FAQs

What do I need to open an account?


How do I join Cosden Federal Credit Union?
Joining Cosden Federal Credit Union is easy. Simply stop in to complete an application. Join by opening a savings account with an initial deposit of $25. Once your savings account is opened, you’ll have immediate access to other financial services that we offer.

Can my family members join the credit union?
Yes. Any member of your immediate family can become members.

How do I add/remove a joint member to/from my account?
To add a member you will need to complete a new signature card which you and the joint member sign where indicated. To remove a joint member, the joint member must complete a form requesting removal from the account, or the account can be closed and a new account established.

How do I change my address or other contact information with Cosden Federal Credit Union?
To notify us of a change in mailing address, telephone number and/or email address, you can call us or stop by the credit union.

How do I change my payroll deduction?
Payroll deduction is an agreement between you and your employer. Completed forms should be returned to the credit union for processing. When changing deductions, remember to indicate the total amount you want deducted from your check and forwarded to your credit union account.

How do I set up direct deposit?
Our Member Service Advisors have all the necessary forms. If you wish, they will be happy to fill them in for you. All you have to do is tell them how you want your money distributed and sign your name. We take care of the rest. Direct Deposit Form

If I use direct deposit, how will I be able to keep track of my money?
Your check stub from your paycheck is your permanent record. Also with online banking, you can check your balance at any time.

Is there a charge for direct deposit?
This service is free to all of Cosden Federal Credit Union’s members.

How do I apply for a loan?
First time borrowers need to complete a loan application. A loan application can be also be obtained through your on-site representative.

How long do I have to be a member before I can apply for a loan?
You may apply for a loan as soon as you become a member. There are no membership time requirements for loan qualifying.

What does the credit union look for when determining loan approval?
At Cosden Federal Credit Union, we look at more than just your credit score. There are a variety of determining factors, such as employment history, amount of total debt, credit score, purpose of the loan and your relationship with the credit union that determine loan approval.

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