How does the Visa Checkcard work? How is it different from a regular ATM/POS card?
Our Visa Checkcard is a debit card works as an ATM card and a Point of Sale card. The advantage of the Visa Checkcard is that it can be used at any establishment which displays the Visa logo. Funds are taken directly from your checking account. Some merchants may place a hold on your funds until you finalize your transaction, for example a hotel stay. In this case the hold will stay on your account until the final payment is received from Visa. At that time the hold will drop and the exact amount of the sale will be debited against your checking account.
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What are the limits for the ATM/POS card and the Visa Checkcard?
For the ATM/POS card, the daily withdrawal limit is $300 and the purchase limit is $300.
The Visa Checkcard has a daily withdrawal limit at ATM machines of $300 and a purchase limit of $500.
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How can I access my savings account when the Credit Union is closed?
Members may apply for an ATM card for access to their savings accounts and checking accounts. You may apply online at the Applications page of our website.
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I have worked at BCBSNC for a long time and I have Direct Deposit. Why doesn't that guarantee that I get a loan?
Direct Deposit is not a guarantee that you will be approved for a loan. Direct Deposit is a convenient way for the member to pay on a loan. The Credit Union is not a department of BCBSNC. We are a separate corporate entity, owned by its membership. Employment at BCBSNC does not guarantee that you will be granted a loan because you could leave employment at any time. Long term employment is a factor in reviewing a loan because it demonstrates an member's financial stability.
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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 controlled 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.
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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 one "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.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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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.
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Who makes decisions about how the Credit Union operates?
The credit union operates under the direction of the credit union manager on a day-to-day basis. All policies, rules and regulations for the operation of the credit union are established by the Board of Directors of the credit union in accordace with state and federal laws and our own bylaws.
Directors are elected by the membership at the Annual Meeting of members. (Usually held in March or April.) Each member is entitled to vote on all matters considered at the Annual Meeting. Each member has one vote.
The credit union Board of Directors elects from among themselves, a President, Vice-President, Secretary and Treasurer. In addition, a Supervisory Committee is appointed to oversee the operation of the credit union.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by NCUA, the National Credit Union Administration, an agency of the federal government.
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Who can join the 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.
Membership in BCBSNC Credit Union is open to all active, retired and former employees of Blue Cross Blue Chield of North Carolina, CAHABA Benefits Administrators, Palmetto Government Benefits Administrators and their immediate families and household members. (This includes: spouses, children parents, grandchildren, brothers, sisters and step-children of the primary member.) "Household" is defined as personsliving in the same residence maintaining a single economic unit. For the purpose of this definition, household member inclues any person who is a permanent member of and participates in the maintenance of the household, including familiy members, domestic partners as defined by our sponsor company, foster children and legal guardian relationships.
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If I leave employement with BCBSNC, CAHABA or Palmetto can I still be a member of the Credit Union?
Yes. "Once a Member, Always a Member".
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