Southern Chautauqua Federal Credit Union is a non-profit financial cooperative owned by its members. The Union offers several financial services including savings, loans, investment, credit cards, electronic banking, and many other related financial services. It serves communities in southern New York State. The membership in this organization is made up of people who live and work in the southern part of New York State.
The financial services offered include credit unions, money market mutual funds, banks, consumer and small business lending, mortgage loans, automobile loans, commercial loans, and credit card cash advances. Members have the right to borrow or lend money as long as it is used for their own personal use. This is known as credit union lending. Membership in this institution is available to everyone over eighteen years of age and all U.S. citizens. There are no membership fees.
There are several advantages for joining a credit union. A member is able to access the services of all financial institutions that belong to the association. In addition, they can access information on loans and money market mutual funds from any financial institution that belongs to the association. If a member dies, their family can access information regarding loans and other matters related to credit unions.
Most membership companies require that a minimum amount be spent before receiving any benefits. Usually this requirement is five hundred dollars. However, this varies from company to company.
All members of a credit union have equal rights. They have the right to become involved with all matters that affect the credit union. They also have the right to be heard and to demand solutions to problems that they feel are not being addressed properly. All members have the right to file complaints and to bring legal proceedings if necessary. This applies to any member who has been injured through the actions of other members.
The Southern Chautauqua Federal Credit Union does not sell or give away its credit information to other companies or other government agencies. Instead, the information is kept confidential. All members must be 18 years old or older to be eligible for membership. One of the first things a member will do when joining is to complete an application form and to provide documentation that will verify their identity. In addition, the member will sign a waiver that permits the credit union to check records for identity theft.
All negotiations and contracts involving the Southern Chautauqua Federal Credit Union are performed in “traditional” or “old-fashioned” form. All documents that the member authorizes will be recorded in the union’s logbook. All members are expected to read and understand the details contained in a contract. Any misrepresentation or dishonesty can lead to immediate expulsion from the union. There are also provisions in many contracts that allow the union to review any information in dispute and make reasonable determinations regarding validity.
A Southern Chautauqua credit union is not a bank, and all members are required to pay the annual or monthly fee regardless of whether they are a member. In addition, members are required to pay a portion of their regular and emergency fee each month as well as an extra premium for membership in certain credit unions. A great deal of information is available on a variety of subjects including mortgages, insurance, automobiles and consumer credit. Members may use the Internet, telephone, post or fax to obtain any information that they need. A great number of links for valuable resources are available on the Internet.
Many individuals are self-employed or own their own business. Many people use their home or garage to conduct their businesses and earn a living. Since most lenders require a business to have its own premises, this presents a unique problem for many entrepreneurs. Most Southern Chautauqua credit unions do not discriminate based on business structure. In fact, it is possible to become a member of a credit union that is not located within the union’s geographical boundaries.
A Southern Chautauqua member can use the services of a mortgage broker, attorney, loan officer or real estate professional. The members are allowed to use any of these professionals that are members of the organization. However, the services of these professionals are not included in the “necessaries of life” provided to the members of a traditional community. This can limit members in areas where they would like to live.
Each member has the right to bring legal proceedings against the credit union if the agreements set forth in the minutes of its operating meetings are not being met. All legal fees associated with pursuing such claims will be repaid to the member by the credit union, at which point the legal action is no longer necessary. The agreements must be clearly read and signed by all members. If a dispute regarding a specific matter is not brought to the attention of the members before the expiration of the agreed upon agreement, it is possible that the dispute will be dismissed.
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