Got a question? We can help. Click the sections below for more information.
Checking
Online Banking
Mobile Banking
Visa
Borrowing
Business Banking
Expressline
Checking
Checking
Relationship Rewards
Overdraft Protection
Checking
Q: What types of checking accounts does SECU offer?
A: SECU offers four different checking accounts designed for different needs. Take a look at our checking page to learn more.
Q: What is SECU's routing number?
A: SECU's routing number is 255076753.
Q: Do I still get all the Relationship Rewards associated with the account I select even if I fall below the minimum balance?
A: Yes. You will be charged the monthly fee, but you are still entitled to all the Relationship Rewards benefits that account type offers.
You also qualify for fee waivers if you use our preferred services. Visit our checking page to learn more.
Q: If I want to change from one SECU Checking account type (e.g. change from Choice Interest Checking to Premier Interest Checking) to another, can I keep my existing checks, account number, and debit card?
A: Yes. You may request that your account be changed at any time. Simply call our Contact Center at 410-487-7328 or stop by any SECU branch to make your change. Your checks, account number, and debit card will not be changed or in any way be affected. Please note that the change will not take effect until your next statement.
Q: If I am the joint owner of the account, can I request that my account be converted from one Relationship Rewards level to another?
A: Yes, joint owners may request changes just like primary owners can. Call SECU’s Contact Center at 410-487-7328 or stop by any SECU branch to make your change.
Q: How do I sign up for Relationship Rewards?
A: Relationship Rewards is an automatic benefit. Select one of our four checking options and click the "Open an Account" button, call our Contact Center, or stop by any SECU branch.
Q: When will funds deposited into my checking account be available?
A: Direct Deposit of your paycheck is usually available immediately as are cash deposits made via branch or ATM. For check deposits, it depends on your method of deposit.
| Deposit Availability |
Check |
| ATM |
$500 immediate, remainder next business day |
| RDC |
$500 immediate, remainder in 2 business days |
| Branch |
Full amount |
Q: How much can I withdraw from my checking account?
A: The amount you can withdraw depends on your withdrawal channel. In no circumstances can you withdraw more than the available balance.
| Withdrawal Limits |
| ATM |
$500 or available balance, whichever is less |
| Branch |
Available balance |
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Relationship Rewards
Q: How does Relationship Rewards work?
A: You receive “no-fee” rewards by either using our preferred services or by maintaining a minimum balance combined in all qualified SECU accounts.
For information on the specific benefits for Relationship Rewards, take a look at our Checking Comparison Chart.
Q: What are qualified loan and deposit balances?
A: Almost all of your deposits and loans at SECU count toward your qualifying balance (including your SECU Visa Credit Card balance and your IRAs).
The only exceptions are:
- Hold Savings accounts (accounts set-up for special purposes like IRS garnishments or attachments)
- Savings accounts securing a Deposit Secured Visa Credit Card
- Loans that are secured by deposits
- Loans that have not been repaid according to their original terms and conditions
- Loans or Visa accounts that are 60+ days past due
- Loan balances that are held by members who are classified as bankrupt or charged-off
Q: How is my total deposit and loan balance calculated?
A: Your total balance equals the average statement cycle balance for each deposit account, plus your end-of-cycle balance for each CD and loan. If you have a line of credit or Visa Credit Card, it is your outstanding balance that counts, not the amount of your credit line.
Q: If I am a joint owner on an account or loan, do I get credit for those balances for Relationship Rewards?
A: Yes. The joint owner does get credit for those balances.
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Overdraft Protection
Q: What is an overdraft?
A: An overdraft is created when sufficient funds are not available in your Checking, Share Savings, or other deposit account to cover a check, withdrawal, automatic transfer, electronic transaction, returned deposited item or any other electronic purchase payment, or debit. See our Agreements and Disclosures booklet for more details on your checking account balance and overdrafts.
Q: What are the standard/default overdraft practices that come with my account?
A: We do pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- We do not authorize and pay overdrafts for ordinary debit card purchases unless you opt-in to Courtesy Pay. Our default process is that you are not opted in to Courtesy Pay. Courtesy Pay is a more expensive option that you must opt-in to in order for it to apply.
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
Q: What fees will I be charged if SECU pays my overdraft?
A: Under our standard overdraft practices:
- We will charge you an overdraft fee of $30 each time we pay an overdraft
- If you opt-in to Courtesy Pay, and we authorize an everyday debit card transaction, then we will charge you $30.
Q: What if I want SECU to authorize and pay overdrafts on my everyday debit card purchases?
A: If you want us to authorize and pay overdrafts on everyday debit card purchases, please opt-in to Courtesy Pay.
Q: What is Courtesy Pay?
A: Courtesy Pay is a service you can elect to enroll in, and we will authorize and pay overdrafts on everyday debit card transactions at our discretion. If we do, we will charge you $30 for each debit card overdraft authorized. You must opt-in to courtesy pay.
Q: Can I use Courtesy Pay to overdraw my account at an ATM?
A: No. Courtesy Pay covers everyday debit card transactions, but you cannot use it to withdraw more funds at an ATM than are available in your account.
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Online Banking
Online Banking
Online Banking Account Opening
Online Statements
Bill Pay
Person-to-Person Payments
My Deposit
Multi Factor Authentication
Online Banking
Q: What is SECU's Online Banking Service?
A: SECU's Online Banking service allows you to access your SECU accounts via the Internet to view accounts, pay bills, and transfer funds. You can view all of your SECU accounts including Checking, Savings, Certificates of Deposit, IRAs, and most loans (including lines of credit and mortgages), and Visa Credit Cards.
Q: What can I do online?
A: You can do almost all your personal banking online:
- View account balances
- Transfer funds*
- Pay bills to persons or businesses online through Bill Pay
- Loan or line of credit payments
- SECU line of credit or Visa Credit Card cash advances
- View online check images
- Apply for loans
- Order checks
- Receive, view and store Online Statements
- View and pay your SECU Visa Credit Cards
- Open new accounts
- Deposit a check through My Deposit
- Domestic and international wire transfers
- Transfer balances to or receive cash advances from your Visa Credit Card
- Download to Quicken, and Microsoft Money
Watch a our Online Banking demo video here.
*Transfers initiated after 8:30 pm ET Monday - Friday or after 4:30 pm ET on holidays and weekends will be posted the next business day.
Q: How much does Online Banking cost?
A: Online Banking is free to all SECU members.
Q: Can I enroll in Online Banking right now?
A: Yes, if you're a SECU member, then you can enroll online quickly and easily here.
Q: How do I cancel Online Banking?
A: Send us your written request to terminate service to SECU, P.O Box 13025, Baltimore, MD 21203-3025. Be sure to include your name and member number with your correspondence.
Q: Can I change my username?
A: Yes. Your new username must be 8-20 characters, include at least one number, and cannot include a space. Please note that the username cannot be a nine-digit number because the system will think it looks like a social security number. We encourage you to include upper and lowercase letters, and one or more of the following special characters: ! @ # $ % * _ + = . , ^ -
Q: Who should I call with questions about Online Banking?
A: Call SECU's Contact Center during business hours, Monday - Friday, 8 am to 7 pm or Saturday, 9 am to 1 pm at 410-487-7328 or 800-879-7328.
