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You’ll
find many answers to your EECU-related questions in this section.
Simply click on the topic you have a question about and you’ll
likely find the answer you need. If not, give us a call at
(314) 298-0055 or (800) 522-6009. Or, send us an e-mail.
ACH/Payroll Deduction/Direct
Deposit Q&A
ATM Q&A
Automatic Payment Q&A
Branch Locations
Q&A
Business Account
Q&A
Certificates
of Deposit Q&A
Checking Account
Q&A
Closed-End Second
Mortgage Q&A
Deferred
Compensation Q&A
EECU Direct Q&A
EECU Hours Q&A
EECU On-Line Internet
Banking Q&A
Express Transfer
Q&A
EZ Pay PC Bill Payer Q&A
General Share Q&A
Home Equity Line-of-Credit
Q&A
How to Join EECU Q&A
Individual Retirement Account
Q&A
Managing Debt Q&A
Membership Q&A
Organizational
Account Q&A
Overdraft Protection
Q&A
Premier
Money Market Account Q&A
Regulation D Q&A
Scholarship Q&A
Secret Savers Club
Q&A
Student Loan Q&A
VISA Check Card Q&A
VISA
Credit Card Q&A
Q: What is ACH/Direct Deposit?
A: ACH (Automated Clearing House) is a method of processing
a direct deposit of a person’s payroll. Related to the credit
union, ACH is an electronic payments network that school districts
and businesses utilize to process their employees’ payroll desposits.
This network allows funds to be automatically credited to a
member’s checking or savings account, based on information provided
by a member’s employer. The ACH/Direct Deposit method is very
convenient because it saves you the time and hassle of making
a “mad dash to the credit union to make payroll deposits before
the credit union closes. Your funds are available in your account
on payday. And, the best part is, this service is free!
Q: What is Payroll Deduction?
A: This is a method of deposit where a school district
or company sends the member’s full (net) dollar amount, or any
portion of the net pay, to the credit union. EECU works with
your employer to initiate your payroll deposit to arrive at
the credit union in a timely manner. This service allows you
to deposit various dollar amounts of your payroll into different
account types (portion to savings, checking, loans, etc.).
This service is also very convenient because it eliminates the
need to run to a credit union branch to make payroll deposits.
In addition, like ACH/Direct Deposit, our Payroll Deduction
service is free!
Q: How do I sign up for Payroll Deduction or ACH/Direct
Deposit?
A: Ask your employer if they offer this service to employees.
Then, find out which option they offer. To sign up with EECU,
all you need to do is complete the appropriate payroll form.
To obtain a form, simply call EECU at (314) 298-0055 or (800)
522-6009. Or, visit any EECU Branch.
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Q: How much does it cost to use EECU’s ATMs?
A: You can use any EECU ATM for free!
Q: Where are EECU ATMs located?
A: EECU currently owns 26 ATMs and the number is growing.
Click here
to view all a list of all our ATM locations. Just click on
an ATM link you want to visit and an overview map will appear
for that location. Need driving directions? You can also get
point-to-point directions to each ATM location by clicking the
“directions button directly below the overview map for the location
you select.
Q: Can I use ATMs owned by banks or other credit unions?
A: Yes. You can use thousands of ATMs worldwide.
Q: Does it cost me anything to use a bank or other credit
union ATM?
A: EECU passes along a nominal processing fee ($0.75 per
transaction) that other ATM owners charge the credit union,
for allowing our members to use foreign ATMs. However, foreign
ATM owners may also charge a surcharge fee that could
range anywhere from $1.50 to $10.00 or more (depending on the
ATM owner). The surcharge is NOT charged by EECU, but by the
foreign ATM owner. You can avoid paying surcharges for foreign
ATMs by using an ATM with the CO-OP logo. Click
here to find a CO-OP ATM.
Q: What exactly is a surcharge?
A: A surcharge is nothing more than a fee that a foreign
ATM owner (a non-EECU ATM) charges people for the privilege
of using their ATM. The state of Missouri does not regulate
ATM surcharges, so the surcharge fee can be whatever the ATM
owner wants to charge. Of course, you don’t have to pay the
surcharge because ATM owners who do surcharge are required to
disclose their surcharge fees before you complete the ATM transaction.
If you don’t want to pay the surcharge, simply cancel the transaction.
Q: Where are the most common surcharge ATMs located?
A: Usually, these ATMs are found at: banks, tourist districts,
convenience stores, gas stations and foreign countries.
Q: Can I use my Money Machine ATM Card or EECU VISA Check
Card in a foreign country?
A: Yes. You can use either card at ATMs worldwide bearing
the Avail,* Member Access*/CO-OP, The Exchange,* Honor,* STAR,*
PLUS*/CIRRUS,* VISA* or Pulse* logo (* indicates that a nominal
withdrawal fee is charged for each transaction made at ATMs
in these networks). And, it’s less expensive to use an ATM
in a foreign country to obtain cash than exchange cash for foreign
currency at a foreign bank (due to exchange rates). One note:
We have heard about instances when members experienced some
difficulties using their Money Machine ATM Card in certain foreign
countries to access funds in their EECU Regular Savings Account.
This is because some countries’ ATM networks only allow people
to withdraw money from their checking accounts.
Q: Is it safe to make a deposit at an ATM?
