As banks continue to raise fees, more people are considering the benefits of credit union membership. Here are answers to some common questions regarding credit unions such as Chevron Federal Credit Union (CFCU).
Q. How are credit unions different from traditional banks?
A. Credit unions are non-profit organizations, owned and controlled by their members. Profits are returned to members in the form of lower loan rates and higher savings rates.
Traditional banks are owned by outside investors and often charge higher rates and fees to produce more profits for those investors.
Q: Are credit unions as safe as banks?
A: Yes. Credit Unions are federally insured by the NCUA (National Credit Union Association) just as banks are insured by the FDIC (Federal Deposit Insurance Corporation). All deposits in CFCU are insured up to $250,000, just as in banks.
Q: Are credit unions only open to people in a union?
A. No. Credit unions are government-chartered to serve specific, restricted groups of people. This “field of membership” can be based on employment, location, or even membership in a non-profit association.
CFCU’s field of membership has grown over the years to include employees of several companies, including Chevron Corporation and Stewart Title Guaranty Company, as well as their family members.
Anyone who does not qualify for membership through employment or family relationship can join CFCU if they are members of one of our partner non-profit associations.
Our partner non-profit associations are the Contra Costa County (CA) Historical Society and the Navy League of the United States councils in Bakersfield (CA), El Paso, Honolulu, and West Contra Costa (CA). View CFCU’s full field of membership.
Q. Do credit unions have as many services as banks?
A. Most large credit unions provide a full range of services that are equal to or better than those at other financial institutions.
At CFCU, for example, members have access to dividend-earning Checking accounts, no-fee ATM/Debit cards, higher-yield MarketEdge and Share Certificate (CD) accounts, and low-interest rate home, auto, and personal loans.
CFCU also offers free online banking through our PC Access service, which allows members to deposit paper checks from home, view and pay bills online, make loan payments, transfer funds between accounts, and send money to anyone in the U.S. with a valid email address. If members need to access accounts on the go, they can do so with our Mobile Banking and Text Message Banking services.
Q. Are credit unions as convenient as banks?
A. Many credit unions have multiple branches and are members of ATM and Shared Branch networks which make banking with them very convenient.
CFCU provides friendly personal service in 17 branches across four states. If it is ever inconvenient to stop by a branch, however, members can access their accounts through Mobile Banking and Text Message Banking, at one of 76,000 surcharge-free ATMs across the country, or in one of 6,500 other credit union branches that are part of the CU Service Center shared branch network. (Download our iPhone app or Android app or use the ATM/Branch Locator to find one near you.)
Q. Is there a fee to join a credit union?
A. Some credit unions will charge a small membership fee and/or require a small opening deposit. CFCU does not charge a fee to establish or maintain membership. We do, however, require a $25 opening deposit for the member’s Primary Share savings account that is refundable if the account is ever closed.
Q. What happens to my membership if I change jobs or move?
A. It varies from credit union to credit union, but CFCU operates on the principle of “once a member, always a member.” Once you join CFCU, you will be eligible to enjoy our personal service and great rates for life.
Q. How do I find out more about Chevron Federal Credit Union?
A. To learn more about CFCU, give us a call at 510-627-5000 or 800-232-8101, send an email to cfcumail@chevronfcu.org, or explore our website. We’d be happy to answer any questions you have!
Ready to join? Complete our Membership Application and return it to a nearby branch or mail it back to us with an original signature at P.O. Box 2069, Oakland, CA 94604 along with a copy of your driver's license and a check for your initial deposit.