Every screen in the Account Access and Bill Pay services includes a HELP key. Detailed and easy-to-read HELP information is included for each type of transaction. You may also click on the word "email" in the message at the bottom of each HELP screen to send a question to SECU.
Q: Do I need any specific SECU account(s) to access Online Banking?
A: You must have a SECU Share Savings account for Online Banking access. A SECU Checking account is required for Bill Pay service.
Q: How do I view pending Scheduled Transfers?
A: To view all pending scheduled transfers, click the view/edit option under the transfers left navigation link. Your pending transfers will appear grouped using the from field.
Q: How do I edit a Scheduled Transfer?
A: You can edit a scheduled transfer from the scheduled transfers page.
- Click the transfer funds link on the left.
- Select view/edit.
- From the scheduled transfers page, click on the ID number of any transfer. You will be taken to the edit screen. All the information for that transfer will be pre-filled. Simply edit the provided information, and then click submit to update the transfer. Please note, you cannot edit the from account or the frequency. Delete the transfer completely and create a new transfer if that field must be edited.
Q: How do I delete a Scheduled Transfer?
A: You can delete a scheduled transfer from the scheduled transfers page.
- Click the transfer funds link in the left navigation.
- Click view/edit.
- Now, click on the ID number of a transfer. You will be taken to the edit screen. The delete button is located at the bottom of the page.
Q: How do I edit certain pending transfers?
A: You can only edit/delete transfers that have been set up online. For automatic loan payments or transfers to/from other financial institutions, please call 410-487-7328 or stop by any branch.
Q: When do the withdrawals and deposits of a scheduled transfer occur?
A: Withdrawals and deposits occur every business evening. If a scheduled transfer falls on a non-business day, then it will process on the following business day.
If, at the time of processing, it is determined that there are insufficient funds to complete the transfer, an attempt will be made to withdraw again on the next business day for up to 30 days. If a transfer cannot be completed after 30 attempts, it will be reset to the next transfer date. The exception to this are the one-time transfers which will attempt to transfer for up to four days.
Q: Are there any restrictions on which accounts I can schedule transfers to?
A: Some restrictions do apply. Only accounts available for transfer will appear in your account drop down list. For automatic transfers and other types of accounts (home loans, credit cards, etc.) please call 410-487-7328 or stop by any branch. You can always make immediate transfers to your home loans and credit card accounts.
Q: Do scheduled transfers from my savings count toward the six transactions per month allowed for Share Savings accounts?
A: No, scheduled transfers do not currently count toward the six allowed transactions per month.
Q: What happens on months with less than 31 days?
A: Transfers scheduled for a date that does not occur in that particular month will process on the next available business day. For example: if a monthly transfer is scheduled for the 31st of every month, the transfer will occur on the next available business day during months that do not have 31 days.
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Online Banking Account Opening
Q: What accounts can be opened through the online account opening process?
A: Our most popular retail deposit products can be opened online:
Q: How are other deposit accounts and CD terms opened?
A: Other SECU retail deposit accounts and additional CD terms can be opened by members via U.S. mail (using the forms available on the SECU web site forms page) or at a branch.
Q: How can a new account be funded online?
A: A prospect can fund a new account by charging a debit or credit card (including Visa, MasterCard, and Discover), debiting an account with another financial institution via ACH, or mailing in a check. Additionally, our existing members who wish to open a new account can fund it by transferring funds from an existing SECU account into the newly opened account.
Q: How long does it take for the account to be opened and funded after I sign up for membership?
A: It depends on the type of funding used:
- If the new account is funded via internal transfer from another SECU account, it will generally be opened and available the next business day (provided it was opened before 8:00 pm ET).
- If the account is funded via ACH from another institution, you must first verify the two small transactions sent to your account with the other institution. You will receive an email requiring you to verify these two small transactions. Save this e-mail; it includes the required verification procedures. Your account will be funded the next business day after that verification. Note, the two small transactions may take two to five days to appear in the account. If your new account is funded via check mailed to SECU, it will depend on the time it takes for us to receive your check.
Q: I made my initial deposit into my new account via ACH from an account at another institution. The money has left that account. When will I see information regarding my new account?
A: The funding for your new account will show in Online Banking on the next business day.
Q: I funded my new account through ACH from another institution. I see the two test deposits made into my account with the other institution, but the account at SECU is not open.
A: The account at SECU will not be opened until you verify those two deposits.
Please save the confirmation email generated when you open a new account online. It includes the verification procedures for accounts funded via ACH.
Q: Is there a minimum age for online account opening?
A: Yes, prospects must be 18 or older to establish membership/open accounts online.
Q: Which services can members elect through Online Account Opening?
A: Any of the following:
- Online Banking
- Expressline
- Order checks (checking and money market accounts)
- Request Visa Debit Card (checking and money market accounts)
- Request Visa ATM card (savings accounts)
- Sign up for check card overdraft coverage (checking and money market accounts)
Q: Can members select their CD maturity dividend options?
A: Yes, you may do so online while opening the CD.
Q: Will the system provide PINs for those signing up for Online Banking at the same time as opening a new account?
A: No. At this time the system will not provide the Online Banking PIN with account opening.
Q: How do I open a business account?
A: SECU business accounts may be opened at your local branch or through a business banker.
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Online Statements
Q: Are Online Statements free?
A: Yes!
Q: How do I sign up for Online Statements?
A: To receive Online Statements, you must be enrolled in Online Banking.
- Log on to Online Banking.
- Click on the "Online Statements/Notices" button.
- Click on the "Statements" link.
- Read the disclosure and follow the simple directions.
- You will begin to receive your Online Statements within two statement cycles.
Q: How do I discontinue Online Statements and get paper statements mailed to me instead?
A: To discontinue online statements, use the "Cancel Online Statements" button in Online Banking.
Q: How far back do online statements go?
A: You can view the current year's statements, as well as the statements from the previous year.
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Bill Pay
Q: What is Online Bill Pay?
A: Online Bill Pay is a service that allows you to pay all your bills—to people and businesses—electronically through Online Banking. No need write checks or search for stamps. Your bills and records are in one secure location. You don’t need to remember multiple passwords, and you can see your current and past transactions in one spot. You can even have your monthly bills automatically imported into Bill Pay.
Q: How much does Bill Pay cost?
A: SECU's Bill Pay is free for all members.
Q: How do I sign up for Bill Pay?
A: Sign up for Online Banking. Click on the Bill Pay link in the left navigation bar and accept the terms and conditions.
Q: How quickly will my bills be paid?
A: Most bills are paid within two business days. If the payee is not one of the recognized providers on our system, and we mail a paper check, then it will take as long as the mail takes to deliver.
If you need a payment to go through within 24 hours, then you can expedite your payment for a $26 fee.
Q: Can I make a payment to anyone?
A: Common payees such as phone companies, power companies, credit card companies, and more are already loaded in the Bill Pay system. Also, through our Person-to-Person payment system, you can use Bill Pay to pay the babysitter or lawn mowers or split the rent check!
Q: Who has access to my Bill Pay and funding account?
