Who can belong to the Alexandria Schools Employees Credit Union?
Any person (or family member) employed by one of the following schools:
Alexandria Technical & Community College
Alexandria School District 206
Runestone Area Education District
St Mary's Catholic School
New Testament Christian School
Zion Lutheran School
What services does the credit union provide for members?
The credit union offers collateral and signature loans, home equity loans and maintains share(savings) accounts.
How do I apply for a loan or start a share (savings) account?
Click the Applications link, then the appropriate link to obtain a loan application or membership application to apply for a new membership. You can email a request and the treasurer will send you one or both applications. You will also need to deposit/maintain a $5.00 minimum balance in your share(savings) account with the credit union. When you would like to withdraw money from your share account, simply call or email the treasurer as to how much you want to withdraw and they will get a check out to you via inter-school mail or regular mail. Or you can come and pick it up at the credit union's office. Please call prior to stopping by to get the location of where the check will be.
What is the time line on the loan process?
After you submit your application, processing time is quick - when the loan is approved, the funds can be available the same day.
How do I make a payment on my loan?
At the time of the loan application process, a monthly payment will be determined. You may make your payment through payroll deduction, (which is available to District 206 employees), bill pay from your bank, inter school mail or regular mail.
How can I use my loan money?
You may use the money for whatever you indicate on your loan application. Common uses for loans are new and used vehicles, boats, home or auto repair, debt consolidation, and college education expenses.
Are there restrictions on the loans and share (savings) accounts?
Yes, share account maximums are $150,000 and monthly deposits may be restricted from time to time. Home equity loan minimum is $10,000 and maximum of $150,000. Credit approved Signature loans have a maximum of $5,000. Total aggregate loan balance maximum is $150,000.
How do I know what the interest rates are and how often do they change?
The board reviews loan rates on a monthly basis. You can call the Treasurer at 320-762-6533,
e-mail firstname.lastname@example.org, or check "Current Rates" on this web site to obtain the current rates.
What if I don't use my account for a long period of time?
On share accounts that have been inactive (dormant) for more than three years, the credit union reserves the right to assess an annual dormant account fee of $20.00. If this assessment brings the account balance to less than the minimum required to maintain membership in the credit union ($5.00), the credit union may elect to close the account upon written notice to the member.
How will Dividends be affected if I close the share account?
If you CLOSE your account before dividends are paid at quarter end, you will not be paid the accrued dividends for the period. However, if you withdraw funds from the account, dividends will be paid for the actual number of days the funds were on deposit in the account, providing the account remains open.