The following is a list of frequently asked questions. If you
need an answer to a different question, click here to e-mail us.

1. What is a credit union?
A credit union is a cooperative, not for profit, financial institution owned and operated by its members to meet their financial needs. A credit union serves members who share a common bond, such as union affiliation, employment, location, social interest, or religion.

2. What are the benefits of joining the New England Teamsters Federal Credit Union (NETFCU)?
We help members in several ways:   

a.) We encourage and help members save regularly through payroll deduction and direct deposit.
b.) We make loans to members at fair rates for homes, cars, Visa - for all reasonable purposes.
c.) We understand Teamsters and their challenges, and we go the extra mile to help members use their money wisely by providing financial services and education at low or no cost.

3. How does NETFCU compare to banks?

NE Teamsters FCU  
Banks
Not-for-profit cooperative. Profit driven institution.   
Owned by you, our Members.  Owned by stockholders.
Are member service driven. Are profit driven.
Return profits to members  in the form of lower loan rates, higher savings rates, and low cost fees. Return profits to a small group of investors.
Directors are democratically voted by members. All are Teamsters. Controlled by investors and stockholders.
Can serve only those individuals within our field of membership.  Can serve anyone in the general public.  No special Commitment to Teamsters.

         
4. Who can join the NE Teamsters CU?
Membership in the New England Teamsters Federal Credit Union is open to you, if:

  1. You are a Teamster or honorary Teamster of Local 25 or any other Teamster local within the jurisdiction of Teamsters Joint Council 10 (New England), except Local 170, Worcester.
  2. You are an employee of Teamster Local 25, or any other Teamster local within the jurisdiction of Teamsters Joint Council 10.
  3. You are an employee of Teamsters Local 25 Health and Welfare Fund, or the New England Teamsters and Trucking Industry Pension Fund.
  4. You were a member of record of Teamsters Joint Council 64 Federal Credit Union as of 1/9/1992.
  5. You were a member of record of United Food Workers Federal Credit Union as of 10/12/1993.
  6. You are an un-remarried spouse of a person who died while within the field of membership, employees of the Credit Union, members of their immediate families, and organizations of such persons.

Once you are a member, your immediate family members may also join, no matter where they live or work. Immediate family is defined as a grandparent, parent, spouse, sibling, child, or grandchild.

If you are uncertain about your eligibility, or would like more information, please visit us or call, locally at (781) 641-6700, or (800) 343-7126, or click HERE to email us.

5. If I have a change in employment or retire, does my Credit Union membership cease? No, once a member, always a member. New England Teamsters FCU membership is a life long benefit. You need not relinquish your membership despite retirement, change in employment, residence or marital status.

6. Who regulates credit unions?
The National Credit Union Administration (NCUA), a U. S. Government Agency, regulates all federal credit unions. The NCUA prescribes rules and regulations for the organization and operation of federally charted credit unions. NCUA also examines us to ensure our financial safety and soundness, and provides deposit insurance.

7. How much are my deposits insured for?
Member deposits are insured by NCUA, an agency of the federal government, up to at least $250,000 for each member, with an additional $250,000 for Individual Retirement Accounts. In addition we also have MSIC insurance. This covers you for your total deposit with no limit. For more information please visit here.

8. Is it possible to insure my family's deposits for more than $250,000 with NCUA?
Yes. For example, an individual member account is insured to at least $250,000. If a member has a second account with a spouse, that account is insured for at least an additional $250,000, and each additional account with a child or other relative would add at least an additional $250,000 of insured deposits.

9. Have you any branch offices?
There are Ten Teamster Locals throughout New England which provide service to our members. Click here for a listing of these Service Centers: Link to Service Centers.

10. What ATM networks are you affiliated with?
You may process transactions to your checking account through SUM, COOP, TX, or NYCE networks. We recommend processing through participating SUM network providers as they will not surcharge you for using their ATM machine. For more info click here.

 


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