A: You are the only person who can authorize payments to be issued against your account. Our representatives only access your account information on a need-to-know basis and only with your approval.
Q: Is Bill Pay secure?
A: Bill Pay is highly secure and designed to fully safeguard the privacy and security of your financial information. Unlike normal Internet communication, all information sent to and from our processing center is encrypted and sent through a secure communications channel. Messages cannot be redirected, read, or tampered with. We also take advantage of the maximum level of security supported by your browser.
Q: Who authorizes payments?
A: Only you can authorize payments. You have complete control over whom you are issuing a payment to, the exact payment amount, when the payment should be sent, and whether to pay the bill at all. If you have a flat fee or recurring bill that you would like to have paid each month, then you can instruct us to make that payment automatically for you.
Q: How will I know when a bill has been paid?
A: A confirmation number indicates that the bill has been proceessed and paid, and it appears on your statement.
Q: What happens if my bill is not paid?
A: Please contact the Bill Pay service directly by calling 866-453-3548.
Q: How can I pay a bill from a different SECU Checking account?
A: You can change the funding account by selecting a different SECU Checking account from the "Pay from" dropdown within the Bill Pay screen (Note: the account must be approved from SECU).
Q: How can I change the default Bill Pay funding account?
A: If you have multiple SECU personal Checking accounts, you can change your default Bill Pay funding account from the Bill Pay screen under the "Funding Accounts" tab. When you click on "Change" to finalize the new default Bill Pay funding account, a pop-up message will be displayed letting you know this will apply to scheduled and future Bill Pay payments. Click "OK" to accept this change or "Cancel" to return to the previous screen.
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Person-to-Person Payments
Q: What are Person-to-Person or payments?
A: Person-to-Person or “P2P” payments is a service members can use send money electronically to family members, friends, pay service providers, etc. There is no need to send cash or checks.
Account-to-Account Transfers: Members can set up anyone with a valid U.S. deposit account as a payee in Bill Pay. You can then use our Bill Pay service to send money directly from your SECU account to your payee’s bank account. Payees need only a valid U.S. deposit account to receive money.
PayPal Payments: Funds are removed from your SECU account and an email or text message is sent to your payee through PayPal. Your payee then logs into PayPal to accept the money. Payees do need to have a PayPal account to claim the funds.
Q: What is the cost?
A: The service is free for SECU members.
Q: How do I use the service?
A: Log in to SECU’s Bill Pay service. Then follow the processes below:
For Account-to-Account Payments:
- Add your intended recipient the same way you do other payees in Bill Pay.
- Select “Send Money Online”.
- Select “To Account Payment” and enter the payee’s bank routing number, account number, and address.
- Enter the amount to pay and pay just like any other Bill Pay payment.
For PayPal Payments:
- Enter your payee’s name, email address, the amount you wish to send, your email address, and any notes.
- Hit “continue”.
Q: How long does it take for payments to be delivered?
A: It depends on the method, but less time than it takes for a paper check.
Account-to-Account: Next business day.
PayPal: Same day, seven days a week. The recipient receives an email as soon as the funds arrive, so they can be claimed by that person.
Q: Is there an option to select a faster payment method? Is there a fee for that?
A: Expedited Payments are available for Account-to-Account Transfers, and the fee is $26.
Q: Who is eligible to make Person-to-Person payments?
A: Anyone who uses SECU online Bill Pay is eligible to make Person-to-Person electronic payments (both Account-to-Account and PayPal payments).
Q: Can I send money to someone outside the U.S.?
A: No, members can send money only to individuals with valid U.S. accounts.
Q: Do I need a PayPal account to send money through PayPal?
A: No. You do not need to have a PayPal account to send money through this service.
Q: For PayPal payments, is the payee required to have an account with PayPal?
A: Yes. Your recipient or payee is required to have an active and valid PayPal account.
Q: What is the minimum/maximum amount of transfer required/allowed?
A: There is no minimum amount. The maximum amount depends on the method.
Account-to-Account: The maximum amount is $9,999.99 per business day.
PayPal: The maximum amount is $500.00 per business day.
Q: What do I do if I accidentally send money to the wrong person?
A: The procedure depends on the method you used.
Account-to-Account: Call SECU for assistance following normal Bill Pay dispute procedures.
PayPal: You cannot reclaim these funds. However, if money is not claimed on PayPal after 30 days, it is automatically returned to you.
Q: Can I request monthly statements/reports for this service?
A: You have the option of requesting a statement CD. Otherwise, payments will be included on your regular monthly statement and on Online Banking in the same manner as other Bill Pay payments.
Q: Can I set up reoccurring/scheduled transfers?
A: It depends on the method used.
Account-to-Account: Recurring Payments can be scheduled.
PayPal: Recurring Payments cannot be scheduled.
Q: What is the process for canceling a payment?
A: It depends on the method used.
Account-to-Account Payments: A payment can be canceled up to the time it begins processing. Once in process, it cannot be canceled.
PayPal Payments: Payments cannot be canceled.
Q: Is this service available through Mobile Banking?
A: It depends on the method used.
Account-to-Account: Payees can be enabled for Mobile Banking in the same way you set up your other Bill Pay payees.
PayPal: Payments may be made only through Online Banking at this time.
Q: Can I save the payee’s information so I can make additional payments to the same account?
A: Yes. Once you set up a payee, they are automatically saved to your Bill Pay list.
Q: What is the process for disputing a fraudulent payment?
A: A member with a fraudulent payment should contact our Security Department at 410-487-7443 for assistance. Security will attempt to recover the funds when possible.
Q: How do I get a PayPal account?
A: Go to Paypal.com and follow the procedures shown on their website.
Q: What are advantages and disadvantages of using Account-to-Account vs. PayPal? Why choose one or the other?
A: See the chart below.
| Method |
Advantages vs. Other Method |
Disadvantages vs. Other Method |
| Account-to-Account Payments |
-Can send money from computer or mobile phone
-Can cancel up to time of payment processing
-Uses same process as Bill Pay for funds sent to incorrect account
-Larger maximum amount
|
-Requires recipient's account information (although these are on every written check)
-Funds take longer to be received by recipient
|
| PayPal Payments |
-Does not require recipient's bank routing and account numbers
-Funds are received within a few minutes
|
-Cannot use with Mobile Banking at this time
-Cannot cancel a payment once sent
-Cannot cancel a payment sent to an incorrect address
-Requires recipient to have a PayPal account
|
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My Deposit
Q: What is My Deposit?
A: My Deposit is a service that allows you to deposit checks directly into your SECU personal Checking, Savings, or Money Market accounts from your home or office. Using your internet-connected computer and personal scanner, checks can be conveniently deposited with just a few simple steps.
Q: Who is eligible for My Deposit?
A: To qualify for My Deposit, members must be in good standing, have a personal SECU Checking account, be a member for at least 30 days, and have activated Online Banking.
The My Deposit service is not available for business members. For their needs, we offer a business-specific Remote Deposit Capture service with more of the special features our Business members require.
Q: Do I need a special scanner?
A: No. My Deposit works with most TWAIN-compliant scanners except wireless scanners, network scanners, travel scanners, and/or duplex multi document scanners. Almost all scanners manufactured within the last five years are TWAIN compliant, including most all-in-one printer/scanner/fax machines.
