FAQ's
Q. What is a compromised card?
A. A compromised card is a card that is at risk of being used fraudulently. Cards may be compromised due to any type of suspicious activity, including: skimming, computer theft, unauthorized network intrusion, or any other type of suspicious activity.
Q. Why are you reissuing my compromised card?
A. EFCU takes every compromise seriously and issues replacement cards for affected customers. As part of their routine practice, VISA communicates with EFCU about data compromises that occurred. Your card account has been identified as having a high likelihood for fraudulent activity. To protect your card and account, we have elected to reissue you your card.
Q. What if I do not want to have my current card replaced?
A. Compromises are serious. Fraudulent activity may occur if the card in not replaced. The fraud dispute process can be more inconvenient to customers than simply having a card replaced. While many customers do not experience fraud when a compromise is reported, the risk of exposure still exists if the cards are not replaced. To protect our customers, minimize inconvenience and losses, EFCU requires compromised cards to be replaced.
Q. Does receiving a replacement card for my compromised account mean that I have fraud on my compromised account?
A. Not necessarily. In fact, among the list of card numbers we periodically receive, only a few are affected by fraud. Take the opportunity to review your monthly statement(s). Remember to review your daily transactions on e-Banking.
Q. What if I have recurring payments with merchants made to my compromised card number?
A. You should contact the merchant(s) immediately upon receipt of your replacement card(s) and provide them with the new card number and expiration date. This process may be as simple as logging into the corresponding merchant(s) site and updating the information yourself.
Q: What is e-Banking?
A: e-Banking is a tool that allows you to use a personal computer with an Internet connection to conduct your banking online. You can view account balances, transaction history, transfer money, download transactions to a personal financial manager and much more.
Q: How do I sign up?
A: Please call us at 812-424-2621 for assistance or stop by any of our 3 local branches.
Q: What technology is required to use the e-Banking service?
A: All you need to use e-Banking is a secure browser that supports 128 bit encryption. You can use any computer that has Internet access. We do recommend to only use a secure WIFI connection. We do not recommend using a public WIFI.
Q: Can I create my own password that is easy for me to remember?
A: Yes, after you use your assigned User ID and pin number to log-in for the first time, you will be prompted to create your own User ID and password. You can also change your password anytime by going to My Settings, Update password.
Q: What happens if I forget or lose my User ID or password?
A: For the App, just click on "Forgot Login?" and follow the instructions for either your password or user ID.
For the website, on the right-hand side of the screen select “Log in” then “Forgot Password” and enter your phone number and username to recover a temporary password. If you forgot your username, on that same screen select the link that says, “I forgot my username” and put in your email address and select “Send.”
Q: What is Enhanced Login Security?
A: The first time you login to e-Banking, a screen will prompt you to enroll in Enhanced Login Security. Just follow the steps to enroll your account and your computer or device. Enhanced Login Security is a security technology that protects your accounts from unauthorized access. It identifies you as the true "owner" of your accounts by recognizing not only your password, but your computer or device as well. If we don't recognize your computer or device - you've logged in from a public computer, or one you haven't used before - we'll ask you for information that only you will know as an additional line of defense to prevent unauthorized access. With Enhanced Login Security, you'll be protected from whatever computer or device you're using, whether you're at home or on the go.
Q: How current is my banking information?
A: Your account information is updated in real time as new transactions post to your account.
Q: What accounts will I be able to access through e-Banking?
A: You can access your checking, savings, certificates, and loan accounts. You can also access your Visa® Credit Card or Home Equity Visa® account online through links provided within e-Banking. Our e-Banking Product is intended to give you as much access, security, and versatility as possible.
Q: How much account information can I view at once?
A: The system will automatically show the current month's transactions and information. However, by selecting User Preferences, you can choose to view the current month and the previous month. Or, you can choose to view your account from the current date to same date of the previous month. You can view your accounts by date, check number, payee, amount or balance in ascending or descending order
Q: Can I have multiple login credentials for one account?
A: An account can only have one username and password. For multiple people to access an account, the username and password must be shared.
Q: What is e-Bill Pay?
