Who is Eligible to Join
BEL?
How Do I Become A Member?
May I Have A Joint
Owner of My Account?
Are Accounts Insured?
Is There A
Minimum Balance Required In My Shares?
What About Dividends?
How Do I Make Withdrawals?
How Do I Apply for a Loan?
Are Interest Rates Competitive?
If I Pay My Loan
Off Early, Will I Save Money?
Do You Offer IRA Accounts?
What About Christmas Club
Accounts?
Do I Have to Direct Deposit My
Government Check?
How Can I Link To IRS Tax Information?
Who is
Eligible to Join BEL?
The field of membership as set forth in the charter includes:
employees of Baptist churches cooperation with the Louisiana Baptist
Convention; employees and executive board members of the Louisiana Baptist
Convention, employees of the Baptist Message, Louisiana Baptist
Foundation, Arcadia Baptist Home, Louisiana Baptist Children's Home,
Louisiana College, New Orleans Baptist Theological Seminary, unmarried
spouses of persons who died while within the field of membership of the
Credit Union, employees of this Credit Union, persons retired as
pensioners or annuitants from the above employment, members of
their immediate families and organization of such persons.
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How Do I Become A
Member?
Any person within the field of membership may submit a membership
application form (included in this brochure) with $5.00 membership fee
plus a minimum deposit of $25.00 (five shares). Any amount may be
deposited thereafter.
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May I Have A Joint Owner
of My Account?
Yes. A joint owner has the right to make deposits and independent
withdrawals and has the right of survivorship in the event of your death.
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Are Accounts Insured?
Yes. Your credit union accounts are insured against loss by the
National Credit Union Administration (NCUA), an agency of the federal
government, up to $100,000 per member account.
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Is There A Minimum
Balance Required In My Shares?
Yes. You must have and keep on deposit at least $25.00 (your
first share) to maintain an account with us. A balance of $150.00
make you eligible to apply for loans, share certificates, IRAs and any of
the other services we offer that you might desire.
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What About Dividends?
After expenses of operation and after reserves have been set aside as
required by the National Credit Union Association the board of directors
may declare a dividend. This credit union has paid a dividend
every end of each dividend period since its organization. At the end
of each dividend period, a copy of your account is mailed to you showing
each transaction during that period. Dividend paid on average daily
balance.
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How Do I Make Withdrawals?
Withdrawals are available on request by telephone, mail, or in
person. Three withdrawals per month from savings are allowed, after
the 3rd, there will be a fee assessed.
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How Do I Apply for a Loan?
Applications for loans may be secured at the Credit Union office.
Loans are made for a variety of purposes.
(New member must wait three months
before applying for a loan unless it is share-secured.) The loan
officer may waive the 90 day waiting period upon credit application
approval. All new loan applicants are subject to a new loan
application fee.)
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Are Interest Rates Competitive?
Low interest rates are our specialty. Check with the credit union
office for current rates.
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If I Pay My Loan Off
Early, Will I Save Money?
Yes. Interest is charged only for the number of days you use the
money. Any loan may be paid off in advance without penalty.
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Do You Offer IRA Accounts?
Yes. Our rate of interest for Individual Retirement Accounts are
at least comparable and often better than local financial
institutions. Your retirement savings are insured and earn
tax-deferred interest.
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What About Christmas Club
Accounts?
You may make deposits into a Christmas Club Account and receive regular
share account dividends. Christmas Club checks are mailed to members
by November 10.
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Do
I Have to Direct Deposit My Government Check?
Legislation recently enacted requires virtually all
Federal payments be paid by Direct Deposit eliminating the issuance of
paper checks. Some of the payments covered include Social Security,
Welfare, Veterans Benefits as well as Federal Employees' salaries and
pensions. As of July 26, 1996 all newly eligible recipients had to
have their payments made directly to their account. If you are
currently receiving a check, the deadline for arranging for Direct Deposit
was 12/31/98.
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How
Can I Link to IRS Tax Information?
These links take you directly to the IRS
web sites.
Individual
Business
Frequently
Asked Questions Forms
& Publications
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