Note for Mac users: if you are using an HP scanner with your Mac, Java will not work, and you must use the upload method.
Q: What types of SECU accounts accept My Deposit?
A: You may deposit funds into any of your SECU personal Checking or Savings accounts, including Money Market accounts.
Q: What do I need to use My Deposit?
A: You will need the following:
- High-speed internet connection
- Scanner directly connected to your PC or Mac (wireless scanners do not work)
- Java version 1.6.0_24 or later
- Web Browser security set to allow cookies from third parties
- Pop-up blockers disabled
PC users will need:
- Windows XP® with Service Pack 2, Windows Vista™, or Windows 7™
- Internet Explorer 8+ (Note: Internet Explorer 64 bit is not supported), Chrome 10+, or Firefox 3.6+
- Web Browser security set to allow cookies from third parties
- Pop-up blockers disabled
MAC users will need:
- OS 10.6.6 or laterSafari 5+ or Firefox 4.0+
- Java set to 32 bit mode (will not work with 64 bit)
Note for Mac users: if you are using an HP scanner with your Mac, Java will not work and you must use the upload method.
Q: Can I use My Deposit with my iPad?
A: My Deposit is for personal computer and scanners only. However, you may use an iPad, iPhone, or Android phone with our Mobile Deposit service in Mobile Banking.
Q: Is My Deposit secure?
A: Yes, My Deposit is located within Online Banking, which requires a unique username and password.
Q: How do I access My Deposit?
A: When you log into Online Banking, you will see the My Deposit icon in the left hand navigation beneath your menu options.
Click on the icon to open My Deposit. Accept the Terms and Conditions presented, and follow the prompts to get started.
Q: What if I don’t have the My Deposit icon?
A: This means that you currently do not qualify for My Deposit. To qualify for My Deposit, you must have an active SECU Checking account, be a member in good standing, have been a member for at least 30 days, and have activated Online Banking.
Q: What types of checks may I deposit through My Deposit?
A: My Deposit allows you to deposit only single-party, domestic checks payable to a person. Checks payable to a business or estate, Savings Bonds, traveler’s checks, foreign checks, third party checks, items stamped with "non-negotiable”, incomplete checks, stale-dated or “post-dated" checks, any checks that contain evidence of alteration to the information, checks purported to be a lottery or prize winning, and checks previously submitted for deposit are not acceptable for My Deposit.
Q: When will my deposit be credited to my account?
A: The first $500 of your deposit is immediately available. The balance of deposits in excess of $500 will be available on the second business day after your deposit.
Please note that deposit amounts may be adjusted up to two business days after a deposit is made.
Q: What fees are charged to use My Deposit?
A: SECU’s My Deposit service is free to members.
Please note there may be a fee for checks deposited that are later returned.
Q: What should I do with the check once it has been scanned?
A: Store your check(s) in a safe place until you receive confirmation in Online Banking that your deposit has been accepted. You should wait 90 days to ensure both SECU and the issuing institution honor the check. Then destroy the check by shredding or another commercially acceptable means of data destruction.
Q: How do I know that my check was submitted for deposit?
A: The quickest way to verify your deposit is to go into Online Banking or Mobile Banking and see the deposit credited to your account.
Additionally, with My Deposit, you can have an email confirmation sent to you or print a receipt that includes a deposit receipt confirmation number and a copy of the check deposited.
Q: When will I be able to see deposits into my accounts in Online Banking?
A: Deposits appear immediately in Online Banking.
Q: I tried to launch My Deposit from Online Banking, but nothing happened.
A: Check that your pop-up blockers are disabled. In order to use My Deposit, you must allow pop ups.
You may see a yellow Information Bar at the top of your browser notifying you that the pop up blockers are enabled and providing a link to disable them.
Q: The scanner cuts off edges of my check/won’t size the check correctly.
A: Sometimes scanners have a hard time determining the edges of a check if the check is a light color with no border, especially when the scanner lid is white. To resolve this, place a dark colored piece of paper behind the check or use a dark marker to place a dot in all four corners of your check.
Q: What do I do if my check is rejected in My Deposit?
A: Double check the following:
- All check images are correctly cropped.
- The MICR line (the bottom portion of the check that includes your account number and SECU’s routing number) is fully visible.
- There is space between the MICR line and the edge of the image.
- The check’s front image is right side up and the check’s back endorsement is above the arrow on the right.
- The check number, payee, endorsement, character (numeric) amount, legal (written) amount, and MICR line are all readable.
If the check continues to be rejected, bring it to one of our imaging ATMs or branches for deposit.
Q: Where can I find more help?
A: My Deposit has a robust help library. Simply click on the “help” link in the top right of all My Deposit screens.
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Multi Factor Authentication
Q: What is Multi Factor Authentication (MFA)?
A: MFA is a service that enhances the online banking experience and allows for easier and faster access to accounts on trusted devices such as iPads and smart phones.
Q: How will SECU’s MFA system affect my online banking experience?
A: There are several benefits the new MFA service will provide that increase security and add convenience throughout your online banking experience, such as:
- With the new MFA service, there is no longer a need for Flash software in the "Log In" section. This means you will be able to log in from all of your devices such as iPads, mobile devices, and Mac computers.
- MFA also allows you to access your accounts more quickly by offering a "remember this device" feature. When the box checked, you will not be presented with security questions upon Log In.
Q: Why does the Online Banking Log In section look different?
A: The new ‘Log In’ section no longer utilizes Flash content. You will notice that when you press the backspace/delete key once, for example, it will only delete a single character for the username or password instead of deleting all of the characters at once. This is an improved and intentional functionality. Also, the ‘Log In’ section is now compatible with screen readers used by the visually impaired.
Q: How can I enroll into MFA?
A: There is no special enrollment process or additional steps that you have to take. Just enjoy SECU Online Banking as you normally do!
Q: Will I be required to change any of my personal information such as security questions/answers, username, password, etc.?
A: No, you will not be required to change any information.
Q: How does the new security work?
A: When you log in to Online Banking, the MFA service will learn the device (computer, tablets, or mobile device) and browser being used.
You can also “remember this device” to your profile. If this checkbox is checked, then the system will consider it as a trusted device and you may be asked for less additional verification in future. However, if a different browser on the same computer, or a different computer, is used to access Online Banking, then you will be presented with the option to ‘register a computer’ to your account again.
Q: What if I don’t remember the answers to my security questions?
A: Please call us at 410-487-7328 to reset the answers to your security questions.
Q: Can I access my accounts from multiple devices?
A: Yes, you can still access your Online Banking accounts from any number of devices. If you are accessing your Online Banking from a new computer or browser, then you will be asked to answer one of your security questions and given an opportunity to ‘remember this device’.
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Mobile Banking
Mobile Banking
Mobile Deposit
Mobile Banking
Q: Is there a fee for using the mobile website, text/SMS banking, or the mobile app?
A: There is no SECU fee for using any of our mobile banking services. However, mobile phone carriers may charge for wireless web/data access and for text messages.
Q: What can I do through Mobile Banking?