A: e-Bill Pay lets you make payments, receive bills, and pay bills online through your credit union. You can make payments to anyone, anytime, anywhere in the United States, from your mortgage lender to your mobile phone carrier. The only payments you cannot make through your bill payment service are court-ordered payments and state and federal tax payments.
Q: Will I be able to use Bill Payment with any of my EFCU accounts?
A: No. The Bill Payment Option can only be used with your EFCU Choice Checking™ account.
Q: How will I be billed for e-Bill Pay?
A: You won't! e-Bill Pay is completely free, no matter how many bills you pay!
Q: How do I sign up for e-Bill Pay?
A: Log into e-Banking and click on “e-Bill Pay”. Click on “Click here to sign up for e-Bill Pay”. The enrollment process for e-Bill Pay involves a few simple steps. For your convenience, the application form is pre-filled with as much information as possible.
To complete the enrollment process you must provide any additional information required and accept the disclosure statement (terms and conditions). Acceptance of the terms and conditions is required to access online bill payment services. When the enrollment information is complete, click Continue to review and confirm the information entered. Click Continue to confirm the information and begin the application review and approval process. Your information will be entered into the bill payment provider's system. Within approximately 2 business days you will receive an email confirmation. You are now ready to use the Bill Payment service.
Q: When can I start using e-Bill Pay?
A: After enrolling, you will first receive an approval email. Once your account has been enabled, you will receive a welcome email indicating that you may begin using e-Bill pay.
Q: Once I’ve gotten my welcome email, how do I begin using e-Bill Pay?
A: To start using e-Bill Pay, you need to set up your Billers, the merchants you want to pay. To add a new merchant, click on “Need to pay someone new" and follow the online steps. Follow these steps anytime you wish to add a new Biller.
Q: How does a payee receive my money?
A: e-Bill Pay determines if the payment will be made electronically or by check, based on whether the payee accepts electronic payments and other guidelines. For example, some payees, such as individuals, cannot receive electronic payments, so a check is printed and sent to the payee. Whether a payment is made electronically or by check, the payment is processed to reach the payee on time.
Q: What is printed on the paper checks you send?
A: The paper checks display the same information that you complete when you add a biller. This information includes:
- Your name
- Payee name
- Payee account number
- Payment amount
- Payment date
Note: In some cases, the paper checks are drawn against your payment account. When this is the case, your payment account number will also appear on the check.
Q: How many days does it take for a payment to reach the payee?
A: Since payment processing can take three to five working days, the safest thing is to always schedule your payments at least five working days before the due date.
Q: How do I change information for a certain merchant?
A: To change information associated with a biller, click on "Options" under the biller and click "Account information" and follow the steps.
Q: Do I need to contact the payees I decide to pay with e-Bill Pay?
A: No, you do not need to contact your payees if you use this service. e-Bill Pay sends each of your payments with your payee account number and payee information, so the payees are able to credit your account appropriately.
Q: Can I add the same payee to my payee list more than once?
A: Yes, you can add the same payee to your payee list more than once. You can add multiple payee accounts for the same payee as long as you have different payee account numbers. For example, if your phone company provides your home phone service and your cellular phone service, you can add the company as a payee twice by entering a different account number each time.
Q: When is the money for the payment drawn from my payment account?
A: If the payment is sent electronically, the funds for the payment clear your account on the due date. Otherwise, funds clear your account when the payee deposits or cashes the check. Keep in mind, however, that you should always have funds available to cover the payment on the scheduled payment date.
Q: Can I make international payments?
A: No, you cannot send a payment to a foreign address.
Q: How far in advance of the due date should I schedule my payments?
A: When making a payment, the first available payment date allowed by e-Bill Pay is four business days from today. The payment date is the date that the payment is due. Four business days before a payment's payment date, e-Bill Pay looks at your payment to determine how it should be processed. For example, e-Bill Pay needs to know if the payment is going to a payee that can accept electronic payments or if the payment should be sent as a check. After e-Bill Pay determines how to process the payment, you can no longer make changes to it; your changes could affect how e-Bill Pay would process the payment. The payee then receives the payment on the due date.
Scheduling pay dates sufficiently in advance of the due date on the bill allows enough time for the payee to receive the payment and credit it to your account.
