Frequently Asked Questions

Membership is open to anyone who lives, works, worships, volunteers, or attends school in Schuylkill County. Join today by applying online or come into any of our branch offices with your valid state-issued ID and a $5 deposit. Visit our Membership Eligibility page for more details.

We offer mortgage pre-approval, which lets you know how much you can borrow before you start looking for a home. We'll do a preliminary review of your finances and then give you a pre-approval letter that you can show to your real estate agent and sellers. The letter indicates that you are conditionally approved for a mortgage up to a certain amount. It lets sellers know that you're a serious buyer, and it may also give you an edge during the negotiations.

Mortgage closing costs are fees that are incurred during the underwriting process and are paid when finalizing the loan. They may include fees for the loan origination, appraisal, title insurance, attorney, escrow, recording, and other home-buying expenses. Closing costs typically range from 2-5% of the loan amount and can sometimes be negotiated to be partially covered by the seller.

For a conventional home loan, credit scores of at least 640 are preferred. Although your credit score is essential, we also consider other factors when making a loan decision, including your employment history, income, and current debts.

Private mortgage insurance (PMI) is a type of insurance that you are required to have if your down payment is less than 20% of the purchase price of the home. The purpose of PMI is to protect the lender if you default on the loan. PMI can be canceled when you have paid down your mortgage balance to 80% of the original loan amount or when your home's value has increased sufficiently to reach an 80% loan-to-value ratio.

A home appraisal is an assessment of a home's value. It's required during the underwriting process to make sure the property you are buying is worth the amount you are borrowing.

We offer a range of loans, including purchase money loans, refinance loans, construction loans, and permanent loans, as well as options to pay off construction loans and land construction loans.

We offer purchase money loans, refinance loans, construction loans, permanent loans to pay off construction loans, and permanent loans to pay off land construction loans.

To prequalify, you will need two years of tax returns, two months of bank statements, one full month of your most recent pay stubs, and the total amount you need to borrow. You will also need to complete a Prequalification Credit Authorization form. After you agree on a price with the seller, you will need an agreement of sale and a completed mortgage application, which can be submitted in person or online.

Once your application is complete, our team will connect with you to answer any questions you have and discuss the next steps. Our team is dedicated to making your experience as simple and efficient as possible.

We are happy to consult with you to clarify your questions and discuss your potential for a loan approval, as well as share the specific loan requirements. In order to receive a final loan decision, it is necessary to complete an application and submit the required documents for evaluation.

The Home Equity Line of Credit (HELOC) is a 20-year loan that includes a 5-year draw period. During the draw period, you can borrow funds as needed, and your monthly payment is based on the amount borrowed, amortized over the full 20-year term. Once the 5-year draw period ends, no additional draws are allowed. At that point, the outstanding balance will be re-amortized and repaid over the remaining 15 years of the loan term.

A down payment or collateral is not always required for our credit union car loans. We offer 100% vehicle financing and the vehicle you are buying serves as the collateral for the loan. A down payment may be required in situations where you have a lower credit score or if you need to roll negative equity from a previous vehicle into the new auto loan.

We will gladly complete a preliminary review of your finances and give you an estimate of how much you could borrow for a vehicle.

Auto loan pre-approval is valid for 45 days. If you need more time, you must reapply by submitting updated financial information.

No, you can make extra payments or pay off your loan early to save on interest without penalty.

A classic car is any car that is 20 model years or older from the current year.

To apply for a CACL credit card, please visit www.caclfcu.org, visit any of our three locations, or apply through your CACL Online Banking App.

Until the member has paid the card under or to the credit limit, the card will be inoperable to use for purchases.

During normal business hours, members can call 570-628-2400 to report the card lost/stolen. After normal business hours, members can call the 24 hour help desk at 855-695-1684 to report the card lost/stolen.

Our credit card comes with advanced fraud protection. You're covered if your card is ever lost/stolen, or used without your permission. Transactions are monitored 24/7 and alerts you to suspicious activity, giving you peace of mind every time you use your card.