A: With SECU's Mobile Banking you can bank anywhere you have your mobile device:
- Manage accounts- view accounts, account balances, recent transactions
- Transfer funds- transfer funds between accounts, view recent and scheduled transfers
- Bill Pay- make a payment, view payees, view recent and scheduled payments
- Deposit checks- deposit checks by snapping a picture
- Manage alerts- create and view custom alerts with email or text notifications
- Locations- easily find SECU branches and surcharge-free ATMs near you
Q: What differences are there between the mobile website, text/SMS banking, and the mobile app?
A: Our Mobile Banking capabilities are robust for all three channels. Which one you use depends on your preference and your mobile device.
| |
Text Banking |
Mobile Website |
Mobile App with Mobile Deposit |
| Free* |
Yes |
Yes |
Yes |
| Secure |
Yes |
Yes |
Yes |
| View Balances |
Yes |
Yes |
Yes |
| Transfer Funds between Accounts |
Yes |
Yes |
Yes |
| View 90 Days of Account History |
Yes |
Yes |
Yes |
| Bill Pay to Persons or Businesses |
Yes |
Yes |
Yes |
Locate SECU branches and
surcharge-free ATMs |
Yes |
Yes |
Yes |
| Receive Text Alerts |
Yes |
Yes |
Yes |
| Receive Email Alerts |
|
Yes |
Yes |
| Receive Push Alerts |
|
|
Yes |
| Mobile Deposit |
|
|
Yes |
Q: What is needed to use Mobile Banking?
A: You will need to be registered for Online Banking. Besides that, the requirements are very simple:
Text Banking: any mobile phone that allows text messages
Mobile Website: any internet-enabled phone and browser
Mobile App with Mobile Deposit: an Android or iOS device
Q: How do I get started?
A: First, you will need to be enrolled in Online Banking. Once you are enrolled, follow the steps below:
Text Banking:
1. Go to Online Banking and register your phone using the Mobile Banking link
2. You will receive a text from SECU1 (73281) with a verification code
3. Enter this code on the SECU website where prompted
Mobile Website:
1. Go to secumd.org using a mobile device’s web browser
2. Enter your Online Banking user ID and password
Mobile App:
1. Visit the iPhone's App Store or the Google Play Store to download the "SECU Mobile (Maryland) app
2. Enter your Online Banking user ID and password
3. Accept the terms and conditions
Q: What Account Alerts are available through Mobile Banking?
A: You can receive any of the following alerts through text message, email, or push notification:
- Balances Lower/Greater than deposit confirmation
- Deposit Confirmation
- Withdrawal Threshold Exceeded
- Check Cleared
- Withdrawal Confirmation
- Overdraft Posted
- Statement Available
You may also schedule “quiet time” when you put your alerts on hold (such as overnight or during a movie, etc.) or suspend them for a period of time.
Q: Is Mobile Banking secure?
A: Yes. Mobile Banking uses encryption similar to Online Banking to keep your information secure and confidential. Our Mobile Banking application does not store any confidential information on your phone. You may choose to save your User ID, if you wish.
Q: Can I access Mobile Banking from more than one mobile device?
A: Yes. You can login to our mobile website from any mobile device with internet capabilities.
Q: Can I use one mobile device for accounts with different registrations (e.g. I have both business and personal accounts or both personal and custodial accounts)?
A: You may use the mobile web site on one mobile device for multiple different account usernames. So you will be able to use one mobile device to conduct mobile banking through the mobile web site for all your business, personal, custodial, etc. accounts.
However, for the mobile app and text banking, you can tie only one account registration to each device. If you would like to use one mobile device to access accounts with different registrations, consider the following: Use text banking or the mobile app for the account you use most. Use the mobile web for all other accounts.
Please note: This applies only to accounts with different usernames such as a personal and custodial account or a personal and business account. For multiple accounts with the same usernames, you will be able to see them all with one mobile login the way you do currently in mobile or online banking.
Q: What are the text banking commands?
A: Please click here to see all of the text banking commands.
Q: How do I set up Mobile Banking Alerts?
A: To set up Alerts, log into Online Banking and select Mobile Banking link from the left navigation bar.
Once in the Mobile Banking area, select the “Alerts” tab. From there, you can create alerts, delivery methods, set up “quiet times”, and alert suspensions.
You can also setup alerts directly from SECU’s Mobile Banking application for iOS and Android platforms.
Q: I have a prepaid phone plan, can I use Mobile Banking?
A: Yes, as long as you are able to use text messaging or a mobile browser you can use this service.
Q: Can I advance funds on a Preferred or Home Equity Line of Credit through Mobile Banking?
A: Yes.
Q: Which SECU accounts can I access through Mobile Banking?
A: All accounts that you can access through Online Banking can be accessed through Mobile Banking. If you prefer, you can choose to exclude accounts from Mobile Banking access through Online Banking.
Q: I recently opened new accounts that are not showing up on Mobile Banking. How can I get them to appear? What if I don't want to see certain accounts when on Mobile Banking?
A: You can make new accounts viewable through Online Banking. Simply go to secumd.org via your computer and select Mobile Banking on the left navigation. Select the "Accounts" tab, and you can enable or disable whether each account is viewable in Mobile Banking.
Q: Is there a time out for Mobile Banking?
A: Yes, there is a five-minute time out for our Mobile Banking.
Q: Am I able to pay off my SECU loan through Mobile Banking?
A: Paying off your SECU loan can be completed via Online Banking or by calling 1-800-879-7328, but a loan pay off cannot be completed via Mobile Banking at this time.
Q: How do I set up nicknames for my accounts in Mobile Banking?
A: You may edit account nicknames through Online Banking on secumd.org and then going to Mobile Banking. Select the "Accounts" tab and enter your chosen nicknames in the boxes provided.
Q: How do I know if my mobile phone supports text messaging?
A: The majority of mobile phones sold in the US support text messaging so chances are your phone is capable of sending and receiving messages. To learn more about whether or not your mobile phone can send or receive text messages, please contact your mobile service provider.
*SECU does not charge a fee for Mobile Banking, however many mobile phone carriers may charge for wireless web access, for text messages received, or for the volume of data exchanged.
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Mobile Deposit
Q: What is Mobile Deposit?
A: SECU’s Mobile Deposit is a service that allows you to deposit checks directly into your SECU personal Checking or Savings account using your smartphones and tablets.
Q: Who is eligible for Mobile Deposit?
A: To qualify for SECU’s Mobile Deposit, members must be in good standing, have an active SECU personal Checking account, be a member for at least 30 days, and have activated Online Banking.
Mobile Deposit is not available for business accounts. For their needs, SECU offers a business specific Remote Deposit Capture service with more of the features our business members require.
To check if your account is eligible for Mobile Deposit, log into Online Banking. If you have a green button titled “My Deposit” in the left navigation bar, you are eligible. If you do not have this button, you are not eligible at this time.
Q: What devices can use Mobile Deposit?
A: We currently offer Mobile Deposit for Android phones with an OS of 2.1 and higher and iOS devices with an auto-focused 3.2 Mega Pixal or higher camera.
Q: I cannot find the decimal point key while entering the dollar amount in the Amount field on my Android phone.
A: We are aware of this issue and are working on a fix for it. Please follow the instructions in this document for an alternative.
