The rules, policies, or regulations may be changed at any time by action of the Board or amendments to the Credit Union Act and By-Laws.
General
- It is a non-profit membership organization, chartered in 1965 under Pennsylvania State Law.
- We are a fellowship society of Swindell Dressler, S/D Engineers, WAPC, Berry Metal, Busch Co., Kvaerner Metals, Metplas, Little Sisters of the Poor, Sam’s Club, Payroll Edge and Voest Alpine and their adult family members joining together for mutual financial welfare and opportunity.
- All savings deposited are termed shares. Such shares represent the capital of the cred union. One share has a par value of $5.00.
- Loans from share capital are made to credit union members for provident or worthy purposes.
- Interest from loans pays operating expenses and dividends to depositors in our non profit organization.
- Other services offered are share drafts (checking accounts), MAC ATM cards and Visa credit cards.
- It was organized by employees of Swindell Dressler for a two fold purpose:
- To promote thrift among its members by offering to them a means for making safe and regular investments.
- To enable its members, when in need, to obtain loans at reasonable rate of interest for worthwhile purposes.
- The credit union idea is a proven one. Through credit unions, the average has demonstrated that, by faith in the integrity and dignity of his fellow man, he has the ability to manage his own financial affairs better than anyone else can manage for him.
- We feel the privileges and opportunities offered by the credit union are unequaled by other financial institutions. Our service is extended liberally with dignity and desire for true helpfulness.
- No. It is not part of nor is it sponsored by any member company. It is an entirely separate organization of employees of Swindell Dressler, S/D Engineers, WAPC, Kvaerner Metals, Berry Metals, Busch Co., Metplas, Little Sisters of the Poor, Sam’s Club, Payroll Edge and Voest Alpine. It has its own officers who operate it as an independent enterprise. However, it has the full approval and cooperation of the member companies.
- Full time permanent employees of each member company and adult family members.
- As in all state credit unions, SDCU is under supervision of the state banking commission and is examined once a year by state examiners.
- A separate supervisory committee operates in accordance with the state law and conducts an audit of the credit union accounts each year.
- A surety bond is carried in the amount of $1,000,000, which covers every person officially a part of our operation. This bond covers almost every conceivable type of loss including mysterious loss and disappearance. This blanket bond also covers losses under faithful performance.
- All disbursements are made by check and all investments are secured and insured.
- The Credit Union is located at 4712 Clairton Blvd Pittsburgh, PA 15236, just minutes from Downtown Pittsburgh.
- Office hours are 8:00 a.m. to 4:00 p.m. Monday to Friday.
- Phone: (412) 281-6303
- Fax: (412) 281-6309
- Yes, a statement is mailed to each member quarterly. This statement is an itemized record of each transaction on a member’s account. Members with draft accounts receive monthly statements.
- All member accounts are serviced by the Advanced Management Information Systems Software.
- Obtain a membership application from the credit union office, your SDCU representative, or the SDCU Web site. Fill out and sign the application and return it to the credit union. A minimum of five shares at $5/share must be purchased to enroll. In addition, a $0.25 fee is charged for setup. The total is $25.25.
- Payroll deductions are available to employees of member companies. The minimum deduction is $5/pay.
- Anyone may have direct deposit or automatic withdrawal from a checking account. Minimum amount being $5/deposit.
- In compliance with Home Land Security policies, we now ask that along with membership application, we get a copy of the member’s Driver’s License/State Identification Card.
Savings
- This service is a courtesy extended by the member companies or companies involved.
- Payroll deductions in no way disclose to anyone that a loan may exist. All payroll deductions are officially for savings with proper distribution of funds received made only by the Credit Union staff.
- When the loan is paid off, the payroll deduction, if not changed, by signing a new payroll deduction card, is posted automatically to savings.
- Payments may be made by payroll deductions, direct deposits or automatic withdrawal from a checking account. Also, at any time by check, money order, or cash at the Credit Union office.
- A member may withdrawal share holdings that are no pledged at required security on a loan. One day's notice is required, five to ten days is required on withdrawals over $20,000.
- A member may withdrawal share holdings where such share holdings exceed the member's primary or contingent liability to the Credit Union.
- A member may not withdrawal any share holdings below the amount of his primary or contingent liability to the Credit Union if he or she is delinquent as a borrower, or if borrowers for whom they are a co-maker or guarantor are delinquent.
Dividends
- Dividends are paid quarterly.
- No rate of dividend is guaranteed as it depends on the net earnings as of the end of each quarter. The rate of dividend is set by the Board of Directors at the end of each period. Dividends are posted to members' accounts quarterly.
- Dividends are computed based on the average daily balance at the end of each quarter: March, June, September and December.
Policies
- All applications for loans must be approved by the Credit Committee. Each application is evaluated on the merits of purpose and member's employment record, ability to repay loan and any other information needed to establish a credit rating. Credit ratings are checked through the Pittsburgh Credit Bureau.
- Although no member is guaranteed his application for a loan will be approved, the Credit Committee uses current loan schedules as a guide in approving the loan application. Current loan schedules are available at the SDCU office or mailed by request rather than quoting rates that are subject to change.
- The standard procedure for loan repayment is payroll deduction, direct deposit, automatic withdrawal, cash or check for any member of the credit union. A loan can be paid off at any time without penalty.
- Auto loans are financed with the Credit Union holding the title. New vehicle titles may be financed up to 60 months. Used cars also up to 60 months. See Loan Guide for rates. The Credit Union office has new and used car pricing guides.
- When co-makers are required, the co-maker must be a spouse or borrower's parent or a current SDCU member in good standing and acceptable to the Credit Committee. This co-maker must sign the loan note and be financially responsible if the maker becomes delinquent.
- Any members in good standing may have a draft account.
- No monthly fee if you have a loan or maintain a balance of $250 in either the draft account or the regular share account. Otherwise there is a $5 per month service fee.
- There will be N.S.F. fees, Stop Payment fees, Draft Copy fees, and some other request fees.
- Checks may be purchased through the Credit Union.
- The MAC ATM card is accepted anywhere the MAC logo is displayed, including Machine or Point of Sale.
- Visa card applications are reviewed like loan applications and approved accordingly.
- Maximum limit is $5,000.
- A member may carry four loans (automobile new and used, secured loans, and personal loans) at any time provided the total of all loans does not exceed $40,000.
- Disability and life insurance loans can be purchased at an additional cost.
- Each member's savings account is insured by the National Credit Union Administration. No one member may have more than $100,000 in his account.
