
- Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate that way. Instead it has member-owners. Each credit union member owns one "share" of the organization and is entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
- How did credit unions start?
- The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement in the United States started in Manchester, New Hampshire where the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
- What is the purpose of a credit union?
- Credit unions have two main purposes; to encourage members to save and to make loans to members. Credit unions have traditionally made loans to people of ordinary means. Credit unions often charge lower rates for loans (as well as pay higher dividends on savings) because they are non-profit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends and/or improved services.
- Are Savings Deposits Insured?
- Yes, all savings accounts are insured to at least $250,000 by National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF is administered by the National Credit Union Administration (NCUA), which is an agency of the federal government, for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. In addition, American Share Insurance (ASI) provides excess savings insurance with an additional $250,000.
- Who Can Join a Credit Union?
- A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership". The field of membership may include where they live, where they work, or their membership in a social or economic group.
As a member of Sea Air FCU, it's important you have the tools you need to successfully manage your everyday and long term finances. The links below provide money management resources and tools to help you understand your finances and start staying on track. Sea Air FCU is committed to helping you achieve your financial goals.
Below are some of the most requested forms at Sea Air FCU. We wanted them to be available at your convenience. Each form has details of which department is looking forward to serving you and how to contact them with your specific request.
If you receive a call from an individual portraying to represent your financial institution regarding possible fraud attempts on your credit or debit cards, do not provide personal information, account numbers, full credit or debit card number or PIN. Sea Air FCU will never call and ask you for your personal information. If you receive a call stating that it is from Sea Air FCU requesting this information, please do not respond and notify our nearest branch or contact us by phone at 1.888.732.2471. Fraud attempts can be conducted via phone call, text, email, pop-up windows, and social media messages.
Never give out your personal information such as:
- Social security number
- Credit card number
- Expiration date
- Credit card security code
- PIN code
- Account number
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