Frequently Asked Questions
Click on a question below to see the answer to our most commonly asked questions:
Can I join Duluth Teachers Credit Union (DTCU)?
Yes, you can! While many credit unions’ original fields-of-membership were quite selective, many have expanded to include everyone in the communities they serve. That means if you live, work, attend school or worship in Duluth, Hermantown or Proctor, you can join. Or, if you are a blood relative of a current DTCU member, you can also join!
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What is a field of membership?
A field of membership defines a group or groups of people who are eligible to join. For instance, some credit unions were started to serve the employees of a particular business (Honeywell, General Mills, etc.). Other credit unions were formed to serve government employees or communities. DTCU’s original Field of Membership served teachers of the Duluth School District. We have kept our founding name “Duluth Teachers Credit Union” but have opened our field of membership up to the community.
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What does it mean to be a “member?”
First of all, credit union terms can be confusing. Even the term “credit union” misleads people. We are not a “union” in the typical sense, nor are we affiliated with any unions. There are no dues to pay, other than your initial deposit into your savings account. The term “union,” in our case, simply means a united group of people. Everyone who has an account with DTCU is a “member.” Each “member” is an “owner” of the credit union. Each member has one vote, regardless of how much money they might have on deposit. So, when you “join” the credit union, you become a member/owner of DTCU.
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What do I need to join? Does it cost anything?
All
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that is needed to open a savings account with DTCU is a valid I.D. and a $25.00 initial deposit into a savings account. Once the account is open, you must maintain at least $25.00 in your savings account. This money stays in your account until it is closed.
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What are the benefits of joining DTCU?
As more than 8,000 people have discovered, there are many benefits to doing your financial business with DTCU. In general, DTCU pays higher dividends on savings, checking and certificates; charges lower interest on car loans and home equity loans; and has fewer and lower fees than a bank does. DTCU does this while providing the same overall products and services as a bank: savings, checking, check cards, credit cards, loans, safe deposit boxes, direct deposit, online banking, online bill pay, ATMs and extended hours.
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How can DTCU pay more on savings while charging less for loans?
Simply put, we’ve eliminated the “middle man.” Banks are owned by stockholders, and stockholders demand returns on their investments. Banks are PROFIT-driven. DTCU, and other credit unions, are SERVICE-driven. We’re not here to generate a profit, but to provide a service to our members. Any “earnings” are turned back to you, the member/owner, in the form of better rates, lower fees, more offices, more hours and more staff.
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Are you like a cut-rate, no-frills, warehouse for financial services?
Not at all. We don’t skimp on service. We don’t cut back on hours. We make it EASY to do business with us. If anything, you’ll notice faster and more personal service at DTCU. We operate 3 full-service offices and 3 24-hour ATMs in the Duluth area as well as an ATM at Lake Superior College.
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What if I move out of the area?
No problem. “Once a member of DTCU, always a member.” Though it may be more convenient in some instances to open an account at a credit union or bank near your new home (we’d recommend the credit union!), there’s no need to end your relationship with DTCU. With Direct Deposit of your paycheck and using your DTCU Debit Card, there’s really no need for a local office near you. Plus, you’ll always have access to your accounts with online Virtual Branch, and can pay virtually all of your bills online with our online Bill Pay service. You can always call us direct using our toll-free number. And you can keep up-to-date with any new developments at DTCU via our website and Report Card newsletter.
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