![]() In order to be a “member-owner”, all members must open a Savings account and maintain no less than $25.00 in the account. Can I apply for a loan or use other credit union services without having an account? At the credit union we believe that an invested member holds the best interest of the credit union family at heart. For a more extensive list, please visit the home page of our website. Additionally, we offer members discounts on Sprint, Aflac Insurance products and many more. Your funds are accessible to you in-person at our service centers, online and via phone. From youth accounts to savings accounts to checking products we offer money market accounts, vacation and holiday accounts, Certificates of Deposit (CD), safety deposit boxes, lines of credit and loans of all types. What kinds of products and services does a credit union offer?Liberty Savings FCU offers a wide variety of deposit, insurance and loan products to our members. Please DO NOT send cash.ĪT YOUR JOB: If you work for one of Liberty Savings FCU’s Select Employer Groups (SEGs) (see list from HOME page on our website) you may apply for membership through your Human Resource department by speaking to your company’s representative responsible for employee benefits. Cash, money order or check for the initial deposit ($25.) plus the one-time membership fee ($10.) will be requested to activate your account.īY MAIL: Send the completed and signed application to Liberty Savings FCU, 666 Newark Avenue, Jersey City, NJ 07306, ATTENTION: Branch Manager. Attach a photocopy of your current driver’s license or state ID with picture showing your current address, and a check or money order for the initial deposit and one-time membership fee. The ID bearing the applicant’s address MUST have the current residential address on it (DMV address change stickers are acceptable). A current passport with photo, accompanied by a recent utility bill-gas, electric or water with the name and address of the person applying for membership on it are also acceptable forms of ID when presented together. IN PERSON: Bring the membership application to one of our service centers with a current driver’s license or state ID with photo. There are three ways to join In person, by mail or at your place of employment (SEGs only). How do I join the credit union?Membership applications may be downloaded and printed from our website or picked up at any of our Liberty Savings FCU service centers. Additionally, anyone who lives, works, worships or attends school in Hudson County, New Jersey is also welcome to apply for membership. Who can join Liberty Savings Federal Credit Union?If you work for an employer who has joined Liberty Savings FCU, a Select Employer Group (SEG) or if you are the family member of an existing member (living at the same address) you may apply for membership at the credit union. Are my funds insured at a credit union?All funds deposited at federal credit unions are federally insured up to $250,000 through the NCUA (National Credit Union Administration), an agency of the Federal Government. Credit unions invest time and interest in building the communities where they are based since many are established by local businesses and interest groups. Federal credit unions participate in a network of shared branches providing members with many alternatives to finding a service center/branch when they are not within the vicinity of their credit union’s offices. Each member has voting rights and receives dividends from CU profits paid on a monthly basis. Why choose a credit union over a bank?Credit unions are popularly recognized for their lower loan rates and lower-to-no fees on many of the traditional products and services offered by traditional, for–profit financial institutions. “For-profit” institutions retain all profits received. A portion of the profits are paid out in the form of dividends to the members. ![]() They do not generate capital through the sale of stocks to stockholders. How can a financial institution be “not-for-profit”?Credit unions generate capital for operating costs by receiving deposits and from repayment of loans. Federal credit unions are regulated by the NCUA (National Credit Union Administration), which is the government organization equivalent to the FDIC for banks. The credit union’s Board of Directors are not paid, but rather, serve on a voluntary basis and work as a team with the membership to run the credit union. What is a credit union?A credit union is a not-for-profit financial organization that is owned by its members and controlled by its Board of Directors, not shareholders.
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