What is a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
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What is TTCU's Routing Transit Number(RTN)?
For deposits or automatic payments, use 303986313.
For credits or debits to or from your checking account, please obtain your account number from your check (2nd set of numbers on bottom of check.) You will need to use the RTN, 303986313 plus your account number.
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What is my user ID for online banking?
Your user id is your basic membership number. The first time you login, your pin number is your social security number without any dashes or spaces. Once you login, the system forces you to change your password. You may choose whatever you prefer.
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How do I login to the Virtual Branch online banking?
The first time you login to TTCU's Virtual Branch, you will enter your user id and pin number. Your user id is your basic membership number. The first time you login, your pin number is your social security number without any dashes or spaces. Once you login, the system forces you to change your password. You may choose whatever you prefer.
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Does TTCU make Guaranteed Student Loans?
Yes, TTCU funds student loans through Oklahoma Student Loan Authority (OSLA).Call 1 800 456-6752 to talk to a student loan expert. Then you can visit Financial Aid Officer at the school of choice or the website www.osla.org and actually complete your application. Remember to designate TTCU as you lender of choice. Our US Department of Education ID number is 831323.
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Does it matter whom I get a student loan from?
Yes, Different Lenders have different programs. The more fees you pay from loan proceeds the less money you get for school. TTCU offers the best program in Oklahoma.
Loans funded by TTCU feature:
· 0% Origination Fee for Stafford Loans
· 0% Federal Default Fee
· 1% reduction of the loan principal for making the first three payments on time.
· 1.5% reduction of the loan interest rate for making the first 12 payments on time.
· 1.0% reduction of loan interest rate when you choose to make monthly payments through automatic withdrawal. (Another good reason to have a TTCU checking account!)
Answers to all your student loan questions are available at OSLA 1-800-456-6752.
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When must I start paying back my guaranteed student loan?
Repayment starts six months after you leave school whether you graduate or drop out. Word to the wise: Don't take a student loan unless you are determined to graduate. Over several semesters student loans can become a sizable obligation. If you don't have the increased earning capacity that a degree provides student loans are a yoke around your neck. Answers to all your student loan questions are available at OSLA 1 800 456-6752.
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Are student loans avoidable through bankruptcy?
Usually, no. Answers to all your student loan questions are available at OSLA 1 800 456-6752.
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Are Parent Plus loans available through TTCU?
Yes, Parent Plus loans are available to qualified applicants. Answers to all your student loan questions are available at OSLA 1 800 456-6752.
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When does repayment start on a Parent Plus Loan?
Immediately. Answers to all your student loan questions are available at OSLA 1 800 456-6752.
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Can I consolidate my student loans with TTCU?
No, not at the present time. However, you can contact OSLA. Answers to all your student loan questions are available at OSLA 1 800 456-6752.
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What is TTCU's US Department of Education ID Number?
Our US Department of Education ID number is 831323.
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