August 2008 Articles

Credit Unions Cooperate with Each Other

By Rich Jones

In banking there is one irrefutable truth: people want a bank that is convenient to their home.  This fact is one of the main reasons many banks and credit unions are building new branches at a rapid pace.  Elevations Credit Union is no exception.  We have opened two new full-service branches this year, one at 120th and Sheridan in Broomfield/Westminster, and another at 21st and Main in north Longmont. We are adding two more branches, one in about September at Highway 7 and Village Vista Drive in the Broomfield/Erie area and another in late December in the Superior/Louisville area.

To make us even more convenient, credit unions do something a bank would never do – we cooperate with each other. 

Can you imagine taking a deposit into a Chase branch and asking them to deposit it into your Wells Fargo account?  Since credit unions are not-for-profit cooperative financial institutions, we value cooperation.  You can take a deposit into any credit union that is a Credit Union Service Center and ask them to deposit the money into your Elevations Credit Union account.  Plus, they will do this without charging you a fee!  As a member of the Elevations Credit Union financial cooperative, you have over 3,600 branches available across the country that will allow you to transact business just like you were in one of our own branches. 

Have you ever driven around town looking for your bank’s ATM to avoid a fee?  You know that if you go to a Wells Fargo ATM using your Chase check card you will pay a fee of $2-3.  With credit unions, we are again different.  You can go to any credit union ATM that displays the COOP Network logo and use that machine without paying a surcharge fee.  The COOP Network has over 28,000 ATMs all over the United States and over 9,000 of these ATMs will even accept deposits.

We know that saving your money at a local branch is important, but isn’t it nice to also know that when you save money at Elevations Credit Union your deposit will be used to loan money to someone who lives in your community?  Having a local branch is great, but having your money stay in the local economy is even better.
Because Elevations Credit Union is a credit union, you have access to more branches and ATMs that even the mega-banks but you are still supporting the local community; your friends, colleagues, neighbors and business owners.

15 Tips for using Credit Union Service Centers and COOP ATMs

1. Endorse your check with your name only exactly as shown on the check.
2. All “pay to” parties must endorse the check.
3. Third Party checks cannot be deposited at ATMs or Service Centers.
4. State of Colorado and insurance checks require all “pay to” parties to endorse the check.
5. Make sure the check is signed by maker.
6. Check that the numeric and written amounts on the check are the same.
7. Both the numeric and written amount on a check cannot be altered – even if it is initialed.  Only one may have a minor change.
8. Make sure the date of the check is correct and not more that six months old.
9. Checks that are post-dated more than one day cannot be accepted.
10. At an ATM, enter the amount of the deposit very carefully.
11. Make sure your account number is correct on your deposit/withdrawal slip.
12. Always check your receipt before you leave.
13. Check your math totals for all deposited items.
14. Checks made payable to a business can not be deposited into a personal account.
15. Do not use “For Deposit Only” as the endorsement.