Single Account As the primary member, only the member name appears on the account. The account is eligible for Shareholder Survivors Benefits, and he/she has one membership voting right.
Joint Account With this account, a second name appears with the primary member’s name on the identification card. The joint owner can make deposits and withdrawals but cannot vote.
Custodian Accounts This account allows adult members to place funds belonging to, or saved for, a minor child in a separate account.
(At the end of each quarter, the OPPFFCU generates computerized statements on all share accounts. Because it is a financial cooperative, a member savings represents his/her ownership of the credit union. The Board of Directors establishes the dividend rate for each share and that amount represents the member profit for the year.)
Deposits Deposits can be made into an OPPFFCU account by mail, payroll deduction, direct deposit, or military allotment (for members in the armed services). A member can authorize the deduction of a specified amount from a paycheck, recurring federal payment, of military allotment. Instructions on how to arrange deposits can be obtained from the OPPFFCU office.
Credit Cards Not available at this time.
Loans The OPPFFCU structure is unique and enables it to keep loan interest rates low, compared to a traditional bank. The interest rate charged for loans depends on the loan applicant credit rating, the use of the loan, and is the minimum required to pay for the Credit Union expenses, member services, and required reserves. The remainder of the income is distributed to members in the form of dividends (interest) on their shares (savings).
OPPFFCU offers the following types of loans:
- Transportation (auto loans)
- Home Improvements
- Special Events (e.g. weddings)