Frequently Asked Questions
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Are savings deposits insured?
Yes. All savings accounts are insured up to $100,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group.
Do you have a notary public?
Yes! Notary Publics are a free service we provide our members.
What is the difference between my balance and my available balance?
All of our members maintain a share in the credit union of $5. This stays in your savings throughout the life of your account. The balance represents the total amount in your account. The available balance is the actual amount that you may withdraw from your account. The available balance may be less if funds are being held due to automatic loan payment transfers, check holds or outstanding transactions.
How do I change my address at the credit union?
You can make the change by signing an Address Change Form. You may either sign in person or request a form be mailed to you. Your address will be changed upon receipt of the signed form.
Digital Banking FAQ
How do I view my account balances?
Select Accounts from the main menu to view balances, recent transactions, and account details.
Why is my available balance different from my current balance?
Your available balance reflects pending transactions, debit card authorizations, deposits on hold, and other account activity that may not yet appear in your current balance.
Can I rename my accounts?
Yes. You can customize account nicknames within Digital Banking to make them easier to identify.
Transfers
How do I transfer money between my River Valley accounts?
Select Transfers, choose the accounts, enter the amount, and submit your transfer.
Can I transfer money to another financial institution?
Yes. External accounts can be linked and verified for transfers.
Debit Cards
How do I lock or unlock my debit card?
Open Cards select your debit card, and choose Card is ON or OFF.
My card is missing. What should I do?
Immediately lock your card within Digital Banking. If you believe your card has been lost or stolen, contact River Valley Community FCU as soon as possible.
Credit Score
Where can I find my credit score?
Select Show my Score from the Dashboard.
Will checking my credit score affect my credit?
No. Viewing your credit score uses a soft inquiry and does not impact your credit score.
Why is my credit score different from another website?
Different lenders and websites use different scoring models. The score shown in Digital Banking is intended to help you monitor your overall credit health.
Bill Pay
How do I pay a bill using Bill Pay?
Select Bill Pay and Connect, choose or add a payee, enter the amount and payment date, then submit your payment.
Can I schedule recurring payments?
Yes. Bill Pay allows you to schedule both one-time and recurring payments.
Alerts
Can I receive account alerts?
Yes. You can customize alerts for:
Security
Is my information secure?
Yes. River Valley Community FCU uses multiple layers of security including encryption, multifactor authentication, and continuous fraud monitoring.
Can I use Face ID or Fingerprint login?
Yes. If your device supports biometric authentication, you can enable it within your login settings.
eStatements
Can I download my statements?
Yes. Statements can be viewed, downloaded, and saved as PDF files. Within the individual accounts.
Loans
Can I apply for a loan?
Yes. Select Apply for Loan to complete a loan application directly within Digital Banking.
Can I make my loan payment through Digital Banking?
Yes. Eligible River Valley Community FCU loans can be paid directly through the app.
Financial Wellness
What is the Credit Score feature?
The Credit Score feature helps you monitor your credit health, understand the factors affecting your score, receive personalized recommendations, and identify opportunities to save money.
Can Digital Banking help me save money?
Yes. Based on your credit profile, you may receive personalized offers and recommendations that could help lower payments or improve your financial health.
Support
How do I contact River Valley Community FCU?
Call us at 870-836-4400, visit one of our branch locations, or send us a secure message through Digital Banking.