Q: What do I do with the part of the mailed bill statement that I used to mail back with my payment?
A: You don't need to do anything with your bill statement-payees do not need that portion of your statement. All of the information you provide when adding payees and scheduling payments is sufficient for the payee. If you like, you can keep the statement for your own records.
Q: How do payments show up on my payment account statement?
A: When you receive your payment account statement, the payments made through e-Bill Pay usually appear as electronic withdrawals even if e-Bill Pay sends a paper check to the payee.
Note: In some cases the paper checks are drawn against your payment account. When this is the case, the payments will appear on your payment account statement just like your other checks.
Q: How do I know what the status of my payment is?
A: Look for the payment in "My Payments". There are two sections for bills – "Scheduled Payments" are those that are not yet paid and "Recently Processed Payments" have already been paid.
Q: How do I cancel or change a payment?
A: You can cancel or change a payment while its status is Pending, as long as you can still see a cancel or change button. Once those buttons are gone, you can no longer make any changes to the payment.
Q: What do I do if the payee has not received or credited my payment?
A: Sometimes the payee may not credit your account immediately after receiving a payment. If the payment is not credited in a reasonable amount of time, take the following steps to resolve the problem:
- Wait five days after the scheduled payment date to see if the payee credits the payment to your account.
- If the payment is not applied to your account, call the payee's customer service department to see if they received the payment and credited your account. When you call, gather the following information from the payee:
- The name of the person who assisted you with your payment question.
- The phone number you called to contact the payee.
- The date you called the payee to inquire about your payment.
- The amount of any late fees or finance charges assessed.
- If you have received a late fee but scheduled your payment on time, ask the payee if they will waive any late fees or finance charges.
- If the payment is not credited to your account or if the payee will not waive late fees, please contact us.
Q: What do I do if a payment failed?
A: "Failed" is a status that appears in Payment Activity if a payee returns one of your bill payments to us. The payee may have returned the payment because the information you provided when you added or updated the payee in your payee list wasn't sufficient for the payee to credit your account. You may consider making the payment by other means if it is close to the bill's actual due date.
Q: What is an e-Bill?
A: An e-Bill (electronic bill) is an electronic version of a paper bill that you can view online through e-Bill Pay. You can receive e-Bills from payees that are e-Bill-capable. Once you request e-Bills from a payee and the request is processed, you should receive a message in Messages stating that your e-Bill service has been activated. E-bill service requests are usually processed within two weeks. New e-Bills appear on the E-bills page as either paid or unpaid.
Q: How does e-Bill work with e-Bill Pay?
A: e-Bill Pay lets you make payments and receive and pay bills online through your credit union. Electronic billing lets you receive electronic bills (e-Bills) online through e-Bill Pay. Some payees are able to send e-Bills to their customers. If you add a payee that is e-Bill-capable, you have the opportunity to request e-Bills from the payee.
Once your request has been authorized, you'll receive an e-Bill from the payee within a month or so, depending on the payee's billing cycle. You can pay the e-Bill directly, and you can continue to make single payments to the payee whenever needed.
Q: How do I know when I receive a new e-Bill?
A: The Unpaid E-bills page lists your new e-Bills. A notice also appears on the Home page to let you know when new e-Bills arrive.
If you are waiting for an e-Bill service request to be processed, check Messages periodically for a message stating that your e-Bill service has been activated for the payee. When you receive the first e-Bill depends on the payee's billing cycle.
Q: Will I still receive a paper copy of the bill through U.S. mail?
A: It depends on the payee. Some payees stop sending a paper bill and only send an e-Bill to your e-Bill Pay account. Other payees continue to send paper bills through U.S. mail in addition to an e-Bill to your e-Bill Pay account.
Q: Is an e-Bill the same as a mailed bill statement or invoice?
A: An e-Bill is a statement or invoice in an electronic format. E-bills typically contain the same information as your mailed bills.
Q: How do I find out if my payee sends e-Bills?
A: You can easily find out if your payee sends e-Bills while you are adding the payee or after you have added a payee.
- When you add a payee that is e-Bill-capable, e-Bill Pay will automatically ask you if you want to receive e-Bills. To the left of the bill it will say "Get eBill" and then follow the directions.
