James C. Pulse, President/CEO                   Michael J. Lacassin, Vice-President Operations

"NOT FOR PROFIT,

NOT FOR CHARITY

BUT FOR SERVICE"

Serving members

since

13 October 1950

FREQUENTLY ASKED QUESTIONS

Common Questions

1. How do I complete an allotment to the Coast Guard Employees Credit Union ?
2. Where can I find the Main Office?
3. Why doesn't the credit union allow me to access my account on line?
4. Who is the staff, board of directors and committee members?
5. What is the normal operating hours?
6. What are the common mistakes that will delay my loan application?
7. What is the process for approving a loan application?
8. When is a loan application processed and approved?

How do I do I complete an allotment to the Coast Guard Employees Credit Union?( Our Blanket Code is 056 )

Active Duty    CG Employees    Active Duty Retired    CG Employees Retired

For Active Duty Personnel 

Enter Began Year/Month for the starting month and year of the allotment.

Enter the Stop Year/Month for the month and year to automatically stop the allotment.

Common errors:  stopping payments to a loan prior to loan being paid in full, thus enter Year/Month at least one month more than end of loan period.  Any extra payments are credited to your Share account.

Enter the Monthly Deduction for the amount of the allotment.

Common errors:  entering amount less than monthly payments for loan.  Check loan documents received with the check to ensure payments and allotment are the same or allotment is for more than payments.  Extra amount will be credited to your share account, thus you will be practicing thrift.

Enter the Select Payee as __________.

Enter the Institution Transit # as 265075207 this should indicate us as Coast Guard Employees CU

Common errors:  entering wrong transit number.  Funds are lost electronically in cyber space.

Enter the Institution Bank Acc # as your account number with the credit union

Common errors:  entering zeros in front of number, only put whole number as displayed on your statement  Make sure account number entered is yours, check your statement to make sure.

Enter the institution Acct Type as Savings

Common errors:  entering type as Checking or Loan.  This is ok, but errors occur on receiving the allotment.  If account type is Savings, extra payments are credited to your share account and will continue without errors after loan is paid off.

Enter the Account Identification with your name as it appears on your statement.

Common errors:  entering credit union name or another persons name.  Both of these will cause a reject error on the allotment.  The name here must be the same as the name on the account, check the statement for correct spelling.

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For CG Employee Personnel

( coming soon )

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For Active Duty Retired Personnel

Began by going to PSC (RAS) website and downloading the form CG PSC-7221 ( click on below for link )

   Retired Allotment Authorization Form

Enter SSN or Employee ID, Last-First-MI of your name, Rank/Rate

Select the purpose, leave Blanket Code BLANK, enter the appropriate information in the other blocks

Enter Allotment Type as "S"

Enter the following for Electronic Funds Transfer (EFT) Information

Type of Account - check Savings

Common errors:  entering type as Checking or Loan.  This is ok, but errors occur on receiving the allotment.  If account type is Savings, extra payments are credited to your share account and will continue without errors after loan is paid off.

Allotee Name - Coast Guard Employees Credit Union

Routing Transit Number (RTN) - 265075207

Common errors:  entering wrong transit number.  Funds are lost electronically in cyber space.

Account Number - enter your account number at the credit union

Common errors:  entering zeros in front of number, only put whole number as displayed on your statement  Make sure account number entered is yours, check your statement to make sure.

Account Title - enter your name as it appears on your statement

Common errors:  entering credit union name or another persons name.  Both of these will cause a reject error on the allotment.  The name here must be the same as the name on the account, check the statement for correct spelling.

Financial Institution Name - Coast Guard Employees Credit Union

Remember to sign and date page two, then FAX to PSC (RAS)

Common errors:  Members often send the completed form to the credit union for processing.  We can not process these nor will we forward them to PSC (RAS) for you.

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For CG Employee Retired Personnel

( coming soon )

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Where can I find the main office?

The Coast Guard Employees Credit Union currently has only one office location.  We are located in the Hale Boggs Federal Building room 1226.  At the corner of 500 Poydras Street and Magazine Street in New Orleans, LA.

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Why doesn't the credit union allow me to access my account on line?

We do not have the ability to securely transmit your account information at this time.  Thus, we only provide an informational web site to allow access to forms and information about the credit union.

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Who is the staff, board of directors and committee members?

The staff are the President/CEO and Vice-President Operations, the current board of directors and committee members are listed in the Organizational tab.

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What is the normal operating hours?

Our normal operating hours is 0615 to 1100 ( 6:15 am to 11:00 am ) Monday thru Friday

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What are the common mistakes that will delay my loan application?

The number one most common mistake is not following the directions provided with the application, we often receive loan applications with the instructions/checklist provided and checks in each step listed.  But, the documents are not completed as directed or the applications is missing necessary items.  MAKE SURE YOU READ AND FOLLOWING THIS CHECKLIST - CALL US IF YOU HAVE QUESTIONS.  Remember these are legal documents if your printer is not working correctly and it does not print the forms legibly then use another printer or contact us to get the forms.

A list of common mistakes are:

    Original Loan not paid down 50% of original balance and no funds provided.

    Loan Application

        - no reason for loan

        - questions not answered

        - incomplete reference information

        - financial statement income does not include all income sources ( must have copies of most recent income documents attached )

        - financial statement debts does not include all outstanding debt, if you run out of space attach additional sheets.

        - no signature and/or address of applicant

    Promissory Note

        - ignored checklist and added information, only sign this document DO NOT PUT ANY OTHER MARKS ON IT.

    Truth in Lending - Regulation Z-Consumer Credit Disclosure

        - ignored checklist and added information, only sign this document DO NOT PUT ANY OTHER MARKS ON IT.

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What is the process for approving a loan application?

The authority to approve loans is stated in the By-Laws Article VIII 'Credit Committee'.  Basically it states that no current staff members approve loans, the Credit Committee and/or the designated Loan Officer can approve loans.  We do not currently have a Loan Officer position at the credit union, therefore the three members of the Credit Committee are the approving authority.  Since these are volunteers they meet regularly to review the processed applications.  The staff does the processing to reduce the time it takes for such a review.  This is why it is important for the member to submit a complete loan package.

The Credit Committee is guided in their review by the By-Laws Article XII 'Loans to Members' and any policies the Board of Directors have issued concerning lending.  The Credit Committee is not allowed to override such directives.

If a loan application is disapproved, every member is allowed to present their application to the Board of Directors for special consideration.  Such request should be discussed with the staff to get the proper format for an effective letter to assist in possible approval.

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When is a loan applications processed and approved?

Loan applications are processed on a daily basis during normal operating hours.  The Credit Committee meets between 0900-0930 ( 9:00 am to 9:30 am ) Monday thru Friday if they have no schedule conflicts to approve loans.

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