Did you know…? - APRIL 2023

Take a read and see what you can learn about City CU.

• I’ve been a member for a while, but I can’t get approved for a loan. Why not?

  We consider a number of factors when reviewing a loan application and, unlike other lenders, City CU’s underwriters personally review every loan application – so we really do consider a lot before we decision a loan application.

  While the length of your membership is one factor, it’s just one factor. We also consider your income, debt ratios, payment history, number of credit inquiries and credit score. These all affect creditworthiness.

  For example, if you have too many credit score inquiries (meaning you’ve applied for a lot of credit cards or other loans) or have any negative credit history reporting on your credit report (like late payments), these could cause us to decline a loan application.

  If you want to learn more about your credit score and how to improve it, we can help. Learn more here.

• I deposited a check to my account. Why aren’t the funds available right away?

  We hold checks for a variety of reasons, and they’re all related to protecting against fraud and any losses– for both our members and City CU. Like all financial institutions, we follow the Federal Reserve Board’s Regulation CC.

  A check hold gives the funds time to clear before they’re spent. Things like the deposit amount, account history or the source of the check might warrant a hold.

  Here’s a general guide to our hold policies:

  • Deposited check under $5,525 = two business-day hold

  • Deposited check over $5,525 = five business-day hold

  • New members (within first 30 days) = nine business-day hold

  • We implement a seven business-day hold on items like checks that returned unpaid, repeated overdrafts, stale or postdated checks and potential check kiting, inconsistencies or check alterations.

• Why do I have to show my ID just to make a deposit?

  City CU is committed to protecting members and the credit union against fraud. Providing an ID for any transaction helps to prevent fraud and helps with accuracy for the entire transaction – even if it is just a deposit.

• Can I deposit a check that’s written to both me and someone else? The City CU account is in my name only.

  All recipients listed on the check must be on the City CU account to deposit a check. For an easier deposit, you can ask the check issuer to make out the check only to you.