Remember, the payee may take a couple of weeks to process your request to receive e-Bills.
Q: Can I pay e-Bills automatically?
A: Yes. Auto-Pay is an optional feature available for many payees that can send e-Bills. If Auto-Pay is available for an e-Bill capable payee, you have the option to select it. Auto-Pay automatically pays e-Bills by scheduling the payment date in time for the payee to receive the payment by the e-Bill's due date. Auto-Pay pays the e-Bill's minimum amount due. When you set up Auto-Pay, you can select to automatically pay the e-Bill regardless of the payment amount, or you can select to set a limit on the amount automatically paid. Please note that entering an amount in the "Only pay the minimum amount due for e-Bills if it is less than this amount" field means that the e-Bills minimum amount due - not the amount you enter - will be paid if the minimum amount due is less than the amount you enter.
If Auto-Pay is available, you can set up Auto-Pay when you add a payee, or you can add it later by changing payee information from the Payee Setup - Payee List page.
Q: What happens if the amount due for an e-Bill exceeds the maximum amount automatically paid?
A: If the minimum amount due for an e-Bill exceeds the maximum amount set for Auto-Pay, e-Bill Pay does not automatically schedule the payment. You receive a message letting you know that the e-Bill's minimum amount due exceeds the maximum amount automatically paid. Make the payment through the Make Payments - Single Payments or Make Payments - Multiple Payments page or by some other means. If you think that the amount due is incorrect, contact the payee.
Q: How do I change the maximum amount automatically paid for an Auto-Pay payment?
A: Go to "Payee Options" under the specific bill, and then click "Account Information". In the Auto-Pay section, type a new amount.
Q: Why was my e-Bill paid late?
A: If a payee sends an e-Bill late and the actual due date is before the earliest available payment date (remember e-Bill Pay needs a few days to process payments), Auto-Pay schedules the payment for the earliest possible payment date. Please contact your payee if an e-Bill arrives late and you are charged a late fee.
Q: How long does it take to receive e-Bills from a payee?
A: It may take up to two weeks for the payee to process your request for e-Bills. Once your request has been accepted, it may take a month or more, depending on the payee's billing cycle, before you begin receiving bills electronically.
Q: Can I pay e-Bills outside of e-Bill Pay?
A: Yes, you can pay an e-Bill by some other way (by check, for example). If you pay the e-Bill by some other method, you can delete the unpaid e-Bill from the Unpaid e-bill page. Once you delete the e-Bill, you cannot view the bill or bill statement again through e-Bill Pay. Unpaid e-Bills are never deleted automatically by e-Bill Pay. You can also print a copy of the e-Bill for your long-term records using your browser's print feature.
Q: Can I make more than one e-Bill payment at the same time (can I combine payments going to the same payee)?
A: No, for the e-Bill payment to work properly, you must pay each e-Bill individually.
Q: Can I pay someone else's e-Bills?
A: No, the bill must be in your name or your spouse's name.
Q: What happens if I delete a payee who sends me e-Bills?
A: When you delete a payee who sends you e-Bills, e-Bill Pay automatically removes the payee from your payee list, sends a message to the payee and asks them to stop sending e-Bills. You can no longer pay any unpaid e-Bills listed in the Unpaid E-bills page for the deleted payee, so you may want to pay unpaid e-Bills before deleting the payee.
It is also possible, due to the payee's billing cycle, that you may receive an e-Bill after you have deleted the payee. If you receive an e-Bill after you have deleted the payee, you can add the payee again (without requesting e-Bills) and make the payment from the Make Payments page, or you can pay the bill through U.S. mail.
Q: How can I stop receiving e-Bills from a payee?
A: To stop receiving e-Bills from a payee, go to Payee Options, and then click Account Information next to the payee. Select Click here to discontinue e-Bill service. The payee is notified to stop sending e-Bills. However, you may receive an e-Bill after canceling e-Bill service due to the payee's billing cycle. Make a payment to the payee from the My Bills and People page to cover the e-Bill or make the payment by some other means.
Q: I chose to stop receiving paper bills from a payee and now I want to start getting my bills mailed to me again. How do I do that?
