About The Credit Union

• What is the difference between a credit union and a bank?
• Why are interest rates usually lower at a credit union?
• Who is eligible to join the Erie General Electric FCU?
• How much do you need to deposit when opening an account?
• How often are statements mailed?
• What happens if I move or change jobs?
• What are your hours?
• What do I need to do if I change my name?

Q: What is the difference between a credit union and a bank?
A: Whereas banks exist for the profit of outside stockholders, credit unions are not-for-profit, member-owned financial institutions offering low rates and valuable financial services to their members. Credit union members come together from a common bond (employment, residence, or house of worship)and pool their resources to provide low-interest loans to other members. Operating income is returned to members in the form of higher dividends for monies on deposit and lower interest rates on loans. A credit union is dedicated to serving its members' financial needs in a low-cost, efficient manner. Because each member is an owner, regardless of how much he/she has on deposit, they have an equal vote in director elections. Credit unions are democracy in action. This means our members directly benefit from participating in their credit union.

Q: Why are interest rates usually lower at a credit union?
A: Credit unions are not-for-profit financial cooperatives. As such, they do not have stockholders to pay. These savings are returned to members in the form of higher savings rates, lower loan rates, and low- or no-fee services.

Q: Who is eligible to join the Erie General Electric FCU?
A: You don't have to work for a specific company, or belong to a union. Anyone who lives, works, attends school, or worships in Erie or Crawford County (PA) is eligible to join our credit union. Membership is open, so join today!

Q: How much do I need to deposit when opening an account?
A: To open a Share (Savings) Account, we require a minimum balance of $25. Opening a Shrare Draft (Checking) Account does not require a minimum deposit, but we ask that you deposit enough funds to cover the first to cover the first check-printing charge

Q: How often are statements mailed?
A: All members receive statements quarterly - January, April, July and October. Share Draft (Checking) and Money Market Account holders, line of credit borrowers receive a monthly statement.

Q: What happens if I move or change jobs?
A: "Once a member, always a member." Once you become a member of Erie General Electric Federal Credit Union, you can remain a member, no matter where you may later live or work, as long as your account remains open. All services will continue without change. Please be sure to notify the credit union of any address change so we may continue to serve you.

Q: What are your hours?
A: The East Lake Road drive-thru teller lanes are open Monday through Thursday from 7:30 AM until 5:00 PM and Friday from 7:30 AM until 6:00 PM. The lobby is open Monday through Thursday from 8:00 AM until 5:00 PM and Friday form 8:00 AM until 6:00 PM. The lobby and drive-thru lanes at our 38th Street branch are open Monday through Thursday from 8:00 AM until 5:00 PM and Friday form 8:00 AM until 6:00 PM

Q: What do I need to do if I change my name?
A: Visit the credit union and sign a new signature card, be sure to bring official documents showing your name change (ex. marriage certificate). If you have VISA or Debit Card, you will need to fill out new applications

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