Financial questions come up all the time. Whether you’re thinking about a big purchase, trying to save more effectively, or just wondering how your accounts work, getting clear answers is important. We receive great questions from our members every day, and we believe that sharing the answers helps everyone in our financial family. This post is dedicated to answering some of the most common inquiries we get about loans, savings, building credit, and the unique credit union benefits you receive as a member of 1st Ed Credit Union. Let’s dive into the details.
Understanding the Basics and Credit Union Benefits
Many people are curious about what makes a credit union different and how to get started. Here are some fundamental questions we often hear.
What is 1st Ed Credit Union?
We are a full-service financial institution with branch locations in Chambersburg, Greencastle, and Hanover, Pennsylvania. We are a member-owned, not-for-profit institution, meaning all of our decisions are made with our members in mind. Our purpose is to provide our members with quality and diverse services, as well as personal attention to their financial needs. We strive for continued growth while maintaining financial stability.
What is a credit union? How is it different from a bank?
This is a fantastic question because it gets to the heart of the credit union benefits we offer. Credit unions are not for profit, so we can take our profits and put them back into various products and services for members. You can expect higher dividends on savings and lower interest rates on loans.
While a credit union offers similar services to a bank (like debit/credit cards and online banking), our structure is fundamentally different. Banks are for-profit institutions driven by stockholders, while credit unions operate as financial cooperatives owned by their members. Any profits we make go back to you, our members, in the form of convenient financial services with low or no fees. Plus, your money is just as safe. Deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), a federal agency, similar to how the FDIC insures bank deposits.
Can I become a member of 1st Ed Credit Union?
We began as a credit union founded by and for educators, but we are so much more! You can join our financial family if you are an employee or student (or if one is in your family!) at a school district within Adams, Cumberland (some exclusions apply), Franklin, Fulton, and York counties. We also serve the employees of a variety of partner companies within Pennsylvania, as well as members of various community groups. Contact us to see if you’re eligible to join and enjoy all of our credit union benefits!
How can I apply for membership at 1st Ed
You can visit any of our branches, located in Chambersburg, Greencastle, and Hanover, Pennsylvania, to apply in person. You can also apply online. You will need to provide personal identification information, such as your name, address, date of birth, and Social Security Number, as required by law.
Loans, Savings, and Building Your Financial Future
Managing your money involves borrowing smartly and saving diligently. Here’s how our credit union benefits can help you with both.
What loans do you offer?
As a full-service financial institution, 1st Ed offers a wide range of loan and deposit accounts to meet our members’ needs. This includes new and used auto loans, RV loans, personal loans, Home Equity Loans and Home Equity Lines of Credit (HELOCs), Visa® Credit Cards, and more. We also offer traditional savings accounts, Certificate of Deposit accounts, checking accounts, and other savings products.
Do I need to be a member of 1st Ed to apply for a loan?
You do not need to be a member to apply for a loan, but you must open a membership before funds can be disbursed. See above to learn how you can qualify for membership. This is a key part of our process and ensures you get access to all the credit union benefits that come with your new loan.
I’m trying to build or improve my credit. Can you help?
Absolutely. Building a positive credit history is crucial for your financial health. But remember, improving your credit score is a marathon, not a sprint. The most impactful actions you can take are:
- Pay all your bills on time: Payment history is the single most important factor in your credit score.
- Keep your credit card balances low: Aim to use less than 30% of your available credit limit. For instance, if you have a $1,000 limit, try to keep your balance below $300.
- Don’t close old credit accounts: The length of your credit history matters. Keeping older, well-managed accounts open can be beneficial.
- Review your credit report regularly: Check for errors that could be hurting your score and dispute them if you find any.
Our team is also here to offer guidance and connect you with financial education resources to help you on your credit-building journey.
What’s the difference between a Home Equity Loan and a HELOC?
Both a Home Equity Loan and a Home Equity Line of Credit (HELOC) allow you to borrow against the equity you’ve built in your home. The main difference is how you receive and repay the funds.
- A Home Equity Loan provides you with a lump sum of money upfront, which you repay in fixed monthly installments over a set term. This is often ideal for large, one-time expenses like a major home renovation or debt consolidation.
- A HELOC works more like a credit card. It gives you a revolving line of credit that you can draw from as needed during a specific “draw period.” You only pay interest on the amount you use. This offers more flexibility for ongoing projects or unexpected costs.
What kind of savings accounts do you recommend?
The best account depends on your goals.
- For emergency funds: A regular savings account offers easy access to your cash when you need it.
- For long-term goals: If you have money you won’t need to touch for a while, a share certificate can offer a higher, fixed interest rate for a specific term (e.g., 12 or 24 months).
- For earning more while keeping funds accessible: A money market account might be a great fit, as it typically offers a better rate than a standard savings account while still allowing you to write a limited number of checks.
Accessing Your Accounts and Services
Convenience matters. We make it easy to manage your money whether you’re at home or on the go.
Do you have a mobile app?
Yes, you can access your accounts through the 1st Ed Credit Union mobile app on the Apple App Store and Google Play Store. You can also access your accounts online via the Login button on our website.
What if I move away? Can I still be a member of 1st Ed if I move to another city, state, or beyond?
Good news: Once a member, you’re always a member and will have access to your credit union benefits! You can use over 30,000 surcharge-free ATMs across the country. Plus, our comprehensive digital services (including Mobile Deposit for check deposits, Bill Pay, and SmartWallet to manage your cards) mean your money is always at your fingertips from your favorite devices.
Does 1st Ed offer Zelle® or other peer-to-peer payment services?
Yes, 1st Ed Credit Union offers Zelle® through our mobile app and online banking. You can send or receive money to people you know and trust directly from your account.
What should I do if my debit or credit card is lost or stolen?
You should immediately call the dedicated lost/stolen card hotline to have the card deactivated and a new one issued. You can also use SmartWallet within our mobile app or online banking to temporarily turn your card off while you search for it. If you find the card and know no one else had access to it, you can easily turn it back on.
Have a Question for Us?
We hope this FAQ has been helpful in showcasing our credit union benefits. Your financial journey is unique, and you probably have more questions. We want to hear them! Your questions help us create better resources for the entire 1st Ed community.
Please send any questions you’d like to see answered in a future post to our Facebook, Instagram, X, or LikedIn page or email us at msr@1edcu.org. We look forward to helping you make the most of your 1st Ed membership.