The Northwoods Credit Union is located in Pine County in Minnesota. It is part of the Credit Union Network. Its headquarters are at hedge office park in Minnetonka. The establishment was established in 1960. It has several branches in the cities of Maple City, Shakopee, Prior Lake, Coon Rapids, and St. James.
Northwoods Credit Union is an electronic banking and membership service. It uses the Internet and its e-mail to facilitate member accessibility and improve service to its members. The union has grown rapidly over the years. It offers a variety of financial products and services such as budgeting, investment tips, savings advice, investing, and emergency cash. There are a low interest rate and no membership fees. The organization provides a high level of security.
The Northwoods credit union is administered by a volunteer Board of Directors elected every month. The officers are typically people who live in or around the community and are members of the local business community. One of the members of the board is secretary/treasurer. The secretary and treasurer are selected by the regional members. Online access to the board meetings is allowed.
The membership is limited to residents of Minnesota and it is not open to residents of other states. The primary purpose of the northwoods credit union is to provide financial and other options to its members. The objectives of the institution include developing comprehensive financial services, developing good working relationships with its members and the public, and providing opportunities for growth and development of its members and the community. The northwoods credit union has developed strategic plans that outline the vision, mission, and purpose of the organization. The strategic plans are reviewed periodically and new strategic initiatives are considered.
The website of the northwoods credit union has online access for its registered members. The members are asked to log in using their user name and password. Once logged in, members can access the information on loans, mortgages, savings accounts, checking accounts, IRA’s, and other financial services. The online site offers forums and multiple blogs. Registered members have the opportunity to post questions and comments. They also have the option to upload their photos and post articles.
The northwoods credit union offers an online banking service called e Banking. E-Banking allows its members to open an account using debit cards, electronic check numbers, or credit cards. The online banking services offered are in a variety of options such as online bill paying, direct deposit, electronic transfer, internet banking, and mobile banking. The online banking services are available twenty-four hours per day, seven days per week.
The northwoods credit union is not known for managing its finances effectively. The lack of effective fund management leaves the membership with high fees and charges. The lack of online access makes accessing funds and transactions complicated. It has taken a number of years for the online banking service to be implemented. In addition, the members have to have a brick and mortar bank account in order to access funds. As a result, the members cannot obtain money from ATM machines located at their place of employment.
E-banking has been a successful venture so far. The members are able to manage their finances well and obtain loans and other financial products online. The union has made the online banking process easy for its members. However, there are some issues that need to be addressed before the online banking system will be expanded to include the entire union. If you would like to know more about online banking and how to become a member please click on the link below.