FAQs2018-10-26T01:03:06-05:00

ASK & WE ANSWER

FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions

We tried to think of everything! But if you have more questions please call us at (330) 652-3887 Monday, Wednesday & Friday 7 am to 4:30 pm – Tuesday 9 am to 4:30 pm and Thursday 6 am to 4:30 pm Eastern Standard Time, a Service Center Representative will be happy to help you.

How do I become a member?2018-10-26T00:42:48-05:00

We’re glad you’re considering joining the First Choice Community Credit Union family — it’s easy to become a member. We’re passionate about giving back to the local community and of course, providing the best financial services to our members. Join today to see for yourself all the benefits First Choice Community has to offer.

As a community credit union — anyone who lives, works, attends school or worships in any of the # counties we serve in Ohio is eligible for membership — the first simple step to opening an account and start saving! If you’re not sure if you’re eligible, Just answer the questions below.

Note: Applicant must be at least 18 years of age to apply for loan.

Is someone in your immediate family already a member?

Do you live, attend school or worship in one of these counties, County1, Count2, County3?

Find more information on our How to Become a Member page, including applications.

If you are unsure if you qualify, please visit our contact us page

What’s so special about Credit Unions?2018-10-26T00:37:03-05:00

Unlike other financial institutions, Credit Unions are owned and run by its members. MEMBERS make up the Board of Directors, who manage and elect the officers to handle the business and operation of the Credit Union. MEMBERS make up the Credit Committee which decides on loans that are made. MEMBERS make up the Supervisory Committee which makes sure the Credit Union is run correctly.

Are you getting the idea that it’s the MEMBERS who make the Credit Union special? That’s absolutely right! Our members are joined by a common bond and we will serve ONLY our members. There are no outside stockholders – all net earnings after expenses are paid out to our members in dividends.

That means your savings grow faster.

Is my money SAFE?2018-10-26T00:37:11-05:00

Absolutely. Our Credit Union is chartered under the terms of the State of Ohio, Division of Financial Institutions and supervised by the National Credit Union Administration (NCUA).

Each member’s savings are insured to the full legal limit by the National Credit Union Share Insurance Fund (NCUSIF).

Can the Credit Union take care of all my financial needs?2018-10-26T00:37:21-05:00

For many people, yes. We offer a full line of deposit services – savings accounts, share draft accounts, Certificates of Deposits, IRA’s, and much more.

We also offer many types of loans – for cars, boats, home improvements and more. Plus, you’ll appreciate our low interest rates!

Your Credit Union has three main functions:

  • Help you save regularly
  • Loan money at fair interest rates
  • Advise you on how to use money wisely.
  • Why not visit with one of our member service representatives today and see if the Credit Union isn’t the answer to your financial needs?
What are the benefits of a Roth IRA?2018-10-26T00:37:28-05:00

It’s easy to invest in your future at First Choice Community Credit Union. A Roth IRA can help you prepare for retirement and
serve a number of other purposes.

  • Preparing for Retirement – Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, are tax free.
  • First Home Purchase – If you’ve had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax free and penalty free.
  • Leave Funds to your Heirs – There are no mandatory withdrawals, so you can leave money from your Roth IRA to your heirs tax free.
  • Pay for College – Qualified educational expenses are penalty free. There is no dollar limit and funds can be used for tuition,fees, books, and supplies_at a post-secondary institution.
  • Rainy Day Fund – You can access your regular contributions tax free anc penalty free at any time and for any reason.

For the answers to all of your IRA questions, call one of our IRA Specialists today at 330-652-3887.

What are the benefits of a Traditional IRA?2018-10-26T00:37:35-05:00

It’s easy to Invest In your future at First Choice Community Credit Union. A Traditional IRA can help you prepare for retirement
and serve a number of other purposes.

  • Grow Your Nest Egg – Earnings and deductible contributions in a Traditional IRA’s grow tax-deferred until withdrawn, which can begin as early as 59 ½ but must begin at age 70 ½.
  • First Home Purchase – You can withdraw up to $10,000 penalty free towards the purchase of your first home.
  • Pay for College – Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
  • Assist with Medical Expenses – Funds to pay for certain medical expenses can be withdrawn from your Traditional IRA without paying a 10% early distribution tax.

For the answers to all of your IRA questions, call one of our IRA Specialists today at 330-652-3887.

Can my spouse and I both contribute to IRA’s?2018-10-26T00:37:43-05:00

If you and your spouse want to put money into traditional or Roth IRA’s, your contributions can total $4,000 or your combined compensation , whichever is less. But the maximum contribution for each spouse can’t exceed $2,000 per year, so you’ll need at least two separate IRA’s to contribute the full $4,000. If you don’t earn compensation, but your spouse does, you still may be eligible to contribute to a traditional or Roth IRA based on your spouse’s earnings.

Keep in mind that you must earn under $95,000 on a single tax return and under $150,000 on a joint tax return in order to contribute the full $2,000 to a Roth IRA. You can still make partial contributions to a Roth with income up to $110,000 as a single filer and $160,000 as a joint filer. While there’s no age limit on contributions to Roth IRAs, you can’t contribute to a traditional IRA for the year you reach age 70 ½ or later years. Also, there are some limitations on tax-deductible contributions to traditional IRAs.

Become a Member Today

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FCCCU members

First Choice Community Credit Union, Inc.

804 Warren Ave. Niles, OH 44446

Phone: (330) 652-3887

Our office hours are:

Monday: 7 AM – 4:30 PM
Tuesday: 9 AM – 4:30 PM
Wednesday: 7 AM – 4:30 PM
Thursday: 6 AM – 4:30 PM
Friday: 7 AM – 4:30 PM
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