FAQ

What’s the difference between a credit union and a bank?

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.”

How often are savings rates changed?

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.

May I have my pension direct deposited into my savings account?

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.

Since I’m on payroll deduction, why isn’t my loan request automatically approved?

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.