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

Credit unions are not-for-profit financial cooperatives that exist only to serve their members. This cooperative structure is why credit unions are tax-exempt. Credit union earnings are used to meet members' needs. A volunteer board of directors is elected by the membership to represent them, and every member has an equal vote regardless of the amount placed in the credit union. There are no outside stockholders in a credit union— only members. Each credit union has a defined field of membership approved by its government regulatory agency.

Banks are in business to make profits for stockholders— the owners of the bank, who may or may not be bank customers. The more shares a stockholder owns, the more control he or she has. Bank boards of directors are paid for their services. Banks serve the general public.

Why do I have to open a share account to join the credit union?

A $25 minimum balance in a regular savings account is required of every member to maintain membership and use credit union services. Members own the credit union, and this $25 is your minimum share.

Ask us about our referral program.

Is New Century Federal Credit Union federally insured?

Yes, New Century Federal Credit Union is federally insured by the National Credit Union Administration, a US Government Agency.

If I change jobs, retire, move or graduate from college, do I have to close my credit union membership and stop using credit union services?

No, you're a member for life as long as you keep your account active and in good standing. Just call or e-mail us if your situation is changing and you need help with the easiest ways to use your credit union wherever you are.

What is a Suffix?

A suffix is the number given to accounts so we can seperate one from the other. Below is a list of some suffixes the we use:

  • 1 - Regular Share Account
  • 10 - Money Market
  • 25 - Christmas Club
  • 30 - Vacation Club
  • 40 - Special Savings
  • 51 - IRA Share Accounts
  • 60 - Special/ Insurance
  • 75 - Share Draft Checking

Your loan and certificate suffixes are on your quarterly statements. A number is assigned to each loan and certificate of deposit. Please check you last statement for the suffix for them.

I'm already a member and want to open a new checking account. What forms do I need to fill out?

We have a separate form for the share draft accounts. If you have a joint account, both parties on the account must sign the form.

How do I reorder checks?

If there are no changes to your personal information there are three ways you can do this;

  • Click on the link to the Liberty website and re-order your checks online through them.
  • Send in the reorder slip in your checkbook, to any one of New Century's locations.
  • Call one of our locations with your information.

If you have any changes to your personal information, fill in the appropriate changes on the check order form and return that form to one of New Century's four locations.

Will the credit union pay my checks if I don't have funds to cover them?

The credit union will transfer funds from accounts that you designate as automatic overdraft sources, usually your Regular Share Account. However, if funds are not available in your Regular Share Account, checks are returned for insufficient funds. A fee of $25 per returned item is assessed. You can easily avoid overdrafts with automatic overdraft protection. Call one of our representatives to find out more.

How can I make deposits?

Stop by one of New Century Federal Credit Union branches.
Direct deposit or payroll deduction
Mail checks or money orders

Are cancelled checks returned to me in my statement?

Paid checks are itemized on your monthly statement but are not sent to you with your statement. If you ever need a copy of a particular check, the fee is only $2 per copy.

Can I request an additional Visa card for my account?

Yes, you can request additional cards for the same account. You will be responsible for the charges made with additional cards.

(Visa) What are my responsibilities as a joint applicant?

You agree to repay balances on the account.

Will my credit be checked if I apply for a Secured Visa?

Yes, as with all credit card applications, we will evaluate your credit worthiness.

External Links

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