Frequently asked questions Bay Federal Credit Union

A. A Centralized Operations Representative will review your application within four business days and may contact you by phone. A signature card will be sent to you to complete. Once the completed signature card, a copy of your valid picture ID, and your opening deposit of $10.00 has been received, your account will be opened. The entire process may take as little as a few days.

A. Your savings account establishes your membership with the Credit Union. Once your savings account is opened, you may apply for any other service or loan product we have to offer.

A. Your loan application will be processed within 3 business days after we receive it — please call us at 831.479.6000, extension 2, if you have not received word from us about your loan within that time period.

Q. What is the easiest way to transfer my checking account from another institution?

A. Establish your Bay Federal account, then write a check from your account at the other institution. Once all your checks from your other account have cleared and you've received your new checks and Visa Check Card from Bay Federal, close the account at the other financial institution.

A. Anyone who lives, works, worships, or attends school in Santa Cruz, San Benito, or Monterey Counties. Someone may also qualify if an immediate family member has an account with Bay Federal. An immediate family member includes a spouse, child, sibling, parent, grandparent/grandchild, stepparents/children/siblings, adoptive relationships and persons living in the same residence and maintaining a single economic unit.

A. A credit union is a not–for–profit cooperative financial institution owned and operated by its members. By pooling their funds, members are able to make loans to one another. Interest paid on those loans is used to pay dividends on savings and provide financial products and services to members. Credit unions are democratically controlled and organized solely to serve their members by providing a safe place to save and borrow at reasonable rates. It's a not–for–profit way to provide complete banking services to a community or organization of member–owners.

A. Bay Federal is a full-service financial institution, able to meet most of the personal banking needs of the community. We offer checking, savings, credit cards, auto loans, mortgage loans, signature loans, ATMs, online banking, automatic deposits and withdrawals, and a full range of retirement and investment products for both consumers and businesses.

A. Unlike banks which are for–profit and serve the interests of their stockholders, credit unions are not–for–profit and owned by their members! Credit union members see benefits in higher dividend rates on savings, certificates and money market accounts, as well as lower interest rates on loans. Bay Federal is here to serve the financial needs of Santa Cruz, San Benito, and Monterey Counties and gives back to these communities in many ways.

A. Call Member Services during normal business hours at 831.479.6000 or 888.4BAYFED, extension 3. We'll be happy to help you in any way we can.