Q: Is Mobile Deposit secure?
A: Yes. You access Mobile Deposit through SECU’s Mobile Banking app, which uses encryption similar to Online Banking to keep your information secure and confidential. SECU’s Mobile Banking applications do not store any confidential information on your phone.
Q: What SECU accounts can receive a Mobile Deposit?
A: You may deposit checks into any of your SECU personal Checking, Savings, or Money Market accounts.
Q: Can I see a demo of how Mobile Deposit works?
A: Yes! You can watch the demo here.
Q. How do I perform a Mobile Deposit with SECU?
A: Follow the steps below:
- Sign up for Online Banking.
- Visit the Apple App store or the Google Play Store to download the appropriate "SECU Mobile (Maryland)" app.
- Launch the app and click on the icon for “Deposit Check” and follow the given instructions.
Q: What types of checks may I deposit through Mobile Deposit?
A: SECU’s Mobile Deposit allows you to deposit only single-party, domestic checks payable to a person. Checks payable to a business or estate, Savings Bonds, traveler’s checks, foreign checks, third party checks, items stamped with "non-negotiable", incomplete checks, stale-dated or “post-dated" checks, any checks that contain evidence of alteration to the information, checks purported to be a lottery or prize winning, and checks previously submitted for deposit are not acceptable for Mobile Deposit.
Q: When will my deposit be credited to my account?
A: Deposits will be shown in your balance immediately if completed during business hours. The first $500 of your deposit will be immediately available. The balance of deposits in excess of $500 will be available on the second business day after your deposit.
Please note that deposit amounts may be adjusted up to two business days after a deposit is made.
Q: What fees are charged to use Mobile Deposit?
A: SECU’s Mobile Deposit service is free for members.
Please note there may be a fee for checks deposited that are later returned.
Q: What should I do with the check once it has been scanned?
A: Store your check(s) in a safe place for 90 days to ensure both SECU and the issuing institution honor the check. Then destroy the check by shredding or another commercially acceptable means of data destruction.
Q: How do I know that my check was submitted for deposit? What proof do I have that my check has been deposited?
A: You will be provided a confirmation number on your confirmation screen. You may also verify the deposit through Online Banking or Mobile Banking. You may request that the confirmation be sent to you via text message.
Q: Why does the app tell me I am not eligible for Mobile Deposit?
A: To qualify for Mobile Deposit, members must be in good standing, have an active SECU personal Checking account, be a member for at least 30 days, and have activated Online Banking.
To check if your account is eligible for Mobile Deposit, log into Online Banking. If you have a green button titled “My Deposit” in the left navigation bar, you are eligible. If you do not have this button, you are not eligible at this time.
Q: May I deposit more than one check at a time?
A: Yes. Simply click the “done” button when you receive your deposit confirmation number, and then select “deposit check” to deposit another check.
Q: What do I do if my check is rejected in Mobile Deposit?
A: Double check the following:
- Your check photos are clear and legible. Be sure that there are no shadows on the check, the check itself is not wrinkled excessively, the image is not blurry from “camera shake,” and the writing is contained within the relevant spaces on the check.
- You have positioned the check against a dark or contrasting background.
- The MICR line (the bottom portion of the check that includes your account number and SECU’s routing number) is fully visible (be sure the corners of the check are not covering this line). There is space between the MICR line and the edge of the image.
- The check number, payee, endorsement, character (numeric) amount, legal (written) amount, and MICR line are all readable.
If the check continues to be rejected, bring it to one of our imaging ATMs or branches for deposit.
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Visa
EMV Cards
Visa Scorecard Rewards Credit Card
EMV Cards
Q: What is an EMV “chip card?”
A: A chip card is a standard-size plastic debit or credit card with an embedded microchip. The microchip encrypts account information to increase data security when making transactions at a chip-enabled terminal. SECU’s credit and debit cards will continue to include the magnetic stripe as well.
Q: What is a “smart card” or an “EMV card?”
A: Smart cards and EMV cards are other common terms that are used interchangeably with chip cards. Similarly, an EMV terminal is the same as a chip-enabled terminal.
Q: What are the advantages of a chip card?
A: EMV secures the payment transaction with enhanced functionality in three areas:
- Card authentication, protecting against counterfeit cards. The card is authenticated during the payment transaction, protecting against counterfeit cards. Transactions require an authentic card validated either online by the issuer using a dynamic cryptogram or offline with the terminal using Static Data Authentication (SDA), Dynamic Data Authentication (DDA) or Combined DDA with application cryptogram generation (CDA). EMV transactions also create unique transaction data, so that any captured data cannot be used to execute new transactions.
- Cardholder verification, authenticating the cardholder and protecting against lost and stolen cards. Cardholder verification ensures that the person attempting to make the transaction is the person to whom the card belongs. EMV supports four cardholder verification methods (CVM): offline PIN, online PIN, signature, or no CVM. The issuer prioritizes CVMs based on the associated risk of the transaction (for example, no CVM is used for unattended devices where transaction amounts are typically quite low).
- Transaction authorization, using issuer-defined rules to authorize transactions. The transaction is authorized either online and offline. For an online authorization, transactions proceed as they do today in the U.S. with magnetic stripe cards. The transaction information is sent to the issuer, along with a transaction-specific cryptogram, and the issuer either authorizes or declines the transaction. In an offline EMV transaction, the card and terminal communicate and use issuer-defined risk parameters that are set in the card to determine whether the transaction can be authorized. Offline transactions are used when terminals do not have online connectivity (e.g., at a ticket kiosk) or in countries where telecommunications costs are high.
EMV cards store payment information in a secure chip rather than on a magnetic stripe and the personalization of EMV cards is done using issuer-specific keys. Unlike a magnetic stripe card, it is virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully.
When a retailer uses a chip-enabled payment terminal, the chip card technology helps prevent thieves from stealing account information.
Q: When will I receive my SECU Visa chip credit card?
A: SECU will begin to reissue new chip credit cards in August, 2015. You will receive a notification letter approximately 2 weeks prior to the reissue.
Q: When will I receive my SECU Visa chip debit card?
A: Starting in the 1st quarter of 2016, SECU will begin to reissue new chip debit cards.
Q: Will my SECU chip credit card have a new account number?
A: No, your account number will remain the same.
Q: What will be different, if any, with my chip credit card?
A: The expiration date of your chip credit card will e be advanced to a future date. Also the CVV number on the back of the card will be different.
If you have registered your existing SECU Visa credit card for automatic bill payment – e.g., utility bills, wireless bills, membership payment, etc., please make sure to re-register with your new chip-enabled credit card. Your existing SECU Visa credit card will be deactivated soon after you receive your new chip card.
Q: Do I need to activate my SECU Visa chip credit card?
A: Yes, you will need to activate your new chip credit card by calling the toll free number indicated on the sticker before you can use the card.
Q: Will I still be able to use my existing SECU Visa credit card?
A: It is important that you activate your new chip card immediately after your receive it. Start using your new chip card before you destroy your old card. Your current non-chip card will be deactivated shortly after you receive your chip card.
Q: Where can I use my SECU Visa chip credit card?