A: If you are currently receiving e-Bills, and no corresponding paper bill, from a payee, you can start receiving paper bills again by canceling e-Bill service for that payee.
Q: If the amount for an e-Bill seems incorrect. What should I do?
A: If you have questions about an e-Bill, please contact the payee directly. All information on the e-Bill comes directly from the payee, the same as when they mail you a paper bill. Remember that you control the payment amount when you pay the e-Bill.
If an e-Bill amount is incorrect, make sure to contact the payee to avoid any late charges. Look on your last bill for the payee's customer service phone number.
Q: If my e-Bill is late. What should I do?
A: If your normal billing cycle has passed and you still have not received your e-Bill, contact your payee. Payees deliver e-Bills much like they deliver your paper bills. Depending on billing cycles, the exact day you receive your bill each month may vary. Also remember that it can take over a month before you receive your first e-Bill from a payee. Look on your last bill for the payee's customer service phone number.
Q. How secure is Text Message Banking?
A. Our Text Message Banking service is secure. Text messages will never contain confidential information about you or your accounts. Messages will never contain account numbers, only account nicknames.
Q. Will I be charged for Text Message Banking?
A. We won’t charge you, but standard carrier fees for text messaging may apply. Please check with your mobile phone carrier if you aren’t sure what fees apply when you send and receive text messages.
Q. Will Text Message Banking work on my phone?
A. Yes, as long as your have text messaging enabled with your mobile carrier it will. Please check with your mobile carrier if you are unsure.
Q. Which carriers do you support?
A. Our Text Message Banking service works on all major mobile providers in the US, including:
- AT&T
- T-Mobile
- Verizon
- Mint
- Visible
Q. How do I deactivate the Text Message Banking service?
A. You can text back STOP to 454545 on your activated phone, or you can return to the mobile banking page in e-Banking and click the “Deactivate” link next to your mobile device number. Your phone will no longer receive any text messages from Mobile Banking. You can add a new phone at any time if you change your mind later.
Q. Why do I need to verify my phone?
A. Verifying your phone is a one-time step and is one way we ensure the security of mobile text messaging.
Q. Where do I find my activation code?
A. During setup, we will send you a text message with your activation code. If you have already submitted your mobile number during setup, check your mobile device now. You should receive a text message with your activation code within a few minutes.
Q. I still have not received my code, what do I do?
A. It might take several minutes to receive your code. If you feel you have waited long enough, you can click the “Resend it” link. Please check your mobile device shortly for a new text message. If you are still experiencing problems, be sure you entered the correct mobile number during setup.
Q. Can I come back later to enter my activation code?
A. Yes, you can. If you experience difficulties, we recommend that you go through the setup process again and get a new code.
Q. What is a primary text banking account?
A. Your primary account is the default account that we will use when you text BAL to 454545. You should select the account that you will likely want to check most often. You can get all account balances by texting BAL ALL to 454545.
Q. Can I get the balances of my other accounts?
A. Yes – when you text BAL ALL to 454545, we will reply with a message containing the balances if all your checking and savings accounts.
Q. Can I change my primary account selection later?
A. Yes, you can. Simply return to the mobile baking and alerts page in e-Banking and select the edit link next to your primary bank information.
Q. Are there any shortcuts for the keywords?
A. Yes. The keywords are:
- BAL = Primary account balance
- BAL ALL = All account balances
- BAL CHK = Checking account balances
- BAL SAV = Saving account balances
- LAST = Last 5 transactions
- STOP = Deactivate service
- HELP = Help on keywords
Q. Are the keywords case sensitive?
A. No, keywords are not case sensitive.
Q. What is the number I should send keywords to?
A. The short code is 454545. This short code will only work if you have activated the Text Message Banking Service.
Q. How long does it take to get a text message?
A. You’ll receive a text message response within a minute. Exact timing will depend on your mobile service carrier.
Q. Is there any password needed for Text Message Banking?
A. You don’t need a password to access your account information via text message.
Q. I have a new mobile phone number. Can I change or add my number online?
A. Yes, you first need to deactivate your cell phone and add your new cell phone number. You can do this within Text Message Banking set up in e-Banking.
