Basic Membership FAQs

Q.	How do I join CEFCU?
A.	Becoming a member of CEFCU is simple. Step 1. Before you begin, check the Welcome to CEFCU section for eligibility. Step 2.Complete the requested information on the Online New Member Application or request an application via E-mail. When you have completed the online application, click the Submit button to send your application. Processing will take approximately two to four working days, after which CEFCU will mail applicant(s) a formal application to be signed. To establish membership (open account), all documents must be completed. Step 3. Sign and return documents to CEFCU with a minimum deposit of $5.00. (This account requires a minimum balance of $50 to earn dividends.)
Q.	What is a Credit Union and why should I join one?
A.	Credit unions are financial cooperatives' owned and controlled by people who share a common bond, operated for them and by them on a non-profit or cost basis. The members pool their financial assets to provide themselves funds for loans and a wide variety of other financial services. In short, credit union cooperatives exist to serve their members and are dedicated to the Credit Union motto: "Not for profit, not for charity, but for service." This is the key difference between Credit Unions and other types of financial institutions.
Q.	How did Credit Unions get started?
A.	The cooperative movement began in Europe in the 1800s. Working class people began forming cooperatives of various kinds to assist themselves through economic hard times. Banks would not lend money to working class people and they were forced to borrow from moneylenders (loan sharks) who often charged as much as 100% interest. As a result, some of these same people began forming cooperatives. Examples of the first successful cooperatives are as follows: One of the most successful early cooperatives began in Rochdale, England. A group of workers sold shares to its members to raise capital to buy goods at lower than retail price. The goods were then sold at a savings and members were entitled to a share of the earnings at the end of the year. This cooperative became the model for cooperatives formed later elsewhere in Europe and the world. In Germany, farm workers formed credit cooperatives around 1850. Although farmers could own their own land, they couldn't afford to buy equipment, seeds, livestock and other supplies to make a decent living on their farms. By working together they escaped the grip of the moneylenders and survived the economic hardships of the times.
Q.	What if I am no longer employed by one of the sponsoring organizations?
A.	The Credit Union philosophy is "Once a Member, Always a Member." If you leave a sponsor company, you can still maintain an account with us FOR LIFE. As long as you maintain a minimum balance of $50 in a Regular Savings account, your account will remain active with us.
Q.	How do Credit Unions operate?
A.	Credit Unions operate under a set of democratic principles. Each year the membership elects the Board of Directors through a nominating committee. The Board members are volunteers and the positions are highly sought after. The Board meets each month to review the progress of the Credit Union and to set policies that govern the services members receive. The Board of Directors appoints a Supervisory Committee, which oversees the annual audit to insure that day-to-day operations of the Credit Union are handled according to General Accounting Principles (GAP).
Q.	Can I mail deposits to the Credit Union?
A.	Yes, you can mail deposits to any CEFCU location. For your convenience, we have a night drop at our Roselle Park Location. Check our CEFCU Directory section for additional information.
Q.	Where are the Credit Union Offices located?
A.	Our CEFCU Directory section will give you all the location information, maps and directions.
Q.	What is Regulation "D"?
A.	Regulation "D" impacts the number of transactions CEFCU may allow on your deposit accounts (including Regular Savings, Money Market and Club accounts). The Board that governs the Federal Reserve System, whose job is to ensure that financial institutions maintain adequate reserves for funds they have on deposit, implemented the regulation.
Q.	How does Regulation "D" affect me?
A.	It limits the number of preauthorized, automatic or phone transactions you make each month on a deposit account to a maximum of six. Balance inquires, loan payments (between suffixes on one member number) and all transactions from Checking (Share Draft) accounts do not count as part of these transactions. There are no limitations to the number of transactions that you handle on any account in person, by mail or through an ATM. CEFCU will refuse any transactions that are not in compliance with Regulation "D" (checks may be returned and a fee may apply). Regulation "D" is a directive of the Federal Government, not of CEFCU.