MCT Federal Credit Union

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Financial Education & Resources > Financial FAQs

Financial FAQs

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Branches and ATMs FAQs

What are your hours and locations?

Visit our locations page select the Branch/ATM tab at the top right of the home page or call 301-948-9880.

Who can become a member at MCT Federal Credit Union?

View our Eligibility Page at http://www.mctfcu.org/mct/join_now/eligibility/

How can I transfer funds into another MCT account through HomeBanking or MoneyTalk?

To transfer funds to another MCT account, a request form must be completed and signed. This will enable your account to complete transfers to another MCT account. On the form you will need to provide the account number(s) you wish to transfer into. Please contact MCT for a request form.

Can I get a money order through MCT?

Yes, money orders may be obtained at any one of MCT's Financial Service Centers. There is a nominal charge for obtaining money orders.(MCT will be not be offering this service after November 1, 2006.)

Do you offer notary services?

Yes, MCT offers notary services. Please call 301-948-9880 for more details.

Does the Credit Union have safety deposit boxes?

Sorry, MCT does not have safety deposit boxes available to members.

On what holidays are the Credit Union Financial Service Centers closed?

New Year's Day, Dr. Martin Luther King, Jr. Day, President's Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veteran's Day, Thanksgiving Day, Christmas Day

How do I report an ATM error on my account?

If you believe there is an error on your account, you must submit a completed and signed ATM Error Claim form within sixty (60) days of the statement on which the alleged error appears. Specific information about your rights and responsibilities as the cardholder as well as MCT's rights and responsibilities is provided in the Electronic Funds Transfers Disclosure Statement. This disclosure is enclosed with every card that is mailed out.

Can I choose my own Personal Identification Number (PIN)?

It depends upon which Personal Identification Number (PIN) you are trying to change. The PIN for your Visa Check Card and ATM card is system generated, but can be changed by bringing your card(s) to any MCT Financial Service Center. The PIN issued for your Visa credit card is system generated and cannot be changed or customized.

What do I do if I've forgotten my Personal Identification Number (PIN)?

You can select the PIN of your choice for your ATM or Visa check card by bringing it in to one of MCT's Financial Service Centers. You can request the original, system generated PIN by calling the Contact Center at (301) 948-9880, visiting a Financial Service Center or by sending an email to MCT through the website. There is a nominal fee of $10.00.

How do I report that my ATM card has been lost or stolen?

If you believe your card has been lost or stolen, please call (301) 948-9880 and select option 4 to report the loss of your ATM card during regular business hours. You may also visit any one of MCT's Financial Service Centers or email MCT through the website.

Can I set up beneficiaries for my account?

Yes, you can set up Payable On Death payees for your account. Upon the death of all owners on your account, the payable on death beneficiaries will be eligible to receive the funds in your account. IRAs are excluded from this beneficiary designation. You may complete the form located under Application and Forms and bring it to one of MCT's Financial Service Centers, or mail it to: PO BOX 1250 Rockville, MD 20849-1250 or fax it to (240) 599-7471

What are the locations of Credit Union Shared Service Centers?

There are 5 Credit Union Shared Service Centers located in the Washington DC area. For a complete listing, visit www.scc-sc24.org. Maryland Capitol Heights 9001 Central Ave Capital Heights MD Clarksburg 22601 Gateway Center Drive Clarksburg MD 20871 District Heights 5746 Silver Hill Rd District Heights MD Frederick 193-F Thomas Johnson Dr Frederick MD Frederick 5301 Buckeystown Pike Frederick MD Marlow Heights 4003 Branch Ave Marlow Heights MD 20748 Rockville 1022 Rockville Pike Rockville, MD 20857 Virginia Falls Church 1119 W. Broad Street Falls Church VA 22046 Reston 12355 Sunrise Valley Dr Suite 100 Reston VA Springfield 6314 Springfield Plaza Springfield VA 22150

What transactions are available at the Credit Union Shared Service Centers?

The following transactions are available at the Credit Union Shared Service Centers: - Withdraw from savings or checking up to $750 in cash - Deposit to savings or checking - Transfer funds from one account to another (within same account number) - Make loan payments - Cash checks up to $750 (subject to holds and restrictions) - Obtain balances - Obtain cash advance on Visa and MasterCard - Obtain advance on open-ended lines of credit - ATM service - withdrawals and deposits (All deposits, including cash are subject to a 2 day hold) - IRA deposits (Funds are deposited to savings and member completes form to indicate which IRA and year. Once received at MCT, adjustment is made.)

What is a Credit Union Shared Service Center?

A Credit Union Shared Service Center (Branch,Outlet) is where a Credit Union in addition to serving their members, will also accept members whose Credit Union belongs to the Shared Branch network. Chessie FCU - Frederick Office 193F Thomas Johnson Dr Frederick MD Hours: Monday to Thursday 9:00am to 4:30 pm Friday 9:00 am to 6:00 pm Saturday 9:00 am to 2:00 pm Comstar FCU - Clarksburg Office 22601 Gateway Center Dr Clarksburg MD Hours: Monday to Friday 9:00am to 6:00pm Saturday 9:00am to 12:00pm Comstar FCU - Frederick Office 5301 Buckeystown Rd Pike Center Office Frederick MD Hours: Monday to Friday 9:00am to 6:00pm Saturday 9:00am to 12:00pm Washington Telephone FCU - Washington DC Office 1401 I Street NW Suite 110 Washington DC Hours: Monday to Friday 9:00am to 4:00pm HEW FCU - Districk Heights Office 5746 Silver Hill Rd District Heights MD Hours: Tuesday to Friday 11:00am to 7:00pm Saturday 9:00am to 3:00pm Fairfax County FCU - Fairfax Office 11307 Lee Highway Fairfax VA Hours: Monday to Wednesday 8:00am to 6:00pm Thursday 9:30am to 6:00pm Friday 7:00am to 7:00pm Saturday 9:00am to 1:00pm

Will the member be charged a fee by the Credit Union Shared Service Center for using their ATM?

The ATMs that are located at the Credit Union Shared Service Centers are set NOT to charge MCT members ATM withdrawal fees when completing transactions within their MCT account(s).

What are the hours at the Credit Union Shared Service Centers?

The Credit Union Shared Service Center hours are: Monday - Friday 9:00am to 7:00 pm Saturday 9:00am to 2:00 pm

What holidays are the Credit Union Shared Service Centers closed?

The Credit Union Shared Service Centers are closed on the following holidays: New Years Day Memorial Day Independence Day Labor Day Thanksgiving Christmas Day Note: Hours are limited on Christmas Eve and New Years Eve - the Service Centers usually close at 3:00 pm.

What additional services are available at the Credit Union Shared Service Centers?

The following additional services are available at Credit Union Shared Service Centers: Close a loan (when prior arrangements are made with the Loan Centre) Accept loan applications (on Credit Union provided forms) Notary Services Data change requests (accepted at Shared Branch and forwarded to MCT to process) The following services are available at a nominal fee to the member: Money Orders Official Check (one per member per day) Traveler Checks Photocopy Fax Service Voucher Copy

What policies and procedures are followed at a Credit Union Shared Service Center?

The policy and procedures used at the Credit Union Shared Service Centers may be different than those of MCT. Since the Shared Service Center operates for many different credit unions, standardized policies and procedures are used. Some of them include: A valid picture driver’s license or state ID card is required for all cash back transactions and balance inquires. A voucher should be completed before approaching the teller window for all withdrawals, deposits, transfers and loan payments. Hold and check acceptance policies may differ from those of MCT. The maximum amount of cash returned to any member each day is $750. Larger withdrawals are paid in the form of an official check. The member must know the name of their credit union and account number.

Can a member use one of the Credit Union Shared Service Centers to conduct transactions?

Yes, MCT members can use any one of MCT's Shared Service Centers. Find a location by selecting ATM/Branch finder in the right corner of the home page.

What information can I not get at a Credit Union Shared Service Center?

