FAQ
What's a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Who owns a credit union?
Each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
How do I apply for a loan (auto, signature credit card, etc.)?
Fill out the loan application online or in branch. Be sure to submit with one month worth of income verification. You must be the primary member to apply.
How do I change/update my address?
You can print the address change form online, pick up in the branch, or one can be mailed to you at your request. The form (insert link) will need to be completed and signed, then returned to the branch.
You may also request an address change when you log in to Home Banking.
How do I set up or get access to home banking/online banking?
Print, complete and sign the home banking form and submit to the branch via fax or e-mail.
How do I request paperless statements?
Once signed up for home banking, you can go to the self-service screen and set up paperless statements.
How do I initiate a wire transfer?
You can retrieve the wire form and either mail/fax/or email back to us.
Who can join the credit union?
If you live, work, worship or study in Contra Costa County, you are eligible for membership.
What is your mailing address i.e. address and mail box number?
Shell Western States Federal Credit Union
1700 Pacheco Blvd.
Martinez, CA 94553
What are some advantages of being a credit union member?
Credit unions generally pay higher yields on savings and certificates than commercial banks. Credit union rates are generally lower on loans than commercial banks. Credit unions belong to ATM networks that allow you to make FREE withdrawals from your account at thousands of locations nationwide. Your immediate family members are also eligible for credit union membership. Encourage them to join the credit union soon so they can enjoy the same benefits that you do.
Are credit unions insured by FDIC like banks?
Credit unions are insured by a different federal agency, the National Credit Union Administration (NCUA). All funds deposited at a credit union are federally insured up to $250,000.