FAQ
How much do I need to open a share account?
You can open your account with as little as $27
Is my money safe?
Your deposits are insured up to $250,000 by the National Credit Union Administration (NCUA).
What are your fees
$35 late payment fee (for payments that are 10 or more days delinquent)
What type of accounts do you offer?
We offer share savings accounts, Certificates of Deposits and various loans products
What do I need to apply for a loan?
Must be a FCFCU member for at least 1 month
Can I refinance my loan?
Yes, you can we might be able to offer a better rate.
What are your interest rates?
Interest rates for loans will vary based on the information provided by the applicant and their credit worthiness.
Is my information shared with outside agencies?
Only credit information is shared with credit bureaus as necessary, however your personal contact and account information is strictly confidential and is never shared with 3rd parties
Do you offer debit cards or credit cards?
Currently we do not offer debit or credit cards, but we do have an ATM for your convenience located near the Banquet Hall
Will I receive credit or will my balance reflect the amount I have donated to the Micro Loan Fund when I open my credit union share account?
No. The money you gave to the Micro-Loan program at Friendship West was essentially a donation or a gift that will serve as capital that will be used for the Micro-Loans. Those donations are not considered share deposits.
Will existing members be able to participate in the new Micro-Loan program?
Yes, the Micro-Loan program is for ALL credit union members.
Can my relative, friend or neighbor join the credit union?
Not right now. Because we have an “Associational” charter and not a “Community” charter, the field of membership is limited to members of either church and their immediate families. However, we plan to find out what is needed to become a community credit union so that our services can be made available to the public.
GENERAL
Q. What is a credit union?
A. A credit union is a not-for-profit organization that is owned by its members. The primary function of the credit union is to serve its members. Credit unions focus on the needs of all their members, instead of a limited number of shareholders. All members of the credit union have equal voting rights, regardless of the amount on deposit.
Q. Why are credit unions important?
A. Credit unions give a competitive edge to the marketplace by offering favorable rates and services. In turn, they create benefits to consumers of all financial institutions.
Q. Why would I choose a credit union?
A. Most importantly, you have the ability to put your money where you want. Credit unions typically offer lower fees, higher savings rates, lower loan rates, and more personalized service. Credit unions focus on their members and return their profits to the members by giving higher savings rates and lower loan rates.
Q. Are my funds insured at a credit union?
A. All funds deposited at credit unions are federally insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the Federal Government. No member of a federally insured credit union has ever lost any money. Credit unions support the operations of the National Credit Union Share Insurance Fund (NCUSIF) by maintaining deposit with the fund equal to a percentage of their insured savings. If events occurred that caused the NCUSIF equity ratio to fall below 1%, responsibility to immediately replace the funds would lay on credit union--not the taxpayer.
Q. Who regulates credit unions?
A. The National Credit Union Administration (NCUA) regulates credit unions--like FCFCU. Credit unions are subject to much of the same consumer regulations as other financial institutions. In some cases, such as investments and mortgage lending, credit unions must adhere to more strict regulations.
Q. Why do I need a savings account? I just wanted a loan.
A. Your savings account establishes your membership with the Credit Union. Once your savings account is opened, you may apply for any other service or loan product we have to offer.
Q. Where do I send a pay-off?
A. Payoffs can be given to a Member Service Representative at the branch nearest you or mailed to:
Faith Cooperative Federal Credit Union (FCFCU)
2020 West Wheatland Rd.
Dallas, TX 27232
Q. What are your hours?
A. Our office is open from 9-3:00 Monday-Thursday and closed on Fridays.
Q. Do deposits post the same day they are made?
A. Yes, all deposits are effective immediately unless the teller informs you that there will be a hold placed on the check. Immediate credit does not apply to ATM deposits.
Q. What is the difference between my balance and my available balance?
A. All of our members maintain a share in the credit union of $25. This stays in your savings throughout the life of your account. The balance represents the amount in your account including shares, check holds, and loan pledges. The available balance is the actual amount that you may withdraw from your account.