A: You can use your new chip card everywhere you use your current non-chipcard today. You may find chip-enabled terminals in some of the larger national retailers such as Walmart and Target. In the meantime, your SECU Visa chip credit card will still work exactly the same at any terminals that are not chip-enabled.
Additionally, chip technology is already used in more than 130 countries around the world, including Canada, Mexico, and Western Europe, so you'll enjoy the benefits of EMV technology when traveling internationally. In the U.S., many merchants have already installed or are in the process of installing chip card terminals, and will continue to do so over the coming months.
Q: Is my SECU Visa chip credit card a contactless card?
A: No, your chip credit card works only by contact – either inserting or swiping at the terminal. It does not have the Radio-frequency Identification (RFID) technology that contactless cards have. Your account information cannot not be read or stolen wirelessly by any RFID credit card reader.
Q: How do I use my SECU Visa chip credit card?
A: For step-by-step instructions, please watch the video at secumd.org/emv to see how the embedded EMV microchip enhances protection, and how you can use your chip credit card. Here is a quick overview:
- At a chip terminal: insert your chip card into the card reader with the chip facing up, and leave the card inside the terminal. Follow the prompts on the terminal to provide your signature. When the transaction is complete, remove your card. This is called “dipping” your card.
- At a non-chip terminal: swipe your chip card and sign as you normally do.
- For online purchases and payments, and at the ATM: continue to use your chip card as you normally do.
Q:What do I do if the merchant terminal asks me to enter a PIN?
A: For credit cards, terminals in the US will not prompt for a PIN.
Outside U.S., there are merchant terminals that only accept PIN transactions– e.g., unattended kiosks. When traveling outside of the United States, please remember to have your PIN with you. If you do not remember your PIN or have lost your PIN, please contact SECU two weeks prior to your travel. A new PIN will be mailed to you.
Q: Can I still use my SECU Visa chip credit card at an ATM?
A: Yes. You can continue to use your chip credit card with your PIN at ATMs for cash advances as you do today. ATMs are currently transitioning to the new chip reader capability. Chip-enabled ATMs will hold your card for the duration of the transaction, just as the chip terminals will do — so always remember to take your card when finished.
Q: Will chip cards prevent third-party data breaches?
A: Chip card technology provides an additional layer of security to help reduce certain types of fraud, particularly “card present” fraud. However, it will not prevent a data breach.
Q: Will chip cards prevent all fraud from happening?
A: Nothing can prevent all fraud. As the financial industry continues to develop new ways to protect consumers, perpetrators continue to look for new ways to commit fraud. Chip cards provide an additional layer of security at chip-enabled terminals, but not for online purchases, SECU has robust fraud monitoring in place; additionally, your purchases are covered by Visa’s Zero Liability Protection.
Q: Are there any additional fees associated with my SECU Visa chip credit card?
A: No, there are no fees: these security enhancements are upgrades we are providing at no additional cost to you.
Q: Where should I go if I have more questions about my SECU chip enabled credit card?
A: You can visit www.secumd.org/emv anytime for more information about EMV technology.
Visa ScoreCard Rewards Credit Card
Q: What are ScoreCard Rewards points?
A: ScoreCard Rewards is a rewards program that awards one point for every net dollar spent for purchases completed on your SECU ScoreCard Visa card.
Q: What can I do with the points?
A: You can redeem points for name-brand merchandise and travel.
Q: How many points are required to redeem?
A: The points required to redeem for merchandise start at 1,300 points.
Q: How can I determine the number of points I have accumulated?
A: The total number of points is listed on your monthly credit card statement. You can also log in the ScoreCard Rewards website.
Q: How do I redeem points for merchandise or travel?
A: Log in to the Scorecard website to redeem points for merchandise, airline tickets, or other travel products.
Q: How does SECU ScoreCards Rewards compare to the competition?
A: SECU ScoreCard Rewards matches or exceeds the competitors in every category. A SECU Visa with ScoreCard Rewards has a lower average annual percentage rate and lower fees than the competition and rewards are equal to competitor offers. Plus, no annual fee.
Q: Where do I mail Visa credit card payments?
A: To Visa, P.O.Box 31279, Tampa, FL 33631-3279.
Q: How do I notify SECU that I'm traveling internationally and plan to use my SECU Visa Card?
A: The Travel Notification is located in Online Banking under "My Profile". Card numbers are automatically populated, and members have the option to add an additional SECU Credit, Debit, or ATM Card Number. Required fields include:
- Destinations
- Dates of Travel
- Comments
- Contact number while traveling
- Authorized contact information if you are not available
- Email address
Your request will be processed within one business day.
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Borrowing
Mortgages
Home Equity Loans and Lines of Credit
Consumer Loans
Mortgages
Q: What type of financing does SECU offer?
A: SECU offers the following mortgage loan programs:
- 10-, 15-, 20-, and 30-year fixed-rate mortgages
- 3/1, 5/1, 7/1, 10/1 adjustable rate mortgages
Q: What is an Adjustable Rate Mortgage?
A: The Interest rate is fixed for the initial period, such as first three years, on a 3/1 Adjustable Rate Mortgage (ARM). The rate then adjusts every year thereafter. The new rate is based on the current Weekly Average yield of the U.S. Treasury Securities plus a margin. The rate is capped at 2% for each initial change, and the lifetime cap is 6% over the initial rate. Our current margin is 2.5%.
Q: What’s the difference between a rate/term refinance and a cash-out refinance?
A: A rate/term refinance is when the member pays off an existing first lien mortgage and rolls in their closing costs. A cash-out refinance request is when the member not only pays off an existing first lien, but also wants additional funds to either pay off a second lien, consumer debt, home improvement, vacation, tuition, etc.
Q: What is a point?
A: A point is a fee, collected at closing, which the lender charges the member in order to obtain either a lower interest rate or a specific program. One point is equal to 1% of the loan amount.
Q: What is Private Mortgage Insurance (PMI)?
A: Private Mortgage Insurance is required on all conventional loans where the member either has less than 20% equity in the property, in the case of a refinance; or less than a 20% down payment, in the case of a purchase. The lender will obtain the insurance, and the fee will be included in the member's monthly mortgage payment. It insures the lender against the member's default on the loan.
Q: How much of a down payment must I make on a home purchase?
A: The majority of our products require at least a 5% down payment from the member’s own saved funds.
Q: Can I apply for a loan before I find a property to purchase?
A: Yes, SECU offers a pre-approval program for our members. The member simply needs to complete a mortgage application, leaving references to a "property" blank. Based on the information and credit history, SECU will issue a pre-approval letter stating the sales price that the member would qualify up to and the loan program that would best suit them. The pre-approval letter and credit report are good for 120 days.
Q: If I apply for a mortgage with SECU, will I have to pay any “up-front” fees?
A: No, there is no application fee. SECU requires that the appraisal fee be paid at time of processing your mortgage.
Q: What is an APR?
A: The Federal Truth-in-Lending law requires that all financial institutions disclose the APR (Annual Percentage Rate) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan.
Q: When can I lock in my interest rate and how long is it good for?
A: You are eligible to lock in your interest rate at time of application or you may choose to float the rate. Once you lock the rate, the interest rate is guaranteed for 60 days. The interest rate must be locked in at least seven business days prior to loan closing.
