FAQs

Becoming a member is easy. If you live, work, or worship, within a 10 mile radius of our credit union you are eligible to join. Also if you are an employee of an affiliated employer group or the relative of a member, all it takes to join is opening an individual or joint share (savings) account with at least a $5.00 deposit.

Yes. Members are still eligible if they move from the area. Once a member, always a member.

The National Credit Union Administration (NCUA), is a U.S. government agency, federally insures accounts up to $250,000.

It is 311387069.

No. As soon as your $5 minimum balance in regular savings is established, you are eligible for all services.

There are no fees when you use the Cabot Community Credit Union ATM located on the North side of our building at 1063 N. Sumner, Pampa, TX 79065 or any of the 50,000 surcharge-free ATMs in the CU24 network. There may be fees at other machines. Some merchants also give you the option of getting cash when you pay for a purchase with your debit card. Since it is part of the purchase transaction, there is no fee.

On any of our web pages, click on Login to Online Banking Here

Transactions are posted as they are received.

Click on the underlined account listing you want and the history screen for that account will open.

Yes. Log on to Home Banking, click on User Options and you will see instructions for changing your password.

You may start immediately. Online registrations on our Web site are confirmed by e-mail, and you may then begin using Bill Pay.

You can pay practically anyone. Note, however, that the IRS, other taxing entities and other court-appointed payees do not accept Bill Pay.

If a payee is not equipped for electronic payment, it can take up to 10 business days. Payees equipped for electronic payment receive the funds the same day the payment is made. In most cases, non-electronic payments take 3-4 days.

You can do it online. If you are adding a payee, follow the step-by-step instructions provided.

Yes.

Bill Pay works only with your checking account.

Yes.

In most cases, about four weeks from the date the employer receives the employee’s authorization form.

Most employers allow deductions to two institutions. Check with your employer.

Yes.

A Home Equity Loan uses a portion of the value of your primary residence, above what you owe on your existing mortgage, as a security for a loan.

To determine the amount available for a home equity loan, take your home’s appraised value and multiply by 80% (the loan to value ratio), minus any outstanding liens, that equals the potential loan amount.

The credit union offers only the Fixed Home Equity Loan.

The minimum loan amount is $10,000 and the maximum loan amount is $85,000.

You will need to supply the credit union with:

• a copy of your recorded deed

• a copy of your last paystub

A fixed-rate loan. A fixed rate is one that will remain the same throughout the maturity of the loan.

The number one advantage is gaining an asset. A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.

Usually it is a 4 to 5 week process.

At the most $15.00.

Escrows are payments made by a mortgagor to a mortgagee for the purpose of paying the mortgagor’s taxes, insurance, and other payments associated with home ownership. The mortgagee is responsible for the timely disbursement of escrow funds to pay the mortgagor’s bills as they come due.

Usually, a mortgage company collects funds for placement into the mortgagor’s escrow account with the mortgagor’s periodic payment for principal and interest. An escrow account has sufficient funds if there is enough to pay all bills when they come due.

It is common practice for mortgage companies to hold an escrow cushion of a minimum of 2 months of insurance and taxes for a mortgagor. The cushion is kept by the mortgage company to assure that if the cost of any escrowed item were to increase in the future, there would be sufficient funds to pay all bills as they come due.

There is no simple answer to this! The “right” loan depends upon your needs, your finances, your available down payment, your expectation of financial changes, your comfort with different house payment amounts, and especially how long you intend to keep your home and its mortgage. However, the best answer to this question will come from one of our Loan Officers after careful discussion of the various factors in this paragraph.

The credit union requires ten percent down.

First determine your financial mortgage related goals: i.e. are you looking to improve your monthly cash flow, reduce your mortgage term, do you need to take out cash utilizing the equity from your home? Obtaining the right mortgage for your particular needs could make sense even when rates are not at their lowest levels.

You will need two month’s current pay stubs, W-2′s for the prior two years and bank and investment account statements for the prior 2-3 months. A contract on a new home purchase.

The main difference is that a secured loan is secured on property and an unsecured loan is not.

The APR (annual percentage rate) is the cost of your loan expressed in terms of an annual rate. The interest rate is the rate your payments will be calculated on for the life of your loan. Your interest rate depends on your credit rating, income and amount being borrowed.

You can use the loan for any legal purpose including purchase of furniture, debt consolidation and home improvements, vacation, tuition, emergencies etc.

Yes. The Credit Union allows extra payments and/or early payoff without prepayment penalties.

A debt consolidation loan allows you to pay off several creditors and pay the balance to the credit union. This simplifies making monthly payments and can possibly reduce interest rates, so you may end up paying less than what you would have paid without the loan.

A co-signer adds security for the credit union. With a co-signer, you may have a better chance of being approved for a loan. That’s because your co-signer agrees to make payments on your loan if you default. A friend or relative can act as a co-signer but must be a member.

Often your credit history is why you are turned down for a loan. If you are viewed as a risk, and your report indicates that with prior creditors you consistently made late payments or skipped payments or defaulted on a loan, it will affect your score and may result in your being turned down for the loan.

Occasionally the credit union may not wish to give you a loan; this could be for any number of reasons. You can however ask for the name and address of any credit reference agency the lender has used for assessing the loan. Also you may try to reapply in six months.

The maximum term is five years for an unsecured personal loan. The maximum on a debt consolidation loan is five years.

For a used car loan the maximum term is six years and for a new car loan the maximum is six years.

In addition to share accounts and "Free" checking, Cabot Community Credit Union also offers debit cards, Certificates of Deposit, extended office hours on Monday thru Friday from 9:00 a.m. to 5:00 p.m., as well as two drive-thru lanes open from 7:30 a.m. to 6:00 p.m. We have many types of loans, payroll deduction, financial counseling, consumer information, and car cost guides, notary services, and a convenient location.