Frequently Asked Questions

What’s 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.

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 in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even 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 started in this country 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 is a credit union member.

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 nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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Are savings deposits insured?

Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

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.

What is your field of membership/who can join MCU?

Membership in MCU is open to individuals in Hood County, Johnson County and portions of Tarrant County (ZIP codes 76036 and 76028)

What is the minimum opening deposit to join?

Minimum opening balance is only $20 and dividends are paid quarterly. There is a one time membership fee of $10 to open the account making the total deposit needed to open your account only $30.

Is there a monthly service fee on savings accounts?

There’s no service fee if you have total balances in all your MCU accounts of $100 or more, and you get six free withdrawals per quarter.

Is free checking available at MCU?

You like free? Well, Free Checking is for you. Unlimited check writing, no minimum balance required, no monthly service charge and a low opening balance of $25

What online services are offered to members?

Here are a few of the things you can do with Virtual Branch:

  • Perform account inquiries
  • Apply for a loan 24/7 and get an answer within minutes
  • Download account statements
  • View checks that have cleared
  • Set up automatic transfers
  • Name your own accounts
  • Take line-of-credit advances
  • Obtain info on dividends and interest
  • Order checks
  • Stop payment on a check(s)
  • Make account transfers and loan payments
  • Sign Up/Log On to Bill Pay

Are Visa® Check Cards (debit cards) offered to members?

Yes, every checking account comes with free Visa Check Card.

Do I need to be a member before I can apply for a loan?

No, you do not need to be a member to apply for a loan; however, you will have to join the Credit Union if you are approved.

Does MCU offer home loans?

Yes, we offer both traditional home loans as well as home equity loans.

How do I add a beneficiary to my account?

On, page 2 of the membership application there is an area for you to list the beneficiary for your accounts.

What are your wiring instructions?

Credit: Catalyst Corporate FCU (311990511)

Further Credit: Members Credit Union (311978290)

Final Credit: Member Name & Account Number

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