How do I wire funds to my TCCU account?
Please direct the wire accordingly:
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.
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.
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. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 increased the level of insurance on all accounts to a maximum of $250,000. This increase, previously established on a temporary basis, has now become permanent. Read more about how your deposits are protected here.
Is My Money Safe with TCCU?
With the recent bank bail outs, failures and with more likely to come, you may be asking yourself, "Is my money safe with TCCU?"
The answer to that question is, "YES, IT IS." We are quite healthy. We do not invest in mortgage backed securities. We make only consumer loans to our local members who qualify and can afford to pay back the loans. We also do not engage in riskier areas of consumer lending such as, indirect lending through car dealerships nor have we ventured into the risky area of business lending. Thus, our loan delinquency remains low and well below the national average for a credit union our size. On the investment side, TCCU only invests in items which are federally insured. We are here to serve our members with the lowest possible fee structure. This is in keeping with the credit union philosophy which is the sound base of operation for TCCU since 1954. Your money is safe with TCCU, and we remain committed to helping our members weather this latest financial crises, just as we did in the Savings and Loan bust of the 1980's and the high tech bust of 2000.
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'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.
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.
Access to Credit Union Documents
In accordance to Section 91:315, this notice is to advise you, as a Travis County Credit Union member you have to the ability to request certain documents relating to the credit union's finances and management. These documents are: the balance sheet and income statement, a summary of the most recent annual audit, written board policy regarding access to articles of incorporation, bylaws, rules, guidelines, board policies, and copies of thereof, and the Internal Revenue Service Form 990. Any requests for these documents should be made to management at our main office with advance notice.