A: Yes. Actually, it’s safer to use an ATM than a night
depository (drop box). Plus, when you make a deposit via ATM,
you receive a receipt detailing the transaction (where a night
depository does not). We do not recommend making deposits in
ATMs located in foreign countries.
Q: When will my ATM deposit be credited to my account?
A: Deposits are processed each business day. For ATMs,
a business day runs from 5 p.m. of a business day, to 5 p.m.
the next business day. EECU makes the full amount up to $300
of the deposit amount immediately available for withdrawal.
For example, if you make a $1,000 deposit at 6 p.m. on a Monday,
your account will reflect the full amount of the deposit, but
only $300 will be available for immediate withdrawal since the
maximum dollar amount you can withdraw during a day is $300.
Q: Can I make a deposit in an ATM not owned by EECU?
A: Yes, if the ATM is in the Member Access/CO-OP network.
However, we cannot guarantee how long it will take another financial
institution to send your deposit to us for processing. If you
enjoy the convenience of making ATM deposits, but need the deposit
to post in a timely manner, make deposits at EECU ATMs only.
Q: What do I do if I lose my EECU Money Machine ATM Card?
A: During business hours, call us at (314) 298-0055 or (800)
522-6009. After business hours, call (314) 291-9899 or (800)
382-0578.
Q: Is there a fee to replace a lost or stolen EECU Money
Machine ATM Card?
A: No. A replacement card is provided at no cost.
Q: How long does it take to receive a new EECU Money Machine
ATM Card?
A: Typically, you’ll receive the new card in 7-10 business
days.
Q: What do I do if I lose my EECU VISA Check Card?
A: Call (800) 449-7728 first. Then call us at (314) 298-0055
or (800) 522-6009.
Q: How much money can I withdraw from an ATM?
A: You can withdraw up to $300 per calendar day.
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Q: What is AutoPay?
A: AutoPay is a convenient way of making your monthly loan
payments. With AutoPay, your loan payment is automatically
deducted from your EECU Checking or Regular Savings Account,
or from another financial institution’s checking account. You
have the choice of setting the payment up for the minimum monthly
payment, a fixed dollar amount, or the balance in full. This
convenient feature is available for all EECU loans. Plus, when
you use AutoPay for an EECU vehicle loan or VISA Credit Card,
you receive a loan rate discount. Receive a ¼% loan rate discount
for vehicle loans and a 2% discount for VISA.
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Q: Where are EECU Branch offices located?
A: Click here
to view all a list of all our branch locations. Just click
on a branch link you want to visit and an overview map will
appear for that location. Need driving directions? You can
also get point-to-point directions to each branch location by
clicking the “directions button directly below the overview
map for the location you select.
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Q: Does EECU offer business accounts?
A: Not at this time (but that’s not to say we won’t consider
it at some point in the future). For now, we are concentrating
on what we do best—providing excellent consumer accounts for
individual members.
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Q: Which EECU Branches have drive through lanes?
A: Cave Springs, North County, South County and West County.
Q: Which EECU Branches have Saturday hours?
A: All EECU Branches are open on Saturday from 9 a.m. to
Noon (except Bridgeton).
Q: What are the phone numbers for the branches?
A: Dial (314) 298-0055 or (800) 522-6009 for any EECU Branch.
All incoming calls are received by EECU employees in our centralized
Phone Center. If you need to speak with a specific employee
at an EECU Branch, a Phone Center employee will be happy to
transfer your call.
Q: What are the hours for the branches?
A: EECU’s lobby and drive-up hours are: Monday, Tuesday
& Thursday 9 a.m. to 5 p.m.; Wednesday 10 a.m. to 5 p.m.;
Friday 9 a.m. to 5:30 p.m.; Saturday 9 a.m. to Noon (Bridgeton
Branch is not open on Saturdays).
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Q: Does EECU offer certificates of deposit?
A: Yes! Click
here to view all our current certificate terms and rates.
Q: What is the minimum deposit amount required to open a
CD?
A: Most of our CDs require a minimum $2,000 deposit. However,
we also offer a Smart Saver CD which only requires a $250 minimum
initial deposit. Click
here to view all our current certificate terms and rates.
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Q: What types of checking accounts does EECU offer?
A: We offer two kinds of checking accounts. The first is
called Free Basic Checking, which is a non-interest bearing
account that offers unlimited free check writing with no minimum
balance and no per-check fees. We also offer Alumni Club Checking
for members age 50 + who are members of our Alumni Club and
maintain an aggregate EECU deposit balance of $5,000 or more.
Alumni Checking provides the same benefits as our Free Basic
Checking Account plus free checks that are the Custom check
style.
Q: How do I sign up for an EECU Checking Account?
A: You can sign up for an EECU Checking Account a number
of ways. Simply complete the EECU Account
Card online or at any EECU Branch. Or you can call (314)
298-0055 or (800) 522-6009 and have the Account Card mailed
to you.
Q: How do I order checks?
A: You can order checks a number of ways. Simply complete
the EECU
Check Order Form online or at any EECU Branch. Or you can
call (314) 298-0055 or (800) 522-6009 and have the Check Order
form mailed to you.
Q: How much do EECU checks cost?
A: Our most popular check style, the Custom style, costs
just under $10 per box of 180 checks. More elaborate check
styles are available and prices depend on the check style.
