Frequently Asked Questions

Q: How does RCEFCU differ from a bank?

A: RCEFCU is a member-owned cooperative while a bank is a stock company. The stockholders of a bank own the bank while a credit union's depositors are the owners of the credit union. The board of directors of a credit union are unpaid volunteers and are elected by the membership. This ensures that members do have a say in credit union operations. The cooperative nature of credit unions is another reason why services generally cost less than at banks. For a more detailed analysis of the differences between banks and credit unions click here.

Q: If I leave my employer, do I have to close by RCEFCU account?

A: No, RCEFCU prescribes to "once a member, always a member" policy. This means if you leave your employer you may remain a member as long as you do not close your membership account. If you leave your employer and close your account, then you will likely lose your eligibility for RCEFCU membership. However, if your family members joined when eligible and still have membership, you would likely be able to re-join at a later date as a family member.

Q: Do I have a waiting period after joining RCEFCU before I can apply for a loan?

A: No, length of membership is not a factor. In fact we encourage new members to apply at the time of joining. RCEFCU makes its loan decisions based on a member's credit history and ability to pay. Of course not all members are approved, especially those that have had recent credit problems. We do however pride ourselves on approving a higher percentage of applicants than the average credit grantor.

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