Ambassador Handbook!
Credit
Union Philosophy
Credit Union Terminology
United Educators Credit Union History
Locations, Internet Address and Phone Numbers
Who Can Join
Products and Services
Questions you may be asked as an Ambassador
Feedback
Credit Union Philosophy
"Not for Profit, Not for Charity, But for Service." Credit unions are not-for-profit financial cooperatives formed by groups of people who share a common bond. Being a service organization, credit unions promote savings, as well as low-cost credit in the form of loans to members. Credit unions offer many of the same services as a bank, but are very different. As a not-for-profit financial institution, all profits are returned to members in the form of dividends and lower interest rates on loans.
"Once a Member, Always a Member." Once you join the credit union, you can always keep your membership, whether you change jobs, move away or retire. And as a member, you are a shareholder, with the right to run for the Board of Directors and Supervisory Committee, the right to vote for members of those groups, and the opportunity to use any service provided by the credit union.
"Your Money is Safe." Your savings are federally insured to at least $250,000 by the National Credit Union Administration, a government agency and an additional $250,000 with Excess Share Insurance, Inc. As a member of the NCUA, United Educators Credit Union operates under strict federal and state banking regulations and is regularly monitored to ensure we always serve our members' best interest. Back to top.
Credit Union Terminology
Credit unions are unique in their terminology. Listed below are some commonly used terms and their definitions.
Shares: Since each credit union member is an owner, their savings are defined as shares. Your initial $25.00 deposit constitutes one share - and your savings account is referred to as your "Share Savings." Each member, no matter how little or how much they have in savings, has one vote at the annual meeting.
Dividends: Because we are not-for-profit, money earned by the credit union is returned to members in the form of dividends paid on their share savings. Dividends are declared quarterly by our Board of Directors, based upon that quarter's earnings.
Member Number: Once you open a share savings account, you receive a member number. This number is similar to an account number - however, at the credit union you are more than just a customer account number. You are a member and owner of this institution. This membership gives you access to all of the different services we offer, identified under your membership number by account types. Deposit account types will have a "S" number; loan accounts will have an "L" number. For example, your share savings is your S1 account, your checking account is your S3 account, and your vehicle loan is your L20. Back to top.
United Educators Credit Union History
United Educators Credit Union was established in 1957 to benefit Minnesota Education Association members. Originally named MEA Credit Union, we assisted with the specific financial needs of the education community. Throughout the years - from strikes and natural disasters, to times of prosperity - the credit union was there.
The summer of 1998, Minnesota Education Association and Minnesota Federation of Teachers merged into one - Education Minnesota. Taking their lead, we petitioned the State Banking Department for a new charter, whereupon our field of membership changed to include all staff and members of the new organization. Endorsed by Education Minnesota, we now have the opportunity to serve educators and school personnel statewide.
Without an "MEA" to serve, the name MEA Credit Union became somewhat obsolete. On January 1, 1999, we changed our name to United Educators Credit Union. While the name is different, the strength, dedication and commitment we bring to the education community remains as it has been since 1957. And we look forward to continued growth and service into the new millennium. Back to top.
Locations, Internet Address and Phone Numbers
Woodbury Branch Office
6789 Upper Afton Road, Woodbury, MN 55125
651-264-0669 or 1-800-229-2848
Fax 651-264-0203
Hours: Lobby 8:30 AM to 5:00 PM, Drive up 7:30 AM to 5:00 PM, Monday through Friday
Surcharge Free ATM available 24 hours a day, 7 days a week.
Eden Prairie Office
7912B Eden Road, Eden Prairie, MN 55344
952-832-0151
Fax 952-832-0031
Hours: Lobby 8:30 AM to 5:00 PM, Drive up 7:30 AM to 5:00 PM, Monday through Friday
Columbia Heights Office
4111 Central Ave NE, Columbia Heights, MN 55421
763-706-3950
Fax 763-706-3955
Hours: Lobby 8:30 AM to 5:00 PM, Drive up 7:30 AM to 5:00 PM, Monday through Friday
Surcharge Free ATM available 24 hours a day, 7 days a week.
Secure Deposit Box
Education Minnesota - 55 Sherburne Avenue, St. Paul, MN
Deposit Box (located outside the 55 Sherburne entrance) available 24 hours a day, 7 days a week. Contents are picked up daily, Monday through Friday.
