TDECU | Loans, Mortgages, Mobile Banking, Wealth Advisors

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TDECU Frequently Asked Questions

Q. What is a credit union?
A. A credit union is a not-for-profit organization that is owned by its members. The primary function of the credit union is to serve its members. All members of the credit union have equal voting rights.

Q. Why do I need a savings account to join? I just wanted a loan.
A. Your savings account establishes your membership with the Credit Union. Once your savings account is opened, you may apply for any other service or loan product we have to offer.

Q. What are your hours?
A. Our Member Centers are open from 8-5 Monday- Fridays. Some Member Centers are open on Saturdays. Find out by checking your local Member Center hours. All ATMs allow you to make deposits, withdraw cash, transfer funds, make loan payments and get balance inquiries -- 24 hours a day / 7 days a week. As always, you can conduct many of your banking transactions directly online!

Q. Do deposits post the same day they are made?
A. Yes, all deposits are effective immediately. This does not, however, apply to ATM deposits.

Q. Why are credit unions important?
A. Credit unions provide a more competitive financial marketplace by offering favorable rates and services, benefiting all consumers.

Q. Why would I choose a credit union?
A. Credit unions like TDECU offer lower fees, higher savings rates, lower loan rates, and more personalized service than most banks and financial institutions. Credit unions return their profits to the members by giving higher savings rates and lower loan rates.

Q. Are my funds insured at a credit union?
A. All funds deposited at credit unions are federally insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the Federal Government. No member of a federally insured credit union has ever lost any money .

Q. Who regulates credit unions?
A. The National Credit Union Administration (NCUA) regulates federally-chartered credit unions. Credit unions are subject to much of the same consumer regulations as other financial institutions. In some cases, such as investments and mortgage lending, credit unions must adhere to more strict regulations.

Q: How do I add a joint owner to my account?
A: If you are opening your account(s) with a joint owner/co-applicant, they must be present during the enrollment process in order to validate their identity.
If they are not available, open your account as an individual and request the appropriate application(s) to have a co-applicant added at a later date.

Q: Can I have more than one savings or checking account?
A: There is no limit to the number of savings or checking accounts you can set up.

Q: What does joint ownership with survivorship mean?
A: On the death of an owner of the account, the deceased owner's shares in the account pass to the surviving owner of the account.

Q: If I leave your field of membership, will I have to close my accounts?
A: No, once you've joined, you can remain a member as long as you have active accounts.

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