Topic: General Credit Union Questions
Q: What is the difference between a bank and a credit union?
A: We are so glad you asked! This is one of our favorite topics. When it comes down to products and services, you will see very few differences between what a bank and what a credit union can offer you. We both have a variety of savings and loan products, offer home and mobile banking, and can assist with notary and financial planning services. Where a credit union sets itself apart is in our service. We are a member-owned, not-for-profit, democratically run, financial institution. Each person on our Board of Directors is a member themselves, so they truly care about the policies and procedures we put in place. YOU the member are an owner! We might be biased but…we have to go on record saying that Energy Plus Credit Union has the best members in Indiana and maybe, the whole USA!
Q: You said you are a not-for-profit, does that mean that you don’t make any money?
A: NO! Like most companies you work with, we like making money. And we can’t survive on smiles. What we mean is that profits, that in a for profit business would be returned to shareholders who may or may not be customers of said business, are returned to the members through lower loan rates, higher savings rates, and lower fees in comparison to our peers.
Q: You said before that you would have higher savings rates, so how come your rates on savings accounts and Certificates are so low?
A: Fair point, we weren’t sure that you were paying attention up until now. Ok here’s the deal. We strive to keep our savings rates higher than the local banks and at least on par if not higher than even our credit union peers. Savings rates are directly correlated to loan rates. Our loan rates are also extremely low in the current market. We evaluate the market with our Board of Directors on a monthly basis and we are committed to honoring our savers with the best rates possible based on our financials and the economy.
Q: What is my routing number?
Q: Is my checking account number the same as my savings account number?
A: Almost. Your savings account number is the number you were given when you opened the account. Your checking account number will have an extra digit on the end called the check digit. This tells our system to send the money to checking instead of savings. If you ordered checks, your checking account number is listed at the bottom next to the routing number.
Q: What does “Account Type” mean? I see it when I try to transfer money to another member’s account.
A: Ok we admit, this is a bit confusing. When our system was first created each account type was given a number. We won’t bore you with the details but here is a listing of the different account types.
- 01 = Savings
- 75 = Checking
- 81 = Money Market
- 02 = Kid’s Club
Q: I have moved, how can I update my address?
A: Congratulations! The easiest way to update your address is to log into EPCU home banking or the mobile app and send a secure message. You can also stop by any of our 3 branch locations - View Branch Info - and sign an address change form. If you are unable to get online and unable to make it to a branch, give us a call and we can send you the form in the mail.
Q: Do I have to come into EPCU to deposit a check?
A: Wow, it kinda sounds like you don’t want to see us. No, no, we aren’t offended. Just saying. You can deposit a check without ever leaving your couch. Our mobile app has a mobile deposit feature that will allow you to take a picture of the check and have it deposited to your account.
Q: What is Shared Branching?
A: It’s ONLY the coolest thing ever that credit unions do. As part of our cooperative nature, credit unions decided to allow our members to visit other credit unions. EPCU is part of Shared Branching. So that means that our members can go to other CU’s and conduct transactions just like they are at EPCU. To find a complete list of CU’s that participate, visit our home page and follow the link to Shared Branching.
Q: So you said that I can go to any credit union. I went to Indiana Members the other day and I could not do a shared branching transaction there. What gives?
A: Not all credit unions participate in Shared Branching (see info on how to find CU’s above). BUT! There is a silver lining. EPCU members can still use the ATM’s at Indiana Members with no fee. In fact, there are a lot of ATM’s at CU’s that EPCU members can use for free. For a complete list, head to our home page and click on the Alliance One or Co-op ATM links!
Topic: Loan Questions
Q: Hey how about you give me a loan for zero percent?
A: Nice try, not gonna happen. We do not offer zero percent loans. And to tell you the truth, no one does. Even when the dealership says “zero percent loan”, what they aren’t telling you is that you could get the price of the whole car lowered, if you got a loan somewhere else and showed up with a check. Car dealerships actually make very little money off of each car that is sold. They make most of their money when you finance with them. So if they are financing you at zero percent it’s because they have built the cost of the loan into the price of the car. Don’t believe me? Get pre-approved with us, pick out a car, and tell the dealer you have cash. Offer to walk away and watch the price drop.
Q: But your website said you offer zero percent loans?
A: Again, we applaud your effort. We write the website so we can assure you that it did NOT say that we offer zero percent loans.
Q: The girl I talked to last week assured me that I could have a zero percent loan.
A: Please don’t try this one. We have a staff of 15. We all know each other quite well and we go over loan rates on a regular basis. Our staff are well versed in the idea of a zero percent loan.
Q: Last time I got a loan my rate was lower. Why is it higher now?
A: Loan rates are subject to change at any time. Just like with the savings rates, we base our rates off of the current rate environment and our overall risk. As rates go up in the economy on both savings and loans, we like to raise our savings rates. In order to do so, we have to raise our loan rates in tandem.
Topic: IT & Online Banking Questions
Q: What is my login ID for home banking?
A: Log in ID aka User ID is your member number. Your member number may also be known as your account number. Depending on how long you have had your account it is a 4 to 8-digit number.
Q: Speaking of login ID, how do I set up my home banking?
A: At the top of the page click “online banking log in”. That will take you to the login page. Under New Members, select “click here to enroll”. This will walk you through the steps to set up your online account.
Q: It says that I already set up my account, but I cannot remember my password, what should I do?
A: At the top of the page click “online banking log in”. That will take you to the login page. Under Existing Members, enter your member number. On the next screen select “Forgot Password”. A link will be sent to the email address you have on file to reset your password.
Q: I no longer have access to the email address that you have on file, what can I do to change it?
A: We will need something with your signature authorizing us to change your email address. We can send you a form in the mail or you can stop by one of our branches. If you know that you will be changing emails you can let us know ahead of time by sending us the new information through your old email address. Unfortunately, to protect your account we cannot change your email address over the phone.
