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What’s the difference between a credit union and a bank?
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Unlike banks, credit unions are not-for-profit financial coops. So the funds that are saved by members are invested or loaned to other members in order to pay dividends on savings. It’s “members helping members.”
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How often are savings rates changed?
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Savings rates are reviewed on a quarterly basis to provide the best rates possible. Depending on financial markets, CMECU attempts to offer an excellent rate of return to our savers.
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May I have my pension direct deposited into my savings account?
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Yes, it is a great convenience CMECU is pleased to offer our members. The funds are deposited into a checking account and can be easily accessed via check or at any ATM machine.
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Since I’m on payroll deduction, why isn’t my loan request automatically approved?
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Payroll deduction is a method of payment, not a lending criteria. CMECU loan officers use prudent lending guidelines such as credit history, debt ratio, and current financial situation.
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