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* * * Offer Your Employees Credit Union Membership!
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Membership Eligibility |
Family Membership |
Account Designations |
Payroll Deduction Membership in League Central Credit Union is extended to:
All members must maintain a minimum $25.00 balance in the Share account. To become a member, upon completion of your membership application, you may either initiate a payroll deduction authorization through your employer for a minimum of $5.00 per week or you may deposit $25.00, the minimum required balance, at either credit union office. Each member is provided a full disclosure statement upon receipt of the first deposit. Once a member you remain a member until you elect to close your account, even if you change employers. There is a $15 closing fee assessed for accounts closed within six months of opening. More than 400 employers of all sizes and variety doing business in Tennessee consider League Central Credit Union a part of their employee benefits package. The eligibility requirements include an agreement to provide payroll deduction, minimal clerical assistance for timely processing of deductions and an agreement to distribute membership enrollment information to all eligible employees. 
Once you become a member of the credit union, members of your immediate family (parents, grandparents, spouse, children, grandchildren, brothers and sisters) are also eligible for membership.
You may have a joint owner(s), authorized signatory(ies), or beneficiary(ies) on your share account. However, a joint owner, authorized signatory, or a beneficiary is not a member the credit union and thus cannot vote, hold office, or obtain loans unless he/she has established an account in his/her name. A joint owner has the right of survivorship in the event of your death and can make deposits and withdrawals on your account. An authorized signatory can make deposits and withdrawals on your account but does not have any rights to funds upon your death. A beneficiary has the right to the funds upon your death, but cannot transact business on the account during your lifetime.
Provided your employer agrees, a set amount can automatically be deducted from your payroll check to be deposited into the account you designate on the payroll deduction and assignment form. Payroll deductions are taken automatically from your paycheck, making it easy for you to save, make your loan payment or deposit money into any of your club, checking, family or IRA accounts. You decide the amount you want deposited and we do the rest. Payroll deduction is a convenient way to keep your account balances growing!
Automatic Funds Transfer is another convenient option if payroll deduction is not provided by your employer. This allows us to transfer funds from your account with another financial institution, without you having to write us a check. With written authorization, we deduct funds on a specified day each month to make deposits into any account you have with us, or to make loan payments. There is no fee for this service, however, if funds are not available from the other financial institution on the specified date, you may be subject to NSF charges on the account from which the funds were to be transferred.
If you're like most people you enjoy holding your social security check, government pension check and/or paycheck. However, actually having the time to deposit them may be another story. We can help you solve this problem with Direct Deposit. Direct Deposit is a voluntary program which allows you to have your net check deposited directly to your share or checking account, allowing you the freedom to leave home without worrying about the loss or theft of your check.
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© Copyright 2007 League Central Credit Union
Chattanooga Branch • Nashville Branch • Athens Branch
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