How can I become a member?
Membership is open to anyone who lives or works in McLean County. If you don’t live or work in McLean County, you can join if one of your relatives is a Mid-Illini member. If neither of those conditions apply, join our select associated group, the Mid-Illinois Dollars for Scholars Foundation. Make a donation of at least $1 to the Foundation, which funds annual scholarships for high school students who attend school in McLean County. Then you’ll be eligible for MICU membership too!
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Why doesn't my ATM / check card work?
The most likely reasons:
1. You don’t have enough money in your savings or checking to cover the credit transaction
2. You tried to withdraw more than the $500 daily limit
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How much are checks going to cost?
You get 50 free checks when you join. After that … there are a variety of options and prices.
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How do I order checks?
Most of our members just use the reorder forms that come with your first check order. You can also stop by the credit union and ask one of the tellers to help, print this order form and mail or bring it in, or click here to order online. If you prefer, you can call Harland-Clarke directly at 877.585.8777.
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When will my checks clear?
As soon as they are presented for payment.
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How much does it cost to open a MICU account?
You can join the credit union just by opening a $5 savings account.
It takes just $25 to open a Simply Stripes checking account.
Our interest-bearing checking account, Platinum Stripes, requires a minimum balance of $1000.
The minimum balance for a Money Market account begins at $2,500.
Share certificates (CDs) can be purchased with as little as $500.
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When are statements issued?
Members with MICU checking accounts and MICU VISA cards receive monthly statements. Savings account statements are mailed quarterly.
Sign up for free e-statements and view your last 6 months worth of statements online, anytime.
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If I forgot my online banking password, what do I do?
Give us a call at 309.661.1166 or 800.527.2205 and we will reset the password for you.
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How much can I withdraw with my ATM card?
You can withdraw up to $500 per day from qualified MICU accounts. A 'day' is from 12:00 am until 11:59 pm. Different withdrawal limits apply to Checking Lite accounts. If communication systems are down, an off-line limit of $100 may apply.
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How many accounts can I have?
As many as you need. Members often have different accounts for different purposes. Just remember if a member has account balances of less than $100, no loans and does not conduct at least one transaction every six months, there is a $10 inactive account fee per account number.
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What is the grace period on loans?
Ten days for consumer loans; 15 days for mortgage loans.
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Do you offer payroll deduction?
Yes. If your employer agrees to direct deposit payroll checks here, you can fill out a card at work as long as your entire check is being deposited. If you distribute the total amount to different MICU accounts, you need to come to MICU to sign the card.
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How do I change the amount I have designated for my direct deposit?
If your entire check is to be deposited into one MICU account, fill out a direct deposit card at your workplace. If you want to distribute the total amount to different MICU accounts, you need to come to MICU to sign the card.
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How do I wire money to someone?
It's best to call us at 309.661.1166 if you need to wire money to someone or if you need to receive a wired transaction. We'll be glad to give you complete instructions.
At the least, you'll need to know the routing number of the sending institution (if you're wiring money from a Mid-Illini Credit Union account, our routing number is 271176103), and the name, address and routing number of the financial institution you want the money sent to, as well as the recipient's name and account number.
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Is there a fee for cashing checks?
MICU only charges a $2.50 fee if your account doesn’t show a balance totaling at least ½ the amount of the check.
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Why is the interest payment on my loan different from month to month?
Interest is computed daily on the unpaid principal balance. Each time a payment is made, the balance changes and so does the interest payment.
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What are the closing costs for mortgage loans?
Homebuyers will pay about $1200 in closing costs.
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What are the closing costs for home equity loans?
Closing costs are about $200 for a Home Equity Loan.
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Does MICU do mortgage loans for rental properties?
No. We only finance owner-occupied residences.
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Does MICU do commercial loans?
No.
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What information is needed to apply for a mortgage?
Bring pay stubs covering the previous 30 days, the previous two years’ W-2 income tax forms. If self employed or a commissioned employee, bring federal tax returns from the previous two years and the past three months statements for any deposit accounts (checking, savings, mutual funds,etc.)
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What information is needed for a home equity loan?
Bring your two most recent pay stubs. If you are a self employed or commissioned employee, bring federal tax returns from the previous two years.
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What information is needed to apply for an auto or vehicle loan?
Bring your two most recent pay stubs or federal tax returns from the previous two years. Also provide the car’s make, model and vehicle options.
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Is there a cost to join MICU?
No. Unlike other financial institutions that charge you a non-returnable fee of $25 to $100, Mid-Illini only requires $5 to open your savings account. That $5 “share” remains in your account and will be refunded to you if you no longer choose to be a member. To avoid an inactive account fee, simply make a transaction every six months OR maintain a $100 balance in a MICU account OR use a credit card or loan product. We told you it was easy!
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When I use my debit card, what’s the difference between debit and credit?
If you choose a credit transaction, no PIN is required and you sign for your purchase. You can use your card to make purchases as long as you have sufficient funds in your checking account (or are covered by MICU’s Discretionary Overdraft Protection (ODP) Policy) and are within the daily transaction limit of $1500. When you use your debit card to make purchases and say "credit," you also earn FREE UChoose Rewards points that you can trade for services and merchandise at your favorite retail stores, or when you shop online.
If you choose a debit transaction it’s like writing a check. You must enter a PIN and you can make purchases up to $800 in any one day (a 'day' is 12 am - 11:59 pm). However, you don't earn FREE UChoose Rewards points when you use your PIN instead of signing for your purchases.
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Do savings accounts have minimum balances?
Credit union membership requires members to maintain a $5 “share” in their regular savings account. To earn interest in that account, a member needs to maintain a $100 balance. A Money Market, IRA, or Share Certificate (CD) will require a member to maintain a higher minimum balance.
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What’s a Credit Union?
A credit union is a member-owned, not-for-profit financial cooperative, organized to promote thrift and provide credit to members.
It is member-owned and governed by a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations.
The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution for the express purpose of making money from their investment. A credit union doesn't operate that way. Rather, each credit union member owns one "share" of the organization. The credit union member is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are not-for-profit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of higher dividends, lower loan rates and improved services.
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Are savings deposits insured?
Yes. Your MICU accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government. For more information, visit the NCUA Share Insurance Tool Kit.
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Who can join Mid-Illini Credit Union?
Membership is open to anyone who lives or works in McLean County, is related to a present member, or becomes a member by joining the Mid-Illinois Dollars for Scholars Foundation.
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I have been searching for the bonus code but have been unable to locate it. Any hints or suggestions?
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I've searched your entire website and can't find the B-104 Bonus Point site. Can you give me a hint?
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i am a current customer. looking to purchase a forclosed home at auction feb 28th if possible. need to know do you provide bridge loans to pay for te forclosed home until i would be able to sell and close on current primary property.
We offer Home Equity loans that enable you to take cash-out of your primary residence. You could then use the proceeds to purchase the other property. If you have more specific questions, please contact Eric in our Mortgage Lending department. You can reach him directly at 661.1166, ext. 221, or send him an e-mail at eric@midillinicu.com.
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I cannot find my book to write my statement each month for my car loan. Can I get a new one? Or should I just send my check with my account number?
We'll be happy to order you a new coupon book, since that book is mostly for your records. Contact chelsie@midillinicu.com and she'll be happy to help you out. Until then, mailing in a check with the loan number on it is sufficient to get the payment applied correctly.
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