Q: What is an e-Statement?
A: An e-Statement is an electronic version of your statement. It provides you an alternate way to receive and store your monthly or quarterly statement from EFCU, utilizing Internet-based technology.
Q: How do e-Statements work?
A: To access your e-Statement, you will be required to be an EFCU e-Banking user. You will be notified through the email address you provide to EFCU, each month or quarter that your e-Statement is ready. A link to e-Banking will be provided in the email notification. After logging into e-Banking, click on e-Statements next to Featured. You will be able to view your statement right from your computer, 24 hours a day, seven days a week via the Internet.
Q: Are e-Statements safe?
A: All security precautions have been taken to ensure the confidentiality of your electronic statement. Logging into e-Banking ensures your e-Statement is safe as you are accessing your statement through a secure site. EFCU uses the best available technology in security, firewalls, and encryption.
Q: How do I sign up for e-Statements?
A: After you have logged into e-Banking, click on the e-Statements link.
Q: Will I continue to receive my paper statement in the mail?
A: No, your paper statements will stop once you sign-up for e-Statements. If you sign up for e-Statements by the last business day of the month, your next statement will come electronically.
Q: How and when will I receive my e-Statement?
A: Upon signing up for e-Statements, you will receive your first email notification to the email address you specified at the beginning of the following month. You will continue to receive a monthly email notification that your e-Statement is available. You will be provided a link to access your e-Statement or you can log into e-Banking and click on the e-Statements link anytime.
Historically, you have waited for your paper statement to be mailed and delivered. With e-Statements, you avoid the traditional mail delivery, so you will receive your statement sooner.
Please note, if you have a savings account only, you will only receive statements quarterly (January, April, July, and October), unless you have direct deposit or any other ACH transaction. If your account does not have any activity for 90 days, you will not receive a statement. Everyone receives a paper statement in January, as required by law.
Q: How much history is available for e-Statements?
A: e-Statements are available for a minimum of 12 months of history, from the date you initially sign up.
Q: Will my e-Statement look the same as my paper statement?
A: Your electronic statement will look very similar to the current paper statement. It will have the same layout, colors, and graphics. Links to EFCU's newsletter and current news and specials will be provided in the email that announces your new e-Statement.
Q: Is there a charge for e-Statements?
A: No, e-Statements are free!
Q: How do I cancel my e-Statement?
A: If you choose to discontinue receiving your statements electronically, simply call us.
Q: How do I save my e-Statement for future reference?
A: You have the option of printing a hard copy of your e-Statement and/or creating a folder on your hard drive and moving or copying the PDF file into it.
To save a copy of your e-Statement, click on the 'Save A Copy' Icon (picture of a floppy disk) in the Acrobat toolbar. Then select where to save the file on your computer. Note: You must click on 'File' in the Acrobat Reader toolbar to save a copy, not the browser's toolbar (Internet Explorer, Netscape, etc.).
Q: What if I change my email address?
A: To change the email address your e-Statements notification is sent to, log into your e-Banking account, click on “My Settings", then click on “Email Address” to change it.
Q: How will I receive the newsletter and special announcement inserts that came with my printed statements?
A: Links will be provided to this information within your "e-News & You" email announcing your new e-Statement that allows you to view the newsletter and inserts online.
Q: What is a PDF file?
A: A PDF (Portable Document Format) is a universal file format that preserves all the fonts, formatting, graphics, and color of any source document, regardless of the application and platform used to create it. Adobe PDF files are compact and can be shared, viewed, navigated, and printed exactly as intended by anyone using Adobe® Acrobat® Reader™.
Q: What is Adobe® Acrobat® Reader® and why do I need it?
A: Adobe® Acrobat® Reader™ is free software used for viewing and printing electronic forms. You will need this software installed on your computer in order for your computer to download, display, or print your statement.
Q: How can I get Acrobat Reader?
A: You will have the ability to download the free software from a link furnished in your e-Statement account or by downloading Adobe Acrobat.
Troubleshooting Assistance
When accessing e-Statements, you may receive:
- a message stating "Busy Loading Document : Please be patient"
- a file download window appears and my statement does not load.
