Who is eligible to participate in credit union activities and when can I apply for a loan with the credit union?

All (full-time & part-time) employees who are in good standing and have successfully completed their probationary period with the Commission are eligible for membership to the Credit Union.

Family members are eligible to participate.Members are eligible to apply for a loan after six months from their enrollment. A member who withdraws all of his/her shares ceases to maintain their membership. Those that reapply will be assessed another membership fee.

What are the interest rates on loans?

Interest rates, although not frequently changed, are subject to review and may be adjusted every quarter by the Board. The majority of loans fall under the following categories: signature loans, CuCash loans, new vehicle & used vehicle loans, share loans, home equity and loan specials. The rates are posted in Dollars & Sense, your credit union newsletter, every quarter. See our Dollars & Sense newsletter in the brochure rack at the Credit Union office. Copies are also mailed to credit union members, along with a quarterly statement.

I don’t understand why my loan was denied; you’re getting money right out of my paycheck?

Payroll deduction is the method the Credit Union uses to collect money from their membership to pay their loans. This has no relationship or significance to the applicant’s ability to pay back the loan.

How long can I expect it to take to process a loan?

Assuming the application is completed correctly and in full, loan applications should take no less than eight (8) workdays. Please do not assume that loans can be processed any sooner. Your loan application must be submitted to the Credit Union office no later than Thursday to be considered by the Credit Committee on the following Wednesday.

What criteria are considered when I apply for a loan?

Debt to Income Ratio – This refers to gross income and its relationship to your minimum payments on debts, including interest (loans, credit cards, mortgage/rent, etc.). Generally, a debt ratio of 45% or less is acceptable.

Credit References – loans are not approved until previous credit references can be reviewed and the Credit Union is confident that your loan will be repaid.

Complete Application (in full) – many applications are not completed and delay the processing of your loan. When completing a loan, be sure to fill in all of the requested information. Incomplete applications may be returned. Be sure all applications include all the necessary signatures including a co-signature if necessary. Be sure all income is considered and reflected in your application.

Detrimental Credit (bad credit) – poor credit, both past & present may keep you from receiving a new loan.

What should I do if I consider the consolidation of my debts through the Credit Union?

Remember that when you consolidate your debts through a Credit Union loan or other means, the Credit Bureau should be contacted to verify that the changes to your credit report have been made. The Credit Bureau used by the M-NCPPC Federal Credit Union is as follows:

P.O. Box 740241
Atlanta, GA 30374-0241
Phone 1-800-685-1111

An accurate credit history is your responsibility!

Why was interest posted to my loan payment, almost twice as much as the previous payment?

During the year, there are situations when biweekly employees get paid 3 times during the month and weekly employees get paid 5 times. On these occasions, the payroll deduction amount goes into shares only. There is no loan payment made because payments are based on the member getting paid either twice a month or 4 times per month. If you wish to have payments transferred, just call the Credit Union and the staff will take care of your requested transaction.

Funds are not available to a member until they are officially posted.

Does the credit union have ATM or credit cards available to its membership?

No. These items are not available, nor are there any plans at the present time to expand. First and foremost, we do not have available the necessary staff or space to be able to provide this service. The Credit Union serves its membership with a variety of loans and savings opportunities.

How often does the percentage yield and dividend change?

Rates are reviewed on a regular basis by your Board of Directors. Annual percentage yield and dividends may be changed every quarter. Factors determining such a change include but are not limited to: the economy, the ratio of savings shares to loans, and incentives.

How often are dividends compounded?

Dividends will be compounded and credited to your account every quarter. Dividends are calculated by the average daily balance method that applies a periodic rate to the average daily balance in the account for the period.

How much do I need to start a savings share account?

The minimum that is required to open an account is $5, which is equal to one share in the CreditUnion. You must maintain a minimum average daily balance of $100 in your account to earn interest.