Eligibility & Foundation Flashcards
How do you explain credit union eligibility to someone who is not familiar with the requirement?
Laws require credit unions to have a defined field of membership, which means you’ll have to be a member of that group to access the credit union and its services.
How could you introduce the Credit Union’s eligibility requirements to a prospective new member?
The Credit Union’s primary membership base consists of city, state, and county government employees and their families, those who have attended community college in the state of Colorado, as well as an employee or retired employee from one of our many employee groups which include school districts, colleges, and universities.
What is the Credit Union of Colorado Foundation?
The Foundation was created in January 2012 by the Credit Union of Colorado to promote community development by providing financial and volunteer support in the areas of education and human services. The foundation reflects the organization’s long history of philanthropic commitment to its members and the communities where they reside.
How does Foundation eligibility work?
By making a donation of at least $10 to the Credit Union of Colorado Foundation, anyone living in the state of Colorado is eligible to become a member.
Where can members get more information about the Foundation?
cuofcofoundation.org
A prospective new member sits down with you to open an account. When discussing eligibility, they mention that their uncle just retired from CDOT, but does not bank with the Credit Union. Is this prospective member eligible for membership? How?
This member is eligible for membership as a “family” member. Even if their relative does not bank with the Credit Union, but is qualified for membership, they are still “family” member eligible.
A prospective new member comes to the branch to open a new account. They just moved to Durango a couple of weeks ago from Vermont and are staying with a friend temporarily. Is this prospective member eligible for membership? How?
This is not enough information to tell how this individual may be eligible for membership! What other questions would you want to ask to determine eligibility?
An individual who is joint on an account, comes to the branch to open a new membership. They would like to open up an additional checking account and a savings account. Is this person eligible for membership? How?
This member may be eligible - but we do not have enough information to know! Being joint on another membership does not make this individual eligible to be a member. You would still want to review their eligibility when opening the new membership.
