Regulation and Supervision

Credit unions are chartered under either federal or state law. Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. NCUA's three board members are nominated by the President and confirmed by the Senate. State chartered credit unions are regulated by their state credit union department. NCUA administers the federal insurance fund (NCUSIF), which covers all federal credit unions and most state chartered credit unions. No taxpayer money is used for regulating and overseeing federal credit unions, as all activities of NCUA and the NCUSIF are funded by credit unions.
    
Credit Union Member Disclosures

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Membership and Account Agreement
Funds Availability Policy
Electronic Funds Transfer Agreement and Disclosure

If You Are Primarily A Savings Member

Credit union dividends on regular share accounts differ from those paid by banks and savings and loan associations.

• After appropriate reserves are funded, a credit union returns all earnings to its owners, the members, in one form or another.
• Credit union dividends are based on actual earnings and may vary from year to year.

A member may withdraw his or her shares at any time providing his or her shares are not pledged as collateral on a loan, nor is he/she delinquent on any loans with the credit union.

Please refer to the insurance section for explanation of insurance coverage.

Please refer to the Savings and Checking Accounts "Rate & Fee Schedule".

SAVINGS ARE SAFE

Deposits are insured by NCUA (National Credit Union Administration) for $100,000.00.

Bonding: All persons who handle funds are bonded. The credit union is heavily insured against loss from within and from without.

ADD TO SHARES THROUGH AUTOMATIC PAYROLL DEDUCTIONS

Employees of the Okaloosa County School Board, Okaloosa-Walton Community College, Saint Mary's School, West Florida District of Sprint/CENTEL, The City of Crestview, Crestview Aerospace Corporation, Okaloosa Academy Charter School, Tall Pines Academy, Inc., Calvary Christian Academy or EJM Aerospace may establish a payroll deduction for their credit union account. Many of our members find this system to be ideal. 
 

If You Are A Borrowing Member

THE COST OF BORROWING
Please refer to the charts on the following pages for interest rates charged on various types of loans.

LATE CHARGE
If the payment is more than 10 days late, the minimum late charge will be $5.00 or 5.00% of the payment due, whichever is greater.

NO HIDDEN CHARGES
The credit union levies no hidden charges nor does it levy any "service charges". The interest rate charged covers all of the usual cost of handling the loans except home improvement and home equity loans.

YOU CAN HAVE SEVERAL LOANS AT ONE TIME
You may have more than one loan at a time; for example, you may have a signature loan, a furniture loan and a car loan.

LOAN DRAFTS - Loan drafts (checks) may be issued on your line-of-credit signature loans. Borrow money on your loan by simply writing a check. Loan drafts may be written for any purpose. Loan drafts cannot be written for less than $100.00.

WITHDRAW OR BORROW?
If you need money and have enough in your shares it would be wiser (and it really
pays in the end) to literally "borrow your own money", than to withdraw your savings. Of course, this is if your budget ability permits the monthly pay back.

Of prime importance is the fact that you have established a form of forced savings by having an obligation to make loan payments, as opposed to a voluntary need to replace withdrawn savings. 
 

Loan Payments And Deposits
Loan payments and/or deposits can be made without going to the office to conduct business:

Mail payments and/or deposits are processed on the
date received by the credit union.

Credit union mail should be addressed as follows:
Okaloosa County Teachers Federal Credit Union
1126 North Ferdon Blvd.
Crestview, FL 32536

OR

Building I
11 NE Racetrack Rd.
Fort Walton Beach, FL 32547

Night depository available at Crestview and Fort Walton Beach offices only. 
 

Statements

Regular statements are distributed to each member quarterly. Share draft statements and statements that receive ACH (Automated Clearing House) transactions are distributed monthly. 

General Information

EXAMINATIONS - The credit union is regularly examined by the National Credit Union Administration, an agency of the Federal Government. A full report is made to the Board of Directors on the condition of the credit union.

AUDITS - In addition to government examinations, a Supervisory Committee of credit union members, appointed by your Board of Directors, make periodic checks on the credit union's operation to assure that it is functioning properly. An outside auditor, contracted by the Supervisory Committee, performs an annual audit and quarterly reviews each year.

RESERVES - Each year a portion of the credit union's earnings is set aside in reserves.

LOANS - No loans made to new employees until on the job. The money you deposit in the credit union is mostly loaned out again to your fellow members (perhaps even to yourself) for provident and productive purposes. It could not be in better hands. All loans are subject to conditional approval of the loan department.