Towpath CU FAQs

About Towpath Credit Union

What is a credit union?

A credit union is a full-service nonprofit financial institution. Credit unions operate under the philosophy of people helping people, meaning our top priority is ensuring the financial wellness of our Members and our community.

What does it mean to be a Member of a credit union?

Credit union Members are the customers who use the credit union for their banking needs. Members are considered part owners of their credit union, meaning the member-owners vote to elect a board of directors, who help run the credit union.

What products and services do you offer?

Towpath Credit Union offers the same products and services as a bank: savings accounts, checking accounts, credit cards, loans, and mortgages, to name a few.

How is a credit union different from a bank?

Because credit unions are member-owned, there are no shareholders to answer to. This means when a credit union earns a profit, it’s returned to the Members in the form of lower loan rates, higher interest on deposits, lower fees, and improved products and services.

Is my money safe at Towpath Credit Union?

You bet! Towpath Credit Union is insured by American Share Insurance. Your savings are insured up to $250,000 per account.

Banking with Towpath Credit Union

How do I join Towpath Credit Union?

Membership at Towpath CU is open to anyone who lives, works, worships, or attends school in Summit County. If one of your family members is a current Member, you are also eligible.

What sort of accounts do you offer?

We offer lots of options including savings and checking accounts. We also have special savings, Christmas, and Youth accounts. For a higher dividend, we have Money Market accounts and Share Certificates. For retirement planning, we offer Traditional and Roth IRAs and IRA Share Certificates. We have Health Savings Accounts (HSAs) for Members covered under a high-deductible health plan.

What dividend (interest) rates do you offer on your accounts?

View our current rates.

How do I open an account at Towpath Credit Union?

To open an account, stop by one of our three branches. You will need a valid picture form of identification. Acceptable forms include a current driver’s license or state ID, current United States passport, Military ID or an Alien Registration Card. You will also need your Social Security number and a $5.00 minimum deposit for the savings account.

Can I open just a checking account at Towpath Credit Union?

Not quite – In order to join Towpath CU, you must open a Membership Savings account with a $5.00 deposit. Once this account has been opened, you may open a Checking Account.

Does Towpath CU offer overdraft protection?

Yep, we offer Overdraft Protection, as well as Savings Overdraft Transfers.

Where are your branches & ATMs?

Towpath CU has three branches and two ATMs in Summit County. View all locations.

Our Members also have access to three nationwide networks of branches & ATMs:

Do you have online banking?

Yes, online banking is available to all our Members. To enroll online, you will need your Social Security number, Member number, date of birth and the email address on file at Towpath CU. We also offer Online Bill Pay for our Members with a Towpath CU checking account.

Do you have a mobile app?

We do! Click here to download our iPhone app or click here to download our Android app.

Do you have mobile deposit?

Yes we do! You can use mobile deposit by downloading our app and signing in with your online banking credentials.

Debit Cards

How do I get a Towpath CU debit card?

When you open a checking account with Towpath CU, you will receive a MasterCard™ debit card.

Why is my transaction being denied by a merchant?

Please give us a call at 330-664-4700 and we will help you understand what happened and what we can do to help fix it.

I suspect fraud on my account. What should I do?

If you suspect fraud on your account, please give us a call, during business hours, at 330-664-4700. For after hours Fraud Prevention for your debit card, please call 866-842-5208.

Applying for a loan with Towpath Credit Union

What sort of loans do you offer?

We offer personal loans (also known as signature loans) and credit cards. We also offer secured loans such as mortgages, auto loans, motorcycle loans, and recreational vehicles .

How can I apply for a loan?

Call our Lending Info Center at 330-664-4770, stop into a branch, or apply online 24/7. You can even call your favorite loan officer directly!

What are your loan rates?

Rates depend on the type of loan and other criteria like how long your loan is, age of collateral, and your credit score– click here or call us at 330-664-4770 to learn more.

What does the loan application process look like?

Applications can be submitted either online or in one of our three branches. Once an application is submitted, our team reviews the application and other factors (that may include credit score, income, housing expenses, type of loan requested, etc.).

The applicant must also be eligible for membership so that an account may be opened prior to the loan being closed.

Which credit bureaus do you work with?

TransUnion and Equifax

How quickly does Towpath CU process loan applications?

This depends on the loan type request. If you submit an application, we will usually respond within 24 -48 hours. Approved consumer loans (such as personal loans and auto loans) can be closed very quickly if we have all the information needed – sometimes we get same day approval! Home equity loans are much more complex and can take up to 30 days to process and close.

What sort of documentation will I need to apply for a loan?

It depends on the type of loan. We will typically ask for common items like verification of income (such as paystubs or tax returns). For home equity loans, we will always need verification of income and proof of your homeowner’s insurance. We will always ask for identification when signing for an approved loan.

Can you do private sale auto loans?

Yes, we can provide loans for Ohioans privately purchasing vehicles titled in Ohio. Unfortunately, we cannot provide loans for out-of-state private sales. We also cannot finance salvage or rebuilt salvage vehicle titles.

Can you finance my leased vehicle?

We can help you “buy out” your lease! You cannot purchase another person’s leased vehicle; you must be listed as the lessee on the contract. Towpath CU does not participate in leasing vehicles, but if you decide to buy your lease contact us first.

Can you do out-of-state auto loan purchases?

Yes, we can! We cannot, however, finance buy back, salvage, or rebuilt salvage vehicles titles.

Do you offer GAP insurance or Extended Warranties?

