Fairfield Federal Credit Union

1. Information we collect
First time borrowers need to complete an "Open-End Credit Plan Agreement" and a Loan Application. Both can be obtained through your on-site representative, or call the credit union and we will be happy to mail one to you. Subsequent loan requests require an update form that can be faxed, or in some instances we can take the information over the phone.

2. How long do I have to be a member before I can apply for a loan?
You may apply for a loan as soon as you become a member. There are no membership time requirements for loan qualifying.

3. How do I add/remove a joint member to/from my account?
To add a member you will need to complete a new signature card, which you and the joint member sign where indicated. To remove a joint member, all joint members of the account need to agree to the removal, or the account can be closed and remaining joint members may open a new account.

4. How do I change my payroll deduction?
Payroll deduction is an agreement between you and your employer. Payroll deduction change forms are available from your employer and should be filed with them. When changing deductions, remember to indicated the total amount you want deducted from your check and forwarded to the credit union.

Safe – Your paycheck is protected against loss or theft.
Worry-free – Now you can be assured that your check is deposited, even when you're away from home.
Saves time – You no longer have to make special trips to the credit union or stand in long lines on payday.
Convenient – No more waiting for the mailman. Your deposits will be made for you automatically, allowing you to set your own timetable for getting cash.

2. How do I apply?
Our Member Service Representatives have all the necessary forms. If you wish, they will be happy to fill them in for you. All you have to do is tell them how you want your money distributed and sign your name. Fairfield Federal Credit Union will take care of everything else.

3. How will I be able to keep track of my money?
Your check stub from your paycheck is your permanent record.

4. Is there a charge for this service?
This service is free to all participating Fairfield Federal Credit Union members.

1. What is a traditional IRA?
A traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan.

2. What is a Roth IRA?
A Roth IRA is an individual retirement account created by the Taxpayer Relief Act of 1997. Named for the late Senate Finance Committee Chairman William Roth, Jr., this IRA offers generous incentives to boost your retirement savings, as well as more ways to use your nest egg.

3. How does Roth IRA work?
Unlinke traditional IRAs, contributions to a Roth IRA are never tax-deductible. However, the money in your Roth IRA, including earnings, can be withdrawn tax-free. Of course, you must conform to certain tax requirements to get this tax-free advantage.

4. How much can I contribute to a traditional IRA?
A member under 50 can contribute up to $5,000 for 2008 through 2010. For owners age 50 or older, your annual contribution limit is $6,000 for 2008 through 2010.

5. How much is the annual contribution limit?
The annual contribution limit for someone under age 50 is $5,000 for 2008 through 2010. The annual contribution limit for someone age 50 or older is $6,000 for 2008 through 2010.

6. What is the most I can contribute to a Coverdell ESA?
The total contributions each year to each child's Coverdell ESA cannot exceed $2,000. If you're eligible, you can contribute the full amount for each child. For example, if you have three children and each has his or her own Coverdell ESA, you can contribute $6,000 ($2,000 to each ESA).