Personal loans can be used for a variety of purposes, including debt consolidation, medical expenses, minor purchases, or unexpected costs.

A personal loan provides a lump sum of money with a fixed interest rate and set repayment term, while credit cards offer revolving credit with variable rates and minimum payments.

You can borrow anywhere from $500 to $30,000, depending on your creditworthiness, income, and other qualifying factors.

Traditional IRA allows for tax-deferred growth on earnings. Contributions may be tax-deductible in the present year, offering an immediate tax break for those who qualify, with taxes only becoming due when distributions are taken in retirement. At the same time, Roth IRA is uniquely structured to accept after-tax, nondeductible contributions, meaning that the money you contribute has already been taxed, which in turn grants the significant benefit of entirely tax-free distributions in retirement.

A Traditional IRA allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions.

You can withdraw funds at any time, subject to income tax. An IRS penalty tax also may apply unless you are age 59 ½ or older. If you are age 73 or older, you must make a required minimum distribution each year to avoid penalty taxes.

When you withdraw money from your Traditional IRA, you must include any previously deductible amounts, along with any earnings, in your taxable income for the year. Note that if you previously made any nondeductible contributions or rolled over nondeductible amounts from a retirement plan to your IRA, a portion of each Traditional IRA distribution will be treated as the nontaxable return of these dollars.

A Roth IRA is an individual retirement arrangement that allows you to make after-tax (nondeductible) contributions with the potential to take completely tax-free distributions.

You can withdraw funds from your Roth IRA anytime. Depending on when you take the money out and what type of Roth IRA assets (contributions, conversion/rollover amounts, or earnings ) are included in the distribution, you may be subject to income tax and an IRS penalty tax. But if you have a “qualified distribution,” all assets are tax and penalty-free.

Eligible assets from most retirement plans, such as your 401(k) plan, can be rolled over to Roth IRAs. Check with your plan administrator. Your Traditional IRA and SIMPLE IRA assets also can be moved to your Roth IRAs; however, you are not allowed to roll over Roth IRA assets to an employer-sponsored retirement plan. Under certain circumstances, a Roth IRA contribution can be recharacterized as a Traditional IRA contribution.

A CACL Financial Money Market Account has higher interest rates than other savings solutions and allows you to make up to three penalty-free withdrawals or transfers per month. There is a fee for each additional withdrawal or transfer.

The minimum balance requirement for a CACL Financial Money Market Account is only $2,000 to earn the stated APY.

Money market accounts usually have higher interest rates than a regular savings account, and offer easy access to funds without early withdrawal penalties, like a certificate. 

Yes, because money market accounts earn higher interest rates than other savings solutions, they are ideal for long-term savings. You also have access to your funds. Unlike a certificate, you don't have to wait for the maturity date to make withdrawals or transfers.

You may stop by one of our branches to make a withdrawal in person, transfer funds from your checking account to your money market account, or use your debit card to withdraw funds. 

A certificate is a type of savings account that earns a fixed interest rate for a specific term length. Certificates work by allowing you to deposit funds for a set period, earning interest on your principal. This type of account offers a higher interest rate than traditional savings accounts, and dividends are compounded and credited monthly.

If you withdraw your funds early, you may face early withdrawal penalties, which vary depending on the term length of your account.

All members who are signed up for e-Statements and have at least 10 POS transactions a month are eligible to receive 1.0% APY* back into their HY WOW! Checking Account the following month.

"POS" stands for "point of sale" which is when you use your debit card to pay a merchant. We encourage our members to use signature based transactions, which occur when you select credit, when using your card. These types of transactions don't require the use of a pin.

The average daily balance is used to calculate the dividend the member will receive.

If a member has less than 10 POS transactions in a month, they will receive the base interest rate of 0.10% APY.

You can start the membership application process online. Once you’re a member, you can officially open a Checking Account by connecting with a CACL Financial team member.

