FAQ: About the credit union

Q: What is the difference between a credit union and a bank?

A: Banks exist to raise profits for outside stockholders. Credit unions on the other hand, are not-for-profit, member-owned financial institutions offering low rates and valuable services to their members. Operating income is returned to members through higher dividends on monies deposited, and lower interest rates on loans.

Q: Who is eligible to join the Meadville Area Federal Credit Union?

A: Persons who live, work, worship, volunteer, or attend school in, and businesses and other legal entities in Crawford or Mercer County, Pennsylvania are eligible to join the credit union.

Q: When are statements mailed?

A: Share Draft Checking Account, direct deposit recipients and ACH activity accounts are mailed to our members monthly. Any other statments are mailed quarterly- January, April, July and October.

Q: What if my name changes?

A: Just stop in to the credit union with the official documentation and we'll take care of the rest.

Q: What if I move or change jobs?

A: Just notify us of your new address or place of employment. Documentation of the address change must be provided (e.g. utility bill, drivers license, pay stub). Remember, once you become a member, you stay a member, even if you change jobs.

Q: What is the minimum deposit amount for opening an account?

A: To open a Share Savings Account you will need a minimum of $5.00 for the Membership share.