FAQ

 

Who can join your credit union?

EACU’s field of membership is defined as follows:

Anyone who lives or works within the boundaries of the Ely School District 696 or the St Louis County School District 2142 or are the blood or adoptive relatives of existing members.

Membership Application

If you fall in our field of membership and would like to become a member, you simply need to stop by our office and complete a membership application form and deposit $5.00 into a regular share account. As long as you keep that minimum amount in your regular share account, you will remain a member of the credit union. However, should you withdraw your minimum balance, your account will be closed and your membership terminated.

Your new savings account acts as a financial building block allowing you to apply for all of our other services. Please see an Ely Area Credit Union employee for detailed information on fees, funds availability and other specific disclosures.

 

What’s the difference between a credit union and a bank?

A credit union is a financial cooperative that is owned by the membership. Each member has an ownership stake in the credit union. Each member has an equal say in the credit union business. Members elect a board of directors who handle the business of running the credit union. Any profits that are made are put right back into the credit union to offer better rates and lower fees or to offer the membership more financial products and services.

A bank, on the other hand, is owned by their shareholders. The goal of the bank is to maximize profits for the benefit of its shareholders. Profits are returned to the shareholder in the form of higher stock prices or dividends paid on stocks. Typically, bank fees are higher and savings rates tend to be lower.

 

Does the Ely Area Credit Union offer CD’s?

At this time we do not offer CD’s. We do offer savings accounts. Neither of the accounts has any restrictions on withdrawals, and the minimum balance is only $5.00 in the Share savings and no minimum balance in the Deposit savings.

 

Does the Ely Area Credit Union offer business accounts?

Yes we do. We offer savings and checking accounts for local businesses. Our checking accounts have no monthly fees, and only the standard fees that are the same as our personal checking accounts. If you are looking for a basic checking account for your business, stop in or call us.

 

What information do I need to provide to open a membership?

We require that you fill out a membership application and provide a valid picture ID in order to open a membership.

 

How old does my child need to be to open a checking account?

Your child needs to be at least 15 years old to open a checking account at the Ely Area Credit Union. If your child is under 18 years old, a parent or guardian must be a joint owner on the checking account. The joint owner will be responsible for all checks written and any fees incurred.

 

What are your hours? ?

Ely Office Lobby and Drive-thru Hours:

M-T 8:30AM – 5:00PM
F 8:30AM – 5:30PM

Babbitt Office Lobby and Drive-thru Hours:

M-T 8:00AM – 4:30PM
F 8:00AM – 5:00PM