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Credit Union
106 North Monroe Street
West Frankfort, IL 62896
Phone: (618) 932-2220
Open Monday, Thursday, and Friday
Questions & Answers concerning the Credit Union
Who can join the credit union?
You may join the as soon as you become a Local Union 702 member. The field of membership is limited to those having the following in common bond:
- members of Local Union 702
- member of their immediate families ( husband, wife, brother, sister, grandparent, parent, child, and grandchild)
How much does it cost to join the credit union?
You must deposit $25.00. This is not a fee, but is one share in the Credit Union which will earn interest. After that, you may deposit any amount you wish. You are required to maintain a balance of $25.00 in order to keep you account open.
Does the Credit Union offer Credit Life?
Yes, Credit Life Insurance is included on every loan taken out before the age of 70 at no cost to Credit Union members. Credit life insurance pays the unpaid balance on all credit union loans in the event of a member death.
Is there life insurance involved?
Yes, your savings in the credit union are covered by Life Insurance in like amount up to $3,000.00. The percentage your beneficiary would receive of your life insurance depends on your age when you deposited your savings. The following is a table of coverage:
| Age of Member at Date of Deposit | Percent of Insurance Balance Covered |
|---|---|
| 0 to 6 months | 25% |
| 6 months through 54 years | 100% |
| 55 years through 59 years | 75% |
| 60 years through 64 years | 50% |
| 65 years through 69 years | 25% |
| 70 years | 0% |
Are my savings insured by the federal government?
Yes, your individual savings are insured by NCUA (National Credit Union Association), an agency of the Federal Government, up to a maximum of $100,000.00 against loss.
How much interest does the credit union pay on shares?
For the last several years the Credit Union has paid tier dividends quarterly.
We have paid three different breaks in the tiers and these are decided
by the Board of Directors the last month of the quarter that dividends
are to be paid.