Q: What do I do if my EECU checks are lost or stolen?
A: Call EECU immediately at (314) 298-0055 or (800) 522-6009.
Q: Does EECU return checks to me in my monthly statement?
A: We do not return checks to members simply because of
the high cost involved. However, since all our check styles
use carbonless check copies, you have a copy of each check you
write. Plus, each check you write is detailed on your monthly
statement.
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Q: What is a closed-end second mortgage?
A: A closed-end second mortgage is a home equity loan.
This type of loan allows homeowners with established home equity
to borrow money against their established equity. The loan
is for a specific purpose and for a fixed term. A closed-end
second mortgage is different than a home equity line-of-credit
because a home equity line-of-credit is a revolving credit line
that can be used periodically for multiple purchases, over a
longer term.
Q: What do I need to do to apply for a closed-end second
mortgage?
A: Before you apply for a closed-end second mortgage loan,
you should have the following items: an EECU Closed-End Second
Mortgage Loan Application; a copy of your First Deed of Trust;
verification of your first mortgage balance (recent statement);
a copy of your title insurance; a copy of your current homeowners
insurance policy (including mandatory earthquake or flood coverage);
a copy of your current property tax assessment; your most recent
paycheck stub if not on Direct Deposit/net pay with EECU; and
a copy of a certified home appraisal (must be 12 months old
or newer)
Q: What types of closed-end second mortgage loans does EECU
offer?
A: We offer four different types of closed-end second mortgage
loans. We offer a 5-year, 80% loan-to-value loan; a 10-year,
80% loan-to-value loan; a 5-year, 100% loan-to-value loan; and
a 10-year, 100% loan-to-value loan. View our current rates
(link to closed-end second mortgage rates of current rates page).
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Q: What is EECU’s Deferred Compensation Plan?
A: EECU’s Deferred Compensation Plan (DCP) is a pre-tax
payroll deduction plan designed to help school district employees
save for retirement. EECU’s plan works in your favor because
it helps you build cash for retirement, while reducing your
taxable income. And, EECU’s 457 tax-deferred DCP is federally
insured up to $100,000 per account.
Q: Isn’t a 457 the same as an annuity?
A: No. Although EECU’s plan has similar characteristics
of an annuity, it is quite different than an annuity. Annuities
are not insured and are sold by brokers and insurance agents.
EECU’s 457 DCP is federally insured up to $100,000 per account
with someone you can trust—your credit union. Annuities often
have surrender or management fees associated with them. EECU’s
457 DCP has no surrender or management fees. Annuities often
have either (or both) front- or back-loading fees. EECU’s 457
DCP has neither front- or back-loading fees.
Q: Do I have investment choices for my 457 DCP?
A: You can choose between two EECU 457 DCP options. Plan
I has an annual fixed rate that is locked in from January 1
to December 31. The rate can change annually. Plan II pays
a rate that can change monthly. View current DCP
rates.
Q: How much money can I save each year?
A: Contribution limits are changing annually as IRS rules
are changed. Call EECU to verify the contribution limit. All
contributions are automatically deducted from your pay and deposited
to your DCP account before taxes.
Q: Does EECU’s 457 DCP offer a catch up provision like a
403(b)?
A: The IRS rules change often, but according to the 2001
457 rules, you can contribute $15,000 per year, for each of
the three years prior to your retirement, to your EECU 457 DCP.
Whereas a 403(b) only allows $12,000 per year.
Q: How are 457 funds paid out?
A: Your funds may be withdrawn as early as February 20th
the year after you separate from service. You can also elect
to defer payout until you reach age 70 ½. You may receive a
lump-sum payment or annual payments, as long as the payments
don’t exceed your life expectancy.
Q: How do I sign up for EECU’s 457 DCP?
A: If you’re employed by one of the participating school
districts, you can sign up for the plan today! Just ask your
employer whether they participate. They should have the necessary
paperwork available to enroll in EECU’s 457 DCP. Or, you can
call EECU at (314) 298-0055 or (800) 522-6009 to request the
enrollment form, or visit any EECU Branch.
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Q: What is EECU Direct?
A: EECU Direct is a special vehicle lending program which
enables you to complete an EECU auto loan application at select
auto dealers in the greater St. Louis area. By completing your
application at the dealership, you save time because you’re
able to purchase the vehicle and receive low EECU financing
at one location.
Q: How does EECU Direct work?
A: Once you’ve located the vehicle you wish to purchase,
simply tell the finance person at the dealership that you want
to finance it through EECU. Chances are, the dealership participates
in the EECU Direct network of dealers. View EECU
Direct Dealer Network.
Q: Is there a cost for using the EECU Direct service?
A: There is no service fee for using the EECU Direct service.
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Q: What are EECU’s hours?
A: EECU’s lobby and drive up hours are: Monday, Tuesday
& Thursday 9 a.m. – 5 p.m.; Wednesday 10:00 a.m. – 5 p.m.;
Friday 9 a.m. – 5:30 p.m.; Saturday 9 a.m. – 12 p.m. (all branches
open on Saturday except Bridgeton)
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Q: What is EECU On-Line?
A: EECU On-Line is our free Internet Banking service which
gives you unlimited access to your EECU accounts 24-hours-a-day,
from any computer connected to the Internet.
