Money Market Accounts Mortgages Certificate of Deposit Account How do I use the NEW Funds Transfer Process? We have recently enhanced our Funds Transfer process, making it simpler and automated. Please be assured that nothing has changed regarding your accounts themselves, we have only updated the systems for making transfers between accounts to improve your ability to transfer funds more easily. Before you can make your first transfer using the new process, you will be asked to re-establish your transfer access. For your protection, when you request your first transfer, you will be prompted to set up a second user name and password for transferring funds. You will also need to verify any account which you have at another Financial Institution before being able to proceed -- even if you’ve previously executed transfers with this institution. When you enter the name of your institution, you will be given one of two options: For most institutions you can use the ‘Instant Account Verification’ option, but if your Financial Institution is not pre-set in the system, you will be directed to use option #2. You can execute a ‘Test Deposit Verification’ where a small amount (<$1) is transferred which you will be asked to verify. It may take 2-3 business days for this test transaction to process, so please take this set-up time into account when planning your first transfer. Again, re-establishing your transfer access is for your protection and is only required prior to the first time you make a transfer using this new process. To get started, simply log in and click on 'Accounts.' You no longer have to visit the ‘Forms’ page. You can now ‘click’ to transfer funds directly from a link at the bottom of your ‘Accounts’ page. Once you are set up, enjoy these helpful features: Link your Union Federal account to multiple checking or savings accounts. View your linked accounts and initiate transfers from convenient menu dropdown lists. Review your history of fund transfer requests. Set-up recurring transfers on a schedule of your choosing. What is a Money Market Account and why should I invest in one? A Money Market Account is a type of savings account offered by a bank. These accounts normally pay higher interest than traditional savings accounts and sometimes require a higher minimum balance. Federal regulations also limit the number of transfers you can make each month. Consider a Money Market Account if you want a higher rate of return on savings and don’t need frequent access to your funds. Total deposits, including Money Market Accounts, are FDIC-insured to the maximum amount allowed by law. How often can I make withdrawals from my Money Market Account1? Federal regulations limit you to six transfers each month to another account. How much money do I need to open a Money Market Account? You can open a Union Federal Money Market Account with only a $1 deposit. You earn the same extraordinary Money Market rate no matter how much you deposit in your account. How is interest calculated on my Money Market Account? Interest on your Money Market Account is compounded daily and credited monthly. How can I contact customer service? You may call customer service toll-free at 888-226-0819. With so many different types of mortgages, how do I know which one is right for me? The mortgage loan best for your situation depends on a variety of factors, including the type (fixed- versus adjustable-rate), interest rate and term. With many options available, we can help you find a mortgage that meets your needs perfectly. Call a Loan Officer today at 800-992-0278. What is the standard debt-to-income ratio limit for mortgages? A standard ratio used by lenders limits the mortgage payment alone to 28 percent of the borrower's gross income and the mortgage payment combined with all other debts to 36 percent of the gross income. What are the benefits of mortgage refinancing? Refinancing can provide a number of benefits: a lower interest rate, shorter or longer repayment period, different loan type (from an adjustable- to a fixed-rate mortgage or vice versa) or cash out. To determine if refinancing is a reasonable option for you, call us today at 800-992-0278. Is interest on my mortgage tax-deductible? Interest on a mortgage loan is often tax-deductible. Consult your tax advisor for specific details. What is a Certificate of Deposit (CD) and why should I invest in one? A Certificate of Deposit (CD) is a form of time deposit, meaning it will mature on a given date, which depends on the term of the CD. Consider a CD if you want a fixed rate for a specific term and do not need regular access to your money. Total deposits, including CDs, are FDIC-insured to the maximum amount allowed by law. Can I make withdrawals from my CD account? In general, you can withdraw the interest earnings on a CD at any time without an interest penalty. Withdrawals of principal - the amount originally deposited - are allowed only during a 10-day grace period that occurs at the end of the CD term. Withdrawals of principal any other time during the term of the account may be subject to an early withdrawal penalty. The amount of this penalty is disclosed in your Rates and Fees schedule. What is the minimum amount and term required to open a CD? You can open a traditional CD with as little as $100 and for a term of only 3 months. Union Federal CDs are available only at our Rhode Island branch.

Union Federal started as a small bank headquartered in North Providence, Rhode Island. Now we're an online bank as well, ready to serve customers across the USA.

¹ You may make an unlimited number of withdrawals or transfers from your money market account so long as they are done in person at our branch location. However, federal regulations limit your ability to make transfers from these accounts to another of your accounts with us or to third parties by preauthorized or automatic means, personal computer (including Online Banking or Bill Payment services) or telephone (including facsimile or data transmission) to six (6) per statement cycle period. If you exceed this transaction limitation on a regular basis we will close your account. The Union Federal Money Market Account does not currently include check writing capabilities.

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