Q. Can my family members join Georgia Peach Credit Union?
A. Yes, the credit union serves all family members, including spouse, children, parents, siblings, aunts, uncles, cousins, grandparents, and anyone else related to you by blood, marriage or adoption, or residing in your household.
Q. When are Christmas Club checks mailed out?
A. Christmas Club checks are processed throughout the first week of November. Some members find it more convenient to pick up their check in the credit union office, but most checks are mailed to members automatically by around November 7 each year.
Q. Once I request a withdrawal, how long will it take for me to receive it?
A. If you phone at least 30 minutes before we close, your check will be mailed the day you request it. While many members tell us they receive their checks the day after we mail them, we are also aware that we can not depend on next day delivery. There are occasional delays in mail service, especially around the holidays. Feel free to phone the credit union office to confirm your check was mailed if you do not receive your check within a reasonable amount of time. We do have procedures for replacing lost or stolen checks, though it is a rare event.
Q. Why is my credit union balance different from my pay check stub?
A. On your pay check stub your employer is disclosing to you the current year’s total payroll deductions. That figure does not reflect any of the previous year’s activity, and does not reflect transactions you have done directly with the credit union such as dividends, deposits by mail, or withdrawals.
Q. How can I obtain information about my account between statement mailings?
A. At Georgia Peach Credit Union we take pride in offering personal service to our members. You can phone the credit union between 8:00 a.m. and 4:30 p.m. Monday through Thursday, or between 8:00 a.m. and 2:30 p.m. on Friday and speak to any of our employees about your account. Getting to know you and your financial concerns helps us serve you in the way that best satisfies your individual needs.
FREQUENTLY ASKED LOAN QUESTIONS
Q. How long do I have to be a member of Georgia Peach Credit Union before I can apply for a loan?
A. You may apply for a loan as soon as you become a member, with $50.00 in your share account. Loan eligibility is not based on length of membership.
Q. How much can I borrow on an unsecured loan?
A. If you have been with your current employer at least 2 years and have excellent credit, you may be able to borrow as much as three times your gross monthly salary on an unsecured line of credit, up to $15,000.00. If you have been with your current employer less than 2 years and your credit is good, but does show some late payments, you may be able to borrow up to twice your gross monthly salary, up to $10,000.00.
Q. Do I need a co-signer?
A. A co-signer is helpful if your debt ratio is too high or if you have very little credit established. A co-signer will not change the lending decision if your credit history is unsatisfactory.
Q. Does the credit union make home loans (mortgages)?
A. No, but we do offer home equity lines of credit up to $50,000.00, based on the value of your home and the amount of your existing mortgage. The maximum loaned is 80% of your equity. The rate is prime +1/2%, and is locked in for six months at a time, with the rate changing on January 1 and July 1 of each year. The credit union pays all of the closing costs, including attorney fees, appraisal fees, and the cost of the title search. There is no application fee. (The property must be located in Georgia.)
Q. Does the credit union make loans on boats?
A. Yes. Any reference we make to “vehicle loans” means loans on cars, trucks, boats, motorcycles, and recreational vehicles. That means that the rates, terms, and maximum amounts are the same regardless of what type of vehicle is offered as collateral.
Q. How much can I borrow on a new vehicle?
A. No down payment is required. You can borrow the full purchase price, up to $40,000.00, if your income is sufficient to support the payments.
Q. How much can I borrow on a used vehicle?
A. The credit union loans 100% of the retail value of the vehicle, but does not make loans on models older than a 2002.
Q. Do I have to choose a vehicle before I apply for a loan?
A. No, in fact making application before you choose a vehicle is a good idea. The loan decision will help you know whether you are shopping in the right price range for your budget. With pre-approval already in place, your loan check can be processed much sooner once you do find a vehicle.
Q. What is the longest term allowed on a vehicle loan?
A. It depends on the age of the vehicle:
2008 and 2009 models – 72 months
2006 and 2007 models – 60 months
2004 and 2005 models – 48 months
2002 and 2003 models – 36 months
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