PERSONAL FINANCE MANAGEMENT

Getting Started With Northwoods Credit Union

The Northwoods Credit Union is a popular and reputable credit union. It has a history that spans over twenty years. It was established in 1989. This credit union is unique because it does not require an application fee to start. If you need a loan, there is no charge to use their services. They also provide many banking services including direct deposit, online access, and a debit card.

The Union offers several financial services including savings, investment, loans, credit, and debit cards. This credit union also serves communities in the state of Minnesota. These communities include Blauhus, Chanhassan, Coon Rapids, Iron Range, Maplewood, Minnetonka, Orono, Poulsbo, Saint Peter, Stillwater, Superior, and Waverly. Accounts are maintained locally and there is no national processing involved. The Union can offer savings interest rates that are up to ten percent better than national averages.

All union members are automatically enrolled in the account, regardless of whether they have an account with the Union or not. An initial deposit is made into the account before any credit Union services are used. A debit card is issued to each member. The card can be used at any location that accepts debit cards. Union members may also use their debit card to make purchases, and non-Union members cannot make purchases with the debit card.

Membership to this institution is limited to residents of the nine counties that make up the community of northwoods Minnesota, and residents of the town of Winnetu. There is a one-time membership fee that must be paid before new accounts can be opened. A special debit card with a U.S. Bank MasterCard or Discover Card is provided. The card can be used to make payments, cash withdrawals, purchases, or cash advances.

To be eligible for the non-Union card, members must have an active checking account that is in good standing. Also, the card must be in the member’s name and the name of the offending bank must be included on the card. Each card has a limit on the cash advances that it can accommodate. A card is only valid for purchases up to the maximum amount of cash advances that are allowed.

Non-Union members can join as “card members” by becoming a card member of the Northwoods Credit Union. Membership is open to card holders who are 18 years of age or older and who reside in the areas covered by the Northwoods County or Winnetu County, Minnesota. Card members must pay a nominal annual fee, which is included in the monthly payment process.

Card members have the opportunity to earn points that can be used to having their shopping discounts at participating retail stores. The amount of points each card holder is able to earn depends on their individual credit union’s incentive program. Additionally, the credit union may offer its members the opportunity to enroll their children in Northwoods credit union savings programs. An adult child of a card holder is allowed to enroll an unlimited number of children. These savings accounts may be accessed online from any location where a computer is connected.

Card members are required to maintain their balance on their accounts at all times. Any balance transferred to other accounts, or any delinquent payments incurred, will result in a late fee and possible disciplinary action. All fees and charges will be clearly posted on the credit union’s website.

It is extremely important to investigate any credit union application that one receives. Any credit application should always be thoroughly examined. Anyone can become a member of a credit union, regardless of their credit history. To be successful you will need to provide the credit union with a clean financial history, a current pay stub, and the documentation needed to establish that you are financially responsible.

As a new card member you will be required to participate in an orientation program. This orientation program will provide you with important information about the Northwoods Credit Union, as well as valuable tips on how to maintain your credit union membership. During this time you will also learn about the benefits of being a member of the credit union and how it can benefit you. After successfully completing the orientation program, you will be mailed your card along with a membership card number. The membership card number can be called out by the local office if your membership has been suspended for any reason.

After successfully becoming a member of the Northwoods Credit Union, you will be able to open Northwoods Premier accounts. These accounts allow you to have up to twelve debit cards to make purchases with. You will also be allowed to pay bills online using a credit card or electronic check. There are a few added extras including receiving e-statements, automatic bill payments, discounted rates on all checks and services, free account management software, priority service and discounts on travel and entertainment.

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