Q: What can I do with EECU On-Line?
A: You can: view and print your EECU account balances* and
histories (6 months’ worth of history), transfer funds within
your accounts (savings** to checking, checking to loans, etc.),
download your account information into Quicken, and make a withdrawal
(check-by-mail request).
* EECU On-Line does not access all account types.
** Federal Regulation D prohibits you and any joint owner on
your account from making more than six (6) transfers or withdrawals
each month from your Regular Savings or Special Savings Account,
through the EECU On-Line service.
Q: How much does EECU On-Line cost?
A: This service is free!
Q: Can I view my EECU VISA account information through EECU
On-Line?
A: At this time, you cannot view your EECU VISA account
information online. However, we do have plans to offer this
ability in the near future.
Q: Is EECU On-Line safe?
A: Yes. EECU’s secure computer server (where the transactions
occur) is protected behind a state-of-the-art firewall that
“hides and protects the server from unauthorized users. Plus,
you must enter your account number and a password to gain access
to your accounts. EECU On-Line also requires that you use a
recent version of a web browser that utilizes 128-bit data encryption
(the most recent and secure encryption technology available)
to protect you. Finally, when you use EECU On-Line, you’ll
notice there are no “back or “forward web navigation buttons.
This prohibits your web browser from temporarily storing the
EECU On-Line page you last visited (so if a person uses the
computer after you, they cannot view your EECU account information).
Q: How do I sign up for EECU On-Line?
A: If you already have an EECU Checking Account, simply
click
here and print the enrollment form. Then, complete it,
sign your name at the bottom, and mail to: EECU, P.O. Box 4433,
Bridgeton, MO 63044. Or, you can bring your completed form
to any EECU Branch.
If you don’t already have an EECU Checking Account, you first
need to open an EECU Checking Account. Click
here and print the Account Card. Complete this form, sign
your name at the bottom and return to EECU. Then, you need
to sign up for the EECU On-Line service by clicking
here. Simply print the form, complete it, sign your name
at the bottom, and return to EECU.
IMPORTANT: The EECU On-Line enrollment form asks for an initial
password to gain access. Please make note of your password
because you are required to change it after your initial session
with EECU On-Line. So, keep this in mind when choosing your
initial password.
Q: How do I access EECU On-Line?
A: Simply visit EECU’s web site at www.eecu.com and click the “access my accounts link.
A window will appear asking you to enter your EECU account number
and password. After you enter this information, our system
verifies it, and then you’re in! It’s that easy!
Q: Once I sign up for EECU On-Line, how fast can I begin
using this service?
A: If you open the service at a branch location, you can
usually log on for the first time later that day. If you mail
in your application to us, it will likely take a few days before
you can log on.
Q: How much of my account history can I view using EECU
On-Line?
A: You can view up to six months’ worth of your account
history.
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Q: What is Express Transfer?
A: Express Transfer is a free service which allows you to
make loan payments and deposits to your EECU account electronically,
by accessing your checking account at another financial institution.
Q: How do I know if the Express Transfer service is right
for me?
A: Express Transfer is designed for members who want the
convenience of Payroll Deduction/Direct Deposit, but don’t have
it because their employer does not offer the Payroll Deduction/Direct
Deposit service with EECU. To meet these members’ needs, EECU
created the Express Transfer service.
Q: Can I make loan payments with Express Transfer?
A: Yes. You can pay your EECU loan electronically by choosing
the payment amount to transfer to your EECU loan. Once per
month, the same dollar amount automatically transfers and credits
your EECU loan balance.
Q: Can I make deposits with Express Transfer?
A: Yes. You can deposit money into your EECU account once
each month. The same dollar amount automatically transfers
and debits your other financial institution’s checking account,
and goes into your EECU Savings account option.
Q: How do I sign up for the Express Transfer service?
A: You can sign
up online. You need Adobe Acrobat Reader to view the form.
Simply print the form and complete it, then return the form
to: EECU, P.O. Box 4433, Bridgeton, MO 63044. Or, call EECU
at (314) 298-0055 or (800) 522-6009 to request a form be mailed
to you. Or, you can visit any EECU Branch.
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Q: What is EZ Pay PC?
A: EZ Pay PC is a bill payer service which enables you to
pay just about any bill by using your computer. Our EZ Pay
PC bill payer service works in conjunction with the EECU On-Line
Internet Banking service. This way, you can view your EECU
accounts and pay bills at one convenient location.
Q: How does EZ Pay PC work?
A: When you pay your bills with EZ Pay PC, the payments
are automatically deducted from your EECU Checking account on
the date you specify. All payments are detailed on your regular
monthly statement and can also be viewed using EECU On-Line.
In addition, you can view your payment history within the EZ
Pay PC program by clicking on the “payment history icon.
Q: What does EZ Pay PC cost?
A: You can pay an unlimited number of bills for the first
three months for free! After this initial three month free
period, a $5.95 monthly fee is automatically deducted from your
account.
Q: Are there any special computer requirements to use EZ
Pay PC?
A: To use EZ Pay PC, you need a computer running Windows
95 or newer, or a Macintosh computer running system 7.6.1 or
newer. You also need an Internet connection and a recent web
browser.
Q: When are EZ Pay PC payments processed?
