IDB-IIC Federal Credit Union
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Frequently Asked Questions

General Questions

How do I open an account?

By contacting us, we will work with you to complete the proper forms that are needed depending upon the type of account that you wish to open. Please let us know if we can be of more assistance.

How does the Credit Union calculate dividends earned on share and share draft accounts?

The Credit Union computes dividends daily and pays them monthly. Under this method, you earn dividends on whatever amount is in your account each day.

What is your SWIFT code?

We do not have a SWIFT code or any other international identifying code because we are a credit union and not a bank; all wires originating at foreign banks will need to be sent to the Credit Union through the originating bank’s correspondent bank in the U.S. or the Federal Reserve Bank of Richmond.


What is your ABA Routing Number?

Our ABA Routing Number (needed for ACH, Direct Deposit, wire transfers and other electronic transactions) is 254074183.


Online Bill Payment and Presentment

When can I start using Bill Payment?

After enrolling for Bill Payment, you will first receive an Approval e-mail. Once your account has been enabled, you will receive a Welcome e-mail indicating that you may begin using Bill Payment.

When is Bill Payment available?

You may schedule payments 24 hours a day, seven days a week.

How are Bill Payment transactions reflected on my checking account?

All Bill Payment transactions are reflected as an ACH debit on the account statement.

Can I use Bill Payment from outside the U.S.?

You may pay bills from outside the U.S. if you are using a compatible browser. Payments may only be debited from U.S. bank accounts and may only be made to payees inside the U.S.


Can I pay bills to payees outside the U.S.?

No. Payments cannot be made to Payees outside the U.S.

What do payees actually receive?

Electronic payees receive payment information in an electronic format that credits their account. Non-electronic merchants or individual payees receive a laser-printed paper check sent through the U.S. Postal Service.

Who can be paid using the Bill Payment Service?

Anyone in the fifty United States and territories who can accept a check, with the exception of tax payments (such as federal, state and local), court-directed payments (such as alimony and child support) and any other government related payments.

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Loans

How does the Credit Union set its loan rates?

Loan interest rates are set in accordance with policies established by the Board of Directors. We consider a number of factors, including the cost of funding the loan, the security offered, the repayment term and the general level of market rates. Since loan interest rates may fluctuate based upon market conditions, we do not guarantee the rate until the loan is approved. We plan to add a “lock-in” feature for interest rates on real estate loans by the end of this year.

How does the Credit Union use the interest paid by members on their loans?

Earnings from loans are used to pay for services or dividends to members. We constantly monitor our expenses in order to operate as efficiently as possible and offer you competitive rates on both loans and deposits.

How does the Credit Union calculate the interest on loans?

The Credit Union uses the simple interest or unpaid balance method for all but our mortgage loans. Each time that you make a loan payment, the interest due is deducted from your payment and the remainder of your payment is applied to the principal. We charge interest based on the exact number of days between payments. You can verify this method using this calculator: Multiply the principal balance times the note rate (APR). Divide that number by 365 days to obtain the daily interest. Multiply that figure by the number of days since your last payment and that equals the total interest portion of your current payment. Example: $1000 (balance) X .129 (Note rate) = $129 divided by 365 (days in the year) = $.353 (daily interest). $353 X 28 (days since last payment) = $9.88 (total interest portion of current payment).

What is the process for interest rate lock-in?

NOTE: Interest rate Lock-in only applies to Mortgage Loans.

    • Documentation
      • Signed mortgage loan application for a specific loan program indicating loan amount.
      • Proof of gross income of borrower(s).
      • Proof of sufficient funds for down payment and closing costs, in case of purchase.
      • Credit Union will obtain credit report showing that all accounts are current (no collections, no liens, no bankruptcy).
      • Credit Union will prepare pre-qualification for type of loan requested.
      • Completed “Interest Rate Lock-in Form” signed by borrower(s).
    • Processing
      • Interview with Credit Union Loan Officer for pre-qualification.
      • Interview must be scheduled in advance.
      • In case of emergency, an interview may be scheduled after 5:30 P.M.
    • Conditions Of The Interest Rate Lock-In
      • Pre-qualification required.
      • Lock-in is valid for 90 days or up to 2 days before settlement, whichever occurs first.
      • Interest Rate Lock-in fee of 0.125% of loan amount is payable at time of application, non-refundable and non-transferable.
      • After expiration of the lock-in, the interest rate will be the prevailing rate (and points) in effect at that time before closing.
      • Member has a one-time option to reduce the interest rate prior to settlement or expiration of the lock-in, whichever occurs first.
      • Request for rate reduction must be made in writing.
      • Credit Union is not responsible for informing borrower(s) of interest rate decreases or increases.

 


Technical Requirements

What type of computer do I need to access the site?

Any type that can connect to the internet


Membership

How many accounts can I open?

Members may have various accounts for different purposes, such as savings for vacation or education, their house cleaner’s expenses and personal projects.

Can my friend who does not work at the IDB open an account at the Credit Union?

Your friend can open an account if you agree to be primary owner. This is called a Joint Account, with your friend as joint-owner. While he/she would not be considered a voting member (and therefore be ineligible for a loan), we still have a variety of convenient services with which to welcome your friend.


MasterMoney Debit Card

I will be traveling overseas. How do I know if can use my MasterMoney™ Debit Card in the cities that I will be visiting?

For purchases, look for the familiar MasterCard logo; it is accepted at over 15 million places from restaurants to stores to catalogs. If you want to withdraw cash from your Credit Union account, look for an ATM with the CIRRUS logo— the largest ATM network in the world. For specific ATM locations please use our online ATM locator.


Online Services

What online services does the CU offer?

There is a wide variety of self-service features available to you through Online Account Access.

  • Order personal checks
  • Check account balances
  • Transfer funds between related accounts
  • Monitor checks paid
  • Monitor all your accounts through Finance Works
  • View, print and review your monthly account statements
  • Print or review your account history
  • Get information on our products and services
  • Send information or requests to Credit Union staff
  • Request a change of address
  • Secure Forms and Applications
  • Secure Email Support

What do I need to enroll for Online Banking?

  • A Credit Union Account
  • Internet access
  • Internet browser
  • An e-mail address

Can I view my paper account statement online?

Yes. You can view your account statements online at www.idbcreditu.org. It is fast, convenient and much safer than traditional mail delivery. Even better, it is FREE! Online statements are secured and protected in the IDB-IIC Federal Credit Union’s Online Account Access system. These online statements are an electronic version of the paper statements that are sent in the mail. In addition to viewing them, you can download them, save them or print them at your convenience.

Can I stop delivery of my paper account statements?

Yes. Simply subscribe to our electronic version of account statements and we will stop mailing you the paper statements.

  • Log in to Online Account Access
  • Click on “Account Access” then click on “Online Statements”
  • A list of your statements will appear
  • Click on the PDF icon next to the account statement you want to view

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National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.