Frequently Asked Questions

What’s 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.

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.

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.

Who can join a 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.

What is your field of membership/who can join MBFCU?

Because we are a closed charter credit union we do have membership criteria to follow. Please review our criteria below to see who is eligible:

All Members and Locals of Machinists District Lodge W24 and St. Ignatius Parish
Employees who work under the direction of the above facilities
Any relative by blood or marriage of the primary member
Retired persons from the above employment

What is the minimum opening deposit to join?

Minimum opening balance is only $25 and dividends are paid quarterly.

Is there a monthly service fee on savings accounts?

There’s no service fee if you have total balances in all your MBFCU accounts of $25 or more, and you get six free withdrawals per quarter.

Is free checking available at MBFCU?

You like free? Well, Free Checking is for you. Unlimited check writing, no minimum balance required, no monthly service charge and a low opening balance of $25