ONCE A MEMBER – ALWAYS A MEMBER
MECU membership is a privilege you can enjoy for a lifetime, thanks to MECU’s policy of "once a member… always a member". In fact, you may find credit union services more valuable than ever.
YOU’RE NOT JUST A CUSTOMER, YOU’RE AN OWNER
Since MECU is a non-profit, member-owned financial cooperative, you’re not just a customer…you’re an owner. As a credit union member, you earn more on your savings and pay less on loans than you would at other places. Plus, many of the convenient transaction services that you need to manage your personal finances, such as Checking, ATM service and so forth, aren’t loaded with fees.
The Share Savings account is the key to keeping a credit union membership active and to remain eligible for credit union services. Do not close your Share account or let the balance fall below the minimum that is required on deposit for membership.
PRE-RETIREMENT AND TRANSITION CHECK LIST
If you are a City employee either planning to retire or leave City service, such as for a new job, there are a few housekeeping items you should take care of at MECU as you leave active employee status. Please make time to come to MECU or call.
• Share Savings Account
Make sure you have at least the minimum deposit in your Share Savings account. You should also be aware of the escheatment laws in the state of Maryland as they may impact your account.
• Update your account records
Should any personal information change, complete an Account Change Card with information that is current. You may also wish to update any beneficiary information for your accounts by completing the P.O.D. Designation/Change Form. Finally, please keep all your credit union records in a safe place with your other valuable papers..
• Payroll deductions / Automatic payments
Payroll deductions from Baltimore City discontinue with the last regular paycheck. You can continue to save and repay loans automatically by setting up automatic deposits / payments to MECU in any of the following ways for which you are eligible: payroll deductions from Baltimore City retirement checks, Direct Deposit of net pay, retirement, or Social Security with automatic distribution, and automatic ACH Direct Payments from any source which transmits through the Federal Reserve.
• Existing Loans
If you have an outstanding loan, it will not be called due, but you do need to arrange how you will continue to repay it.
• Visa and Preferred Credit Plan
Your lines of credit will not be discontinued upon your leaving City service; however, they will be reviewed for credit-worthiness. When you request an increase in your credit limit(s) you will need to provide proof of current annual income.
Whether you’re making a transition into a new job or into retirement, we encourage you to get established before you apply for a loan.
You will need to provide verification of your annual income when you apply. MECU lending guidelines are based on one’s credit worthiness and annual income.
IT’S EASY TO APPLY FOR A LOAN THROUGH MECU’S 24-HOUR LENDING CENTER
It’s easy to apply for a loan 24-hours a day, 7 days a week by calling MECU’s Lending Center at 800-373-2914 or online. Once approved, you can assemble the documentation that may be needed to complete the loan process. In many cases, you may not even need to make a trip to the MECU office.
AUTOMATIC TRANSACTION SERVICES OFFER SAFETY AND CONVENIENCE
MECU offers several services which make it easy to access your credit union accounts from wherever you are and offer added security. These accounts may be opened in person or by mail.
• Checking – Safer than using cash, easier record-keeping
• VISA Debit Card – Saves time and is accepted anywhere you see the Visa logo.
• ATM/POS Card – Get cash or pay 24-hours a day / 7 days a week.
• Write your own loans with Preferred Credit or with your Visa Platinum, Gold or Classic card.
• Direct Deposit of pension/Social Security – Safe, money is in your account the day you’re normally due to receive it.
• Telephone Teller – 24-access to information and transactions.
• Banking by mail
TOLL-FREE PHONE NUMBERS
Many members travel or relocate after they retire. You can call the main business office of the credit union, the Lending Center, or the Telephone Teller toll-free from outside the local calling area.
ESCHEATMENT
MECU is required to turn over to the state of Maryland all accounts, which show no member-initiated activity over a three year period. The only exceptions to this state requirement are Certificates and IRAs. So don't stop using the Credit Union! Keep Credit Union materials in a safe place with your other important papers. Be aware of Individual Retirement Account distribution restrictions and requirements.
ENCOURAGE YOUR FAMILY MEMBERS TO JOIN
Let your family members in on a good thing by inviting them to join MECU so that they can take advantage of the same great services you do.
A final note is to keep the channels of communication open. Read materials which accompany your statements, and the quarterly newsletter, "On Your Account", to learn about policy changes and new services. Informational brochures describing credit union services are available in the MECU office or upon request. If you have questions please let us know.