A: All EZ Pay PC payments are deducted from your EECU Checking
Account and sent to payees once every business day, at around
5:00 a.m. Keep in mind that payments could be deducted before
your ACH/Direct Deposit/Payroll Deduction transactions are posted
(because we receive ACH/Direct Deposit/Payroll Deduction files
from employers at various times throughout the day). So, keep
this in mind when scheduling your payments.
Q: Is there a “help section within EZ Pay PC?
A: Yes. To access “online help, click on the question mark
icon on the start page within the EZ Pay PC bill payer program
to view more answers about specific bill payer questions.
Q: What payments can I not make through EZ Pay PC?
A: You cannot make court-appointed payments, payments to
foreign payees, or payments to a U.S. Government Agency.
Q: How do I sign-up for EZ Pay PC?
A: Already an EECU On-Line user? Then you can enroll yourself
for EZ Pay PC within the EECU On-Line program without completing
any paperwork. Just click on the Bill Payer link at the top
of your screen (it should say "enroll"). Then, read
the disclosure carefully and if you agree with the terms, click
"ok." Once you click "ok," you can start
setting up your payees and using the EZ Pay PC service! Not
a current EECU On-Line user? To use EZ Pay PC, you first need
an EECU Checking Account and EECU On-Line access. You can print
the necessary forms from our web site. To sign up for an EECU
Checking Account, click
here and print the Account Card. Then complete it and sign
it. To sign up for EECU On-Line and EZ Pay PC, click
here and print the Electronic Services Agreement. Then,
complete it and sign it. Mail both forms to: EECU, P.O. Box
4433, Bridgeton, MO 63044. Or, bring the forms to any EECU Branch.
Q: How do I access EZ Pay PC?
A: After you’ve signed up, visit our web site and click
on the “Access my Accounts link from the home page. This launches
the EECU On-Line Internet Banking program. Enter your EECU
account number and password and then click on “Bill Payer in
the upper left corner. It’s that easy!
Q: Once I sign up for EZ Pay PC, what’s the waiting period
for payee set up?
A: As with any bill payer service, you must first set up
your payees and have their information verified before you can
make any payments. In most cases, payees are set up and verified
within three-to-five business days. However, some payees could
take loner (up to 14 days). Once the initial set up period
has passed and each payee is “active you can start making payments.
Q: How fast are payments sent to my payees?
A: The time it takes for your payments to be delivered and
credited to your payee account(s) will vary. Many payees will
receive your EZ Pay PC payments as early as two business days,
while others can take up to five business days. But, as long
as you schedule your EZ Pay PC payments five business days (Monday
through Friday) prior to the due date shown on your bill, you
are guaranteed they will arrive on time. If for reasons
beyond your control, your payment is posted late to your account
at the payee, any late fees and/or finance charges you may incur
will be removed and/or paid for you. What other financial institution
can make this promise?
Q: What if I have a problem with a payment. Who do I call?
A: If you have any problems with payments posting on time,
or any other dispute related to a payment made through the EZ
Pay PC service, call EECU at (314) 298-0055 or (800) 522-6009.
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Q: What is the $5 General Share for?
A: Since each member of EECU is also a part-owner of the
credit union, your $5 General Share represents your “share of
credit union membership. As such, you have an active voice
in the credit union’s operations. You have the power to nominate
and vote for EECU’s Board members. In addition, you can vote
on other important credit union issues that impact the organization.
You also have the ability to volunteer and serve the credit
union in other exciting capacities which enables you to play
an active role in the way your financial institution is operated.
You won’t find such opportunities with banks.
Q: What happens if I close my account with EECU? Do I get
my $5 General Share back?
A: If you should ever terminate your credit union membership,
your $5 General Share is refunded to you.
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Q: What is a home equity line-of-credit?
A: A home equity line-of-credit is a revolving credit line
that can be used for multiple purchases by convenience check.
Your credit line is determined by how much equity (ownership)
you’ve established in your home. When you apply for a home
equity line-of-credit, you are using the equity you’ve established
in your home as collateral to borrow the money you want.
Q: What do I need to do to apply for a home equity line-of-credit?
A: Before you apply for a home equity line-of-credit, you
should have the following items: an EECU Home Equity Line-of-Credit
Application; a copy of your First Deed of Trust; verification
of your first mortgage balance (recent statement); a copy of
your title insurance; a copy of your current homeowners insurance
policy (including mandatory earthquake or flood coverage); a
copy of your current property tax assessment; your most recent
paycheck stub if not on Direct Deposit/net pay with EECU; and
a copy of a certified home appraisal (must be 12 months old
or newer)
Q: What types of home equity lines-of-credit does EECU offer?
A: EECU offers three different types of home equity lines-of-credit.
With EECU Home Equity Plans I and II, you can borrow up to 90%
of your home’s value (minus your first mortgage balance). Or,
choose EECU’s VISA Home Equity Plan III, which allows you to
borrow up to 80% of your home’s value (minus your first mortgage
balance), and provides convenient access to your line-of-credit
with a VISA credit card. All three options have no closing
costs (except home appraisals, when required), which provides
substantial up-front savings. View our current
rates.
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Q: How do I join EECU?
A: Click here
to learn how.
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Q: How much can I contribute to an IRA?
A: Traditional IRAs allow contributions of $2,000 per year.
