What is an interchange fee?
An interchange fee is a fee paid by merchants in order for them to be able to accept credit and debit cards. This fee helps the card issuers cover expenses associated with offering these cards.
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How does CFCU use the interchange fee it receives?
We use our share of the interchange fee to cover our costs, to keep your rates low, and to cover costs incurred from fraudulent activity.
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Who benefits from card programs?
Members benefit with increased buying power, convenience and security. Merchants benefit from guaranteed and immediate payment. Merchants also save money on reduced overhead costs from fraud related activity.
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What does the new legislation have to do with the interchange fee?
Merchants have been lobbying to have the interchange fee reduced on debit and credit cards in order to increase their own profits. Interchange income is a small percentage of purchases that retailers pay for the convenience of accepting cards as a form of payment. The income goes to Visa and MasterCard for creating and maintaining the networks and to credit unions and banks for issuing the cards. Retailers want the benefit and convenience of the network -- where they obtain their payments immediately with little risk -- without having to pay to use it.
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Does the Senate interchange amendment help consumers?
No. The interchange provision will increase costs and reduce choice for consumers. Nothing in the provision guarantees that consumers will see any savings, in fact, these changes will likely cost the consumers more money. Nothing in the provision will actually protect the small card issuer to run a viable card program. Consumers would lose if this provision becomes law. The merchant-supported interchange provision is intended to disrupt the card payment system in favor of merchants, to reduce their financial obligation for participating in the system and for the benefit received from accepting debit and credit cards. Merchants are shifting their costs to the consumer.
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How will this legislation affect CFCUs card programs?
The consequences of this provision would make it extremely difficult for credit unions to continue to provide valuable and responsible credit and debit card services and would further the consolidation of market share into the hands of the largest financial institutions. Small issuers, like CFCU, would have to charge fees for debit transactions or for checking accounts, and as a result, likely be at a competitive disadvantage to the big bank down the street.
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How do I sign up for Online Branch?
First you must complete an authorization form which can be found on our Web site under the forms button on the left side of the home page. You may also complete the form in person at one of our offices or we can mail or fax one to you. The completed form must contain your original signature - no copies or faxes will be accepted.
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I have signed up for Online Branch. What do I do now?
The first time you logon you will need to enter your account number and password. The initial password will be the last four digits of the primary account holder's social security number. At this time you will be prompted to change your password to a strong password (an explanation is included with the prompt). You will now have access to your accounts.
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What all can I do on Online Branch and why should I sign up to use it?
Using Online Branch will add convenience to your life and it will save you time. It will also allow you to track transactions in your accounts on a daily basis rather than waiting until month end to receive your statements. Online Branch will let you view your balances and track your history. You can also transfer funds between your accounts and make your loan payments online. You can request a check to be mailed to you and viewing your cancelled checks is easily done with the click of your mouse. You have the option to receive your statements electronically and download them to a disk for long term use. Online Branch contains calculators for loan payments or interest to shares. It even provides a calculator to balance your checking account. Online Branch is compatible with some money management software programs.
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How much will it cost me to use Online Branch?
Online Branch is provided as a FREE service to Cornerstone FCU members.
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Are the balances shown on Online Branch current?
Most likely. Online Branch updates every 5 to 15 minutes. The bottom of the screen displays the current time that Online Branch was updated. Because the credit union is live with the ATM network, you will always know what your current balance is.
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I seem to have forgotten my password for Online branch. Can I call the credit union to get it?
The credit union does not have access to your password. What we will do is reset it for you and it will revert back to the last four digits of the primary account holder's social security number. As before you will be prompted to change it to a strong password.
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I'm not sure what it means when Online Branch asks for my User ID. Can you help me?
Your User ID is your member number, also known as your account number.
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How can I view a copy of a check that has cleared my account when using Online Branch?
Under account summary, click on share draft account. The history will show the check numbers that have cleared. Simply click on the number of the check you wish to view.
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I understand that some money management software programs are compatible with Online Branch. What are they?
The compatible programs are:
Quicken QIF
Money OFC
Money OFX
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How much account history is stored on Online Branch?
You will be able to view three months worth of account history on Online Branch. However, twelve months of history is available if you have signed up for E-statements.
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I want to download my checking account statement into my Money/Quicken program. Why do I keep getting an error message?
E-statements are .pdf files and you are unable to download a .pdf file into money management software programs. However, you can still download your account history into these management files by clicking on the appropriate software link at the bottom of the page.
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Could I receive my monthly account statements online rather than having them mailed to me?
Yes. If you are an Online Branch user, simply click on the E-Statements button located at the top of the page after you sign on. You will receive a brief disclosure stating that by accepting it you will no longer receive your statements via the postal service. It's that simple and it's FREE. Once you accept, you will begin receiving your statement electronically with the next statement cycle.
If you are not an Online Branch user, you must sign up for this FREE service in order to get E-Statements. Sign up today.
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Will I be able to transfer funds from my primary account to my sub accounts? Also, can I transfer money into my children's or grandchildren's accounts?
Yes, transferring between different account numbers is possible. The authorization form will allow you to list those accounts in which you wish to transfer funds.
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I've signed up for E-statements. When will they be available for me to save to a disk for permanent record keeping?
Your electronic statements will be available on the first or second business day of each month and the last twelve months will be accessible.
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FAQ