Q: Can I lock in an interest rate when I get pre-qualified?
A: There is no rate guarantee for a pre-qualification loan request. You will be qualified at the current interest rate in effect at time of application.
Q: Does SECU finance land loans?
A: At this time, SECU does not finance raw land.
Q: Do we have to pay our escrows (insurance, taxes, ground rent, etc.) through SECU?
A: Yes, SECU will require that an escrow account be set up at closing and 1/12th of the charges will be included in the monthly mortgage payment.
Q: What if my annual escrow deposits are more or less than my annual escrow bills?
A: Each October, members that have a mortgage with an escrow account receive an Escrow Analysis statement from SECU. An Escrow Analysis is the periodic examination of escrow accounts to determine if current monthly deposits to an escrow account will provide sufficient funds to pay taxes, insurance, and other bills escrowed for when they are due.
If you have a surplus that is less than $50, we will reduce your escrow payments over the upcoming year. If you have a surplus greater than $50, we will mail you a check.
If you have a shortcoming, we will adjust the escrow portion of your payments to include 1/12 of your shortage and an increase to help cover your bills next year.
Q: Does SECU offer Construction loans?
A: No, at this time SECU does not offer construction loans. All properties must be fully complete prior to any loan disbursement.
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Home Equity Loans and Lines of Credit
Q: What’s the difference between a fixed-rate home equity loan and a variable-rate home equity line of credit (HELOC)?
A: Funds for a fixed-rate home equity loan are disbursed at the time of loan settlement. Your repayment is over a specified period of time, and your monthly payments are the same for the duration of your loan. The interest rate on a fixed-rate loan remains the same for the term of the loan and will not change.
A variable-rate home equity loan is a line of credit, known as a home equity line of credit or HELOC, which you can draw from at any time. You can take any amount up to your available limit any time throughout the draw period and repayment is based on the balance each month at billing. The rate on this loan is based on a published index such as Prime Rate and can vary from month to month.
Q: What is a pre-approval?
A: SECU renders a decision based upon information provided on the loan application. Because this decision is based upon information that has not yet been verified, it is considered a pre-approval subject to verification and/or receipt of additional information. Once all of the condition outlines in the pre-approval letter are satisfied, the loan will receive a final approval.
Q: What documentation do I need to get started?
A: You will need to complete the application and provide a copy of your homeowner’s declaration page(s), which shows your agent's name and telephone number along with the coverage amounts. Additionally, you should provide a recent pay stub.
Q: How can I find out the status of my home equity loan application?
A: Call the Home Equity Department at 410-487-7466.
Q: What is a loan to value (LTV), and how is it calculated?
A: The LTV is the relationship between the amount of the home equity loan and the value of the real estate property being pledged as collateral. For example, if you have a home that appraises for $100,000, and you have a $50,000 first mortgage and a $25,000 second mortgage, the two loans together represent a 75% loan to value.
Q: Are the HELOCs interest only?
A: No. Your monthly payments are credited towards the loan’s principal and interest.
Q: How can I increase my existing HELOC?
A: You cannot increase an existing line of credit because the loan amounts are recorded in the county real estate land records. Therefore, you would need to reapply to increase your existing line of credit to match the loan amounts to the recorded lien amounts.
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Consumer Loans
Q: How can I obtain a copy of my credit report?
A: Contact any of the following credit reporting agencies to receive one free copy of your credit report each year: Experian 1-888-397-3742, Equifax 1-800-685-1111, or Trans Union 1-800-888-4213.
Q: What payment methods are available for my loan?
A: The following payment methods are available, but may vary based on loan type:
- Automatic or one-time transfers from Online Banking
- Internal transfer from a SECU Checking or Share Savings account
- Monthly biller
- Automated Clearing House (ACH) from a checking or savings account at another institution
Q: What is a co-borrower?
A: A co-borrower is someone who applies jointly for credit with the primary applicant and who is equally responsible for repayment of the loan. The payment history on the loan will affect all borrowers.
Q: Why didn’t I qualify for your lowest rate?
A: Rates are based on the credit score supplied by the credit reporting agency. Your rate may also vary based on the length of your loan or your repayment method.
Q: Does my name have to be on the account/loan to receive information regarding the status?
A: We can only release information on a loan to the borrowers or with their written permission to discuss with someone else.
Q: How do I obtain a payoff on a loan?
A: In order to obtain a loan payoff quote, members can follow any of the processes below. Loan Servicing does not give verbal payoff quotes, as information can be misconstrued.
| Real Estate Payoff Quotes |
Consumer Payoff Quotes |
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Email, call, or fax the Loan Servicing department. Other departments within SECU can receive the request, but the quotes will only be issued by Loan Servicing.
If the payoff needs to go to a third party, please fax the request to 855-308-1233 or 443-517-5850, along with the member's signature/authorization, and the following information:
- Third party company name
- Third party address
- Third party phone number
- Third party contact person (if necessary)
- Third party fax number
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Email or call the Loan Servicing department. You can also request your payoff at any branch location, through SECU's Contact Center, or by faxing your request to 410-487-7246. |
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Business Banking
Q: Can I open a business account online?
A: At present, SECU business accounts should be opened at your local branch or through a business banker.
Q: Does SECU offer business loans?
A: Yes, we offer a variety of loans including Business Lines of Credit, Commercial Mortgages, and Term Loans. To learn more, stop by a branch, call 410-487-7316, or email a business banker.
Q: What is the required opening deposit for a business account?
A: Our minimum opening deposits are $10 for Business Share Savings and $100 for Checking accounts.
Q: What do I need to open an account?
A: Required documentation depends on the business you operate:
- For an LLC, you will need your EIN number and certified copy of articles of organization. If your business uses a trade name, the registration is needed.
- For a corporation, you will need your EIN number and certified copy of articles of organization. If your business uses a trade name, the registration is needed.
- For a partnership, you will need your EIN number and certified copy of articles of organization. As well if your business uses a trade name, the registration is needed.
Q: Can I use my phone to deposit checks into my business accounts?
A: Mobile Deposit is not available for business accounts. For business needs, we offer a business specific Remote Deposit Capture service with more of the features your business requires.
Q: I have changed my entity type. How do I update my account?
A: Once the change has been recorded with the State, bring that documentation to your local branch.
Q: Our organization is changing signers. What needs to be done?
A: All current signers need to visit the local branch, along with supporting documentation, to make the changes.
Q: Does SECU offer HSA accounts?
A: SECU does not, however, our payroll service provider Paychex does. To learn more, email a business banker.
Q: Can my business account have a beneficiary?
A: Business accounts cannot have beneficiaries.
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Expressline
Q: What is Expressline?
A: Expressline is a free telephone service that allows you to access your SECU accounts 24 hours a day from almost anywhere. All you need is a touch-tone phone, your SECU member number, and your special Expressline personal identification number (PIN).
Q: What is the Expressline phone number?
A: 410-487-7930 OR 888-64-EXPRS (643-9777).
Q: I forgot my Expressline PIN. What do I do?
A: You can call us Monday - Friday, 8 am to 7 pm or Saturday, 9 am to 1 pm to request a new PIN: 410-487-7328 or 800-879-7328.
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