Credit Union

The Colquitt County Teachers Federal Credit Union was established in 1957.  The purpose of the Credit Union is to provide a means for every member to save regularly and to furnish various types of loans to eligible members at a competitive rate of interest.

The field of membership currently includes employees of the Colquitt County School System and members of their immediate families 18 years and younger and employees of Moultrie Technical College and members of their immediate families 18 years and under.  To become a member, a person is required to:
1) Complete an Application for Membership Card;
2) Pay an Entrance Fee of $5.00;
3) Purchase one $5.00 Share of Stock.
4) Provide 2 Forms of Identification.

Application Forms may be obtained by mail or by calling the office at 229-890-6214.

All assets belong to the members and control is exercised by members through election of officers and Committee members at the annual meeting.  The Board of Directors and Committee members serve on a voluntary basis and devote many hours of off-duty time in carrying out their duties and responsibilities.  The Credit Committee is responsible for action on all loan applications.  The Supervisory Committee is responsible for making an examination of the affairs of the credit union at least once a year and reporting the results of such audits to the Board of Directors.

The Colquitt County Teachers Federal Credit Union is a totally separate entity from the Colquitt County School System.

Any member may make deposits to their savings/share account by cash, check, money order or payroll deduction.  Deposits may be made as often and for any amount the member desires.

Shares can normally be withdrawn any time during business hours.  Requests for withdrawals may be made in person or by calling our office.

Rate and Fee Schedule Disclosures are available at the Credit Union Office upon request.

The basic policy is outlined below; however, any detail not covered can be explained at the time application for loan is made.

Own at least one share ($5.00) for minimum of 6 months
Complete an application for loan and provide proof of income
Must be creditworthy
Debit to Income Ratio can not exceed 50%
Auto Loan Fee $35.00
Loan Fee $25.00 (all other loans)

The loan application should be turned into the Credit Union Office, where it is checked to determine that all pertinent information has been furnished.   
There must be a period of 120 days before a loan can be renewed.

Call the Credit Union Office for current rates.

The maximum to be loaned on signature loans is currently $7,500. A signature loan is based on your beacon score and gross income.

These are loans requiring collateral such as autos, boats, trailers, ATV's, etc.  Co-makers considered worthy may also be considered for decision in granting the loan.

Automobiles may be used as collateral for loans providing the following conditions are met:

1. The auto must be covered with comprehensive and collision insurance
2. The insurance must remain in effect for the duration of the loan
3. Both the Georgia Vehicle Title and the insurance policy must show the Colquitt County Teachers FCU as lien holder.
   Please call the credit union for new and used car rates. Number of months vary depending on how old the car is.

The National Automobile Dealers Association is used to determine the loan of a used automobile.

The Credit Union provides small dollar loans (STS Loans) to members with regular paychecks as an alternative to potentially predatory payday lenders or to meet unexpected financial emergencies or other temporary cash flow needs.  The following are the loan details:

Loan is for amounts not less than $150 and no more than $500
Payback 3 months or less
No Credit Check
Minimum 1-yr Employment and 6 months membership with CCTFCU
Member will sign agreement similar to New Teacher Loan agreement:
If employment ends before loan is paid back, CCTFCU will deduct remaining loan balance out of last paycheck

If Annual Salary is $20,000 or less, then ST Loan Amount cannot exceed $300
If Annual Salary is over $20,000, then ST Loan Amount can be approved up to $500

The Credit Card Consolidation Loan is designed to specifically pay off member's high interest rate credit cards.

Maximum Amount - $7,500
Minimum 650 Beacon Score

Fixed Rates:

2 Year Term - 6.49%
3 Year Term - 7.49%

Member must bring latest credit card statement reflecting balance.  Payoff will be handled by the credit union.  Check will be cut from member's loan proceeds made payable to credit card company and mailed out by the credit union.

Like any other organization that makes loans, a few individuals are encountered who fail to keep their payments up-to-date.  In most instances, this is caused by failure to budget their money, impulse buying, and in some cases living above their actual income.  They fail to consider that they are borrowing from fellow employees who invest in the Credit Union and are entitled to a fair return on their money.

If an emergency arises such as illness or accident, a borrower should contact the Credit Union Office and give some explanation of their circumstances.

We recommend the payment of loans through payroll deductions.  This enables a member to set the deduction above the amount of the loan payment; thereby, enabling the member to build up his/her savings.

Deliberate and willful failure to pay will necessitate legal action being taken to collect.  This causes an additional expense to the borrower.

We also offer prepaid debit cards.  You simply load whatever money you choose to on the card and you can use the it anywhere to make purchases or at ATM's to get cash back.  As long as you have the money in your savings account, you can call us and we can load the money on the card over the phone.  There is approximately a 1 hour time lapse before the money is available to spend on the card.  This is great to have for teenagers who are in high school or college. Instead of giving them cash you can give them a prepaid debit card.  Expenses are easily tracked online.  You can access your debit card account online and see when and where the money has been spent.  If you would like to apply for a debit card, simply stop by our office and fill out the application.  It takes up to a week to receive the card in the mail.  There is a one-time $10.00 fee.  Monthly fee is $2.50 and $0.75 each time you load money on the card.

Savings are insured up to $250,000 by the National Credit Union Administration.