Generic Questions:

What is the difference between a bank and a credit union?
A bank is a for-profit institution, which has to earn money to pay shareholders and Board of Directors. In most cases, banks make their profits by charging fees for using their products and services.

A credit union is a non-profit financial cooperative that is owned by its depositors. Usually, a credit union charges fewer fees and offers higher savings rates and lower loan rates than banks. Any money that the credit union makes is invested back into the membership in the form of free or low cost products and services.

Is there a membership fee to join Central One?
No, there is never a fee to join Central One.

Can anyone join a credit union?
That depends on the credit union. Credit union membership is dictated by the state or federal charter that allows the credit union to do business. There are two types of credit unions: organizational based and community based. An organizational based credit union will offer membership only to those within the organization. For example, a church may offer membership to its parishioners or a company may offer membership to its employees.

Central One has a community based charter. This simply means that if you live, work, worship, go to school or own a business in any of the following communities, you can open an account at Central One:

Auburn, Berlin, Bolton, Boylston, Clinton, Grafton, Harvard, Holden, Hopkinton, Lancaster, Leicester,
Marlborough, Milford, Millbury, Northborough, Paxton, Princeton, Rutland, Shrewsbury, Southborough,
Sterling, Upton, West Boylston, Westborough, and Worcester.

Once someone is established as a member, anyone in their family, regardless of where they live, work, worship, etc., can join the credit union...even if they live in another state or another country!

How do I join?
To join Central One you simply have to open a share savings account with us. Once you open the account and deposit $5.00, you are a member. The $5.00 is always yours and your account will remain open for life, as long as you keep at least $5.00 in your Share Savings Account. It is important to realize that there are no balance requirements at Central One. You receive all of the benefits of membership in the credit union whether you have $5.00 in your account or $5,000 or more! Join online now!

Can I join online?
Yes, you can complete a membership application online. Go to the membership page now.

Can I belong to more than one credit union at the same time?
Yes, there are no restrictions as to the number of credit unions that you can belong to, as long as you meet the membership criteria of that credit union, (i.e. live in a certain community, work for a company, etc.)

Are my deposits insured?
YES. All savings and deposits are insured up to $100,000, per account, by the National Credit Union Share Insurance Fund (NCUSIF), which is part of NCUA. This insurance fund is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC) for banks. Your funds may be insured for over $100,000 in some circumstances. Call the Credit Union for details.

What if I leave the area or change my employer?
Our rule is "Once a Member, Always a Member" regardless of where you live or work. As long as you maintain a balance of at least $5.00 in your (primary) Share Savings Account, and remain a member in good standing, you are eligible for lifetime membership with access to all of our products and services.

Do credit unions have as many products and service offerings as banks?
Different credit unions offer different products. Central One is a full-service financial institution offering savings products, consumer loan products (new & used auto loans, students loans, VISA cards), mortgages (1st, 2nd, home equity products), safe deposit boxes, online bankng and even a full-service investment center and insurance center. See a full listing of our products and services now.

Product Specific Questions:

What is your routing number?
Our routing number (also called ABA number) is 211387169.

What is a Share Account?
Credit unions have different terminology than banks, even though the products are often similar. For example:

Share Account = Savings Account
Share Draft Account = Checking Account
Maxi Fund Account = Money Market Account
Certificate of Deposit = CD
Even our customer are called members, since as a depositor, they own a piece of the credit union.

What fees are associated with your checking (share draft) account?
There are no fees to use our checking account. We have no balance requirements and offer a free debit card and free online banking with an electronic bill payer feature. The member is responsible for the cost of printing their checks. For your convenience, check orders can be placed online.

Do you pay dividends on you share draft account?
Yes. Central One will pay you dividends for every dollar that you have in your Regular Share Draft account. Our Image Checking and Commercial Checking Accounts do not pay a dividend. None of our checking accounts have a minimum balance requirement. Check rates now.

Do you offer free checks to members over 60?
Yes, if you are a member 60 or over and have your Social Security and/or pension check automatically deposited at Central One, you are eligible to receive free checks, as well as other benefits through our Senior Sense program.

Members are automatically enrolled in this program, once they meet the criteria listed above. No enrollment is necessary and there are no fees. Benefits include: no fee for up to $1000.00 in single signature Traveler's Checks, one free box of checks each calendar year (safety paper only), half price for a safe deposit box of any size for one year, and a quarterly newsletter. Call for more information.

Will my checks and debit card from Central One be accepted at merchant locations?
Yes, you can use your credit union checks just like you would use a check from any other financial institution. The same holds true for our VISA® Check Card. Our VISA® Check Card is accepted worldwide, wherever you see the VISA® symbol.

Can I use any ATM without having to pay fees?
In most cases, yes. Central One is a member of the SUM Network. You can go to any ATM in the SUM Network and you will not be charged a fee for your transactions.

ATMs have two types of fees, a processing fee and a transaction fee. The processing fee is a charge imposed for work by the financial institution that goes into completing the actual transaction. A transaction fee is imposed by the financial institution to use the ATM. When using an ATM out of the SUM Network, Central One will continue to pay the processing fee, but the other financial institution may choose to impose a transaction fee, which would then be the cardholders responsibility.

Will my ATM card work anywhere in the country?
Yes. Your ATM card will work anywhere in the country, and even in another country. See the question above regarding fees imposed for out of network ATM use.

Do you offer Business Accounts?
Yes, we offer a Commercial Checking Account as well as other Business Services.

Do you offer IRA accounts?
Yes, we offer Traditional, Coverdell Education Accounts and Roth IRA accounts in shares and certificate form. We also have a full service Investment Center and an Insurance Center at our main office in Shrewsbury, MA where you can get help with retirement planning, etstate planning, insurance planning, annuities, and more.

Do you have online banking?
YES! Central One has a great online banking product, Central Net. It is easy to use and the best part is...it's FREE! You can access all of your accounts anytime, day or night, make transfers between accounts, get account balances and verify what checks have cleared. We also offer online Bill Payment at no cost. Call today to get signed up for CentralNet!