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Who Can Join
The following people are eligible to join United Educators Credit Union:
- Education Minnesota members and employees
- Any school official belonging to their state or local organization (including paraprofessionals, administrators and other school staff members)
- Minnesota Psychological Association members & employees
- Employees of Horace Mann Insurance
- Family Members of current United Educators Credit Union members
- Also find out which Business Groups are eligible
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Products and Services
United Educators Credit Union offers a variety of products and services to meet member needs. Following is a partial list of available options. Please do not hesitate to call the credit union for further information.
Share Savings Account. A basic share savings account is opened when you join the credit union. The account earns a daily dividend paid quarterly. Qualified members receive dollar-for-dollar group life insurance for savings balances from $200.00 to $2,000.00 at no charge.
Checking Account. Our No-Fee Checking account offers no monthly fee, no minimum balance to maintain the account, no per check fees, and earns interest on the average daily balances of $500 or more. An Instant Cash and Check debit card and overdraft protection are also available.
Solutions@HOME online account access and bill pay. Solutions@HOME is free online account access to all of your credit union accounts via any PC with Internet connection to the world wide web. You can view your account history, make transfers, download account information into a financial management program, and even apply for loans. For even more convenience, use the optional Solutions@HOME bill pay and set up all of your monthly bills to be paid automatically.
CATHY® 24-Hour Audio Teller. CATHY stands for Computerized Audio-Response Teller Helping You, and it gives you 24-hour access to your accounts from any touch-tone phone nationwide. CATHY can tell you account balances, checks cleared, debits posted, interest earned and more. You can also pay bills and transfer funds. CATHY usage is free of charge.
VISA® Credit Card. The best way to pay is with a United Educators VISA credit card. Our card offers no annual fee, low variable interest rate (adjustable quarterly), 25-day grace period on purchases, free travel life insurance and optional death & disability coverage.
Loans. Loans are available to meet all of your borrowing needs, such as: new and used auto, appliance and furniture, signature, RV or watercraft, home improvement, home equity, first and second mortgages, student loans and more. We offer low interest rates, convenient payment terms and friendly, fast service.
Investments. Certificates of Deposit are available at current market rates to suit your investment needs. Individual Retirement Accounts (IRAs) and Simplified Employee Pensions (SEPs) can help you plan for retirement.
Organization Accounts. UniServs, local education associations, PTAs/PTOs and other education-related organizations are welcome to use the credit union for their financial needs.
VIP Account. The Variable Interest Plan (VIP) account is a market rate account that pays a higher interest rate than basic savings. The minimum balance is $2,500 and the maximum balance is $100,000, with the interest rate subject to change weekly.
"You Name It" Savings Accounts. You can open any of these special purpose accounts and earn higher dividends in lieu of group life savings insurance: Deposit Account (min. $100 balance), Holiday Account, Vacation Account, Summer Paycheck Account.
We also offer Savings Bonds, Travelers Checks, Money Orders, ATM and Debit Cards, Night Deposit Box and more! Back to top.
Questions you may be asked as an Ambassador
I am not a teacher; may I still join United Educators Credit Union?
Yes, you may. All school staff members belonging to their state or national organization are eligible for the credit union benefit - including paraprofessionals, administrative personnel, and other school staff members.
How do I become a member of United Educators Credit Union?
Joining is easy. Just fill out a brief membership card, make a minimum share savings deposit of $25.00. You are then eligible to use all of United Educators Credit Union services. You may obtain a membership card by calling any credit union office. You may also join the credit union online at www.uecu.coop.
I don't live near one of their offices; may I still take advantage of the credit union?
You don't have to live near one of the offices to use the credit union. All of the credit union services are set up to be used conveniently from anywhere across the nation. Through toll-free numbers, Solutions@HOME online account access, Cathy 24-hour audio teller, Instant Cash and Check cards, payroll deduction/direct deposit, and 24/7 Loan Call Center, its easy for members to use the credit union whether they live in town or across the state.
How do I set up direct deposit to my credit union account?
You need to fill out a form from your payroll department to have all or part of your check directly deposited into your account at United Educators Credit Union. The payroll department will need the credit union's routing number - which is 296076084, and your member number. Back to top.
Feedback
We are continually striving to improve our Ambassador Program. Your suggestions are always appreciated. Please contact us with and comments or concerns you may have. Back to top.
Thank you for your continued support and dedication! |