This issue is most likely caused by an Acrobat Reader failure. Please ensure that you have the latest version of Acrobat Reader.
Q: Can anyone else see my accounts over the Internet?
A: EFCU uses the latest technology to keep your account information secure. Security features exist at every level-from your PC, to the Internet, and over our secure network. The following features are offered for full security:
- password protection
- Enhanced Login Security
- lockout-access is denied after the fifth consecutive invalid login
- timeout-account Access automatically logs off after a designated period of time
- exit button-exits Internet Bill Payment and Account Access
- cache security-ensures that no one can view a member's account information by accessing the cache file
- encrypted URL-ensures that any account information that appears in the URL is not readable
- SSL (secure sockets layer) protocol-allows for the transfer of digitally signed certificates for authentication procedures, and provides message integrity, ensuring that the data can't be altered during a transaction. In SSL protocol, Web addresses usually start with "https" instead of "http"
Q: What can I do to maximize the security provided for my account?
A: The e-Banking service has several effective security techniques that we encourage you to implement when you use the e-Banking service:
- Never reveal your password to anyone or leave your password anywhere that someone else can obtain and use it.
- Change your password on a regular basis.
- Logout to end each Internet banking session. Do not use the Back button to exit the site.
- Change your session timeout in User Options to a time that meets your needs.
- Balance your account on a regular basis. e-Banking makes it easy!
Q: What is the Roth IRA?
A: The Roth IRA is an after-tax contribution which has a back ended benefit of growing tax-free. After-tax contribution means there is no immediate tax deduction benefit.
Q: Are there restrictions to open a Roth IRA?
A: You can open a Roth IRA if your modified adjusted gross income is less than $184,000 for married joint filers and $117,000 for single filers. For married joint filers, if your modified adjusted gross income is between $184,000 and $194,000, you can still take advantage of opening a Roth IRA, however, your contribution limits will be impacted. Single filers with a modified adjusted gross income between $117,000 and $132,000 will also have limits to the amount of contributions you can make.
Q: What is a qualified distribution from a Roth IRA?
A: A qualified distribution can be taken from a Roth penalty- and tax-free. To qualify the Roth IRA holder satisfies a 5 years waiting period which begins January 1 of the first taxable year in which you made the contribution and one of the following events occurs: attainment of age 59 ½, disability, the purchase of first time home, or death. In addition, contributions can be withdrawn tax-free and penalty-free at any time.
Q: What is the maximum amount I can contribute to a Traditional IRA or Roth IRA?
A: Individuals not achieving age 50 may contribute 100% of earned income up to $5,500 up to the tax filing deadline for each year they have earned income. For those individuals age 50 and above, the contribution increases to $6,500 because of the "Catch up" contribution allowance. There is no age limit restriction on a Roth IRA.
Q: What is the deadline for making a contribution?
A: For both Traditional and Roth IRAs, you have until the tax filing without extensions. The sooner you make contributions, the sooner you could begin to shelter your earnings.
Q: Am I required to make contributions to my Roth IRA every year?
A: No. You are not required to make contributions to your Traditional or Roth IRA every year, nor are you required to make the maximum contribution in any year. Contribute as you wish, as long as you don't exceed the limits.
Q: How long can I make contributions to my Traditional IRA(s)?
A: You may make contributions for each year you receive wages, alimony or other compensation prior to the year you turn 70 ½.
Q: How long can I make contributions to my Roth IRA(s)?
A: You may make contributions for each year you receive wages, alimony or other compensation or you are the spouse of someone who is receiving one of those listed above.
Q: Can I open a Roth IRA at EFCU?
A: Yes. We offer a variety of options to meet your needs. To open a Roth IRA Certificate or Accumulator Account, contact Miranda at 812-424-2621 ext.228
Q: What is the Educational Savings Account?
A: The Educational Savings Account, also known as a Coverdell Education Savings Account, allows anyone to save tax-free for a child's K-12 and postsecondary education.
Q: Are there restrictions opening a Coverdell Educational Savings Account?
A: Yes. For married joint filers, if your modified adjusted gross income is between $190,000 - $220,000, you can still open an ESA account, however, your contribution limits will be impacted. Single filers with a modified adjusted gross income between $95,000 - $110,000 will also have limits to the amount of contributions you can make. The maximum contribution amount per child is $2000 per year. The child must be under 18 to receive the contribution to their account.