Depending on your tax filing status, this contribution may allow
a full or partial tax deduction. Of course, earnings on your
IRA are tax deferred.
Q: Can I withdraw money from my IRA at any time?
A: If funds are withdrawn prior to age 59 ½, the government
assesses a 10% tax penalty, unless distribution is due to death,
to pay medical insurance premiums while unemployed, disability,
to purchase a first home or pay higher education expenses.
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Q: I’m having difficulties paying my bills. Where can I
turn for help?
A: EECU wants you to be successful with your finances and
will do everything possible to help you get through a difficult
financial time. Remember, asking for help is not a sign of
weakness…it’s a sign of strength. Before you make any decisions,
please call an EECU representative at (314) 298-0055 or (800)
522-6009 extension 5300 to discuss your options. Another good
source of information is the Consumer Credit Counseling Service
(CCCS). They can be reached at (314) 647-9004.
Q: I feel overwhelmed with bills and am considering filing
for bankruptcy. I hear filing for bankruptcy will wipe my bills
clean. Is filing for bankruptcy a good idea?
A: To use bankruptcy as a short-term solution to your financial
dilemma may end up doing you more harm than good. Many myths
surround the legal aspects of the bankruptcy issue. Talk with
a fair and reputable attorney who can resolve any misconceptions
you may have surrounding bankruptcy. It’s important to note
that there are very real reasons to pursue the bankruptcy option.
These usually do not involve simple unsecured and secured debt,
but rather chronic un- or under-employment and/or excessive
medical obligations. If you are experiencing financial difficulties
or considering filing for bankruptcy call the credit union first
at (314) 298-0055 or (800) 522-6009 extension 5300 to see what
alternatives are available.
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Q: I understand I have to qualify to join EECU. How do
I find out if I’m eligible for membership?
A: All credit unions have a “field of membership, which
says who is eligible to join. To see if you’re eligible to
join EECU, click
here.
Q: I’m a member of EECU and one of my family members also
wants to join. Can my family members join EECU?
A: Yes! Since you’re a member of EECU, any member of your
family is automatically eligible to join the credit union, regardless
of occupation or location of residence.
Q: I’m about to switch jobs. Can I still maintain my credit
union membership?
A: Yes! Even if your job takes you out of the state, you
can still maintain your EECU membership. At EECU, “once a member,
always a member.
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Q: What are organizational accounts and who can open them?
A: EECU can only open organizational accounts only for non-profit
organizations associated with school districts. Each request
is reviewed on a case-by-case basis. For more information,
please contact EECU at (314) 298-0055 or (800) 522-6009.
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Q: What is Overdraft Protection?
A: Overdraft Protection is a type of “personal protection
loan for your EECU Checking Account and acts as a “safety net
to keep you from bouncing checks and incurring fees should you
overdraw your checking account.
Q: How does Overdraft Protection work?
A: EECU offers two types of Overdraft Protection:
from a personal line-of-credit and from your Regular Savings
Account. If you overdraw your checking account and have the
Overdraft Protection Line-of-Credit, funds are automatically
transferred from the line-of-credit to cover your clearing checks.
There is no fee for the service, but an applicable interest
rate applies. You must apply, and be approved, for the overdraft
protection line-of-credit, in order for it to become effective.
If you overdraw your checking account and have Overdraft Protection
from your Regular Savings Account, funds are automatically transferred
from your Regular Savings Account to cover your clearing checks.
However, the number of transfers that can be completed are limited
to six each month, due to Federal Regulation D.
Q: How do I make payments or pay off my Overdraft Protection
Line-of-Credit balance?
A: When you signed up for the Overdraft Protection Line-of-Credit,
you indicated on the application how you wanted automatic payments
to be made. You can choose: minimum payment amount, a set dollar
amount, or to pay the balance in full automatically. All automatic
payments are taken from your Checking Account on the date you
specified on your application. It’s important to note that
when you make a deposit to your EECU Checking Account, we cannot
automatically pay off your Overdraft Protection Line-of-Credit
balance, unless you tell us to do so. You can always make additional
payments to your Overdraft Protection line-of-credit balance
by using EECU’s On-Line Internet Banking service, Touch Tone
Teller service, or at the teller window at any EECU Branch.
Q: What happens if my Overdraft Protection Line-of-Credit
limit is reached and I overdraw my checking account?
A: If this happens, before any outstanding checks or
transactions are processed, we will see if you have available
funds in your Regular Savings Account to cover the outstanding
checks or transactions. If no funds are available in your Regular
Savings Account, the outstanding items cannot be processed and
will be returned. This will create a fee(s) for these items.
Q: What happens if I have the Overdraft Protection from
my Regular Savings Account and I overdraw my checking balance
but no funds are available in my Regular Savings Account to
cover the clearing check(s)?
A: Since there are no funds available in the Regular Savings
Account to cover the outstanding check(s) or transaction(s),
the items cannot be processed and will be returned. This will
create a fee(s) for these items.
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Q: What is the minimum balance requirement for your money
market account?
A: We have a $1,000 minimum balance requirement. However,
to avoid a monthly service fee, there is a $10,000 daily balance
requirement.
Q: How is interest calculated for your money market account?
A: Interest is compounded and credited monthly.
Q: How often can I write checks from the money market account?