The staff of the Credit Union Shared Service Centers will not be able to assist you with the following: - Questions about your statement - Account inquires by phone - Loan and savings rates - Direct deposit and/or payroll deductions - Transaction history - Account Maintenance history

Card Services FAQs

How can I receive a Visa check card?

You need to have an MCT checking account in order to have a Visa check card. You can request a Visa check card when you open your new checking account by visiting any one of MCT's Financial Service Centers, or by calling the Contact Center at (301) 948-9880.

How do I activate my new Visa credit card or Visa check card?

You will need to call (800) 543-5073 to activate your card. If it has been over 30 days since you received your card, you will need to call the Contact Center at (301) 948-9880 during regular business hours to activate your card.

How long does it take for my new Visa credit card to arrive after it has been ordered?

You should receive your card within 7-10 business days after your Visa application has been approved. The Personal Identification Number (PIN) will arrive separately 1 or 2 days after that.

My card has expired and I have not received the new one yet.

Visa credit cards, Visa check cards and ATM cards are re-issued in time for you to receive the new card before your current one expires. If you have not received your new card by the time your current card expires, contact MCT. It will be verified whether or not the card was mailed and to what address. If a card was issued and has never reached you, it will be necessary to block the card and reissue a new one.

How do I replace my damaged card?

If your card has been damaged or worn, you can request a replacement card by contacting MCT in any of the following ways: - Call the Contact Center at (301) 948-9880 - Send an email to MCT - Send a fax to (240) 599-7471 - Forward by mail to MCT, P.O. Box 1250, Rockville MD 20849-1250 - Visit any of the Financial Service Centers

How do I report that my Visa credit card or Visa check card has been lost or stolen?

If you believe your creditcard/check card has been lost or stolen, call (301) 948-9880 and select option 3 to report it. If you are outside of Maryland but still inside the US call (800) 453-4270 to report your credit card/check card lost or stolen. To report a lost or stolen credit card/check card when traveling outside the US, please call (410) 581-9994, 24 hours a day, 7 days a week. Collect calls are accepted. Your current cards will be blocked and replacement cards ordered. Please allow 7-10 business days for delivery time.

How do I obtain Visa Convenience Checks?

You can request Visa Convenience Checks by calling the Contact Center at (301) 948-9880 or send an email through the website.

Can I use my Visa credit card to get cash at an ATM?

Yes, you are able to withdraw cash from your available balance with your Visa credit card at any ATM that displays the Visa logo.

Can I choose my own Personal Identification Number (PIN)?

It depends upon which Personal Identification Number (PIN) you are trying to change. The PIN for your Visa Check Card and ATM card is system generated, but can be changed by bringing your card(s) to any MCT Contact Center. The PIN issued for your Visa credit card is system generated and cannot be changed or customized.

What do I do if I've forgotten my Personal Identification Number (PIN)?

You can select the PIN of your choice for your ATM or Visa check card by bringing it in to one of MCT's Contact Centers. You can request the original, system generated PIN by calling the Contact Center at (301) 948-9880, visiting a Financial Service Center or by sending an email to MCT through the Contact US on the website.

How do I transfer a balance to an MCT Visa?

To transfer a balance from another credit card or financial institution, call our Contact Center at (301) 948-9880. You may also put your request in writing and fax it to (240) 599-7589. Please include in your request your MCT account number, the name and address of the institution from where you would like to transfer the balance, and the amount of the balance you would like transferred to your MCT Visa.

Can I transfer credit card balances from another creditor to my MCT Visa?

Yes, balances on other credit cards can be transferred to your MCT Visa (up to your available limit) by calling a representative at (301)948-9880 or by using Online Banking to take a cash advance on your MCT Visa and depositing the funds to your checking account. You can then write a check or use e.Pay to pay off your balance at other financial insitutions.

What is the difference between a credit card and a debit card?

A credit card is actually a loan with MCT. You must make application and based on your qualifications, be approved. You are then given a credit limit and monthly payments are made based on the used balance. A debit card (a.k.a. Check card) is another means to access funds from your checking account. Instead of writing a check or using cash, the card can be used wherever Visa is accepted. The transactions are then deducted from your checking balance.

Do MCT Visa cards have an annual fee?

No.

What is my minimum monthly credit card payment?

The minimum payment is 2% of the outstanding balance or $10.00, whichever is greater.

Where do I send my credit card payment?

- The mailing address for credit card payments and any other loan payments is: MCT Federal Credit Union P.O. Box 1250 Rockville, MD 20849-1250 - Payments sent overnight via an express service must be addressed to our physical location. It is: MCT Federal Credit Union 15901 Frederick Road Rockville, MD 20855

Can I pay ahead on my Visa credit card?

You are welcome to make more than the minimum payment each month. However, credit card accounts require that the minimum payment be made each month.

Can I skip a payment on my Visa credit card?

MCT does offer a "skip payment" option for credit card payments due in July, August and December. In order to qualify, you cannot be past due or over the limit on your Visa. If you are eligible to skip a payment, your Visa statement will show a minimum payment of $0 is due. You then have the otion to make no payment, or a payment in any amount of your choosing. If you do elect to "skip" or not make a payment, then finance charges will still continue to accrue.

What is the late fee for a Visa?

Please see Credit Union's fees.

Is there a way I can pay my MCT Visa bill automatically and avoid any late fees?

Yes, you can sign up for automatic payments to be deducted from your checking or savings account. Contact one of MCT's Financial Service Centers or the Contact Center at (301) 948-9880 or (800) 497-6290 or by sending an email through the web site to set up the automatic payments.

What is the fee if I am over the limit on my Visa?

View our fee schedule.

How can I get my Visa credit card limit back?

You are required to reapply and receive approval for a new Visa. You can apply for a Visa card through MCT in any of the following ways: - Click here to apply online - Call (301) 948-9880 - Visit any Financial Service Center

How do I find out about the purchases appearing on my Visa credit card statement?

If you don't recognize a purchase made on your Visa credit card and the phone number of the merchant is listed, you could call to obtain additional information. If you don't think the charge is valid, you may dispute it and request a copy of the purchase slip. Once the copy is received and it is determined that the charge was not made or authorized by you, the charge will be returned. If you believe that your card may have been used fraudulently, contact (301) 948-9880 and select option 3 immediately to block your card.

How do I dispute charges on my Visa statement?

You may dispute transactions that appear on your account either because of a billing error, because you do not recognize the transaction or because you did not authorize (or give someone else authorization to make) the transaction. You must submit the dispute in writing. The letter needs to contain the cardholder's name, account number, amount of the dispute, who the dispute is with, details of the dispute and your signature. The dispute must be received within 60 days of the statement being mailed on which the transaction appears. Otherwise, the dispute is not covered under your billing rights. MCT will attempt to resolve the dispute for you, but is not under any obligation to do so and you could be responsible for the transaction. When the dispute letter is received, the charge and any applicable finance charges must be removed from the account and placed in suspension until a resolution can be made. Depending on the dispute, either a copy of the transaction is ordered for the you to review or the transaction is returned (charged back) to the merchant. You must be notified in writing within thirty (30) days detailing that your dispute letter has been received, that the transaction has been removed from the account and the action the credit union is taking. If the charge proves to be unauthorized and is charged back, the process may take from 60 to 75 days. In the case where the acquirer re-presents an item, the process will take an additional 45 to 50 days to resolve. Once the disputed transaction is resolved (either the transaction is valid and posted back to the account or was successfully returned to the merchant), then you will be notified in writing.

How long will my credit card account information remain accessible online?

Up to seven statements will be available online. Any transactions posted to your credit card account since the most recent statement will also be available.

How can I close my Visa credit card account?

You may close your Visa credit card account after you have paid your balance in full and there are no outstanding charges or credits that are expected. The card should be cut in half and returned to MCT along with a note requesting that the account be closed.

Who is an Authorized User on a credit card?

