Q: What is a credit union?
Credit unions are not-for-profit cooperative financial service organizations that are owned by the people they serve - their members. Credit unions provide a wide range of products and services, including:
• Savings and checking accounts
• Personal loans and lines of credit
• Mortgages
• Credit Cards and Debit/ATM Cards
• Traveler's Cheques
• Internet and telephone banking
• Retirement planning
• Business checking, loans and credit cards
Q: How are credit unions different from banks?
There are many differences between banks and credit unions, but the most important one is that credit unions are democratically run by the people they serve - their members. Credit unions' primary commitment is to serve their members' financial needs, whereas banks and trust companies exist to earn dividends for shareholders. For a more comprehensive comparison, click here.
Q: Do I have to pay a membership fee to join a credit union?
You do not have to pay a fee to join First American, but you do have to maintain a savings account, with a minimum of a $5 balance. For more information about becoming a member of First American click here.
Q: Who can join First American?
Membership is open to anyone who lives or works in Rock County, WI; Green County, WI; Walworth County, WI; or Winnebago County, IL.
Q: Once I am a member, who in my family can join?
Anyone in your immediate family can join, including your mother, father, siblings and spouse. For more information about membership click here.
Q: Will my money be safe in a credit union?
Absolutely! First American Credit Union membership deposits are Federally Insured up to $100,000 by the National Credit Union Administration, a U.S. government agency, through the National Credit Union Share Insurance Fund (NCUSIF). You can also structure your accounts to have more coverage. To read more about our disclosures and policies click here.
Q: How do credit unions operate?
Each credit union operates independently. Policies and procedures are set and monitored by the volunteer board of directors, who are elected by the credit union members. The day-to-day operations are the responsibility of the President/CEO and management team. The democratic structure of credit unions is what makes them unique. Each credit union member has one vote and an equal voice in the management and direction of the credit union. To read First American's disclosures and policies click here. For more information about the board of directors and our membership click here.
Q: Does First American offer an automated phone service?
Yes. First American offers a 24-hour automated teller service, which allows account access account 24 hours a day, 7 days a week. You can obtain information such as account balance, deposit, and transfer information. You can even request a withdrawal, which will be mailed to you in the form of a check. The 24-Hour Telephone Teller is available at no charge. For information about our Telephone Teller system and other electronic services click here.
Q: Does First American offer online banking?
Yes. First American offers online banking and online bill pay at no charge. You can check your account balances, transfer funds, and make payments all from the comfort of your own home. For more information about online banking and bill pay click here.
Q: What kind of overdraft protection does First American offer?
First American offers free set up of overdraft protection on accounts. You can have overdraft protection drawn on a savings account, a secondary checking account or a Kwik Cash loan (line of credit). The member is responsible for any fees incurred for overdraft processing including accrued interest on Kwik Cash loans.
We also offer another separate service called Overdraft Privilege. Overdraft Privilege is a discretionary service provided to eligible members. It is designed to help guard members against having items returned by First American. At the discretion of First American, each eligible member will be provided a specific Overdraft Privilege limit depending on the type of account they have. NSF/Overdraft fees are included in the Overdraft Privilege limit.
Q: Is there a minimum balance requirement to open the Free Checking Account?
No. There is no minimum deposit or minimum balance required on the Free Checking and your first order of checks is free (up to $15). To learn more about Free Checking and other checking products click here.
Q: Are there any fees associated with the ATM and/or the Debit card?
Members have unlimited use of their ATM and/or Debit card at any First American branch ATM. You may use your ATM and/or Debit card at a non-First American ATM a maximum of three (3) times, after which there is a charge of $1.50 per transaction. You may also be charged an additional surcharge from the financial institution that owns the ATM. Using your debit card at a retail merchant is always free. For more information about ATM/Debit cards click here.
Q: Can I have an ATM card with just a savings account?
Yes. Member can have an ATM card to accompany many First American services.
Q: Does First American sell their first mortgage loans?
Fixed-rate conforming mortgages are sold to the secondary market, but servicing can be retained at First American. For more information about mortgage options click here.
Q: Will my checks be returned to me at the end of each month?
First American does not return checks. Instead, members can find out when a check has cleared simply by calling our 24-Hour Telephone Teller or on CU Banking where you can view your account online and obtain an electronic image of the check. If you need a photocopy of a check, we do keep copies of all checks and can usually get one to you within 2 days for $2.00 per copy. For more information about online check imaging click here.
Q: What is First American's Privacy Policy, and will my personal information be sold to outside companies that are not affiliated with the credit union?
Protecting personal information and utilizing it in a manner consistent with your expectations is a high priority for everyone associated with First American Credit Union. We collect only "non-public personal information" so that we may provide you with the best service. Information we collect is used for security purposes to make sure your account is secure and accessible only to you or others that you grant authority. First American does not sell member information to non-affiliated, outside companies. Please read our Privacy Policy in its entirety for more details.
Q: How much can I borrow?
The amount you can borrow and required down payment varies with individual credit history and income. To obtain a credit report click here.
Q: What is the difference between secured and unsecured loans?
An unsecured loan is made on the basis of a borrowers credit history and ability to repay and not on the basis of pledging assets to the lender. A secured loan requires the borrower to pledge specific assets as collateral for the loan. A higher interest rate is normally charged on unsecured loans. For more information about First American's loan products click here.
Q: What are NADA values?
NADA is a publication that determines the market value of collateral with consideration to normal depreciation. Trade and retail values can be attained on used autos, boats, RVs, and motorcycles. They also serve as a guideline for consumers to ensure a fair price. Contact First American at
800-776-7159 for an NADA value.
Q: What is the APR and how is it calculated?
The Annual Percentage Rate (APR) is the cost of the extended credit expressed as an annualized rate. You can calculate how much your loan will cost based on the APR with our Financial Calculators.
Q: What is the APY and how is it calculated?
The Annual Percentage Yield (APY) is the interest rate earned on your investments expressed as an annualized rate. You can calculate how much your investments will earn based on the APY with our Financial Calculators.
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