Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
I. Member Expulsion Policy
In the interest of protecting the assets of the Credit Union and maximizing dividends to members, the board of directors adopts the following member expulsion policy, allowable under the Illinois Credit Union Act. This policy provides for expulsion of members that put the credit union at risk of loss or liability, or whose actions are determined to be inappropriate, threatening or prohibited. Expulsion may result, upon board action, in the situations described below.
In most cases, members will be given a warning about inappropriate behavior and given an opportunity to correct without the need for further actions by the credit union. When applicable, limiting services will occur as a preventative step to cure, with the final step being expulsion. Exceptions to expedite expulsion would include serious threats of violence to staff or members or other extreme circumstances.
(a) Member actions that are fraudulent or put the credit union at risk of loss or liability that may subject the member to expulsion action by the board include the following:
(b) Member actions resulting in inappropriate behavior involving another person that may subject the member to expulsion action by the board include the following:
(c) Member is engaging in businesses prohibited at Great Lakes Credit Union, including the following, but not limited to:
The expulsion criteria will be communicated to all current members by either mail delivery, electronic delivery, by posting on the credit union website or disclosure in membership newsletters or account statements.
The expulsion criteria will be communicated to new members at the time of application, by using one of the distribution methods described in paragraph 2.
In the event a member causes a loss to the Credit Union or engages in activities that meet the expulsion criteria, the board of directors may expel the member in accordance with the following procedure:
(a) The matter of expulsion will be placed on the agenda for the next regularly or specially scheduled meeting of the board of directors;