The owner of a Visa credit card account may designate a person to receive a card and make transactions with that card. The authorized user is not on the loan and is not responsible for the repayment of the loan. Since the authorized user is not on the loan, he or she is not entitled to receive information about the loan. The owner of the Visa account is responsible for any and all charges made by the Authorized User.

Is my child allowed to use my Visa credit card?

You can request that your child be an Authorized User on your Visa. A card is issued to them in their name, but they are not responsbile for the repayment of any charges that are made. As the borrower, you are responsible for all charges made on the account.

How do I add another cardholder to my Visa credit card?

Visa credit cards are only issued to the borrower or co-borrower of the account. If you wish to add a co-borrower to your account, contact the Loan Center either through the website or by calling (301) 948-9880. The person applying must qualify and would be jointly responsible for the balance. You may also request that a card be given to an Authorized User. After completing and signing a request form, a card is issued to whomever you authorize. An Authorized User is not responsible for repayment of the balance.

Can I remove an authorized user from my Visa credit card account?

Yes, as the primary cardholder, you may remove an authorized user from the account. You must submit your request in writing and forward it to MCT. Since all the cards have the same number, all cards will need to be blocked and a new card number will be issued.

Can I apply for a credit card if I am under 18?

Yes, MCT offers a Student VISA designed to help high school and college students establish credit. However, if the applicant is under 18, a qualified co-applicant/guarantor is required. To apply for a Student Visa from MCT call (301) 948-9880.

Can I request a lower rate on my Visa?

MCT's Visa rates are determined based on the type of card. MCT does not negotiate rates on Visa cards, however you may apply for a different type of Visa that may have a lower corresponding rate.

Why did my interest rate increase on my Visa Gold?

The interest rate on the Visa Gold is a variable rate based on the Prime Rate plus 2%. The rate is subject to change quarterly. Check your statement for current rate information, or you may view MCT's loan rates on the rates page.

Tell me about the Scorecard Rewards Program.

GENERAL: Members earn one bonus point for every dollar spent on retail purchases using an MCT Visa Platinum Card. Points are not earned for finance charges, fees, cash advances, convenience checks, foreign transaction currency conversion charges or insurance charges. Points cannot be exchanged for cash. Points are adjusted if retail purchases are returned. REDEEMING POINTS: Members can redeem points based on the level and number of points earned. To get more information or to redeem their points, members can either call the ScoreCard Service Center at (800) 854-0790, call ScoreCard Travel Center at (800) 842-3006 or visit their website at www.scorecardrewards.com. Either way, the cardholder needs to provide or enter their Visa Platinum card number to find out their current total points available. This information can also be found on their ScoreCard quarterly statement. SHIPPING & DELIVERY: Allow 4-6 weeks delivery time after the order has been processed. Merchandise must be shipped to a physical address in the US or its territories. A post office box address is not accepted.

What is my credit score?

You may obtain a copy of your credit file along with your credit score by ordering your credit report from Equifax. Equifax may be contacted at www.equifax.com or (800) 685-1111.

What is a Beacon Score?

A Beacon Score is a credit evaluation score used by lenders as one factor in making a loan decision. Some methods of improving a score are to establish and maintain a payment history on credit accounts, keep public records (bankruptcies, judgments, etc.) and collection accounts to a minimum, pay down loans, keep credit cards well below their limit, avoid late payments, and limit applying for new credit.

How can I get a copy of my credit history?

You can obtain a copy of your credit history online at www.equifax.com.

How do I dispute an item on my credit report?

You may file an official dispute by contacting Equifax at www.equifax.com or (800) 291-7773.

There is a mistake on my credit bureau report. How can it be fixed?

To correct information from any creditor, contact the credit bureau and file a dispute. The credit bureau will send the dispute to the creditor and the creditor will fix it. Through this process, the report will be immediately updated. For information about loans at MCT, a dispute can also be made directly to MCT by contacting the Financial Phone Center or a branch. If the loan was 30 days or more past due and it is not an error, the inaccurate information cannot be removed from your credit report. The credit bureaus are: * Experian: (800)682-7654 * Equifax: (800)685-1111 * TransUnion: (800)888-4213

If my credit is not very good, does that mean my interest rate will be higher?

It is possible that once you are approved, your Annual Percentage Rate would be based on an evaluation of your credit. You may apply for a loan through MCT in any of the following ways: - Apply online and find out in 3 minutes if you have been approved - Call (301) 948-9880 - Visit any MCT Financial Service Center

I need help with my budget and paying my bills and I want to improve my credit report. Can MCT help me with financial counseling?

If you're having problems making your payments at MCT for legitimate reasons, we urge you to call our Debt Management team. The Contact Center will be able to put you in touch with an agent who can help you restructure your debt and payments.

VISA Points exceptions

Points are not earned for finance charges, fees, cash advances, convenience checks, foreign transaction currency conversion charges or insurance charges. Points cannot be exchanged for cash. Points are adjusted if retail purchases are returned.

Checking and Savings FAQs

How can I order checks?

You can order checks online or you can call toll free (800) 355-8123, 24 hours a day, 7 days a week to place an order. If you have not ordered checks within the last 2 1/2 years, please contact a Credit Union representative for assistance with your order at (301) 948-9880 or (800) 497-6290.

I ordered checks but haven't received them yet. How can I check on the status?

To check on the status of your order, please call toll free (800) 355-8123. You will need to provide the numbers found on the bottom of your checks. If this was a first time order, please contact MCT .

How can I get overdraft protection for my checking account?

MCT offers automatic overdraft protection from your savings account at no charge. You are limited to 6 electronic transfers per month from any savings account. Electronic transfers include transactions such as: overdraft protection transfers, Online Banking and MoneyTalk transfers, as well as Contact Center transfers. MCT also offers a Line of Credit as overdraft protection with unlimited transfers.

My checks have been lost or stolen, what should I do?

Please call the Financial Phone Center at (301) 948-9880 or go to any MCT Financial Service Center to determine whether you need to put a stop payment on checks, close your account or file other paperwork.

Do I have to order duplicate style checks?

No, you do not have to order duplicate checks. MCT recommends ordering duplicate checks because your original checks are not returned after they are cleared, although you may obtain copies of them through HomeBanking. You can order single style checks, but it is recommended that you keep a careful log of the checks you write if you opt to use single style checks.

What is the fee for obtaining check copies and account statements?

You may view and print a copy (front and back) of any check you write, through HomeBanking at no charge. Click on the check number in your transaction history to view the check. Please note that check copies take a few business days after clearing your account before they can be viewed. Otherwise, if you order a check copy with a Member Service Representative, there is a fee. There is also a fee for statement and other document copies. Click here to see our current Fee Schedule.

How can I get a copy of a canceled check?

You can view and print a copy (front and back) of your check via HomeBanking by double clicking on the check number in your checking account history. This service is free through Home Banking. Please allow 7-10 business days after the check has cleared for the image of your check to be available. You may also request a copy of your check through a credit union representative. However, you will be charged the current check copy fee by requesting your copy in this manner. Copies requested via a credit union representative take approximately 7-10 days. Your copy may be available sooner by requesting a Rush copy. However, a higher fee may apply for rush requests. You may contact a Credit Union representative for details at (301) 948-9880 or (800) 497-6290.

How can I place a stop payment on a check I wrote?

You can place a Stop Payment online through HomeBanking or via MoneyTalk at (301) 417-7400. You can also call the Financial Phone Center at (301) 948-9880 or (800) 497-6290 to request a Stop Payment. For the current Stop Payment fee, please see the Fee Schedule.

Does a regular checking account earn dividends?

No, MCT's regular checking account does not earn dividends. For more information about available checking accounts, please click here.

I am having difficult time balancing my check book. Do you have someone who can help me?

Yes. You may visit any one of MCT's Financial Service Centers for assistance with your checkbook. Be sure to bring your check book register(s) along with you. There is a research fee for this service. To learn about the current reserach fee, please see the Fee Schedule.

How many joint owners can I have on my account?

There is no limit on the number of joint owners on any account.

