Frequently Asked Questions
What is the difference between a credit union and a bank?
The biggest difference is that members own their credit unions. A $10 deposit into your Ohio University Credit Union (OUCU) savings account is your member “share” in the credit union. While most banks send profits to shareholders, credit unions are not-for-profit cooperative financial institutions that return profits to their members in the form of better rates, lower service charges and convenient services.
What do I need to open my account?
- Valid government issued photo identification; Passport, driver’s license or state ID card
- Proof of full legal name, date of birth and residential address
- Tax Identification Number such as Social Security Number, Foreign TIN or US-issued ITIN
Do I need a Social Security Number to open an account?
No. For a savings account, please refer to the above answer. For a checking account with a debit card and ATM access, you will need a Social Security Number or ITIN.
What are the costs of checking account?
A checking account is free, and there are no monthly fees. You must deposit $25 to open the account via cash or check, but can withdraw those any time. There is no charge for a debit card; checks are $12.50 for 25 checks.
How can I access my account?
- Online banking
- Download our mobile banking app from App Storeor Google Play
- Visit any branch
- Visit one of our shared branching locations
How much money do I need to keep in my account?
You will need to keep just $10 in your account. This deposit in your share savings makes you a member. There is no minimum balance required for checking accounts.
Can I apply for a credit card?
If you are at least 21 you need:
- Social Security Number
- Proof of income
If you are under 21, and a full-time student you need:
- Social Security Number
- Qualified co-signer
How much does it cost to receive a wire to my account?
Incoming wires are free. However, we are unable to send international wires at this time. Domestic outgoing wires are $15.
If I deposit a check, when will funds be available?
Funds on many checks will release the day they are deposited. However, depending on the size of the check, where it comes from or how old your account is, a hold may be placed on the funds. Most holds are 3 days, but if it comes from a foreign bank it could take up to 12 weeks to process.
Is my money safe at OUCU?
Yes. Your deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), an agency of the U.S. Government.
Do I have to close my account when I leave Ohio University?
No. Once you establish an account with us, you may remain a member and use our services for life. Even if you move abroad, you can access your account online.
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