Discover - Members 1st Federal Credit Union

Do you offer any loan
protection services in case I
lose my job?
Member Value Protection gives
you the peace of mind of knowing
that your monthly loan payments
will be cancelled in the event of
death, disability or involuntary
unemployment. Your consumer loan
payment will be cancelled without
penalty, added interest, or being
reported as delinquent to the credit
bureau. Ask your Loan Officer for
details when you apply for your loan.
What if I get transferred, leave
my current job or have to
move out of the immediate
service area? Can I keep my
account(s)?
Once a member, always a member.
Because we have extensive electronic
and mobile services, you can use our
services from anywhere in the world.
We’re accessible by phone, mail,
computer, mobile device or an ATM.
What do you offer for small
businesses?
We offer a full line of loan and deposit
products and services to assist
the small business community of
Southcentral Pennsylvania. For specific
information, go to www.members1st.
org, and click “Products & Services,”
followed by “Business Services.” We also
offer commercial insurance.
If I apply for a loan, how fast
will I get an answer?
We can give you an answer in less than
15 minutes on most loans.
What’s the difference
between Members 1st
and a bank?
While both credit unions and banks may offer similar products and services (checking,
credit cards, mortgages, etc.), there are differences in how each type of financial
institution operates. Here are the major differences:
Banks
Generate profit for stockholders. Make
decisions based on what will give
stockholders more profit.
Commercial businesses. Offer services to
make a profit.
People who buy stock in the bank own
shares of the business.
Serve customers from the general
public. Anyone can use a bank.
The Board of Directors are paid a salary.
Daily operations are performed by a
paid staff.
Only people who own stock can vote for
the Board of Directors. The customers
who use the bank don’t have a say.
Income is returned to the stockholders
in the form of higher dividends on their
shares of stock.
Like other for-profit businesses, banks
must pay taxes to the government.
Deposits are federally insured up to
$250,000 by the FDIC, a government
agency.
Credit Unions
Not for profit, not for charity, but for
service. Without a “profit motive,” we
make decisions based on what’s best for
our members.
Financial cooperatives. Members pool
their savings to provide low-cost loans
and low-fee services to each other.
Each member is an equal owner.
Exist solely to serve their members. A
person must be within the credit union’s
field of membership, as defined by their
charter, in order to join.
Unpaid volunteers from the
membership serve on the Board of
Directors and guide the credit union.
Daily operations are performed by a
paid staff.
As owners, members elect fellow
members to serve on the Board of
Directors.
Income is returned to members in the
forms of better savings rates, lower loan
rates, and low or no fees for services.
Like other not-for-profit institutions,
credit unions are exempt from paying
federal income tax.
Deposits are federally insured up
to $250,000 by the National Credit
Union Administration, a government
agency. The NCUA’s insurance fund
is the healthiest of all federal deposit
insurance funds.
We Put Our Members First. www.members1st.org 5