Visa Debit Card Questions and Answers:
Who can become a member of Members Community Credit Union?
Membership is open to people living or working in Muscatine, Scott, Cedar, Johnson, and Louisa counties in Iowa, and Rock Island County in Illinois, as well as active and retired members of HNI Corporation, its subsidiaries, and their immediate family members.
What is the difference between a credit union and a bank?
A credit union is a financial organization for people with a common bond (like living in a certain location, or being employed by the same company).
Credit unions are not for profit financial organizations, while banks are for-profit corporations. Being not for profit allows credit unions to provide services at a lower cost. Surpluses are used to develop new products or improve existing products.
Upon joining a credit union, a member becomes an owner in the credit union. Being a customer of a bank does not necessarily mean that the individual becomes a stockholder in that bank.
A credit union’s Board of Directors is elected annually, with each member having an equal vote, regardless of the size of his or her accounts. In a credit union the Board of Directors is made up of volunteers, while a bank’s Board of Directors is usually paid for their services.
Is the money I put into a credit union insured?
Yes. The National Credit Union Administration (NCUA) federally insures your deposited funds to at least $250,000. The NCUA is an agency of the Federal Government.
However, if your accounts have different ownership interests (for example, some accounts in your name and some in your spouse's name) you may be able to obtain additional insurance. For more information visit
(please note that when you click this link, you are leaving Members Community Credit Union's website and that we do not have control over any of the content listed in this site) www.ncua.gov.
Are Credit Unions Taxed?
Iowa Credit Unions do pay taxes, including sales, property and employer-related taxes, as well as a moneys and credits tax, based on credit union reserves. However, credit unions are not for profit organizations so they are taxed differently than banks.
What is my routing number?
The routing number identifies Members Community Credit Union within the Federal Reserve System automated clearing house and to other financial institutions. Your routing number is 273975629. The routing number can be found on the bottom of your checks. It is the first set of numbers before the series of numbers that contains your account number.
What ATM Machines are surcharge-free for Members Community Credit Union?
Members Community Credit Union is part of the SHAZAM Privileged Status Network. This program was created to help community financial institutions, like us, provide our members with a broad base of surcharge-free ATM machines.
Members of participating Privileged Status financial institutions can use the ATMs of other participating institutions without paying surcharge fees. The pink privileged status symbol will appear on ATM Machines that are surcharge-free to Members Community Credit Union members. To find a surcharge-free ATM near you go to our
(please note that when you click this link, you are leaving Members Community Credit Union's website and that we do not have control over any of the content listed in this site) Privileged Status ATM Locator.
When is Dealer Financing the best option?
You’ve seen the ads. “0 percent financing,” or “2.9 percent financing.” Though the automobile manufacturers' rates seem great, consider carefully before you make your financing decision. These low rates are often only available to those with the best credit records and many times these low rates are only for short terms, up to 36 months or less, which can increase your car payment.
Also, consider the total cost of the loan. Will you be charged an application fee? Is there a pre-payment penalty? Would you be required to pay off more of the interest earlier in the loan (front loaded interest)? Sometimes the best option is Dealer Financing. But sometimes your best deal can come from taking the dealer rebate and financing directly with Members Community Credit Union. Get all the information before you sign on the dotted line.
What is “Check 21”?
The Check Clearing for the 21st Century Act or “Check 21” was passed by Congress in October of 2003, and took effect October 28, 2004. This legislation assists in faster collection and return of checks, and eliminates the risk of physical transportation of checks by allowing institutions to use image technology to process checks.
What does “Check 21” mean to me?
Credit unions have been removing paper checks from the collection or return process for a number of years. “Check 21” simply means that financial institutions may choose to use electronic images of checks instead of the check itself. Printed images that are generated from these electronic checks are called “substitute checks” and will now be considered the legal equivalent of the actual check.
A substitute check is an exact replica of your original check with some added verbiage and processing numbers. If you are in the habit of writing checks knowing that the money will be in your account within the “next couple of days,” you need to know that check processing will now take a number of hours, not days. The checks you write may be affected so you may need to change your check writing habits if you want to avoid having your checks returned.
What are the biggest changes that I will notice due to "Check 21"?
• Float time will be reduced
• Stop payment time will be reduced because of reduced float time
• All checks can be converted to paper
• You cannot opt out of "Check 21"
If you have any additional questions about “Check 21”, please contact Members Community Credit Union during normal business hours.
Why are we changing from MasterCard debit card to Visa debit card?
To better serve the membership the credit union needed to move to a debit card product that would consider your current available balance when granting an authorization whether it is debit, ATM, or Point-of-Sale. In order to do this, it was required that new cards get issued.
What does Real Time mean?
Your Visa debit card transactions will be reflected in your available balance immediately after you complete a purchase. Delays do apply depending upon the merchant's level of technology.
Your deposits may also be reflected in your available balance immediately. ATM deposit holds and other holds may apply.
Will my PIN number change?
You PIN will remain the same as it is with your MasterCard debit card.
When will I receive my new card?
You will receive you new card in the mail by May 13, 2011.
How do I activate my new card?
When you receive your new Visa debit card in the mail, you can activate it by calling the Activation #866-590-4793. Once you have activated your card, simply sign your name on the back and start using it.
When is the last day I can use my MasterCard debit card?
Your last day to use your current MasterCard debit card is May 23, 2011.
Will my card information be the same?
The account number and expiration date on the new Visa debit card will be different, so, you will need to update your account information for any recurring payments on your card such as gym memberships, bill payments and subscriptions. Please contact each of these merchants to assure that your payments continue to be processed accurately and in a timely manner.
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