Q: I know my password, but the computer keeps asking me my security questions and I do not know the answers, what should I do?
A: The computer will ask you the security questions every time you are on a different device from your previous log in, this includes if you switch between your mobile app and your computer. We can reset your security questions if you give us a call at 317-261-8521.
Q: Can I transfer money to another FI?
A: Sure, but why would you want to when we are so awesome? Just kidding, we get it. To transfer funds to yourself at another FI, log into home banking and go to Bill Pay. You will set the other bank or credit union up with yourself as the payee. Viola! There is another way to transfer money if the 24-hour bill pay delay won’t work for you. If the other FI is a credit union that participates in Shared Branching you can visit the participating location and ask them to transfer funds for you. If the FI is not a credit union that is part of Shared Branching or not a credit union at all, we can send the funds with a wire. There is a fee for a wire of $25.00 and you have to visit EPCU in person to sign for it. So, we reiterate, Bill Pay is the way to go.
Q: Where can I find Bill Pay?
A: Bill Pay is a part of EPCU home banking. If you log into your home banking account, you will click on the Bill Pay tab and set up your payees. Some payees, such as local utilities, will allow you to set up automatic billing. Your utility bill will appear in your home banking and you can pay it manually or set it up on auto pay. Bill Pay is also integrated into our mobile app so you can pay your bills on the go!
Q. How do I order checks?
A: Give us a call or shoot us a message on home banking and let us know that you need more checks. It’s that easy!
Q: How did you come up with the idea for this FAQ page?
A: Another excellent question. Our CEO was taking a trip to Oneida Lake in upstate NY. Her husband, as an avid fisherman, wanted to rent a boat on the lake during the week. When she looked up “Oneida Lake boat rental” and was taken to http://www.boatoneida.com/. Upon reviewing their page she came across a hilarious list of FAQ’s and thought it would be fun to work some tongue in cheek responses into our new website. Since you read this far, you have won a prize! Contact EPCU at 317-261-8521 to claim your $50 gift card for being the first person to read through our FAQ’s and call us!*
Topic: Debit & Credit Card Questions
Q: Why do I get text messages when I use my debit card asking if the purchase is mine?
A: Our debit card system is very smart. It learns your patterns and behaviors to create a fraud score for each individual member. If you swipe your card for a transaction that is outside of your normal pattern your fraud score will increase and once it hits a given threshold, the system will reach out to make sure that you are the one in possession of your card.
Q: Do I have to call every time I am traveling?
A: No! Not that we don’t want to hear from you but... well we have this really cool new app called SecureLock Equip. It is available for iPhone or android.
Q: Why do I have to use my PIN at certain locations? I want to use my card like a credit card.
A: Each merchant can determine the methods with which they will allow you to pay. Some locations push you to the PIN transaction because they receive a higher portion of the interchange income. We do not get to stipulate which way a merchant accepts our cards. If you have questions, it is best to call the place where you will be using your card.
Q: How can I see transactions on my CC?
A: Members hated having to go two separate places to view credit card info. And we HATE it when members hate something we are doing. So, we integrated the credit card information into our home banking. Now when you log into home banking, you can click on the credit card tab to view your transactions, make payments, dispute fraudulent transactions, print statements and so much more!
Q: Ok so I found my credit card info on the home banking site, but why can’t I see it on the mobile app?
A: Full disclosure, adding the credit cards into home banking was not easy. Adding it into the mobile app as well will be difficult and cost a lot of money (see not for profit question above). We are working with our core processor to get the price of integration down, and we will continue to revisit this request at least annually until we can make it happen.
Fraud Related Questions
Q: I have a transaction on my account that I don’t recognize, what should I do?
A: Call us ASAP. We can help you sort out the transaction, close your card to eliminate further fraud, and file a dispute if necessary. If you discover the transaction after business hours call the fraud hotline at 1-800-369-4887. You can also freeze your debit card in the mobile app or the SecureLOCK Equip App.
Q: You keep talking about SecureLOCK Equip, what is it?
A: This is a really cool app that allows you to control your debit card. You can set purchase limits, turn off merchant types, and monitor activity for dependents on your account.
Q: So, I called and reported a suspicious transaction but then I found out it was actually my husband who did it, what happens now?
A: Off with his head! Just kidding! When fraud is reported on a debit card, we close it immediately to prevent further risk to you and to the CU. Unfortunately, we cannot re-open closed cards. But we can check on your new card and if you need it faster than 7-10 business day, we can instant issue you a card at our main branch location.
Q: There is a transaction on my account for something that I bought, and I don’t like it. Can I dispute that?
A: Ok so we don’t get that question exactly, but here’s the deal, if you really made the purchase, you are on the hook for it. If you paid for something and it did not get delivered or if your order was incorrect, we can still dispute that, but if you want to dispute it just because you regret the purchase, we can’t help with that.
Q: My (insert personal service company here—gym, magazine subscription, etc) keeps debiting my account even after I cancelled with them. What should I do?
A: These payments typically come through as ACH’s or Automated Clearing House items. We can do a stop pay for the item and return it on your behalf. There is a $30 fee per stopped payment. And keep in mind, this will not get you out of a contract. Although the payments may be stopped, if a valid contract is still in place, the company that you contracted with may pursue you for the money that you owe.
*Must be 18 years old and an EPCU member in good standing to qualify. Winnings will be deposited to your EPCU savings account as a dividend credit. EPCU staff, volunteers, vendors and their family members of staff are not eligible to win. Contest ends when the first person eligible to win, contacts EPCU and status is verified. Accepting deposit implies consent to contest rules. Winner agrees to have their name and a photo featured in an upcoming EPCU newsletter.