Frequently Asked Questions

Who can become a member?


   Plains Federal does have a closed membership. The best way to find out if you can join is to call the office. If you live, work or worship in a large area of Plainview you can become a member. Our membership is open to federal employees in Hale County and several of the surrounding counties. Also employees of T D C J in Plainview and Tulia are eligible to join. And, if you are a relative of a current member we invite you to join our financial community.


How do I become a member?

   You can join just by opening a savings account with a minimum $25.00 balance. To keep your membership active, at least $25.00 must remain in your account at all times. Also note, that to open an account at any financial institution in the United States you must present your social security card and another form of identification with a picture and a current address.

How can I put more money in my savings account?

   Of course you are always welcome to come by the credit union, we enjoy getting to know all of our members! We know it is not always convenient to stop by the credit union so we will provide you with pre addressed envelopes to mail in deposits. Perhaps the easiest way to make regular deposits to your savings account is have your employer set up an allotment straight to your credit union account every pay day! We can also set up a regular draft from your checking account on a monthly, semi-monthly or weekly basis.

How can I get money from my savings account?

   You can drop by the credit union during our normal hours of operation or give us a call and we can mail a check to your home address. In an emergency we can wire funds directly to your checking account; however there is a $25.00 fee for this service.

How soon can I apply for a loan after I join?

   You may apply for a loan at the time you open your account; however, if you apply for a loan in the first 6 months you are a member there will be a $10.00 loan processing fee. After you have been a member for 6 months the fee is always waived.

How soon will I know if my loan is approved?

   Loans can take up to 1 week before a final approval or rejection. We always try to get loans processed as quickly as possible and many times can have an answer in two to three business days.

How much can I borrow?

   Not an easy question to answer as many factors will be taken into consideration during the underwriting of any loan. Unsecured loans will never be for more than $5000 and can be for as little as $300. Vehicle loans will be based on the M S R P of new vehicles (usually 95% - 100%)  and the N A D A retail price of used vehicles (usually 90% to 95%).

Can I set up loan payments on automatic draft?

   Yes! Most employers are able to set up allotments from your paycheck to come directly to the credit union. We can also set up recurring drafts from your checking account. You can even set your automatic drafts or allotments for extra to build your savings account balance. It is always good to have money set aside for emergencies! We can also set your loan payments to automatically draft from your credit union savings account.

Will doing a loan through the credit union help build my credit rating?

   We report on a monthly basis to Equifax Information Services so your good payments history will be reflected in your credit history. Of course, to really build your credit rating you should always borrow money wisely and make sure your payments are made in a timely manner. Just one late payment will make a serious dent in your credit score! You should also note that to make sure a loan has a positive effect on your credit history you need to make sure you make at least 6 regular payments before refinancing.