FAQs

Q: What is a Credit Union?
A: Credit unions are not-for-profit financial cooperatives which are established to serve a group of people with some type of common bond (i.e. employment, geographic location, etc.).

Q: What is the purpose of a Credit Union?
A: The purpose of a credit union is to offer its members quality financial services at a cost that is lower than those found at traditional financial institutions. The fact that a credit union is owned by its members, not profit-driven stockholders, is what allows for the low-cost services. Earnings are returned to members in the form of lower fees, higher rates of return on deposits and lower rates on loans.

Q: Are my deposits federally insured:
A: Yes, The National Credit Union Administration (NCUA) provides insurance coverage of up to $250,000 for your credit union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure, click the following link that will take you directly to the NCUA: http://www.ncua.gov/DataApps/Pages/SI-Tools.aspx.

Q: What types of services are offered?
A: Originally, credit unions offered only traditional savings and consumer loan products. Today, however, most credit unions offer numerous services such as checking account, share certificates, money market account, mortgage loans, ATM banking and debit cards, just to name a few.

What do I need to open an account?

  • Picture ID – This can be a drivers license, state issued ID or Passport. If opening an account for a minor, a parent’s identification will be sufficient.
  • Social Security Number – We need a social security number for each person on the account. We cannot open an account without a social security number.
  • Membership and Savings Account Deposits – Anyone joining the credit union must make a deposit of at least $25 to your share/savings account. A $5 one-time membership fee is also requires. All members must have a savings account, as this represents your shares in Locoga Federal Credit Union.

Can my family members join the credit union?
Yes. Any member of your immediate family can become members.

How do I add/remove a joint member to/from my account?
To add a member you will need to complete a new signature card which you and the joint member sign where indicated. To remove a joint member, the joint member must complete a form requesting removal from the account, or the account can be closed and a new account established.

How do I change my address or other contact information with Locoga Federal Credit Union?
To notify us of a change in mailing address, telephone number and/or email address, you can call us or stop by the credit union.

How do I change my payroll deduction?
Payroll deduction is an agreement between you and your employer. Completed forms should be returned to the credit union for processing. When changing deductions, remember to indicate the total amount you want deducted from your check and forwarded to your credit union account.

How do I set up direct deposit?
Click here to access the direct deposit form. Our Member Service Advisors also have all the necessary forms. If you wish, they will be happy to fill them in for you. All you have to do is tell them how you want your money distributed and sign your name. We take care of the rest.

If I use direct deposit, how will I be able to keep track of my money?
Your check stub from your paycheck is your permanent record. Also with online banking, you can check your balance at any time.

Is there a charge for direct deposit?
This service is free to all of Locoga Federal Credit Union’s members.

How do I apply for a loan?
First time borrowers need to complete a loan application.

How long do I have to be a member before I can apply for a loan?
You may apply for a loan as soon as you become a member. There are no membership time requirements for loan qualifying.

What does the credit union look for when determining loan approval?
At Locoga Federal Credit Union, we look at more than just your credit score. There are a variety of determining factors, such as employment history, amount of total debt, credit score, purpose of the loan and your relationship with the credit union that determine loan approval.

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Main Office
1592 Norman Drive
Valdosta, GA 31601
Phone: (229) 244-4513
Email: locoga@bellsouth.net

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2015 LOCOGA Federal Credit Union. All Rights Reserved. Federally Insured by NCUA.