|
About the Credit Union
Our credit union was started in April 1936. It is owned and operated by its members, and is chartered and supervised by the National Credit Union Administration (NCUA). Credit unions now have over 63 million members, and represent over $222 billion in assets.
What is a Credit Union?
A credit union is a non-profit organization, unlike most conventional financial institutions, such as banks and savings & loan associations. All profits realized by a credit union after normal operating expenses, are left in the credit union so its members can benefit in the form of savings. Unlike the private institutions, all profits are shared equally among the credit union members.
Who May Join a Credit Union?
We are currently serving employees of the Burlington Northern Railroad, Pepsi-Cola Co., Val-Dak Corporation, the International Union of Operating Engineers Local 49, IBEW Local 1426, Northern Valley Labor Council, AFL-CIO, American Crystal Sugar Co., Qwest, AT&T and Polar Communications and the immediate family members of the above mentioned groups.
Who Owns and Operates the Credit Union?
The credit union is owned and operated as a non-profit cooperative by its own members. The members elect a Board of Directors at an annual meeting to be responsible for directing the activities and charting the policies and progress of the credit union.
What is a Share?
Savings at your credit union are called “shares.” Therefore, your credit union savings account is called a share account.
When May I Withdraw My Money?
A member may withdraw savings any day the credit union is open for business.
Is My Money Safe?
Your savings is federally insured by NCUA to at least $100,000 and backed by the full faith and credit of the United States Government.
How Can I Obtain a Loan?
As a member, you may apply for any loan that will benefit you as a borrower. All loans must be approved by a loan officer. Burlington Northern Federal Credit Union offers very competitive rates.
How Much Does a Loan Cost?
There are no extra charges or penalties for extra payments, early payoff or refinancing. All interest is figured on the unpaid balance of the loan so you pay only for the money you actually have for the length of time you have it.
Truth-In-Savings Disclosure Share Account
Rate Information:
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting - Saving’s dividends will be compounded and paid at the end of each calendar quarter. Checking dividends are compounded and paid monthly at month end.
Dividend period - For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
Minimum balance requirements:
The minimum required to open this account is the purchase of a share in the credit union. Please see the bylaw requirements in the Common Features section for additional information.
You must maintain a minimum average daily balance of $5.00 in your account to obtain the disclosed annual percentage yield.
Average daily balance computation method - Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarterly statement cycle.
Important Information about
Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license or other identifying documents.
|