How do I add/remove a joint owner on my account?

MCT allows you to both add and remove joint owners from your account. To add a joint owner: 1. Complete a new membership application. 2. All current and new signers must sign the application and new signers must provide a copy of their State Issued picture ID or passport. 3. The application can then be mailed to MCT at: PO BOX 1250 Rockville, MD 20849-1250 or dropped off at one of our Financial Service Centers . To remove a joint owner: 1. Complete a new membership application. 2. All signers who will remain on the account must sign the application. 3. Attach a written request listing which name(s) are being removed from the account. Each joint owner being removed must sign this written request. 4. The application and written request can then be mailed to MCT at: PO BOX 1250 Rockville, MD 20849-1250 or dropped off at one of our Financial Service Centers. Please note: If you are the Primary owner of the account, you can not remove your name without closing the account. The joint owners may open a new account if atleast one is within our field of membership.

What documentation or ID do I need to open a personal account?

To sign up for membership with MCT, you will need to complete a membership application and provide a clear copy of your ID such as a drivers license, passport, or State issued ID card. Students under the age of 18 may present a school ID card.

Do you offer Student Accounts?

Yes! MCT has created a special account designed to help students learn to handle their money wisely. Visit Financial Resources for Students for more details.

Do you offer accounts for minors?

Yes, MCT offers custodial accounts under the Uniform Transfers To Minor Act. With this account, dividends are paid on balances of $5 and over, and are reported to the IRS under the minors' social security number.

How does MCT define an active account?

A share or loan is considered active, if there has been a purchase, payment, deposit, or withdrawal within the previous three months. This rule does not apply to certificates, as all certificates with balances are considered active.

My checking account is going to be closed. Can I prevent this?

Yes, closure of your account can be prevented. Contact the Collections Department at (240) 599-7443, (800) 497-6290 or by email through the web site to make payment arrangements.

My checking account was closed. Can it be reopened?

The answer will depend on the reason that your account was closed. Send an email through the web site or call the Financial Phone Center at (301) 948-9880 for a review of your account.

What happens if I increase the number of active account types I have during the month?

Should you add a qualifying account during a month, you will begin enjoying fee-based benefits (Bill Pay, NSF & Foreign ATM Transaction Fee) under the higher reward level immediately. At the end of the month, you will receive refunds based on the higher level. However, rate reductions on loans and interest rate bonuses on certificates at the higher level will not go into effect until the following month. Certificates and loans opened during the month will not be repriced.

What happens if my active accounts level declines during the month?

You will be given a two-month grace period to restore your account status. During the grace period, you will continue to receive the benefits under the higher rewards level; however, if you fail to restore your account status by the third month, you will begin receiving the benefits based on your actual number of active accounts and aggregate balances.

What is your check hold policy?

Your Ability to Withdraw Funds - This policy statement applies to all accounts. - Our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds and we will not use the funds to pay checks that you have written. - Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. Determining The Availability of a Deposit If you make a deposit at an ATM before 2:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit at an ATM after 2:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Immediate Availability: - Electronic direct deposits. - Wire transfers received before 3:00 P.M. local time. - Cash (if deposited in person to an MCT employee). If deposited in person to an MCT employee, and payable to you, the following items are also immediately available. - U.S. Treasury checks ($5,000 or less). - State and local government checks ($5,000 or less). - Cashiers, certified, official bank checks, and traveler's checks ($5,000 or less). - FRB and FHLBB checks ($5,000 or less). - Money orders ($5,000 or less). - Checks drawn on MCT. - Imprinted payroll checks ($5,000 or less). If the deposit is payable to you, but you do not make your deposit in person to one of our employees (for example, if you mail the deposit), the funds from these deposits will be available on the first business day after the day of your deposit. We do not accept checks made payable to someone other than the account holder; otherwise known as third party checks. Other Check Deposits The delay for other check deposits depends on whether the check is a local or a nonlocal check. To see whether a check is a local or a nonlocal check, look at the routing number on the check. If the first four digits of the routing number (1234 in the examples above) are 0510, 2510, 0514, 2514, 0520, 2520, 0521, 2521, 0522, 2522, 0540, 2540, 0550, 2550, 0560, 2560, 0570, or 2570, then the check is a local check. Otherwise, the check is a nonlocal check. Some checks are marked "payable through" and have a four- or nine-digit number nearby. For these checks, use the four-digit number (or the first four digits of the nine-digit number), not the routing number on the bottom of the check, to determine if these checks are local or nonlocal. Our policy is to make funds from local and nonlocal checks available as follows. 1. Local checks. The first $100 from a deposit of local checks will be available on the same day we receive your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a local check of $700 on a Monday, $100 of the deposit is available on Monday. The remaining $600 is available on Wednesday. 2. Nonlocal checks. The first $100 from a deposit of nonlocal checks will be available on the same day we receive your deposit. The remaining funds will be available on the fifth business day after the day of your deposit. For example, if you deposit a $700 nonlocal check on a Monday, $100 of the deposit is available on Monday. The remaining $600 is available on Monday of the following week. If you deposit both categories of checks, $100 from the checks will be available on the same day as the day of your deposit, not $100 from each category of check. If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. Longer Delays May Apply Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you according to the preceding schedule. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the same day. If we are not going to make all of the funds from your deposit available according to the preceding schedule, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances: - We believe a check you deposit will not be paid. - You deposit checks totaling more than $5,000 on any one day. - You redeposit a check that has been returned unpaid. - You have overdrawn your account repeatedly in the last six months. - There is an emergency, such as failure of computer or communications equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit. Special Rules For New Accounts If you are a new member, the following special rules will apply during the first 30 days your account is open. Immediate Availability: - Electronic direct deposits. - Cash (if deposited in person to an MCT employee). - Wire transfers received before 3:00 P.M. local time. - The first $5,000 of cashier's, certified, official bank checks, traveler's checks, or federal, state and local government checks, money orders, checks drawn on MCT, and imprinted payroll account checks, payable to you and deposited in person to an MCT employee. If your deposit of any of these checks is not made in person to an MCT employee, the first $5,000 will not be available until the first business day after the day of deposit. Funds from all other check deposits will be available on the ninth business day after the day of deposit.

I have a Bank Garnishment or Tax Levy on my MCT account. How will this affect my account?

Each situation is different. Please contact the Collections Department at (240) 599-7443, (800) 497-6290 or by email through the web site to get specific information about your account.

What is Courtesy Pay?

Courtesy Pay is a service that allows member checks or pre-authorized debits to be paid when there are insufficient funds to clear the check taking the account negative temporarily.

How does Courtesy Pay work?

If checks or pre-authorized debits are received that exceed your available funds, MCT may pay checks and fees totaling up to $500 (MCT is not required to do so.) as long as you, the member, are 18 years old or older, have been a member for more than 6 months, and your account is in good standing. Your Courtesy Pay limit is only accessed after your Overdraft protection has been exhausted. Payment of an overdraft is discretionary on the part of MCT. Members are considered to be in good standing, if NONE of the following conditions exits. - They have an account currently overdrawn in excess of 14 days. - They have a loan past due more than 31 days. - They have a loan being worked by collections department. - They have a loan in bankruptcy status. - They have a bad address on file.

What is the cost for Courtesy Pay?

Courtesy Pay program is a free service and there is no cost or maintenance fees but you will still be charged an NSF Fee (Non-sufficient Funds) by the Credit Union for each item covered according to our current fee schedule, but your check will be paid, so no fees will be charged to you by the merchant.

What if I do not want the Courtesy Pay service?

In the event you do not want the Courtesy Pay limit on your account, you may contact us to remove this service. You may contact us by email at mctfcu@mctfcu.org or call 301-948-9880, fax 240-599-7470 or mail PO Box 1250, Rockville MD 20849-1250.

What checking account is Courtesy pay available on?

Courtesy Pay is available on Regular Checking and Interest checking account only. This service is not available on Student Accounts or Business Accounts.