You can open your account with as little as $27
Is my money safe?
Your deposits are insured up to $250,000 by the National Credit Union Administration (NCUA).
What are your fees
$35 late payment fee (for payments that are 10 or more days delinquent)
What type of accounts do you offer?
We offer share savings accounts, Certificates of Deposits and various loans products
What do I need to apply for a loan?
Must be a FCFCU member for at least 1 month
Can I refinance my loan?
Yes, you can we might be able to offer a better rate.
What are your interest rates?
Interest rates for loans will vary based on the information provided by the applicant and their credit worthiness.
Is my information shared with outside agencies?
Only credit information is shared with credit bureaus as necessary, however your personal contact and account information is strictly confidential and is never shared with 3rd parties
Do you offer debit cards or credit cards?
Currently we do not offer debit or credit cards, but we do have an ATM for your convenience located near the Banquet Hall
Will I receive credit or will my balance reflect the amount I have donated to the Micro Loan Fund when I open my credit union share account?
No. The money you gave to the Micro-Loan program at Friendship West was essentially a donation or a gift that will serve as capital that will be used for the Micro-Loans. Those donations are not considered share deposits.
Will existing members be able to participate in the new Micro-Loan program?
Yes, the Micro-Loan program is for ALL credit union members.
Can my relative, friend or neighbor join the credit union?
Not right now. Because we have an “Associational” charter and not a “Community” charter, the field of membership is limited to members of either church and their immediate families. However, we plan to find out what is needed to become a community credit union so that our services can be made available to the public.
GENERAL
Q. What is a credit union?
A. A credit union is a not-for-profit organization that is owned by its members. The primary function of the credit union is to serve its members. Credit unions focus on the needs of all their members, instead of a limited number of shareholders. All members of the credit union have equal voting rights, regardless of the amount on deposit.
Q. Why are credit unions important?
A. Credit unions give a competitive edge to the marketplace by offering favorable rates and services. In turn, they create benefits to consumers of all financial institutions.
Q. Why would I choose a credit union?
A. Most importantly, you have the ability to put your money where you want. Credit unions typically offer lower fees, higher savings rates, lower loan rates, and more personalized service. Credit unions focus on their members and return their profits to the members by giving higher savings rates and lower loan rates.
Q. Are my funds insured at a credit union?
A. All funds deposited at credit unions are federally insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the Federal Government. No member of a federally insured credit union has ever lost any money. Credit unions support the operations of the National Credit Union Share Insurance Fund (NCUSIF) by maintaining deposit with the fund equal to a percentage of their insured savings. If events occurred that caused the NCUSIF equity ratio to fall below 1%, responsibility to immediately replace the funds would lay on credit union--not the taxpayer.
Q. Who regulates credit unions?
A. The National Credit Union Administration (NCUA) regulates credit unions--like FCFCU. Credit unions are subject to much of the same consumer regulations as other financial institutions. In some cases, such as investments and mortgage lending, credit unions must adhere to more strict regulations.
Q. Why do I need a savings account? I just wanted a loan.
A. Your savings account establishes your membership with the Credit Union. Once your savings account is opened, you may apply for any other service or loan product we have to offer.
Q. Where do I send a pay-off?
A. Payoffs can be given to a Member Service Representative at the branch nearest you or mailed to:
Faith Cooperative Federal Credit Union (FCFCU)
2020 West Wheatland Rd.
Dallas, TX 27232
Q. What are your hours?
A. Our office is open from 9-3:00 Monday-Thursday and closed on Fridays.
Q. Do deposits post the same day they are made?
A. Yes, all deposits are effective immediately unless the teller informs you that there will be a hold placed on the check. Immediate credit does not apply to ATM deposits.
Q. What is the difference between my balance and my available balance?
A. All of our members maintain a share in the credit union of $25. This stays in your savings throughout the life of your account. The balance represents the amount in your account including shares, check holds, and loan pledges. The available balance is the actual amount that you may withdraw from your account.