Frequently Asked Questions
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Although many credit union members also belong to labor unions, credit unions have no official connection with labor unions. Credit unions are controlled by their individual members, not by any outside organization. Credit unions are found in both unionized and non-union companies.
The National Credit Union Administration (NCUA), through its insurance fund (NCUSIF), protects your shares up to $250,000 against loss due to the failure of a federally insured credit union. NCUA and the state supervisory agencies closely monitor credit unions on a variety of issues and want you to be an informed consumer. More information is available on the NCUA's website.
Once you are a Member, you can always be a Member.
The 7 17 Credit Union is a unique financial institution whose purpose is to provide safe, superior financial services and information, in a personal manner that meets the needs of the individual Member.
7 17 Credit Union is part of Shared Branching, a fast-growing national and international network of credit unions that allow members of other credit unions to use their branches to conduct basic teller transactions. You can access your 7 17 accounts at more than 5,000 participating branch locations nationwide, at no additional cost. Plus, you can perform almost every type of teller transaction you normally do with a teller at 7 17.
Shared Branching locations offer many or all of the following services to members of participating credit unions:
- Making deposits (cash & checks)
- Transferring money from one account to another
- Cashing personal checks from another institution
- Obtaining balance inquiries
- Withdrawing funds
- Processing loan payments and advances on certain loan types
Please note, when conducting a transaction at a Shared Branching location, provide the host credit union's staff your credit union name, main Member account number (without suffixes such as - 0050 for checking), and a photo ID.
Members of other participating credit unions can likewise perform transactions at 7 17 branch locations.
Credit Union Members may visit www.co-opsharedbranch.org or call 800-919-2872 toll free to find the nearest Shared Branching location, along with its address, directions, and lobby hours.
7 17 serves the greater Warren, Kent, Ravenna, Canton and Youngstown, OH, areas with branches in Warren, Cortland, Vienna, Howland, Hubbard, Canfield, Austintown, Boardman, Kent, Ravenna and Canton.
Anyone who lives, works, worships or attends school in Trumbull, Mahoning, Columbiana, Portage, Summit and central Stark counties is eligible. You may also open an account as an employee of one of 7 17's affiliated companies or organizations. Family members of all Members are also eligible.
Additionally, 7 17 Credit Union has partnered with the American Consumer Council (ACC) to give membership access to the whole state of Ohio. Through this partnership, potential members can instantly become a member of the ACC while at the same time qualify to become a Member of 7 17 Credit Union, giving membership eligibility to Ohioans who live, work, worship or go to school outside of Trumbull, Mahoning, Columbiana, Summit, Portage and central Stark Counties.
See a list of 7 17's affiliated companies or organizations.
7 17 Credit Union was founded in 1957 as a credit union by and for members of I.U.E. Local 717 at the Packard Electric Division of General Motors (now Delphi Packard Electric). The name remained even as the credit union grew relative to charter, size and reputation.
Like credit unions, banks accept deposits and make loans; unlike credit unions, however, banks are in business to make a profit. Banks are owned by groups of stockholders whose interests include earning a healthy return on their investments.
Credit unions are NOT for profit and return excess earnings to members, primarily in the form of competitive dividend rates paid on savings and investment accounts, competitive interest rates on loans and the addition of new products and services. A credit union is funded by its members through regular savings. Savings held by members are then available for others to borrow. No one can borrow until someone saves.
A credit union has many of the same services a bank offers. Checking accounts, savings accounts, car loans, mortgage loans, commercial loans, debit cards, credit cards and more are available at 7 17 Credit Union.