A: You can write up to three checks per calendar month from
the Premier Money Market Account. Federal Regulation D prohibits
you and any joint owner from making more than six (6) transfers
or withdrawals each month, from your Premier Money Market Account,
by the following means: Pre-authorized or automatic transfer/withdrawal,
telephone transfer, Touch Tone Teller transfer, or EECU On-Line
transfer.
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Q: What is “Regulation D?
A: Federal Regulation “D limits the number of selected savings
transactions people can make during a one-month period. This
regulation is not EECU-specific. All banking consumers, regardless
of where their account is located, must abide by this regulation.
Q: What are the specifics of Regulation D?
A: Federal Regulation D prohibits you and any joint owner
from making more than six (6) transfers or withdrawals each
month, from your Regular Savings Account, Special Savings Account,
or Premier Money Market Account, by the following means: Pre-authorized
or automatic (ACH or overdraft protection) transfer/withdrawal,
telephone transfer, Touch Tone Teller transfer, or EECU On-Line
transfer, to another deposit account (including checking).
Q: What happens if I make more than 6 Regulation D transfers
during a calendar month?
A: If your transactions exceed six per month (as outline
above), Regulation D requires us to terminate access devices
on your account. (This means you will be unable to conduct
savings transfers on your account via pre-authorized or automatic
transfer/withdrawal, telephone transfer, Touch Tone Teller Transfer,
or EECU On-Line transfer, until the next calendar month.) After
the limit of six Regulation D classified transactions per month
are reached, additional Regulation D transfers from your account
will not be completed.
Q: Are there any Regulation D classified transactions that
are not limited to six during a calendar month?
A: Yes. You can make unlimited Regulation D classified
transactions from your Regular Savings or Special Savings Account
by any of the following means: transfers to any EECU Loan account,
transfers or withdrawals made in person at an EECU Branch, or
transfers or withdrawals made at an ATM.
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Q: I understand EECU awards college scholarships. Can you
tell me more about them?
A: Click
here for more information about EECU scholarships.
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Q: What is the Secret Savers Club?
A: EECU’s Secret Savers Club is a membership club for children
age 10 and under. The club helps teach kids the importance
of saving money as well as provides fun social events and other
club benefits.
Q: How do I sign up my child for Secret Savers Club membership?
A: If you are already an EECU member, your child is automatically
eligible to join EECU’s Secret Savers Club. All you have to
do is complete an EECU
Secret Savers Account Card and establish a $5 General Share
for your child. Simply print the Account Card, complete it
and return it, along with a $5 check for the General Share to:
EECU, Secret Savers Club, P.O. Box 4433, Bridgeton, MO 63044.
Or, you can bring the completed Account Card and $5 check to
any EECU Branch.
Q: What are the benefits of the Secret Savers Club?
A: Click
here for more information about the Secret Savers Club.
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Q: What is EECU’s lender code?
A: 826986-50
Q: How much can I borrow?
A: The dollar amount you may borrow is determined by the
school you plan to attend and by government guidelines.
Q: Where do I mail my completed promissory note?
A: Mail it to your school’s financial aid office.
Q: What happens if I don’t go back to school or have difficulty
during repayment?
A: Contact the holder of your loan. There are several deferments
available.
Q: Are the funds sent to the student or school?
A: Guidelines require the funds go to the school.
Q: Must I be an EECU member to have a student loan?
A: No.
Q: Can I use different lenders?
A: You may use any lender that participates in the Federal
Family Education Loan Program (FFELP) unless you attend a Direct
Lending school. If this is the case, your lender is the government.
If you attend a FFELP school, it is your choice which lender
you use, not the school's choice.
Q: What is the interest rate and terms?
A: Both are determined by the U.S. Department of Education.
The rate is variable and changes annually on July 1st.
Q: Does EECU keep the loans or sell them?
A: As is standard in the industry, Stafford and PLUS loans
are sold when they enter their repayment period.
Q: Can I refinance my current student loan held by another
lender to EECU?
A: No. EECU does not purchase student loans. We only originate
the loans. However, you many pay off the student loan with another
EECU loan or contact our student loan servicer, Mohela, to refinance
the loan.
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Q: How do I report a lost or stolen EECU VISA Check Card?
A: First, call our 24-hour member service hotline at (800)
449-7728. Then, call EECU at (314) 298-0055 or (800) 522-6009.
Q: I’m interested in getting a VISA Check Card, but I’m
hesitant because I’ve heard if I lose my VISA Check Card, or
if it’s stolen, I will be responsible for all charges and that
my checking account balance could be drained entirely. Is this
true?
A: No. As long as you report your lost or stolen VISA Check
Card within 48 hours, you are only responsible for the first
$50. Since our Check Card is through VISA, the same loss rules
apply as a VISA Credit Card. However, it is important that
you immediately report your lost or stolen VISA Check Card so
you aren’t responsible for more than $50. Failure to report
a card loss or theft in a timely manner could result in a higher
dollar responsibility for you.
Q: How can I obtain an EECU VISA Check Card?
A: You can obtain the application by clicking
here. Simply print the form, complete it, and mail to:
EECU, P.O. Box 4433, Bridgeton, MO 63044. Or you can bring
the completed application to any EECU Branch.
Q: Can I get cash with my VISA Check Card?