What is the Courtesy Pay limit?

Each checking account has a limit of $500. If you do not repay your overdrawn balance in the required time, your limit may be reduced and/or terminated.

How will I know if I have exceeded my limit?

Upon paying a check or pre-authorized debit on your behalf, we will send you a notice advising you what item was paid, how much your fee is, what your overdrawn balance is and by what date you must re-pay your overdrawn balance.

How long do I have to re-pay my overdrawn balance?

You have up to 15 days after the date your account balance is overdrawn to pay the overdrawn amount. If you do not pay the overdrawn amount, you will receive a letter from our collection department advising you of your account status and what options you have. If, after a period of time you do not repay your overdrawn balance, we may suspend your privileges and take steps necessary to recover the funds.

How do I get Courtesy Pay service?

This service is automatic on Regular Checking and Interest Checking accounts that are in good standing

I have an accumulator certificate that will mature in 7/08. What is the penalty for early cash-out?

There is no set penalty for early withdrawals on accumulators and certificates. The early withdrawal penalty is an dividend penalty based on how much is being withdrawn and how much interest it would have accrued had it not been withdrawn early. If you came into a branch or called the contact center we could tell you how much the penalty would be before proceeding with the withdrawal.

Home Equity FAQs

What is the difference between a Quick Equity Loan and a Home Equity Line of Credit?

- Both are considered mortgages based on the equity available in one's home. Most often a first mortgage will exist, making these equity loans second mortgages. - A Quick Equity installment loan is a fixed rate loan whereby you receive a lump sum of money and pay it back in equal installment payments over a fixed term. - A Home Equity Line of Credit maintains a variable annual percentage rate and provides you with a credit line that you can borrow against at any time within a set time limit and up to a maximum amount. To determine which type of equity loan is the best for you, please speak with a Loan Representative at (301) 948-9880.

How is my home equity loan rate determined?

For second mortgage installment loans, your rate is based on a review of your credit and the loan term. For home equity lines of credit, your rate will be determined by the percentage of your home's value financed. For more information, speak with your Loan Representative at (301) 948-9880.

What is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit (HELOC) is a line of credit based on the equity of your house. Money can be drawn and paid back as many times as needed and Interest is only charged on the balance owed. The rate is adjustable and the monthly payment is dependent on the loan balance at the time of your last advance. For more information or to apply for a HELOC, please contact a Loan Representative at (301) 948-9880.

How long does it take to get a home equity loan approved?

MCT makes every effort to process your home equity loan application as fast as possible, however, in some instances it may take up to four to five weeks. Please contact your Loan Representative if you have any questions on the status of your loan.

Do you have any first time homebuyer loans?

MCT has a partnership with a local mortgage company that offers a variety of mortgage programs. Members may call MCT at (301)948-9880 to be referred.

Does MCT offer first mortgages?

MCT offers a variety of mortgage programs through a partnership with a local mortgage company. Members may call MCT at (301) 948-9880 to be referred.

How do I apply for a first mortgage?

Currently, MCT does not offer first mortgages. However, MCT does have a partnership with Diversified Financial Mortgage, a company that offers a wide variety of first mortgage programs. Please call MCT at (301) 948-9880 for a first mortgage referral to Diversified Financial Mortgage. MCT also offers first mortgage loans via the internet through a partnership with CUNA Mutual Mortgage. Contact CUNA Mutual Mortgage at www.cuna.org.

Can I roll my closing costs into my loan?

Yes, most members are able to do so, providing you have the available equity in your property. For more details please speak with your Loan Centre Representative by calling (301) 948-9880.

Does MCT offer no closing cost loans and no point loans?

Yes, MCT does offer home equity loans with no closing costs. For more information about our home equity loans call (301) 948-9880 to speak with a representative who can answer your questions.

Is there a minimum advance amount on the Home Equity Line of Credit?

Yes, the minimum advance on your Home Equity Line of Credit is $100.00, with the exception of debit card purchases.

How often can the interest rate change on a Home Equity Line of Credit?

The interest rate is subject to change quarterly based on the Prime Rate published in the Wall Street Journal two days prior to the end of the quarter. If the Prime Rate changes during a quarter, the new rate would become effective on the first day of the following quarter. The beginning dates for the quarters are: January 1, April 1, July 1 and October 1.

How are my property taxes paid?

In most cases, property taxes are paid through the first mortgage company. MCT does not maintain an escrow account for property taxes on second mortgages.

Loan FAQs

What are your loan rates?

View our current rates page.

Can I change my loan due date or payment?

There are certain conditions under which the terms of your loan may be modified. To determine if you may qualify for changes to the current terms of your loan, please call the Financial Phone Center at (301) 948-9880, or stop by any MCT Financial Service Center.

Can I pay off my loan early?

Yes, you are welcome to pay your MCT loan off at any point in time. There are no prepayment penalties associated with MCT loans.

How do I pay off my loan with MCT?

You may obtain a payoff amount and pay off your loan via MCT HomeBanking. Click here to enter HomeBanking. You may also call our Financial Phone Center at (301) 948-9880 or visit any MCT Financial Service Center.

Can I lower the rate of my MCT loan?

MCT offers members the ability to lower their interest rate on installment loans*. To apply for an interest rate review of your current MCT loan call (301) 948-9880. *Certain conditions and restrictions may apply.

How can I establish or re-establish credit?

MCT offers a variety of secured loan products to help members establish or re-establish credit. To find out more information about these products call 301-948-9880.

I am late on my loan and I'm out of work. Can I get some help from MCT?

I have a charged off loan. Can I get a checking account?

No, a charged off loan is a loss for MCT. All products and services have been discontinued except moving cash in and out of savings. If you would like to repay this loan, contact the Collections Department at (240) 599-7443 or (800) 497-6290 x7443 or by sending an email through the web site.

I have filed bankruptcy. How will this affect my account?

Please contact the Collections Department at (240) 599-7443, (800) 497-6290 x7443 or by sending an email through the web site to get an answer specific to your account.

I have a loan with the Credit Union and I'm considering filing bankruptcy, but I don't want to include the Credit Union in the bankruptcy. What should I do?

Please contact MCT to discuss your specific account. Call the Collections Department at (240 )599-7443, (800) 497-6290 or send an email through the web site.

How much can I borrow?

The loan amount you would qualify for is based on an evaluation of your credit and your income. You may apply for a loan through MCT in any of the following ways: - Go to apply online on our loan pages and find out in 3 minutes if you are approved - Call (301) 948-9880 - Visit any MCT Financial Service Center

Do I need a Co-Signer for my loan?

There are certain circumstances where a Co-Signer would be required. If you are not approved for a loan on your own or you are under 18 years of age, you may be approved with a co-signer.

If I have bad credit, can I still get a loan with MCT?

As each situation is different, the only way to provide an answer to your question would be for you to complete an application so MCT can evaluate your credit. You may apply for a loan through MCT in any of the following ways: - To apply online go to our loan page and click on "apply now" and find out in 3 minutes if you have been approved - Call (301) 948-9880 - Visit any MCT Financial Service Center

Can anyone get a loan from a Credit Union?

MCT can only give loans to members of the Credit Union. If you are not a member, but would like information on becoming one, go to MCT's membership eligibility page under "Join Now". If you are a member of MCT already and would like to apply for a loan, you may do so by visiting any Financial Service Center, calling (301) 948-9880 or you may apply online by clicking here.

Can I have two equity loans with MCT?

Yes, as long as MCT is not in a lien position greater than third and all other lending guidelines are met.

What is the late fee for a loan?

See Credit Union's fees for a complete list.

Does MCT offer loans if there is no collateral?

Yes, MCT has several unsecured loan types such as: - Signature loans - Debt Consolidation loans - Education loans - Visa credit cards - Lines of credit To speak with a Loan Representative and determine the best loan to meet your needs, visit any Financial Service Center or call (301) 948-9880.

How do I cancel the insurance on my loan?

