San Juan Mountains Credit Union • 1102 South Cascade Montrose, Co 81401 •

Frequently Asked Questions



Phishing Scam
San Juan Mountains Credit Union Members and Non-Members are recieving recorded phone calls from someone claiming to be from the San Juan Mountains Credit Union. The recording says your Debit Card has been deactivated or expired or something similar. Then wants you to press one and enter your card number and expiration date. THIS IS A PHISHING SCAM! Please do not give them any information. San Juan Mountains will never use a recording to contact it's members. If we do contact you we have this information and would not ask you for it.
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How is a credit union different from a bank?
Probably the biggest difference is that credit unions are not-for-profit. Their members actually own the credit
union, and therefore everything is done in their best interest. This generally includes providing lower loan rates, higher savings rates and offering lower and fewer fees. Any revenue earned is used to improve products and services for the members. Credit Unions are also democratic. As financial cooperatives, they are run by a volunteer Board of Directors elected by the members they serve.
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What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. Credit unions may charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
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How do I join San Juan Mountains Credit Union?
First review our "Who Can Join" page under Membership to be sure you're eligible for membership. Then contact us for a new member packet by emailing us from this site or calling Member Services at (970)
249-5319 or (800) 301-5129. You may also stop by our office. Open a savings account by completing and signing both sides of the Membership Share Account Agreement (if it's a joint account) in the new member packet. Return it with at least a $25 initial deposit and a current photocopy of your driver's license to our office in Montrose. This $25 represents your share in the Credit Union and makes you a member/owner with a say in how things are run by nominating and voting for our Board of Directors. To open a checking account, first open a savings account. Then review our "Checking Products" page for more details. Complete the checking application in the new member packet and send it
along with the initial checking account deposit required to our office.
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What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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What is a debit card?
A debit card looks like a credit card, but it works like a check or cash for purchases at all your favorite merchants for free. You present it for payment and sign the receipt. In some places you may be asked to enter a PIN at a terminal or scan your card instead. The amount will be deducted immediately from your checking account and show on your monthly statement. You keep the receipt to record in your check register as soon as possible thereafter. You can use your debit card wherever you see the Visa logo: department, grocery and discount stores; restaurants; gas stations; doctors and dentists; hotels and even catalogs. They are safer to use than cash and more convenient than writing a check.
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What is ACH?
ACH (Automated Clearing House) is an electronic method of processing credits and debits to and from a member's account, based on information the member has provided and authorized. It may be the automatic direct deposit of a member's payroll check, which may or may not include payroll deduction where the deposit may be divided into various amounts and deposited to several different accounts such as savings, checking, a loan and/or a Holiday Club account. It may also include an automatic debit of a member's account for certain expenses they have preauthorized with companies such as utilities and other bills. Either way, these electronic transactions are free and were designed to provide convenience, saving you time and hassle.
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Can I refinance a loan from another institution with you?
Absolutely! In fact you'll probably find that, in general, we can beat the rates you're already paying at another institution! It's easy to apply with us at our main office.
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How can I access my accounts without going into the Credit Union?
Access them for free 24 hours a day, 7-days a week on the Audio Response System or through Virtual Branch. Check balances, review account history, transfer funds between accounts and much more! Just call 866-489-5570, enter your Credit Union account number as the member number or id, then your PIN. It's that simple. Don't forget you can fill out certain applications and re-order check all online, just click the online services button on the home page.
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Why don't you return my cancelled checks?
Because we are a not-for-profit financial cooperative, we try to keep costs down for our members at all times and returning checks is expensive. If you should need a copy of a cancelled check, call the credit union.
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Mission Statement:

"TO SERVE AS THE PRIMARY FINANCIAL INSTITUTION OF OUR MEMBERSHIP BY PROVIDING EFFICIENT SERVICES OF HIGH QUALITY, THUS PROMOTING THE PHILOSOPHY OF  "PEOPLE HELPING PEOPLE".