FAQ

What about loan payments and checks that I write to you?
You may now use our new name - Meridia Community Credit Union. You can also make loan payments from your savings or share draft accounts on Online Account Access or our Audio Response system.
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What's 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 Meridia Community Credit Union?
If you live, work, worship, go to school or volunteer in various communities in Southern Erie County you may join the credit union. Please check out our membership page to find a list of the various towns and villages.
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What holidays are we closed?
New Years Day, Martin Luther King Day, President's Day, Memorial Day, Fourth of July, Labor Day, Columbus Day, Veterans Day, Thanksgiving, Christmas
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When are dividends posted?
Quarterly at month end.
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When are statements generated?
Checking account statements are generated monthly at month end (these are combined statements so all accounts under that number print on the statement). Savings (only) accounts generate a quarterly statement at month end.
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Can a savings account (01) be closed if I still have other services (checking, visa, loans, etc) open?
NO. The savings account is what makes you a member, a shareholder in the credit union. It must remain open for you to have other services with us.
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When do accounts go dormant?
Accounts are dormant after one year of no activity.
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Can an automatic deduction come from either a savings or checking account?
YES. To set up an automatic deduction you will need our routing number (222380731) and your member number.
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Can I get a copy of a check or statement?
Yes. A copy of a statement is $ 1.00. A copy of a check is $ 1.00. To get a copy of a check, we need to know the check number, amount, when it was paid and the trace number off the statement. It usually takes one or two days to obtain a copy.
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Are OLP payments deducted from the share savings or share draft checking account?
Payments are deducted from the share savings accounts at month end.
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Can I stop payment on an automatic deduction?
Yes. You will need to sign a revocation form at the credit union and must notify the company that processes the deduction that you want it stopped. The stop payment fee is $ 10.00
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