To cancel the insurance on your loan please contact us in any of the following ways: - Call the Financial Phone Center at (301) 948-9880 - Stop by any MCT Financial Service Center.

How old does a member have to be to apply for a loan?

A member must be at least 18 years of age to apply for a loan through MCT. If a member is under age 18, a qualified co-borrower or co-signer is required. Please ask a Loan Representative for more details.

I am moving out of the country. What should I do about my loans?

For consumer loans, continue making the payments as you normally would. For a vehicle loan, please contact the Credit Union at (301) 948-9880.

If I want to apply for multiple loans do I have to complete more than one application?

Yes, since MCT uses different criteria to approve different types of loans, you would need to complete multiple applications. You may apply for a loan through MCT in any of the following ways: - To apply online go to the loan page and click on "apply now" and find out in 3 minutes of you have been approved - Call (301) 948-9880 - Visit any MCT Financial Service Center

What is risk based lending?

Risk Based Lending is a lending model whereby the interest rate offered is based on an evaluation of the applicant's credit. Risk based lending allows lenders to offer extremely competitive rates to the most credit worthy members while still being able to assist those with less than perfect credit.

Does MCT offer student loans?

MCT does offer education and computer loans. MCT can also provide application packets for government student loans. Stop by any MCT Financial Service Center, or call the Financial Phone Center at (301) 948-9880 for more information.

Does MCT offer consolidation loans?

Yes, MCT does offer loans to consolidate higher rate debt. Current members may apply for a loan by going to the loan page and click on "apply now" and find out in 3 minutes of you have been approved or call (301) 948-9880

Does MCT offer Construction loans?

No, MCT does not currently offer construction loans. However, MCT does offer a variety of loans that may be used for construction purposes.

Does MCT offer Investment loans?

MCT does offer loans that may be used for investment purposes.

How can my teenager obtain a loan?

Applicants must be at least 18 to obtain a loan on their own. MCT offers a Student Visa designed to help high school and college students establish credit. If the applicant is under 18, a qualified co-applicant/guarantor is required. To find out more about the Student Visa, call 301-948-9880.

Do you offer Irrevocable Living Trust accounts?

No, MCT only offers Revocable Living Trust accounts. Call 301-948-9880 to contact to get more information.

Can I request a lower rate under the Servicemembers' Relief Act?

Yes, to discuss your specific situation, please contact MCT at (301) 948-9880.

Does MCT offer Pre-Qualification or Pre-Approval Letters?

Yes, upon approval of your vehicle loan you may request that MCT provide a pre-approval certificate for you to take when visiting car dealerships.

How do I file a claim under my disability insurance?

To file a Disability Insurance claim you will need to send an email or call the Financial Phone Center at (301) 948-9880 and provide your name, address, telephone number, account and loan number and last date of work. You will receive claim forms that must be filled out periodically throughout your period of disability.

What is Credit Life Insurance?

Credit Life Insurance is an optional insurance that will pay off the loan or a portion of the loan in the event of the borrower's death. To sign up for Credit Life Insurance, please contact your Loan Representative at (301) 948-9880.

What is Credit Disability Insurance?

Credit Disability Insurance is an optional insurance available to cover the loan payment or a portion of the payment should the borrower become disabled. To sign up for Credit Disability Insurance, please contact your Loan Representative at (301) 948-9880.

Does MCT offer credit life and disability insurance?

Yes, MCT does offer credit life and disability insurance on MCT loans. Please contact a Credit Union Representative at (301) 948-9880 for more details.

How long does loan approval take?

If you apply online you may be pre-approved in 2-3 minutes. If you apply using another method (phone, fax or in person) the approval time varies but is usually within 24 hours excluding holidays and weekends. MCT will make every attempt to make a decision on a loan application in a timely manner. You may apply for a loan through MCT in the following ways: - Go to a loan page and apply online - Call (301) 948-9880 - Visit any MCT Financial Service Center

How can I find out the status of my loan application?

You can check the status of your loan application by contacting the Contact Center at (301) 948-9880.

How can I apply for a loan or credit card?

Apply online and receive a response to your application in less than 3 minutes. You may also apply by calling MCT's Contact Center at (301) 948-9880, or by visiting any MCT Financial Service Center.

How can I make a loan payment?

You can make a payment through Internet Banking. You may also make a payment by visiting any MCT Financial Service Center, calling the Contact Center at (301) 948-9880, or mailing in your payment to: Montgomery County Teachers Federal Credit Union Attn: Payment Posting P.O. Box 1250 Rockville, Maryland 20849-1250

Can I have my loan payment deducted from my paycheck?

Yes, there are several options to have your loan payment automatically made. You may ask your employer to send a direct deposit to your MCT account, or your loan payment can also be automatically transferred from your MCT savings or checking account on the designated due date. For more details, please visit any Financial Service Center or call the Contact Center at (301) 948-9880.

How do I qualify for a loan?

In order for MCT to determine if you qualify for a loan, you must submit an application. You may apply for a loan through MCT in the following ways: - Apply Online - Call the Contact Center (301) 948-9880 - Visit any MCT Financial Service Center

What happens when my loan is approved?

Once you have been approved for a loan, one of MCT's Loan Representatives will contact you to arrange for the funding of the loan.

How do I get my check once my loan is approved?

Once your loan is approved, please contact MCT at (301) 948-9880 to have your loan check issued.

What items do I need to get a loan?

It will depend upon the type of loan you are applying for. As an example for Auto Financing, we would need copies of pertinent documents such as purchase orders, invoices, titles, etc. However, these items would not be necessary for Personal Loans or Credit Cards. An application is required for ALL loan types. For more information about what is required, contact MCT at (301) 948-9880. You may apply for a loan through MCT in any of the following : - Apply online - Call (301) 948-9880 - Visit any MCT Financial Service Center

How much of the loan application process can be done over the phone?

The entire application and pre-approval can be done by phone. To apply for a loan by phone at MCT, call the Financial Phone Center at (301) 948-9880.

Online Banking FAQs

I am having problem with ePay, ePay does not work?

Contact MCT at 301-948-9880.

How do I get set up on Online Banking?

In most cases, when your account was opened, you where given the ability to use Online Banking. If you did not select your access number at the time the account was opened, you can do so by calling the Contact Center at (301) 948-9880. When you call MoneyTalk, it will recoginize that you have not selected a number. You will be asked to enter your account number, then asked to enter the social security number on the account. You will then be asked to enter a four digit number. Once this is done, the access number is used to access both MoneyTalk and HomeBanking. When you log into HomeBanking, you will have the ability to change your number if you choose. If you have any difficulties setting up your access number, it can also be done in person at any MCT Financial Service Center.

How do I change my password for online banking?

If you have forgotten your old password or your account number, please contact our phone center or visit one of our branch locations. If you know your old password log in to MCTFCU internet banking. After logging into internet banking hi-lite "Account Management" on the left side of the screen and select "Change Your Access Code". You will then be prompted to input your new password twice. To test the changes please log off and log back in again using the new password. If you encounter any problems while changing your password, please call our Contact Center at 301-948-9880 or 800-497-6290.

How do I change my e-mail address in online banking?

You can change your address at any time by logging into our online banking site. Once logged in hi-lite "Account Maintenance" on the left side of the screen and select "Address Change". You will then be prompted to change your home mailing address, as well as your e-mail address. A notice will be sent to your old address and new address to ensure the address change has taken place and confirm that you have requested the address change.

How do I change my address in Online Banking?

Can I get a printout of my statement over the Internet?

Yes, once you are signed up for HomeBanking (a free service to MCT members), statements may be viewed and printed right from your computer.

Can I access Online Banking with a browser other than Internet Explorer or Netscape?

No, the MCT site is set up to work the best with these two browsers. To ensure the highest level of security always make sure you have the latest version of Explorer or Netscape installed on your computer.

Can I report my lost or stolen credit card on your website?

No, you may only report a lost or stolen card by calling (301) 948-9880 and then selecting option 3. You may call 24 hours a day, 7 days a week.

