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| Industrial Distributors Federal Credit Union |
IDFCU Members Services
Since IDFCU is a not-for-profit financial institution owned, and operated by the member, earnings are distributed to members either in the form of better interest rates on savings, or invested in new, or improved services. This page provides information on the different financial services available to you after joining IDFCU.
Loans
One of the most important functions of a credit union is the granting of low-cost loans to eligible members. Interest rates are traditionally lower than those charged by banks and other lenders. In other words, it costs less to use your fellow members' money. Loans are also convenient to pay through our payroll deduction. IDFCU is offering competitive interest rates to its members on loans.
IDFCU offers several different types of loans to meet your immediate needs. We offer Signature, Fully Secured, New and Used Vehicle, and Visa Credit Card loans.
To be eligible for a loan:
- You must be a member of IDFCU in good standings.
- With the exception of fully secured loans, you must maintain a minimum of $50.00 in your share savings account for each outstanding loan, prior to the loan review process.
- You also must be of legal age within the state of your residence or a qualified co-signer will be required.
For a complete set of loan policies please contact the IDFCU office.
All loans will require the use of the Loanliner procedures. This will be the only accepted method for loan application.
For a copy of the Loanliner please contact the IDFCU office.
Savings
Another equally important function of the credit union is to help our members save money. The interest rates are very competitive while the penalties are almost minimal as compared to most financial institutions. For example, if you wish to withdraw money from either your Holiday or Vacation Club account, there is a 10% penalty. Most large financial institutions charge between 20-30%!
All deposits up to $100,000 are insured. The credit union has a firm economic standing and is becoming more financially fit everyday. We offer a variety of options to suit your financial needs:
Regular Share accounts are similar to financial institutions' savings account. The major difference is the deposited amount represents the share of the credit union owned by that member, and the members' shares pay dividends. In addition, our rates are usually very competitive.
Share Draft accounts are similar to financial institutions' checking accounts. Share draft accounts allow members to draft from share accounts using a piece of paper, hence the term share draft.
Share Certificates are term accounts members select (terms, rates, fees and minimum opening deposits from the Rate and Fee Schedule at the time of establishing the account). Click here to see the Current Share Certificate Dividend Rates
Holiday Club can be started with as little as $2.00. This allows credit union members to save for holiday gifts and parties along with other festive events. The holiday club checks are issued as early as the first week in November.
Vacation Club like the holiday club, only requires $2.00 to initiate savings. This check is issued the first week in May. This gives credit union members the opportunity to plan an all-inclusive vacation or a weekend getaway.
Other Services
Listed below are the services provided by IDFCU.
ATM Cards - Need cash on-hand? Our ATM Cards are accepted wherever there is a Star, Cirus, or Plus symbol. ATM Cards will allow you access to both your Share and Share Draft accounts. Balance inquiries are no charge, actual transaction fee for the credit union is only $1.25.
Direct Deposit - Dislike long lines at the bank on payday? Is your paycheck better off out of sight, out of mind? IDFCU allows members to deposit their paycheck directly into any share or share draft account. Direct Deposit can help you save your money.
Gift Cards - They're the convenient, simple choice for the busy shoppers. Whether its a holiday, a birthday, a wedding, vacation or any occasion for the young and old or in between a Gift Card is just the trick. Purchasing Gift Cards is as simple as calling the credit union and determining the amount, its that easy. Gift Cards are the perfect choice because they're safer than cash, easy to use, and can be used anywhere VISA debit cards are accepted. Now that's pure magic.
Money Orders - Some companies don't accept personal checks and you do not have a credit card, what can you do? Send a Money Order. Your payment may post faster than sending a check, which usually takes 5 - 7 business days plus additional time for the company to process and post your payment. You can call the Credit Union office today for details.
Visa Credit Cards - Visa cards are the world's most widely used and accepted form of "plastic" payment. There are over 800 million Visa, Interlink, PLUS and Visa Cash cards in the market today. Visa-branded cards are accepted at more than 16 million locations in 300 countries and territories, making Visa the closest thing there is to a universal currency. IDFCU is proud to offer the Visa Credit Card. You can contact the IDFCU office for an application.
Visa Debit Cards - A Visa check card is a debit card that looks similar to a credit card but acts like a check because the purchase amount is deducted from the cardholder's checking account. Quicker than making a trip to the ATM, more convenient than writing checks, and safer than carrying cash.
Accepted at millions of merchant locations worldwide. Visa check card purchases are automatically deducted from your checking account, so there’s no interest to pay. IDFCU is proud to offer the Visa Debit Card. Please contact the IDFCU office for more information.
Wire Transfer - Need to wire $200.00 or more to a local financial institution or have not applied for an ATM Card? Then Wire Transfer is for you. There is a $15.00 fee for this service. Contact the IDFCU office to make a Wire Transfer.
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