Frequently Asked Questions
What is a Credit Union?
It’s a financial institution, like a bank, that is owned and operated by its account holders, or “members,” that is not-for-profit, not-for-charity, but for service. Generally, profits earned from lending funds or investments are returned to members in the form of lower loan rates, less & lower fees, and higher interest rates on savings than banks.
Does it cost anything to join Leyden Credit Union?
No, all that is required is that you keep $25 in your regular savings account. This begins your membership with LCU which grants you full voting privileges in selection of our Board of Directors and makes you an owner of LCU. If you close your account before one year, you will forfeit the $25.
Do you have to work for a specific company to be a member?
To be a member of a credit union, one must meet certain specific conditions. As for Leyden Credit Union, membership is available to anybody who lives, works, or worships in the following townships: Leyden, Addison, Elk Grove, Lyons, Maine, Proviso, or York. Family members are also welcome to join Leyden Credit Union.
Do Credit Unions offer the same products & services as banks?
Yes, they do. Leyden Credit Union is a full-service financial institution offering the common products and services that you would find at most retail banking institutions.
What do I need to open an account?
Accounts are opened in person, in the branch, with a minimum of 45 minutes before closing time. You need three pieces of identification: (1) a valid, US Government issued, non-expired photo ID, (2) a post-marked piece of mail that matches the address on your ID, such as a utility bill, and (3) your Social Security number.
Are accounts insured at Credit Unions?
Yes, accounts are insured at Leyden Credit Union up to $250,000 by the NCUA, the National Credit Union Administration, a government agency. In the same way that bank accounts are insured by the FDIC, accounts at Leyden Credit Union are insured by the NCUA.