Why does it show a different dollar amount for available balance?

You may have a deposit with a check hold on it or you may have an authorization pending for your Visa Check card. To see our check hold policy, refer to "Your Ability To Withdraw Funds" or call 301-948-9880.

How do I get a copy of a specific check on the Internet?

You can obtain recent check copies by logging into your account through HomeBanking. Once you are in HomeBanking choose History. This will bring up your checking history where you will see the check numbers underlined in blue. Click on the blue underline and the check image will come up. You may then print a copy of the check out for your reference.

Can I use Online Banking with AOL?

Yes, you can access Online Banking using AOL. If you are experiencing problems viewing Online Banking, make sure you are using the newest version of AOL.

Why can't I move back and forth through pages that I have already viewed?

HomeBanking uses secure technology to prevent unauthorized users from viewing your private account information after you have completed a session in Home Banking. This technology prevents your computer from storing the Home Banking web pages that you visit which is why you are unable to go back and forth between secure pages. It is possible to set your web browser preferences to enable your computer to store the necessary information (the memory cache). However, it is important to clear the memory cache after each session in Home Banking to ensure the privacy of your account information.

What are "cookies"?

Some websites require the use of 'cookies', which are small pieces of information a website stores on a visitor's web browser. For example, cookies are required to help protect the privacy of a member's transactions by automatically terminating online sessions if the member forgets to log out. Cookies cannot be used to capture a user's email address, obtain data from the user's hard drive or gain confidential or sensitive information about the user.

Are my transactions secure over the Internet?

Yes, MCT uses a secure site to conduct HomeBanking and Bill Paying transactions. It is recommended that you use version 4.01 or higher of Internet Explorer or Netscape Navigator. It is also necessary to use 128-bit encryption.

How do I upgrade my Internet Explorer or Netscape browser?

It is recommended that you have the latest version of Internet Explorer or Netscape Navigator to use Online Banking. To obtain updates to your software, please visit the following links: - Updates to Internet Explorer can be obtained at www.microsoft.com. - Updates to Netscape can be obtained at www.netscape.com.

What is a Domestic wire transfer?

A Domestic wire transfer is a transfer of funds from MCT to another institution within the United States.

What is a Foreign wire transfer?

A Foreign wire transfer is a transfer of funds from MCT to another institution outside of the United States.

What information do I need in order to perform a wire transfer?

You should contact the receiving financial institution to obtain their wire transfer instructions which will include, the institution's name, address, Routing and Transit ABA number or Swift Number, the account number and name to whom the funds should be credited. Occasionally, there will be additional instructions. The receiving institution will be able to provide all the information you will need to make your wire transfer successful.

Is there a minimum amount I can wire to another financial institution?

No, there is no minimum amount required.

How much can I transfer to another financial institution?

$10,000.00

What if I need to do a wire transfer that is over $10,000.00?

Wire transfer requests over $10,000.00 must be requested in person at one of MCT Financial Service Centers.

Is there a fee to do a wire transfer?

Yes. Please see our current fee schedule for Domestic and Foreign wire transfer fees

How soon will my wire transfer be processed?

Domestic wire transfers submitted before 1:30PM EST will be sent the same day. Foreign wire transfers submitted before 12:00PM EST will be sent the same day.

How will I know if the wire transfer is completed?

During the wire transfer request process, we ask for a contact phone number so that we may reach you if there are any problems with your wire transfer request. If you do not hear from us, the wire transfer was completed. You may also contact the receiving financial institution to ensure the funds were credited.

How soon will the funds from my wire transfer be available at the receiving financial institution?

Generally, wire transfer funds are available immediately after they are credited to the receiving account. However, you should check with the receiving institution to be sure of the availability of your funds.

Is it safe to perform wire transfers through Home Banking?

MCT's Home Banking is certified by True Secure, certifying the security of the information you provide us.

Can I submit wire transfers in the evening or on weekends?

Yes, however the wire transfer will be sent to the receiving institution on MCT's next business day.

How late can I submit a wire transfer request to be processed the same day?

- Domestic wire transfers can be submitted up until 1:30PM EST to be processed the same day. - Foreign wire transfers can be submitted up until 12:00PM EST to be processed the same day.

Why is my online banking experience changing?

In order to make your online banking experience as secure as possible we are introducing a new security feature. Most of the time your online banking experience will be the same as it was before, only now you will have an extra layer of security working behind-the-scenes to protect your account. The new security may – very infrequently – prompt you to verify your identify before continuing. This means you can now bank online with a renewed sense of confidence.

What is this new security system?

As our customer, we know how you typically behave: what types of transactions you conduct, when and from where. If we detect any activity that does not seem like your typical behavior, we will prompt you to further verify your identity—so that we can ensure it is you and not a fraudster attempting to comprise your account. This will only happen on rare occasions. Normally you will not be asked for any additional information. For example, if someone tries to sign in with your user name and password from a computer in a foreign country shortly after you have logged off from your normal computer at home, we may decide to verify that it is really you trying to access your account.

How do I sign up for the new security system?

Expect to be prompted at some point while banking online to enter additional information. This may include choosing several security questions that only you know the answers to, as well as supplying phone numbers where you can be reached while banking online. Once this occurs you have added a layer of protection to your account!

How much will it cost?

There is absolutely no cost associated with the new security system.

When will I be asked for more information?

You will only be prompted to enter additional information when a particular activity or transaction appears to be unusual or uncharacteristic of your typical behavior. You will also be prompted to enter your information when you are first prompted to set up your security information.

What additional information will I be asked?

If any unusual or uncharacteristic behavior is detected you will be asked to answer several of the security questions you chose. You may also be asked to answer an automated phone call.

What is unusual or uncharacteristic behavior?

Uncharacteristic or unusual behavior is anything that appears out-of-the-ordinary compared to how you normally would bank online and where you normally bank online. If the action being requested does not appear to be something you would normally do, we will ask you for more information to make sure it is really you and not an unauthorized user.

How are you able to detect unusual or uncharacteristic behavior?

The security system takes into account factors such as the type of transactions you ordinarily perform, the computers you typically use to access your account, or the typical security settings for your computer. Hundreds of factors, such as these, allows us to make decisions about whether the person conducting a given activity and transaction within your account appears to be really you.

Will I be asked for more information all the time now?

No, you will only be asked from time to time or in the event unusual or uncharacteristic behavior is detected. This will most likely be a very rare occurrence.

Is my personal information still safe?

Yes. In fact, your personal information is safer than ever before because we are making sure it is really you and not an unauthorized user trying to access your information.

How will this help prevent online fraud?

If your user name and password are stolen, the fraudster would have to be able to answer your security questions correctly before being able to access your account or complete a fraudulent transaction. If the user is not able to provide this information, the activity would be blocked. This added layer of security helps us protect your online account at all times.

I check my account very often, wouldn’t I know if something unusual showed up on

It is great you check your account! It is always a good idea to regularly monitor your account for any unusual activity (like payments you didn’t make). This security service helps prevent those incidences from ever occurring, so when you check your account everything is exactly how it should be.

I already have anti-virus and a personal firewall. Why do I need this?

We are glad to hear you use antivirus and a personal firewall. Be sure that you keep both software programs up-to-date for the best possible protection against viruses, Trojans, and hackers. This new security feature protects against another kinds of threats such as a stolen user name and password. It works with your other personal security programs, but it does not replace them.

Vehicle Loan FAQs

What are your auto loan rates?

Please go to http://www.mctfcu.org/mct/loans/vehicle_loans/ to view our current rate.

Where can I purchase my vehicle?

MCT participates in the Credit Union Auto Loan Network (CUALN) that consists of many dealers in Maryland, DC and Virginia. As a member of MCT, you may complete the financing of your vehicle at any of the participating dealerships. For a list of dealerships call 301-948-9880.

Can I apply for a loan if I haven't found a car?

