Frequently Asked Questions
- Who owns a credit union?
- What is a credit union?
- How did credit unions start?
- What is the purpose of a credit union?
- Are savings deposits insured?
- Who can join NuVision Federal Credit Union?
- Why do I have to swipe my Debit/ATM Card at NuVision ATMs for every transaction?
- What is NuVision’s Routing and Transit Number?
- What is the difference between APY, APR, and APYE?
- I was told that my money was escheated to the State of California. How do I try to get it back?
- I have tax questions. How do I contact the IRS?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns a share of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Yes. All savings accounts are insured up to $250,000 by NCUSIF, the National Credit Union Share Insurance Fund which is an agency of the NCUA, National Credit Union Administration, an agency of the federal government.
- Any immediate family or household member of a NuVision member
- Any Southern California or Mesa, AZ Boeing Employee and their immediate family and household members
- Any Select Employer Group (SEG) employee and their immediate family and household members
- As a consumer, you may be eligible to join our credit union through the American Consumer Council (ACC). Please visit ACC’s website at: www.americanconsumercouncil.org for more information on membership eligibility; or, click here, to start your membership application.
This feature is designed to protect those that use our ATM. By limiting it to one transaction per swipe, we eliminate the possibility of someone else transacting on your account in the event you forget to choose the “No further transactions” option and walk away from the machine.
The Routing and Transit number is: 322282399
APY is short for annual percentage yield. The APY is the actual rate of interest paid, or earned, during a year, with compounding. APY is in contrast to APR, or annual percentage rate, that is usually advertised. Annual percentage yield (APY) is a rate that reflects the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period. It is a point of comparison and is based on the dividend rate. The APY is how much you would earn on an account if the minimum balance required to earn the dividend was maintained, and all dividends earned were left on deposit in the account for one year. The APY assumes the dividend rate will remain constant. The APY is used to forecast earnings on the account.
For example, a credit union advertising a 3-month Share Certificate with an APR of 5.00% would have an APY that’s higher, due to compounding. If the 3-month Certificate were rolled over four times in the year, the APY would equal 5.00% divided by 4 and then compounded over 4 periods, which would equate to an APY of 5.09% (1.0125^4-1=5.09%).
So if you purchased a Certificate with an APY of 5.09%, on January 1st for $10,000 and rolled it over 4 times, your balance at the end of the year will be $10,509.45, not $10,500.00.
The Annual Percentage Yield Earned (APYE) is the actual percentage the account earned. It only appears on the member’s statements. The APYE is affected by: days in the dividend period, account activity (withdrawals, deposits, crediting and compounding of dividends), and changes in the dividend rate.
Truth-In-savings requires certain disclosures on periodic statements. One of the disclosures required on dividend-bearing accounts is the “annual percentage yield earned,” or APYE. The APYE is an annualized rate that reflects the relationship between the amount of dividends actually paid to the member’s account during the period and the average daily balance in the account for that period.
NOTE: This calculation uses the member’s average daily balance for the period, even though the dividend calculation may be simple daily, compound daily, etc.
The general formula is as follows (this requires the use of a scientific calculator for the exponent):
100 [(1 + (Dividends earned ¸ Balance)) 365 ¸ days in period - 1] = APYE
Balance = the average daily balance in the account for the period
Dividends earned = the actual amount of dividends earned for the period
Days in period = the actual number of days over which the dividends disclosed on the statement were earned
To find out more information about escheated funds, please visit www.sco.ca.gov/upd.html.
Visit their website at http://www.irs.gov or call 1-800-829-1040.