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WHAT IS A CREDIT UNION?

A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church.

Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates. Credit unions, like other financial institutions, are closely regulated and they operate in a very prudent manner. The National Credit Union Share Insurance Fund, administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 11,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $100,000.

What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loansóbut unlike credit unions, they are in business to make a profit. Banks and savings & loans are owned by groups of stockholders whose interests include earning a healthy return on their investments.

 
WHY JOIN A CREDIT UNION?
Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, more than 67 million Americans trust that their credit union will provide the services to improve their financial well being.
 
Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys.

Credit unions strive to deliver the best service possible to their most important asset - their members.
 
OUR HISTORY
Since May of 1932, City Employees Credit Union (CECU)  has been tailoring a customized assortment of services to the lifestyles of its members. Originally chartered to serve the men and women employed at Knoxville's City Hall, CECU has expanded its field of membership to include the employees (and ALL their relatives!) of many of the departments, organizations, and other select companies associated with the area's "Public Service" sector.

SAFETY & SOUNDNESS
CECU is consistently recognized as one the strongest and safest credit unions in the state.

Its financial books and operating practices are examined periodically by the Tennessee Department of Financial Institutions and NCUA. Also, an independent firm of certified public accountants conduct a yearly audit of the credit union as directed by CECUís Supervisory Committee.

Nationally, CECU has regularly received a superior, 5-star rating from the Bauer Financial Group, a company that independently rates all financial institutions on soundness, security, & management practices.

YOUR FUNDS ARE FEDERALLY INSURED
Each member's funds are federally insured. Individually they're insured up to $250,000 by the National Credit Union Administration, an agency of the United States Government. In addition to their individual insured accounts, each person is entitled to a maximum of $250,000 coverage for their interest in all of their joint accounts. IRA accounts are insured separately up to another $250,000.

History of CECU

OUR HISTORY
Since May of 1932, CECU has been tailoring a customized assortment of services to the lifestyles of its members. Originally chartered to serve the men and women employed at Knoxville's City Hall, CECU has expanded its field of membership to include the employees (and ALL their relatives!) of many of the departments, organizations, and other select companies associated with the area's "Public Service" sector.

SAFETY & SOUNDNESS
CECU is consistently recognized as one the strongest and safest credit unions in the state.

Its financial books and operating practices are examined periodically by the Tennessee Department of Financial Institutions and NCUA. Also, an independent firm of certified public accountants conduct a yearly audit of the credit union as directed by CECUís Supervisory Committee.

Nationally, CECU has regularly received a superior, 5-star rating from the Bauer Financial Group, a company that independently rates all financial institutions on soundness, security, & management practices.

YOUR FUNDS ARE FEDERALLY INSURED
Each member's funds are federally insured. Individually they're insured up to $250,000 by the National Credit Union Administration, an agency of the United States Government. In addition to their individual insured accounts, each person is entitled to a maximum of $250,000 coverage for their interest in all of their joint accounts. IRA accounts are insured separately up to another $250,000.

Here are 10 places and situations where you should avoid using your debit card
 
1. Online
Do not use a debit card online. You have potential vulnerability since the debit card links directly to a checking account. If you have problems with a purchase or the card number gets hijacked, a debit card is vulnerable because it happens to be linked to an account. You should also include phone orders in this category. The Federal Reserve's Regulation E (Reg E), covers debit card transfers. It sets a consumer's liability for fraudulent purchases at $50, provided they notify the financial institution within two days of discovering that their card or card number has been stolen. However, this protection does not relieve you of the hassle of trying to get money put back into their bank account. In addition you have the problems that a lower-than-expected balance can cause in terms of fees and refused checks or payments. When shopping online, reach first for credit cards.
2. Big-Ticket Items
With a big ticket item, a credit card is safer. A credit card offers dispute rights if something goes wrong with the merchandise or the purchase. With a debit card, you have fewer protections. In addition, some credit cards will also offer extended warrantees. And in some situations, such as buying electronics or renting a car, some credit cards also offer additional property insurance to cover the item. Also, when using store credit cards, try to avoid ones that have deferred interest.
3. Deposit Required
If you rent equipment at a big-box store or a rental sore, they require a sizable deposit. This is where you want to use a credit card instead of a debit. That way, the store has its security deposit, and you still have access to all of the money in your bank account. With any luck, you'll never actually have to part with a dollar.
4. Restaurants
Restaurants are dangerous for many reasons. First, you have so many people around. In a large number of cases of credit or debit information being stolen, as often as not, it's in a restaurant. The danger: Restaurants are one of the few places where you have to let cards leave your sight when you use them. Employees at restaurants have been caught carrying small skimmers that allow them to skim the information off the card. The other problem with using a debit card at restaurants is some establishments will approve the card for more than your purchase amount because they presume you intend to leave a tip. So the amount of money frozen for the transaction could be quite a bit more than the amount of your tab. And it could be a few days before you get the cash back in your account.
5. You're a New Customer
Either online or in the real world, if you're a first-time customer in a store, skip the debit card the first couple of times you buy. This allows you to get a feel for how the business is run, how you're treated and the quality of the merchandise before you hand over a card that links to your checking account.
6. Buy Now, Take Delivery Later
Buying now but taking delivery days or weeks from now? A credit card offers dispute rights that a debit card typically does not. It may be an outfit you're familiar with and trust, but something might go wrong and you need protection. But be aware that some cards will limit the protection to a specific time period, so settle any problems as soon as possible.
7. Recurring Payments
You can have a difficult time with services like a gym or cable company that won't stop billing a card after you cancel the service. Now imagine the charges aren't going onto your card, but instead coming right out of your account. Another reason not to use the debit card for recurring charges: your own memory and math skills. Forget to deduct that automatic bill payment from your checkbook one month, and you could either face fees or embarrassment. So if you don't keep a cash buffer in your account, "to protect yourself from over-limit fees, you may want to think about using a credit card.
8. Future Travel
Book your travel with a check card, and they debit it immediately. So if you're buying travel that you won't use for six months or making a reservation for a few weeks from now, you'll be out the money immediately. In addition, hotels aren't immune to hackers and data breaches, and several name-brand establishments have suffered the problem recently. You do not want your debit card information to sit, in their system for four months, waiting for you to arrive.
9. Gas Stations and Hotels
This one depends on the individual business. Some gas stations and hotels will place holds to cover customers who may leave without settling the entire bill. That means that even though you only bought $10 in gas, you could have a temporary bank hold for $50 to $100. Ditto hotels, where there are sometimes holds or deposits in the hundreds to make sure you don't run up a long distance bill, empty the mini bar or trash the room. The practice is almost unnoticeable if you're using credit, but can be problematic if you're using a debit card and have just enough in the account to cover what you need. At hotels, ask about deposits and holds before you present your card. At the pump, use a credit card or pay inside and they should debit only the amount you've actually spent.
10. Checkouts or ATMs That Look 'Off'
Criminals are getting better with skimmers and planting them in places you'd never suspect like ATM machines on bank property. So take a good look at the machine or card reader the next time you use an ATM or self-check lane. Does the machine fit together well or does something look off, different or like it doesn't quite belong? If it looks like it's been tampered with, go somewhere else.


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City Employees Credit Union
1720 Western Avenue
Knoxville, TN 37921
(865) 824-7200 Phone
(865) 824-7205 Fax
staff@cecuknox.com

NMLS #409113

Routing # 264279415


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1720 Western Avenue, Knoxville, TN 37921    (865) 824-7200 Phone    (865) 824-7205 Fax
(865) 824-7202 "TELLERLINE"