FAQ (Frequently Asked Questions)
Question: If I make a VISA® payment on February 1st, will this payment be applied to my January or February payment?
Answer: Your payment will be applied to your January payment. Any payment received on or before the statement date (5th of the current month) is applied to the previous month's payment, even if another payment was already made that month.
Question: Why did I receive a dormant account fee on my account?
Answer: Any member having only a savings account with less than $50.00 with no activity for 6 months will receive a $15.00 per quarter fee. To prevent this fee, members must maintain more than $50.00 in their regular savings account or use other Telco services (for example, open a checking account, Share Certificate, or obtain a loan).
Question: Is there a Baton Rouge ATM that I can use to withdraw funds and not be charged any user fee when using my Telco TELEMAX ATM card?
Answer: Yes, Baton Rouge Telco Main Branch at 2226 Wooddale Blvd. has an ATM that you can use for withdrawals and you will not be charged any user fees. Also, the CU Service Center located at 7018 Siegen Lane has an ATM you can use without being charged a user fee. If you use your ATM card more than four times a month, however, you will be charged $1.00 per withdrawal.
Question: I joined Telco through my current employment and will be leaving for a job opportunity in another state. Do I have to close my accounts at Telco?
Answer: No, you do not have to close your accounts because of other job opportunities. You can keep your accounts open and use one of the CU Service Centers out of state if one is available. You can also use our Home Banking service to keep up with your accounts at Telco. If you have a loan set up on payroll deduction, please notify the credit union of your new phone number and address for us to send your payment booklet to you.
Question: Will my VISA card be renewed automatically before expiration?
Answer: Yes, if your VISA account is in good standing with the credit union.
Question: How long do I need to be a member of the credit union before I can apply for a loan?
Answer: There is no waiting period to make a loan after you become a member. You can join the credit union and take out a loan the same day (if you qualify).
Question: Why should I have credit life or credit disability insurance on my loans?
Answer: Credit insurance can help ease the financial stress that comes with unexpected hardships, credit life insurance can pay off a loan if you die, and credit disability can make your monthly payments for as long as you are unable to work due to a covered disability. The coverage for the insurance costs just pennies a day and premiums are included in your loan payment.
Question: I have a Share Draft (checking) account with Telco and I would like to know if I can order my checks from an outside vendor other than Clarke American, Harland, or Deluxe?
Answer: Yes, you can order your checks from an outside vendor. Please keep your check numbers below 8000.
Question: I live in the Hammond area and would like to make a vehicle loan. Can I send my loan papers to the Hammond Branch to be processed?
Answer: Yes, the Hammond Branch is a full-service branch and can process any loan applications, except for real estate loans.
Question: How much of a down payment do I need for a home mortgage?
Answer: With Telco's affordable home mortgage program there is only a 5% down payment required. You can purchase a home or lower your existing mortgage rate with these great benefits:
- Debt Ratio up to 38%; and
- Up to 30 Year Term.