We sure do! Our GAP waiver is an affordable option for your vehicle, motorcycle, RV, or boat. Our extended warranties are available for most vehicles up to 11 years old and 150,000 miles. We have three levels of coverage based on year, make, and mileage, offered by Auto Exam and underwritten by Allstate Insurance. Price of extended warranty and GAP waiver can often be included with the loan if approved.

Do you offer payment protection?

Yes, we offer Everyday Debt Defender on many of our loans and credit cards. If an unexpected job loss, death, or disability prevents borrowers from making loan payments, the Everyday Debt Defender can help by canceling all or part of the protected loan payment or balance. Our Members can be protected from loss of borrower’s life, borrower’s disability, and involuntary unemployment. Coverage is optional, Member eligibility varies, and Everyday Debt Defender price is based on loan account principal balance. This optional product is serviced by CUNA Mutual Group.

Do you require that used vehicles are inspected?

We often require a third-party mechanical inspection for older used vehicles and vehicles with higher mileage. We can finance classic cars, too, and will often require an appraisal in order to determine the value.

Existing Loans

How can I make a payment on my loan?

You can:

  • Pay in-person at any branch.
  • Make your loan payment at a Shared Branching location if you’ve been a Member for more than 6 months.
  • Mail payment (please do not send cash) to Towpath CU 2969 Smith Rd, Fairlawn, OH 44333.
  • Transfer money in your online banking account from a savings or checking account to your loan account.
  • Call us at 330-664-4770 and we can either transfer your funds from a Towpath CU account to your loan account or process a cash advance from your card over the phone to pay your loan.

Towpath CU offers auto-payments as well. We can deduct your payment from your direct deposit each pay, deduct from your Towpath CU savings or checking account each month, or debit your primary financial institution’s savings or checking account each month.

Do I have to keep insurance on my vehicle if I have a loan with Towpath CU?

Yes, financed vehicles (including RVs, campers, utility vehicle and motorcycles) must have “full coverage” which is comprehensive and collision protection. The minimum insurance deductible allowed is $1,000 and Towpath Credit Union must be listed as a lienholder on the insurance policy. If you change insurance companies, please have your new insurance company send notice to the credit union. You can fax 330-664-4799 or via email: collateralprotection@towpathcu.com.

Can I waive the requirement insurance if my vehicle is in storage?

If you are storing your vehicle, please contact the credit union. We allow Members storing their vehicles to carry only liability insurance for 6 months at a time when vehicle is stored, with a signed form. If the vehicle leaves storage for any length of time, you must have comprehensive and collision protection, or “full coverage” back on the vehicle. Proof of insurance can be sent via Fax 330-664-4799 or via email collateralprotection@towpathcu.com.

Are there any pre-payment penalties?

Nope!

Where can I get my loan payoff amount?

Please call us at 330-664-4770 or email lendinginfo@towpathcu.com for an accurate payoff quote. Note: Your online banking shows your loan balance which is different than your payoff amount.

Can I make a principal-only payment?

You can request a principal-only payment at any time. Please note that principal-only payments do not advance your loan due date, and this type of payment does not apply to credit card payments. When you make an on-time loan payment, you only pay the interest that has accrued since your last payment - so you can’t pay more interest by paying more on your loan! Any amount paid over your current minimum payment amount is automatically applied to principal as well and does not require a specific “principal-only” type of payment.

Credit Cards

What credit cards does Towpath CU offer?

With 3 options, you can find the perfect card to meet your needs.

Our EverydayCredit Mastercard™ features low rates and fees that are perfect for everyday use or for a large purchase or balance transfer from a high rate credit card. 

Our EverydayRewards Mastercard™ offers 2x points on all gas & grocery purchases as well as one point for every dollar spent on all pother purchases.

We also offer Secured EverydayCredit option to help those who are building or rebuilding credit to establish positive payment history. Secured cards require a security deposit into your Membership Savings Account, and as you establish creditworthiness, your credit limit can grow with you.

How do I apply for a credit card?

There are 3 ways you can apply! You can apply online, you can call us at 330.664.4700 or you can stop in to one of our three branches.

Apply for the EverydayCredit card here

Apply for the EverydayRewards card here.

How do I make a payment?

There are multiple ways you can make a payment!

  • You can enroll or log in to Towpath Credit Union Online Banking to manage your card via My Card Info to make a payment! Click here for more info on My Card Info.
  • You can call us at 330.664.4700 or you can stop in to one of our three branches listed here.
  • You can mail your payment in to the address listed on your statement.

I just made a payment on my credit card. When will that credit become available to use?

Payments made before 5:30 pm will process overnight and be available the next day. If a payment is made after 5:30 pm, it will process overnight the following day then be available, the next morning.

My card was lost  stolen and/or I suspect fraud on my account. Who do I contact?

If you suspect fraudulent activity on your card, please call us directly at 330.664.4700 during business hours or you can call 1-866-570-1328 24/7

Why is my transaction being denied by a merchant?

Please give us a call at 330.664.4700 and we can help you understand what happened and what we can do to help fix it.

How do I get an increase on my credit limit?

You can complete an application for increased credit in just a few minutes by clicking here. You can call us at 330.664.4700 or you can stop in to one of our three branches listed here.

When is my payment due?

Your payment will be due on the 4th of every month. 

Where can I find the disclosure for the credit card?


Still have a question? Call, text, or email us at: hello@towpathcu.com | 330-664-4700.

Want to become a member?

Applications for membership are available at any branch location.