Frequently Asked Questions
What is 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 operated 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.
Who can join the Cooperative Credit Union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group. Cooperative Credit Union was chartered to serve members in 1937. Membership in this Credit Union is limited to; 1. Individuals employed and retired by CVR Energy of Coffeyville, Kansas its affiliates, patrons, survivor companies, contract employees, members of their families, organizations of such persons and their subsidiary locations in Bartlesville, Oklahoma and Winfield Kansas. 2. Individuals living within 100 mile radius of Coffeyville, Kansas, the surrounding contiguous 26 Kansas counties (AL, AN, BB, BU, CF, CK, CL, CQ, CR, CS, EK, FR, GW, HV, LB, LN, LY, MG, MI, MN, MR, NO, OS, WL, WO, and SU), the Coffeyville Kansas trade area, patrons, members of their families, affiliates of such persons and organizations of such persons. 3. Individuals, Employees, volunteers and patrons of The Friends of the Mansion. 4. Individuals living, working, residing, worshipping in any community who are of the Catholic Faith or any recognized religious faith.
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 a "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.
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.
Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
How do I set up Direct Deposit of my payroll check?
After your Cooperative Credit Union checking application has been approved, you will receive Cooperative Credit Union's routing number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company, and your direct deposit will usually begin within thirty days.
How do I sign up for billpay?
Go to the Bill Pay login screen. From there click the Enroll button to set up your Bill Pay account. You will need to have your checking account number to enroll.
How do I apply for a loan?
You may apply for a loan by coming in and picking up an application, or you may apply online by clicking here.
How much does it cost to have my documents notarized?
Notary services are free for our members. Simply bring the forms in and we will gladly assist you in getting them properly notarized.
How long will it be until a decision is made on my loan application?
A decision will be made on most completed loan applications by the next business day after receiving the application. We will do our best to process your application as quickly as possible.