Frequently Asked Questions


 How do I join?

  • Download and complete the membership form.  Then send it with a $25 check or money order as well as a copy of your driver's license or state ID to 1901 W. Carroll Ave. Suite 200 Chicago, IL 60612.  

**Please note**  The account can not be opened without proper identification or opening deposit.

Will my savings be insured?

  • Yes, the National Credit Union Administration (NCUA) secures your Shares Savings accounts up to $250,000.  That is the equivalent of the FDIC for banks.

What is a Share Savings Account?

  • Your credit union is not a bank.  The members of the CUCU are its corporate shareholders; your savings constitute your shares and the interest earned is your dividend.  Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.  Dividends are credited to your account quarterly.  The Board of Directors sets the interest rates for each quarter; these rates are subject to change without notice.

How do I deposit money?

  •  Deposits can be made to your Shares Savings account in any of three ways:
    1. By Mail - Just mail a check or money order (never bring or send cash).  Your canceled check will serve as your receipt; you may call to verify receipt of your deposit.
    2. In Person - Even at times when the CUCU is not open, a CCCTU secretary will be happy to see that your check or money order deposit (never bring cash) is received.
    3. By Convenient Payroll Deductions - Members of CUCU may save any designated amount through payroll deductions.  City Colleges of Chicago (CCC), Harper, Morton, South Suburban and Prairie State may complete and submit a CUCU Payroll Deduction form.  CCC payroll deductions are made monthly in the second check of any given month. 

How do I withdraw money?

  •  Money can be withdrawn in any of three ways:
    1. By Phone - Simply call CUCU during its regular hours of operation.  A check in the amount you wish to withdraw will be mailed the same day, or prepared for pickup at the time you designate.
    2. In Person - Of course, you may withdraw money in person: however you should always call to verify that the CUCU will be open when you arrive.  The CUCU has few operating officers.  That is one of the ways we keep our operating costs low so that we can offer the highest possible dividend on shares.  **Please note** CCCTU secretaries cannot perform Credit Union transactions.
    3. By Mail or E-Mail - Just mail or e-mail me at with your withdrawl request and will processed the next day of operation. 

What kind of loans are available?

  • The CUCU offers the following loans:

  1. Personal Loans - You may be approved to borrow up to $10,000.  Rates vary from as low as 5.95%
  2. Secured Loans - You can borrow up to any amount at our lowest lending rate of interest, by keeping an equal amount in your Share Savings.
  3. Automobile Loans - You may borrow up to $40,000 for up to 60 months for the purchase of a new car.  Rates vary from as low as 3.95%.  Used car loans up to 48 months with rates as low as 4.95%.  Check out our current rates on our rates page.

  • **Please note** Our loans are simple interest loans; that is, you pay interest only on the declining balance of your loan.  There are no hidden costs; no application fees, no penalty for early payoff.  Compare and save!! We will be happy to give you a quote so that you can compare the real costs of a loan.

How do obtain a loan?

  • Simply complete and submit a CUCU Loan Application Form.  The Credit Committee will then review your application.  If approved, you will be given an appointment to complete, in person, the final loan papers.  The whole process is as quick and easy as any loan you can find.  So apply today and get rid of those costly credit cards.