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2006 Name Change Questions and Answers:
Who can become a member of Members Community Credit Union?
Membership is open to people living or working in Muscatine, Scott, Cedar, Johnson, and Louisa counties in Iowa, and Rock Island County in Illinois, as well as active and retired members of HNI Corporation, its subsidiaries, and their immediate family members.
What is the difference between a credit union and a bank?
A credit union is a financial organization for people with a common bond (like living in a certain location, or being employed by the same company).
Credit unions are not for profit financial organizations, while banks are for-profit corporations. Being not for profit allows credit unions to provide services at a lower cost. Surpluses are used to develop new products or improve existing products.
Upon joining a credit union, a member becomes an owner in the credit union. Being a customer of a bank does not necessarily mean that the individual becomes a stockholder in that bank.
A credit union’s Board of Directors is elected annually, with each member having an equal vote, regardless of the size of his or her accounts. In a credit union the Board of Directors is made up of volunteers, while a bank’s Board of Directors is usually paid for their services.
Is the money I put into a credit union insured?
Yes. The National Credit Union Administration (NCUA) federally insures your deposited funds to at least $100,000. The NCUA is an agency of the Federal Government.
However, if your accounts have different ownership interests (for example, some accounts in your name and some in your spouse's name) you may be able to obtain additional insurance. For more information visit
(please note that when you click this link, you are leaving Members Community Credit Union's website and that we do not have control over any of the content listed in this site) www.ncua.gov.
Are Credit Unions Taxed?
Iowa Credit Unions do pay taxes, including sales, property and employer-related taxes, as well as a moneys and credits tax, based on credit union reserves. However, credit unions are not for profit organizations so they are taxed differently than banks.
What is my routing number?
The routing number identifies Members Community Credit Union within the Federal Reserve System automated clearing house and to other financial institutions. Your routing number is 273975629. The routing number can be found on the bottom of your checks. It is the first set of numbers before the series of numbers that contains your account number.
What ATM Machines are surcharge-free for Members Community Credit Union?
Members Community Credit Union is part of the SHAZAM Privileged Status Network. This program was created to help community financial institutions, like us, provide our members with a broad base of surcharge-free ATM machines.
Members of participating Privileged Status financial institutions can use the ATMs of other participating institutions without paying surcharge fees. The pink privileged status symbol will appear on ATM Machines that are surcharge-free to Members Community Credit Union members. To find a surcharge-free ATM near you go to our
(please note that when you click this link, you are leaving Members Community Credit Union's website and that we do not have control over any of the content listed in this site) Privileged Status ATM Locator.
When is Dealer Financing the best option?
You’ve seen the ads. “0 percent financing,” or “2.9 percent financing.” Though the automobile manufacturers' rates seem great, consider carefully before you make your financing decision. These low rates are often only available to those with the best credit records and many times these low rates are only for short terms, up to 36 months or less, which can increase your car payment.
Also, consider the total cost of the loan. Will you be charged an application fee? Is there a pre-payment penalty? Would you be required to pay off more of the interest earlier in the loan (front loaded interest)? Sometimes the best option is Dealer Financing. But sometimes your best deal can come from taking the dealer rebate and financing directly with Members Community Credit Union. Get all the information before you sign on the dotted line.
What is “Check 21”?
The Check Clearing for the 21st Century Act or “Check 21” was passed by Congress in October of 2003, and took effect October 28, 2004. This legislation assists in faster collection and return of checks, and eliminates the risk of physical transportation of checks by allowing institutions to use image technology to process checks.
What does “Check 21” mean to me?
Credit unions have been removing paper checks from the collection or return process for a number of years. “Check 21” simply means that financial institutions may choose to use electronic images of checks instead of the check itself. Printed images that are generated from these electronic checks are called “substitute checks” and will now be considered the legal equivalent of the actual check.
A substitute check is an exact replica of your original check with some added verbiage and processing numbers. If you are in the habit of writing checks knowing that the money will be in your account within the “next couple of days,” you need to know that check processing will now take a number of hours, not days. The checks you write may be affected so you may need to change your check writing habits if you want to avoid having your checks returned.
What are the biggest changes that I will notice due to "Check 21"?
• Float time will be reduced
• Stop payment time will be reduced because of reduced float time
• All checks can be converted to paper
• You cannot opt out of "Check 21"
If you have any additional questions about “Check 21”, please contact Members Community Credit Union during normal business hours.
What’s in a name?
We’ve been asking ourselves that same question. This is your credit union. And it will always be your credit union. We’re very proud of what the HICCU name stands for and what it means to members like yourself.
But, after a great deal of consideration, we have decided to change our name to Members Community Credit Union in order to better reflect who we are. On May 22, 2006, our membership agreed and voted to amend the Certificate of Organization and Articles of Incorporation to reflect this new name.
In 2003, we became a community credit union and increased our field of membership to include not only HNI members, but people in our communities, as well. Our new name not only links our credit union to its strong HNI member roots, but also represents the growing ties to our communities.
Have you been sold or merged?
NO! As a credit union, we are member-owned and not for profit (meaning we can’t be sold). We will always be a credit union owned by you, our members. And, one thing that won’t change, no matter what we call ourselves, is our commitment to you. We will still provide the same personalized, friendly service. And, the same people you rely on are still here.
Is my money still secure?
YES. Your credit union is financially strong and well capitalized. And, your money is federally insured to at least $100,000 through the NCUA (National Credit Union Administration) a U.S. government agency.
Will I need to order new checks, debit cards, ATM cards, MasterCards, etc. to reflect the new name? Will my account number change?
NO! You will not have to do a thing. Your account numbers will remain the same and you will be able to use your current checks and cards. When the time comes to reorder or when your cards expire, you’ll simply receive replacements which will reflect the new name.
Plus, direct deposits and electronic payments or transfers will continue to work exactly the way they do today without interruption. No new procedures to learn. No old habits to break.
What will your association with HNI be now that the name is different?
In 1957, several Home-O-Nize members banded together to form Home-O-Nize Employees Credit Union as a banking alternative. In 1969 we became HON INDUSTRIES Credit Union and in 2003 we became HON INDUSTRIES Community Credit Union. Before becoming a community charter, we were a closed charter credit union meaning that only HON INDUSTRIES members and their families could join.
When we became community chartered, other people in the Muscatine area became eligible to join, as well. Changing our name to Members Community Credit Union will keep us tied to our HNI member roots while better reflecting our current membership. We are very proud of what the Home-O-Nize, HON INDUSTRIES, and HNI names stand for and what they mean to us and our original members.
No matter what they call themselves or what we call ourselves, HNI will always be our original sponsor company and our core membership base.
Did HNI Corporation request the name change?
No. However, their recent name change from HON INDUSTRIES to HNI Corporation did influence our decision. There has been a trend within the credit union industry for sponsor companies to request credit unions to change names to avoid confusion within the community. The credit union Board and Management chose to be proactive.
How will this benefit us?
As we grow into our communities, we’ll be able to further expand our memberships and partnerships, so we that we can offer more locations, more products and services, and more value to each member.
We will continue to take innovative approaches to providing you and your families with the financial services you need in the ways that best suit you individually. Being a credit union means we have a volunteer board of directors. And, as always, not having to pay stockholders helps credit unions keep fees down and rates up.
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