Otero County Teachers’ Federal Credit Union has been in business for over 77 years. From the beginning, we have strived to return income back to our members for lower loan rates and higher dividends. Since we are a small credit union, we offer basic consumer loans and short-term small balance loans. We also offer credit disability and credit life insurance.
When offered credit disability along with a loan, this means that – for a nominal fee – you can insure the payments on the loan account. If, for any reason, you were to become disabled, temporary or permanently, the insurance company will make the loan payments, as long as terms and conditions apply. The service is designed to help you protect your financial future against whatever unfortunate events life may deliver.
Credit Life Insurance
A credit life insurance policy (also referred to as decreasing term insurance) is a special type of policy that issued for an amount equal to how much you owe on your loan. As the loan balance decreases, the face amount of the credit life policy will also decrease. If you were to die before the loan is fully repaid, the credit life insurance policy would pay Otero County Teachers’ Federal Credit Union an amount equal to the amount you owed at the time of your death.
We offer payroll deduction from all the school districts in Otero and Crowley counties, Otero Jr. College, Inspiration Field, and other employers. You can also have a deduction from your PERA retirement sent to our Credit Union for your savings or loan payment. Direct deposits will help you save time, checks, and postage. For more information about our loans, the application process, or credit disability and/or credit life insurance, call or visit Otero County Teachers’ Federal Credit Union today!