To open an individual checking account, you must be at least 18 years old. Joint checking accounts with an adult are available to those 14 years and older. Minors may receive a debit card once employment is verified.

You will earn 0.10% APY on the portion of your daily balance that is greater than $10,000. If you are looking for a better return, we recommend exploring our money market accounts.

No worries. We do not charge a fee; you will simply earn our normal savings rate of .10%.

Dividends will be paid at the end of the last calendar day of the month, assuming all requirements have been met to earn the stated dividend.

Yes, the Prime Checking Bundle is limited to one per primary member.

Contact us at 570-628-2400 (ext.138) or Click here to get started.

Until the member has paid the card under or to the limit, the card will be inoperable to use for purchases.

During normal business hours, members can call 570-628-2400 to report the card lost/stolen. After normal business hours, members can call the 24 hour help desk at 855-695-1684 to report the card lost/stolen.

Our credit card comes with advanced fraud protection, so you're covered if your card is ever lost/stolen, or used without your permission. Transactions are monitored 24/7 and alerts you to suspicious activity, giving you peace of mind every time you use your card.

Many types of businesses qualify for our credit union business loans, including non-profits, partnerships, corporations, LLCs, associations, clubs, and organizations.

A business term loan and a business line of credit differ in how the funds you borrow are accessed and how they are repaid. With a business term loan, you'll receive a lump sum of money upfront and repay it with monthly payments over a fixed term. These loans are ideal for large purchases, like real estate and equipment. A business line of credit works similar to a credit card. It allows you to borrow money as you need it up to your credit limit. You can borrow money, repay it, and then borrow again as often as you like during the draw period, which may be up to 5 years. These flexible loans can help you manage cash flow, cover unexpected expenses, or handle seasonal fluctuations.

To qualify for a Member Business Loan, your organization must provide financial information for three operating years, including business tax returns, fiscal year-end business financials, personal tax returns, and other information, depending on the loan type.

Credit unions are non-profit financial organizations. Their primary focus is serving the needs of their members instead of earning profits for distant investors. Their non-profit status allows them to offer lower rates and lower fees than traditional banks, which helps businesses save. Credit unions also offer personalized service and all loan decisions are made locally. They prioritize building long-term relationships by taking the time to understand the business's needs and goals to create customized solutions.

Yes, you can make extra payments or pay off your loan early to save on interest without penalties.

Our Member Business Loans are for businesses that are based out of or conduct business in Schuylkill County, Pennsylvania.

The debt-to-income (DTI) ratio is one of several factors that are considered for loan approval. It's a comparison of your business's monthly income to its monthly debt payments. A lower DTI ratio shows that a business has sufficient income to make its loan payments. On the other hand, a higher DTI ratio may suggest that a business will struggle to make its loan payments.

Yes, credit union money market accounts are insured by the National Credit Union Administration (NCUA) for up to $250,000 of all funds under a given member number.

Regular certificates do not have a maximum deposit amount. IRA certificates have maximum contribution regulations, depending on the type of account and the age of the member. It is important to remember that deposit products are insured by the National Credit Union Administration (NCUA), up to $250,000.

There is no minimum number of monthly transactions; however, you must have at least one transaction in a 24-month period in order to avoid inactivity fees.

A Regular Share is a primary savings account required to join CACL Financial. You become an owner in our not-for-profit cooperative, which gives you voting rights when electing members to our Board of Directors.

Please search CACL on Indeed or LinkedIn to apply to any of our open positions. We look forward to reviewing your application.

At this moment, our hiring process does not have a defined timeline. To check on your application status, you can email: Humanresources@caclfcu.org

Visit one of our convenient branch locations, and our team will be happy to help you fill out a Change of Address form. You may also log in to your account and update your address online, in just a few clicks. Whichever option works best for you, we’ll make sure your account details are updated quickly.

Please submit completed forms to memberservices@caclfcu.org or our main office.

Enroll in on-line banking and download the app to have access to your loan information and loan history at your fingertips!