Archive for Steps to Become a Partner

3. Approval

What now? 

An image of a heart made up of the word "welcome" in various languagesIf your company gets approval as a Select Employee Group, any employee of your company can join the credit union. Once your employee joins, their family members can join as well. You can bank anywhere, so why 705 Federal Credit Union? It’s because of the experience you have here:

  • We are a not-for-profit financial cooperative owned by our members.
  • The Credit Union Purpose: The purpose of credit unions is to provide financial dignity to all especially those of modest means. The credit union motto is “People Helping People.”
  • We have a volunteer, unpaid Board of Directors that works very hard to keep our fees low, our rates competitive, and keep this credit union moving forward.
  • Withholding our mission of “Meeting Members’ Financial Needs with Quality and Convenience” is of utmost importance to our staff and board.
  • Member Owned: You own a share in the company! This gives you a distinct voice in how the credit union is run.

In other words, 705 FCU is different. We’re not a bank. We’re not a payday lender. We are a not-for-profit financial institution that has one focus, serving you the best we can. 

2. Await

image of a clock sitting on a tableThe Process:

Once 705 Federal Credit Union has received the completed partner application, the process is simple and fairly quick. Your submission will be reviewed by the Board of Directors at its next scheduled meeting. Board meetings are normally held the third Wednesday of each month.

If the Board of Directors votes in favor of your application, your request will be sent to the National Credit Union Administration (NCUA) for approval. NCUA normally responds to requests within four to six weeks. Upon receiving a positive confirmation from the NCUA, we will notify you that your group is immediately eligible to become members of 705 Federal Credit Union.

Relevant Links:
Apply Online.
Partnership Brochure
Questions? Email Emily, Marketing and Business Development Director
Want to Know More About Credit Unions? Visit www.asmarterchoice.org

1. Apply

Forming a Partnership!

Membership with 705 FCU is limited. We would love to allow everyone who wanted to join access, but unfortunately this is not a possibility. Our credit union grows through the addition of groups with a common bond of employment called Select Employee Groups, or SEGs. Once this partnership is established, employees of these SEG can become members at 705 Federal Credit Union.

Becoming a SEG of 705 FCU is free and easy. Simply review the retwo hands fitting puzzle pieces togetherquirements below and complete the relevant Select Employee Group application:

  • Write Request Letter stating your desire to become a Select Employee Group at 705 FCU.
    • Here is a sample request letter. (A new PDF – window/tab will open.) You can use this exact wording in your own sample letter. Fill in the blanks with your company’s information. Then, mail, fax at 337-232-2786, or email to Emily. You may also upload the Request Letter and Application online.

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If you have questions or would like additional information, contact us at 337-232-8450.