Yes, you may apply for financing at any time to be pre-approved. Upon approval, you will need to request a pre-approval certificate to show the car dealer that you have been approved for financing at MCT. Approvals are good for 30 days. To apply for a loan through MCT call (301) 948-9880.

Can I refinance my car if I have a loan through another institution?

Yes, you may apply to refinance your vehicle at any time. You would need to apply for an auto loan with MCT and, upon approval, a representative would contact you to obtain the payoff information and ensure the vehicle meets MCT's NADA guidelines. To apply for a refinance call (301) 948-9880.

How many years can I finance an auto loan?

For new and used vehicle loans over $20,000, the maximum term available is 6 years. For loan amounts less than $20,000, the maximum term is 5 years. For vehicles older than the last five model years, the maximum term available is 5 years.

Is there a fee to refinance a vehicle?

MCT does not charge a fee to refinance your vehicle loan. However, there will be a fee charged by the MVA to record the lien. This fee varies by state.

What are the insurance requirements for an auto loan?

Members must maintain full coverage (comprehensive and collision insurance) on the vehicle until the loan is paid in full.

Do I need to be pre-approved for a car loan?

It is not necessary to be pre-approved, but it can help when you are shopping for a car. To apply for a vehicle loan from MCT Apply Online, call (301) 948-9880 or visit any MCT Financial Service Center.

Does MCT offer loans for classic cars or older model vehicles?

Yes, MCT does offer a loan for classic and older model vehicles. MCT uses the NADA Retail Value to determine a vehicle's value. An appraisal may be necessary if a NADA value is not able to be determined. Apply for an MCT vehicle loan Online or call (301) 948-9880.

I am looking to buy a new vehicle but I don't know where to start. What do I do?

If you are looking for a new or used vehicle, you will want to get pre-approved for your loan at MCT. Then go shopping! You may apply for a loan through MCT in any of the following ways: - Apply online and find out in 3 minutes if you are approved. - Call (301) 948-9880 - Visit any MCT Financial Service Center

Can I lease a vehicle through the Credit Union?

No, MCT does not currently offer any vehicle leasing options. If you are interested in purchasing a vehicle and would like to finance it through MCT, please contact MCT at 301-948-9880.

My vehicle is financed with the Credit Union, may I take the vehicle out of the country?

Under certain circumstances MCT may grant permission to take your vehicle out of the country. Contact the Credit Union at (301) 948-9880 to get information specific to your situation.

Does MCT offer warranties on new and used vehicles?

MCT is not able to offer warranties on vehicles, however MCT may finance extended warranties offered by the dealer. Speak with your Loan Representative for more details.

Can I finance add-ons such as a service contract when I purchase a vehicle?

Yes, as long as it falls within the following MCT lending guidelines: Purchases: - New Vehicles - MCT will finance up to 100% of the sales price in addition to tax, tags, extended warranty and title fees. - Used Vehicles - MCT will finance up to 120% of the NADA Retail Value for vehicles within the current year or the past five model years. - Older Model Vehicles - MCT will finance up to 100% of the NADA Retail Value for used vehicles older than the last five model years. Refinance: - New Vehicles - MCT will finance up to 100% of the sales price in addition to tax, tags, extended warranty and title fees for any new vehicle purchased within the last six months. - Used Vehicles - MCT will finance up to 100% of the NADA Retain Value for vehicles within the current year or the past five model years. - Older Model Vehicles - MCT will finance up to 100% of the NADA Retail Value for used vehicles older than the last five model years.

Where can I obtain NADA or Blue Book values?

Visit www.Nada.com to obtain the vehicle's NADA value or call MCT's Financial Phone Center at (301) 948-9880 for assistance.

How long do I have to wait for my title when the vehicle is paid off?

MCT will release the lien on your vehicle and mail the titling document to you within 10 business days after the loan is paid off. The state of Maryland has a two part title. The owner of the vehicle has possession of the title and MCT holds what is called the Security Interest Filing (SIF). When the loan is paid in full, MCT will release the SIF 10 business days after the loan is paid in full. Both the title and the SIF are required to verify full ownership of the vehicle.

Does the title have to be in my name?

It is not necessary that the vehicle title be in your own name. However, the person(s) on the title would need to sign the loan documents as the "Other owner(s) of Collateral". Please ask your Loan Representative for more information.

Can my car be titled in my business' name?

A vehicle may be titled in a business name as long as the following occurs: - The loan must be in the individual's name - An Authorized Signer of the business must sign as the Other Owner of Collateral (Example: John Smith for ABC Inc.) - Documentation that states who the authorized signers are for the business (i.e.corporate resolution) must be provided If you have any questions regarding this matter, please contact MCT at (301) 948-9880.

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Branches and ATMs FAQs

What are your hours and locations?

Who can become a member at MCT Federal Credit Union?

How can I transfer funds into another MCT account through HomeBanking or MoneyTalk?

Can I get a money order through MCT?

Do you offer notary services?

Does the Credit Union have safety deposit boxes?

On what holidays are the Credit Union Financial Service Centers closed?

How do I report an ATM error on my account?

Can I choose my own Personal Identification Number (PIN)?

What do I do if I've forgotten my Personal Identification Number (PIN)?

How do I report that my ATM card has been lost or stolen?

Can I set up beneficiaries for my account?

What are the locations of Credit Union Shared Service Centers?

What transactions are available at the Credit Union Shared Service Centers?

What is a Credit Union Shared Service Center?

Will the member be charged a fee by the Credit Union Shared Service Center for using their ATM?

What are the hours at the Credit Union Shared Service Centers?

What holidays are the Credit Union Shared Service Centers closed?

What additional services are available at the Credit Union Shared Service Centers?

What policies and procedures are followed at a Credit Union Shared Service Center?

Can a member use one of the Credit Union Shared Service Centers to conduct transactions?

What information can I not get at a Credit Union Shared Service Center?

Card Services FAQs

How can I receive a Visa check card?

How do I activate my new Visa credit card or Visa check card?

How long does it take for my new Visa credit card to arrive after it has been ordered?

My card has expired and I have not received the new one yet.

How do I replace my damaged card?

How do I report that my Visa credit card or Visa check card has been lost or stolen?

How do I obtain Visa Convenience Checks?

Can I use my Visa credit card to get cash at an ATM?

Can I choose my own Personal Identification Number (PIN)?

What do I do if I've forgotten my Personal Identification Number (PIN)?

How do I transfer a balance to an MCT Visa?

Can I transfer credit card balances from another creditor to my MCT Visa?

What is the difference between a credit card and a debit card?

Do MCT Visa cards have an annual fee?

What is my minimum monthly credit card payment?

Where do I send my credit card payment?

Can I pay ahead on my Visa credit card?

Can I skip a payment on my Visa credit card?

What is the late fee for a Visa?

Is there a way I can pay my MCT Visa bill automatically and avoid any late fees?

What is the fee if I am over the limit on my Visa?

How can I get my Visa credit card limit back?

How do I find out about the purchases appearing on my Visa credit card statement?

How do I dispute charges on my Visa statement?

How long will my credit card account information remain accessible online?

How can I close my Visa credit card account?

Who is an Authorized User on a credit card?

Is my child allowed to use my Visa credit card?

How do I add another cardholder to my Visa credit card?

Can I remove an authorized user from my Visa credit card account?

Can I apply for a credit card if I am under 18?

Can I request a lower rate on my Visa?

Why did my interest rate increase on my Visa Gold?

Tell me about the Scorecard Rewards Program.

What is my credit score?

What is a Beacon Score?

How can I get a copy of my credit history?

How do I dispute an item on my credit report?

There is a mistake on my credit bureau report. How can it be fixed?

If my credit is not very good, does that mean my interest rate will be higher?

I need help with my budget and paying my bills and I want to improve my credit report. Can MCT help me with financial counseling?

VISA Points exceptions

Checking and Savings FAQs

How can I order checks?

I ordered checks but haven't received them yet. How can I check on the status?

How can I get overdraft protection for my checking account?