Riverways Federal Credit Union recently opened a new drive-through facility at 200 South Franklin in Cuba. Three Rivers Publishing had the opportunity to ask Riverways CEO Scott Shults a few questions regarding the new service center. The following are the questions posed to Shults and his responses.
Q: What is a Credit Union and how is it different from a bank?
A: Credit unions are not-for-profit financial institutions. They are owned and governed by the people (members) who use them. The board of directors serve in a volunteer capacity and are not paid. The products and services offered by credit unions and banks are virtually the same. It is the not-for-profit concept that sets them apart. Credit unions are limited in who they can serve. Specifically, for Riverways you must live, work, attend school or worship in Crawford, Maries, Dent or Phelps counties to be eligible for services at the credit union. Credit unions are built on the philosophy of people helping people.
Q: Why do you use the term members vs. customers for those who use the credit union?
A: When one joins the credit union (maintains a savings account with a $5 balance) they are a member/owner with full voting rights for the election of the board of directors. Credit unions do not have customers; it is service to members that drives the daily decisions.
Q: When I use the new facility, what will the experience be?
A: When you drive up to the teller kiosk you simply touch the screen to be connected to a teller. This connection typically takes 10-15 seconds. Once connected to the teller you can do almost any transaction you would do at a conventional drive through. There is no debit/ATM card needed. The teller will take your request and you have personal, one-on-one service to meet your banking needs.
You can also utilize your ATM/Debit card without connecting to the teller for simple transactions such as deposits and withdrawals.
Q: We will be interacting with an actual person when we need service?
A: Yes, our tellers are all local and ready to meet your needs.
Q: Do I have to have an account with Riveways to use the ATM?
A: No, the ATM can be used by card holders of any credit union/bank. There may be fees associated with these types of transactions.
Q: How do I open an account with Riverways?
A: There are a couple ways to open your account with Riverways. First you can open it at the kiosk. Just connect with the teller and let them know that is what you want to do, and they can take care of it. Second, we have an online option available at www.riverwaysfcu.org/newaccountthat is available anytime. For loan products you can visit www.riverwaysfcu.org/newloan.
Q: Are my deposits insured?
A: Yes, deposits are insured and backed by NCUA to the same limits and stipulations of FDIC.
Q: Why did you choose Cuba?
A: Riverways is built on service, and with several hundred members from Crawford County, we felt it was our obligation to make sure we were meeting their needs. Cuba is a vibrant community, with common sense people that understand the people helping people philosophy. The culture of Crawford County, with Cuba being a main travel corridor, made the decision easy. It is very similar in nature to our other locations in Rolla and Salem.
Q: Who owns the credit union?
A: The credit union is owned by those who use it! When an individual or business chooses to be part of the credit union, they become an owner.
Q: Are there any plans to expand the Cuba facility?
A: Yes, it is the intention to build a conventional branch there in the future. The layout of the drive thru was designed to allow this future service center on the south end of the lot.
Q: Do I have to have a checking account to get a loan or CD?
A: The only requirement to obtain the services offered by Riverways is to establish and keep a savings account with a balance of $5 in it. This savings account (also known as a share account as it is the transaction that makes one a “member” and establishes their ownership share in the credit union) allows access to all other services offered by Riverways.
Q: What services are offered by Riverways?
A: Savings accounts for all ages, money market accounts, certificates of deposit, auto loans, fixed and adjustable home loans, signature loans (no minimum to borrow), farm loans (fixed and adjustable), commercial loans including USDA and SBA loans, mobile app, bill pay, commercial deposit services, remote deposit of checks from a smartphone, IMPACT budget services (free service for budgeting help, available to non-members), access to over 30,000 fee-free ATMs across the U.S., and access to over 5,000 shared branches across the U.S.
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