Q: What are the tax implications?
A: Money invested will grow tax-free. Non-qualified distributions are subject to tax on the growth portion and a 10% penalty.
Q: What if my child doesn't go to College?
A: An ESA account must be withdrawn by the time the beneficiary turns 30, unless the child is a "special needs child." Alternatively any funds remaining upon reaching age 30 must be either rolled over to a related qualified beneficiary or distributed to the beneficiary.
Q: Can I also make contributions to a traditional and/or Roth IRA?
A: Yes. The annual $2000 contribution will not affect your eligibility to put the full $5500/$6500 into a Traditional or Roth IRA.
Q: Are there other ways to save for my child's education?
A: An alternative way to save more for your child's education is with a 529 account. 529 Plan accounts do not have many of the restrictions that the ESA accounts have. They offer tax-free growth but are exclusively used to fund post secondary education expense.
Q. How do I contact a mortgage specialist?
A. Call or text us at 812.424.2621, option 4. You can also email us at [email protected].
Q: I really want to own my own home, but I'm not sure I can afford it. Where do I start?
A: When it comes to purchasing a home, understanding your financial capabilities is crucial. First, as a general guideline, you can typically afford a home valued at two to three times your annual household income, depending on your savings and existing debts. However, special loan programs may allow you to purchase a home with a higher value. The key is to have a clear picture of your current financial situation and future financial plans. You can use our mortgage calculator to help determine how much of a home you can afford. When you’re ready, you can simply apply online to be pre-approved by one of our mortgage specialists.
Q: How quickly will I get pre-approved?
A: When you apply, your lender will review your application and be in touch within 24-48 hours. Once we have all the required documentation, you’ll have a pre-approval letter in hand within another 24-48 hours.
Q: How do I know which type of mortgage is best for me?
A: Selecting the right mortgage type is essential. There is no one-size-fits-all solution. The optimal choice depends on factors such as your current finances, expected financial changes, the duration you plan to own the home, and your comfort level with potential payment fluctuations. A 15-year fixed-rate mortgage may save you significantly on interest, but your monthly payments will be higher. Conversely, an adjustable-rate mortgage could start with lower payments, but they may increase over time. Discussing these options with a mortgage specialist will help you determine the best fit.
Q: Is it really necessary to provide so much personal information when applying for a mortgage?
A: While it may seem extensive, providing comprehensive information about your employment, finances, and the home you're purchasing will streamline the application process. Your credit union needs to thoroughly understand your situation to ensure you secure the most suitable financing. Be prepared to share the required details, and your mortgage specialist will guide you through the process efficiently. You can review a mortgage checklist here.
Q: How much will my credit history affect my ability to get a mortgage?
A: Your credit report is crucial, so we strongly recommend getting a free copy from Annual Credit Report.com to review before applying. This allows you to identify and correct any errors beforehand. Be prepared to discuss past credit issues honestly with your mortgage specialist.
Q: How much will I need for the down payment?
A: Many buyers are surprised to learn the down payment can be as low as 3% of the home's value. While 20% is ideal to avoid private mortgage insurance, there are options for lower down payments.
Q: What does my mortgage payment include?
A: For most homebuyers, the monthly payment includes four separate parts: Principal, interest, taxes, insurance (PITI), and potentially private mortgage insurance (PMI) if your equity is under 20%. One of our mortgage specialists can provide a full breakdown.
Q: What happens after I've applied - and how long will it take?
A: Your credit union will begin the work of verifying all the information you've provided. This process can take anywhere from three to six weeks, depending on several factors. Within three business days after your application, your credit union must give you an estimate of your closing costs. (The closing is the actual settlement of your loan). You'll also get a statement that shows your estimated monthly payment, the cost of your finance charges, and other facts about your mortgage. For many home buyers, this waiting period can be tense. So, stay in touch with your credit union and be prepared to answer any questions that may arise.
Some home buyers find the closing process to be one of the most intimidating aspects of buying a home because it is so unfamiliar. Ask your credit union what to expect at your closing.
