The Colquitt County Teachers Federal Credit Union was established in 1957. The purpose of the Credit Union is to encourage thrift among members, to provide a means for every member to save regularly and to furnish loans to eligible members for useful purposes at a competitive rate of interest.
The field of membership currently includes employees of the Colquitt County School System and members of their immediate families and and employees of Moultrie Technical College and members of their immediate families. To become a member, a person is required to:
1) Complete an Application for Membership Card;
2) Pay an Entrance Fee of $5.00;
3) Purchase one $5.00 Share of Stock.
4) Copy of Drivers License
5) Copy of Social Security Card.
Application blanks may be obtained by mail or by calling the office at (229)890-6214.
All assets belong to the members and control is exercised by members through election of officers and Committee members at the annual meeting. The Board of Directors and Committee members serve on a voluntary basis and devote many hours of off-duty time in carrying out their duties and responsibilities. The Credit Committee is responsible for action on all loan applications. The Supervisory Committee is responsible for making an examination of the affairs of the credit union at least once a year and reporting the results of such audits to the Board of Directors.
The Colquitt County Teachers Federal Credit Union is a totally separate entity from the Colquitt County Schools.
Any member may make deposits to their savings/share account by cash, check, money order or payroll deduction. Deposits may be made as often and for any amount the member desires.
Shares can normally be withdrawn any time during business hours. Requests for withdrawals may be made in person or in writing.
Rate and Fee Schedule Disclosures are available at the Cresit Union Office upon request.
The basic policy is outlined below; however, any detail not covered can be explained at the time application for loan is made.
- Own at least one share ($5.00).
Complete an application for loan.
Loan application fee $10.00
Be credit worthy.
Debt to income ration can not be more than 50%.
The loan application should be turned into the Credit Union Office, where it is checked to determine that all pertinent information has been furnished. There must be a period of 90 days before a loan can be renewed.
Call the Credit Union Office for current rates.
The maximum to be loaned on signature loans is currently $7,500. A signature loan is based on your beacon score and gross income.
These are loans requiring collateral such as autos, boats, trailers, mobile homes, etc. Co-makers considered worthy may also be considered as collateral.
Automobiles may be used as collateral for loans providing the following conditions are met:
The auto must be covered with comprehensive and collision insurance.
The insurance must remain in effect for the duration of the loan.
Both the Georgia Vehicle Title and the insurance policy must show the Colquitt County Teachers FCU as lien holder.
Please call the credit union for new and used car rates. Number of months vary on how old car is.
The National Automobile Dealers Association rate book is used to determine the loan of a used automobile.
Like any other organization that makes loans, a few individuals are encountered who fail to keep their payments up-to-date. In most instances, this is caused by failure to budget their money, impulse buying, and in some cases living above their actual income. They fail to consider that they are borrowing from fellow employees who invest in the Credit Union and are entitled to a fair return on their money.
If an emergency arises such as illness or accident, a borrower should contact the Credit Union Office and give some explanation of their circumstances.
We recommend the payment of loans through payroll deductions. This enables a member to set the deduction above the amount of the loan payment; thereby, enabling the member to build up his/her savings.
Deliberate and willful failure to pay will necessitate legal action being taken to collect. This causes an additional expense to the borrower.
Savings are insured up to $250,000 by the National Credit Union Administration.