A: Yes! You can use your VISA Check Card at ATMs worldwide
to get cash. You will receive a PIN in a separate mailing within
days of receiving your card. You can also get cash back at
many merchants and stores by using the card as a point-of-sale
transaction (by entering your PIN at the point-of-sale machine).
Q: How can I pay for purchases with my VISA Check Card?
A: You can pay for goods and services anywhere VISA is accepted.
Simply present your card to the cashier and they’ll run the
transaction for you. Depending on the store or merchant, they
may ask you “debit or credit. If they ask you this question,
say “credit and once the transaction is run, you’ll sign a receipt
just like you would with a credit card. Except the dollar amount
is deducted from your EECU Checking Account.
Q: I tried to use my card to pay for groceries, but the
store said the card wouldn’t work because the network was down.
How else could I have paid for my groceries instead of writing
a check?
A: If you usually pay for items using your VISA Check Card
as a point-of-sale transaction (by entering your PIN), you should
try the quicker and easier way to pay with the VISA Check Card:
by signing a receipt. Here’s how: Next time you’re at the
grocery store, gas station or any other place VISA is accepted,
if the cashier asks you “debit or credit? when you present your
card, say “credit. The cashier will run your transaction through
the VISA system (rather than the point-of-sale system), which
is a separate network. The transaction will still debit your
checking account the exact same way as the other method, except
you sign a receipt instead of entering a PIN.
On a related note: merchants such as grocery stores and large
discount chains are known to practically “force customers who
use Check Cards to use the PIN-based (point-of-sale) system.
The reason? Because PIN-based transactions MAKE the merchant
money. However, PIN-based transactions COST EECU money. So,
whenever you’re asked “debit or credit the next time you use
your EECU VISA Check Card, say “credit. The transaction is
the same to you since the purchase is deducted from your EECU
Checking Account (except you sign a receipt instead of entering
your PIN), plus you can help save the credit union money on
the transaction.
Q: What does the EECU VISA Check Card cost?
A: The EECU VISA Check Card is FREE!
Q: I’ve forgotten my VISA Check Card PIN. Can I get a new
PIN?
A: Yes. Just bring your card to any EECU Branch. We can
re-PIN your EECU VISA Check Card for free.
Q: Can I access my Regular Savings Account with the VISA
Check Card?
A: Yes.
Q: I’ve thought about getting a VISA Check Card, but I’m
concerned about not keeping track of all the receipts. Is there
any easy way to keep track of my transactions?
A: Yes. Every transaction you make with the EECU VISA Check
Card is itemized on your monthly statement. Plus, if you want
to view your transactions in a more timely manner, simply use
our EECU On-Line, the credit union’s free Internet Banking service,
to view your transactions. You can view up to six months’ worth
of information through this service.
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Q: How do I report a lost or stolen EECU VISA Credit Card?
A: First, call our 24-hour member service hotline at (800)
449-7728. Then, call EECU at (314) 298-0055 or (800) 522-6009.
Q: I’m interested in getting a VISA Credit Card, but I’m
hesitant because I’ve heard if I lose my VISA Credit Card, or
if it’s stolen, I will be responsible for all charges. Is this
true?
A: No. As long as you report your lost or stolen VISA Credit
Card within 48 hours, you are only responsible for the first
$50. However, it is important that you immediately report your
lost or stolen VISA Credit Card so you aren’t responsible for
more than $50. Failure to report a card loss or theft in a
timely manner could result in a higher dollar responsibility
for you.
Q: How can I obtain an EECU VISA Credit Card?
A: You can apply online by clicking
here. Or you can apply at any EECU Branch. Or, call (314)
298-0055 or (800) 522-6009 to start the application process.
Q: Can I get cash with my VISA Credit Card?
A: Yes! You can use your VISA Credit Card at ATMs worldwide
to get cash. You will receive a PIN in a separate mailing within
days of receiving your card. Keep in mind any cash advances
you make with your EECU VISA Credit Card will begin accruing
finance charges immediately.
Q: Does EECU offer convenience checks with their credit
cards?
A: Yes. We offer free VISA Convenience Checks, which are
perfect for consolidating other higher-rate debt to your EECU
VISA credit card. To order these checks, simply call (314)
298-0055 or (800) 522-6009.
Q: I’ve forgotten my VISA Credit Card PIN. Can I get a
new PIN?
A: Yes. Just bring your card to any EECU Branch. We can
re-PIN your EECU VISA Credit Card for free.
Q: What should I do if there is an error on my EECU VISA
Credit Card statement?
A: Please describe in writing why you believe there is an
error on your statement. Please provide as much detail as possible.
Send the letter to address indicated on your statement under
Questions. You will receive a response within 10 business days
informing you either how the error was corrected, or that EECU
is still researching the disputed transaction, or why the disputed
transaction is correct. For more information, please refer
to the reverse side of your statement under the In case of errors
or inquiries about your bill section.
Q: How can I get my credit limit increased?
A: Simply call EECU at (314) 298-0055 or (800) 522-6009
and ask to speak with a loan representative. They’ll ask you
a few questions and give you answer to your request quickly.
Q: Can I view my EECU VISA Credit Card balance and history
by using EECU On-Line?
A: Not at this time. However, we are looking at offering
this service in the near future.
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