CREDIT UNION FAQS
IS BVSCU ONLY FOR SCHOOLS?
Our services are not always exclusive to those associated with schools. In fact, BVSCU’s membership is open to many counties, cities and organizations. To see if you’re eligible, visit our membership eligibility page.
WHAT IS REGULATION D, AND HOW DOES IT AFFECT ME?
Regulation D is a Federal Reserve regulation that restricts the allowed number of certain types of savings account transfers to six per month — these transfers are generally from savings to checking accounts. Transfers that are affected by this regulation include:
- When a member telephones one of our offices to request a transfer of funds within the same member number or between two members or member numbers
- When a member uses Audio Response Unit to transfer funds within the same member number or between two members or member numbers
- When a member uses Online Access to transfer funds within the same member number or between two members or member numbers
- When a member has a preauthorized Automatic Clearing House (ACH) withdrawal
- When overdraft protection automatically transfers funds
Once the maximum amounts of transfers have been reached, Regulation D will not permit any additional automatic, telephone or online transfers for the remainder of the month. Subsequent transfer requests will be denied and automatic overdraft protection will be suspended. Checks that cannot be paid will be processed manually, incurring a $20 fee.
The best solution is to always keep sufficient funds in your checking account to cover outstanding items. Another solution is to make transfer requests in person or authorize overdraft protection from your approved line of credit loan — there are no limits imposed on either of these options.
WHAT IS THE ROUTING NUMBER?
A routing transit number (RTN) is a nine digit bank code which appears on the bottom of negotiable instruments, such as checks, identifying the financial institution on which it was drawn. This code was designed to facilitate the sorting, bundling and shipment of paper checks back to the drawer’s (check writer’s) account.
The RTN is also used by Federal Reserve Banks to process Fedwire funds transfers and by the Automated Clearing House to process direct deposits, bill payments and other automated transfers.
BVSCU’s routing number is 313085288.
HOW DO I CHANGE MY PASSWORD IN ONLINE ACCESS?
Members can change their online access password at the USER PROFILE tab under USER PREFERENCES. Your password must meet the following conditions: Minimum of eight characters and have upper case, lower case, special character, and number.
WHAT’S THE DIFFERENCE BETWEEN CREDIT UNIONS AND OTHER FINANCIAL INSTITUTIONS?
Credit unions are not-for-profit organizations that return account-interest profits in the form of dividends. Credit unions require certain eligibility criteria to be met.
HOW DO CREDIT UNIONS’ LOAN RATES COMPARE TO THOSE OF OTHER FINANCIAL INSTITUTIONS?
Loan rates are typically lower than rates at other financial institutions. Since credit unions are not-for-profit organizations, they use profits to offer competitive rates on loans and other account products.
HOW DO CREDIT UNIONS’ AND OTHER FINANCIAL INSTITUTIONS’ PRODUCTS COMPARE TO ONE ANOTHER?
Credit unions offer many of the same services, such as checking accounts, savings accounts and loan products. As mentioned above, credit unions are able to offer very competitive rates on those products, including fewer and lower fees.
HOW DO I KNOW IF A CHECKING OR SAVINGS ACCOUNT BETTER FITS MY NEEDS?
Checking accounts are ideal for daily use and transactions because you can withdraw money from your account as often as you’d like. You always have access to your money when you need it with checks, debit cards or electronic transfers and payments.
Holding true to its name, savings accounts are for saving money. While your access is more limited in this type of account, your money earns a better interest rate.
Take a look at our checking and savings accounts for more differences.
HOW CAN AN IRA ACCOUNT HELP WITH RETIREMENT PLANNING?
An IRA is one of the most popular retirement accounts. Money placed in IRAs can be invested into stocks, bonds or mutual funds. Those investments grow on a tax-deferred basis, so as the money grows over the years, you won’t be taxed on that growth until you withdraw it from the account. You’re allowed to withdraw money from both IRAs at age 59 ½, but you can withdraw money earlier for a 10% penalty fee plus taxes.
In the end, you want to choose the account that best fits your needs. To read more about IRAs specifically, visit our products page for more information.