I would like to start off and say that I hope everyone had a great summer. As we wrap up the summer, I thought it would be a great time to remind everyone of some procedures that we have here at Lincoln Maine Federal Credit union. I know some of theses are not always convenient at the time of transaction but in the long run they are to protect you.
Shared branching is where you can do transactions at different participating credit union locations. This is a very convenient service that a lot of Credit Unions Nation why provides. This service is only done in our lobby. We ask for the member to fill out a slip of paper with the information corresponding to the shared branch account. The information needed is the name of the institution, last four of the account holder’s social security number, address, and savings or member number. We will also need a valid ID. We ask for you to come in and fill out the slip out so we can be sure to identify the person doing the transaction and to reassure us that the transaction is being done properly. Any checks processed in shared branching are placed on a minimum two-day hold. However, the only exceptions to this are government issued checks or payroll checks with a stub present.
Another important thing that I feel needs to be shared is check holds. Sometimes we must put checks on hold. Once again this is not only to protect us but also you. We take all situations into consideration. There are a few things that we look at when deciding if a check needs to be held or not. Any insurance claim or life insurance checks need at least a five-day hold. Also Checks with lower check numbers, larger amounts, or out of state may also need to be on a hold. Sometimes we can verify the funds on the checks.
There has been a lot of confusion about what happens when a certificate matures. “The credit union will give the owner(s) 30 days’ notice prior to maturity. The notice will inform the owner(s) of the terms, if any, under which the credit union proposes to renew the certificate. Unless the owner(s) notify the credit union before the maturity date, it will be renewed on the same terms and conditions at the prevailing rate” This bit of information is disclosed and written on the initial certificate you sign at opening. There are many ways you can contact us and let us know what you would like to do with your certificate upon maturity. You can call us, online banking sending a secure message, email, send us a note in the mail or come in and see us. If we are not notified before the maturity date it will reopen the certificate at the new current rate and this happens the morning of the maturity date.
I hope some of these reminders and clarifications have been helpful. At the end of it all, we do it to protect you, our members. Without you the services and products that we provide would not be possible. Thank you for being our member.
About the Author
Dakotah has 3 years credit union experience at Lincoln Maine FCU. She has worked the front line in member service, offering help to other areas whenever needed. She began researching for blog writing around Q2 of 2023. Dakotah is a team player, showing members and employees the best service she can give. Reach out to Dakotah as she works hard on the front line at Lincoln Maine FCU, 171 W. Broadway, Lincoln, ME 04457. Dakotah@lincolnmainefcu.com