Credit Union Membership For St. Thomas University Students

Students at St. Thomas University can join the University Credit Union, which offers a range of financial services, including loans and deposit products. The credit union has been serving the university community for several years and provides benefits such as lower loan rates, higher savings rates, and lower fees. Membership eligibility includes students, faculty, staff, alumni, and their immediate families. The credit union is owned and governed by its members, and it offers various accounts, such as savings, checking, and money market accounts.

Membership requirements

Firstly, the credit union is only available to St. Thomas University faculty, staff, students, alumni and their immediate families. This has been the case since 1949 when the then College of St. Thomas agreed to sponsor an employee credit union. Over time, the membership has expanded to include a broader range of family members, and, in 2017, alumni from some metro area counties also became eligible for membership.

To become a member, you must fill out a member card, supply a photocopy of a driver's license or other picture ID, and deposit $5, which buys you one share in the credit union. You must be 18 years of age or older to join.

Once you join the Credit Union, you are always a member, even if you leave your job, retire, or move away. However, to maintain membership benefits, you must keep the required minimum balance in your Share (Savings) account.

Types of accounts

Credit unions offer many of the same types of accounts as banks, including:

• Checking accounts: Credit unions typically offer at least one of the following: free checking, prime-time checking, or interest-bearing checking.
• Savings accounts: Credit unions encourage members to save through payroll deduction and direct deposit.
• Money market accounts: These accounts offer a higher interest rate than traditional savings accounts but may require a higher minimum balance.
• Certificates of deposit (CDs): CDs are savings accounts that require you to leave your money in the account for a fixed period of time in exchange for a higher interest rate.
• Individual retirement accounts (IRAs): These accounts offer tax advantages for saving for retirement.
• Share accounts: These are similar to savings accounts and may be used to secure loans.
• Share draft accounts: Another term for a checking account.

In addition, credit unions may offer other types of accounts, such as holiday and vacation savings accounts, educational savings accounts, and investment accounts.

Loan options

Students at St. Thomas University can join the St. Thomas Employee Federal Credit Union, which was founded in 1949 by a group of College of St. Thomas faculty and staff members. The credit union offers basic savings accounts and loans up to a cumulative maximum of $40,000 per member.

In terms of loan options, the University's Financial Aid Office recommends that students first apply for financial aid by filing the Free Application for Federal Student Aid (FAFSA). This will automatically allow students to be considered for federal student loans. Students are advised to explore all their federal loan options before opting for private educational loans.

Federal Direct PLUS Loans are available to parents who wish to borrow funds for their child's undergraduate education expenses. The student must be enrolled for at least six credits each semester.

Private loans are also available to students and offer competitive variable or fixed rates. Loan approval is based on the student's overall credit profile, and a co-signer may be required. Private loans for parents are also an option, although only the parent or third party is responsible for repaying this type of loan.

Online services

University Credit Union (UCU) offers a range of online services to its members, including UFinancial Digital Banking. This service allows members to access their accounts anytime, anywhere, via their smartphones or other digital devices. With UFinancial Digital Banking, members can view account statements, check images, and even pay bills for free. Additionally, the UFinancial Digital Banking App enables users to check balances, transfer funds, and make mobile deposits directly from their phones.

UCU also offers online loan services, allowing members to apply for various types of loans, such as vehicle, home, student, and personal loans, through their website. They also provide online credit card applications and convenient access to account services.

The St. Thomas Employee Federal Credit Union, now merged with the Catholic United Financial Credit Union, offers online banking, checking, and ATM services to its members. This merger has expanded the range of services available to members, making it more convenient for them to manage their finances remotely.

UCU's online presence also extends to their website, where members can find valuable financial information and resources. They provide educational content on various financial topics, such as improving credit scores, applying for home loans, avoiding online scams, and consolidating student loan debt. This knowledge empowers members to make informed decisions about their economic well-being.

Overall, the online services offered by UCU and the St. Thomas Employee Federal Credit Union provide members with the tools and accessibility they need to manage their finances efficiently and effectively from the comfort of their homes or wherever they may be.

History of the St. Thomas credit union

The history of the St. Thomas Credit Union varies depending on the specific university being referred to. I found information relating to the St. Thomas Credit Union at St. Thomas University, the University of St. Thomas, and the Cathedral of St. Thomas More.

St. Thomas University

St. Thomas University has a partnership with the University Credit Union, which serves the Miami-Dade Community. Membership is available to St. Thomas University faculty, staff, students, alumni, and their immediate families. The credit union offers a range of financial services, including loans, deposit products, digital banking, and more.

University of St. Thomas

The University of St. Thomas has its own credit union, known as the St. Thomas Employee Federal Credit Union. It was founded in 1949 by a group of College of St. Thomas faculty and staff members to provide affordable loans and savings options. Initially, membership was limited to employees of the college and their family members. However, over time, the membership expanded to include a broader range of family members, and in 2017, St. Thomas alumni from certain metro area counties became eligible to join. In 2021, after 72 years of operation, the St. Thomas Employee Federal Credit Union merged with the Catholic United Financial Credit Union to offer expanded services to its members.

Cathedral of St. Thomas More

The St. Thomas More Federal Credit Union has been a part of the parish ministry at the Cathedral of St. Thomas More since 1971. It was started by six dedicated members of the parish to assist others in finding affordable credit and managing their savings and debt. Membership is open to all parishioners and employees of the cathedral and school. The credit union offers share accounts and loans to its members, helping them build wealth and providing financial support during difficult times.

Frequently asked questions