What is the purpose of a Credit Union? The purpose of our credit union is to promote thrift among our members by providing a place for regular savings, and to make loans to members at reasonable rates of interest for worthwhile purposes. What is the ECO Food Dealers Association Credit Union? The ECO Food Dealers Credit Union was officially chartered by the State of Ohio on January 3, 1984 to provide members of the East Central Ohio (ECO) Food Dealers Association and their employees a safe and efficient place to save and borrow money. Why was the Credit Union Organized? Your credit union was organized to: 1. Provide employees of our stores with a means of saving part of their earnings through deductions and/or cash deposits. 2. To use these savings as a fund from which to make loans to those members of the credit union who need money for useful purposes. Who Monitors the Credit Union? The Board of Directors is elected by the membership to oversee management of the Credit Union. The members are the seat of power. That power is expressed through the board and is exercised under the direction of the manager. The board institutes policies that are beneficial to the total membership. When should I change my payroll deduction? You may change your deductions whenever you want to increase or decrease the amount you are saving, or if you want to start a club account, you need to increase your deductions. When you take a loan out you need to increase your deduction to cover your loan payment. You change your deduction by filling out a change of
deduction card with your employer and giving it to the payroll department of your employer. When your loan is paid off, you may continue to have the same amount deducted and it will be put in your share account, or you can change your payroll deduction to less and just save the amount you want. A Credit Committee is appointed by the Board of
Directors to assure sound lending practices and to review each loan application. This committee is responsible for making sure that the loan policies are followed at all times. The Audit Committee is also appointed by the Board of Directors and serve as the official "Watch Dog". This committee makes a monthly examination of all Credit Union
financial records and conducts yearly verification of all individual share and loan account balances. How Can I Borrow From The Credit Union? Loans may be requested by phone or in person at our office, after filling out the necessary papers. Our credit committee meets every Wednesday and Friday to review all loan requests and then the loan money is mailed out. How Much May I Borrow? We have several types of personal loans and several types of secured loans. A listing of all loan types and the current interest rates are available upon request. What Is The Rate Of Interest On Loans? Our Loans are figured on simple interest, which means you pay interest only on the unpaid balance of the loan, and may repay the loan early with no penalty. Our interest rates vary, call for the current rates on various loan types. What Does The Credit Union Lend Money For? We offer loans to buy new cars and trucks, used cars and trucks, motorcycles, new household items such as furniture, computers, stereos, appliances, mobile homes, and personal signature loans for any personal need you may have. Currently, we do not lend money for home purchases. Can I Have Insurance On My Loan? Yes, the credit union offers Credit Life and Credit Disability Insurance from Mid Atlantic, the Credit Union's insurer, at a low rate that is added to your loan. Who is Eligible for Membership in this Credit Union? Members of the ECO Food Dealers Association, their employees and their families, and employees of any organizations who have a common bond of association with our organization and have been accepted for membership in our credit union. Who is Included in an Employee's Family? An employee's spouse, the employee's children, the employee's mother and father and the employee's brothers, sisters, half-brothers and half-sisters are all eligible for membership in our credit union. When Can I Join the Credit Union? An employee may join the credit union as soon as he is hired. How Do You Become a Member? Each member of the credit union pays a $1.00 membership fee and must open a share account (savings account) of at least $5.00 and maintain that amount to remain a member. What If I No Longer Work at the Store? Our credit union has the policy, "once a member, always a member." So even if you are no longer employed with a member store, you may remain a member, but once you would close your account, then you could not rejoin. How Do I Save at the Credit Union? Saving is easy, you may ask for a set amount to be deducted from each pay and be sent to the credit union, and you may also send in deposits at any time. Do You Have Club Accounts? Yes, we have Christmas Club accounts and Vacation Club accounts that members may elect to save for, also. Will My Money Earn Dividends at the Credit Union? Yes, our credit union pays dividends quarterly based on our earnings for the quarter. The dividend posted to your account on the last day of each quarter. We try to pay a dividend as high as the banks or higher. Is My Money Safe in a Credit Union? Yes, our credit union is federally insured by the National Credit Union Administration, NCUA, a U.S. Government Agency for up to $100,000.00 for each account. How Do I Know What Is In My Account? You will receive a statement quarterly that shows all your transactions for the past three months. You may call the office to receive a current balance on your account. What If I Need To Withdraw Some Of My Savings? You may withdraw money from your account by calling the office and requesting a withdrawal, a check will be mailed to you that day, we do limit your withdrawals to two a month, or a small fee is charged. When Is The Office Open? The Credit Union is located at 1200 Rear North Main, North Canton, Ohio 44720, in the ECO Professional Building. The office is open Monday, Tuesday, Thursday, Friday from 8:30 a.m. to 4:30 p.m. Closed on Wednesdays and holidays. Our phone number is (330) 494-6028. Fax 330-494-6963 Does The Credit Union Have Any Newsletters? Yes, our Credit Union sends a newsletter out every quarter that explains any special promotions for the quarter, tells about new features at your credit union and helps explain different credit union topics. What Is Payroll Deduction? This is when you choose a set amount to be withheld from each pay and sent to the credit union.
