FAQ

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Questions & Answers

About Us

What is the Credit Union's routing number?

Our Routing Number is 254074057.

What is the Tax ID number for AgFed?

The Tax ID number for AgFed is 53-0176413.

Where is the employment career opportunity information on your site?

The AgFed employment information is located here.

What is the AgFed fax number?

The AgFed fax number is 202-479-3877. You may find more information at the top of our home page under ‘Contact Us’ or click here.

What are some advantages of being a member of a Credit Union?

Credit Unions exist solely for the purpose of meeting the financial needs of their member-owners. To that end, credit unions not only provide outstanding personal service, but members often earn higher returns on their savings while paying lower rates for loans. Each year, credit unions consistently outshine banks and S&Ls in the area of consumer/member satisfaction.

Credit Unions are based on a one-member, one-vote structure, thus giving members the power to direct Credit Union policy in an effort to meet member needs. This structure is vastly different from the for-profit sector where stockholders vote according to the number of shares of stock they own. Their non-profit status enables Credit Unions to operate at a lower cost than many for-profit institutions and helps them to offer competitive loan and savings rates. For instance, Credit Unions usually charge lower interest on credit cards than most other providers and many Credit Unions charge no annual card fee.

Who owns a Credit Union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A Credit Union doesn't operate in that manner. Rather, each Credit Union member owns one ‘share’ of the organization.

The user of Credit Union services is also an owner and is even entitled to vote on important issues, such as the election of member representatives to serve on the Board of Directors.

Are you a full service financial institution?

Yes, we strive to add value to your membership with our products and services and meet all your financial goals. Our offerings include:

Savings
Checking
Certificates
IRAs
Loans
Visa Credit Cards
Nationwide ATM Access
Online Account Access
Mobile Banking
And much more!

What is your mailing address?

Agriculture Federal Credit Union

P.O. Box 2225

Merrifield, VA 22116

What are your hours?

At the top of the AgFed home page, click on ‘Locations and Hours’ or click here.

How do credit unions differ from banks?

A Credit Union is not the same as a bank. A bank is a commercial business established in order to make money for its stockholders. A Credit Union is a not-for-profit cooperative established to meet the needs of its members.

All members have one vote each in the cooperative, regardless of how much or little money they have in their accounts. Credit Unions are often able to provide financial services in a very cost effective manner.

Can I join the Credit Union right now?

We would like to welcome you to join the Credit Union. Click here to go to the Membership section of the AgFed home page and select ‘Join Today’ to apply online.

What are the holidays that the Credit Union is closed?

At the top of the AgFed home page, select ‘Locations and Hours’ and you will see a tab for our holiday schedule for this year or click here.

How is a Credit Union governed?

A credit union receives its authority to operate by obtaining a federal or state charter. State-chartered credit unions follow the regulations set by the State Credit Union Act; federally chartered ones fall under the Federal Credit Union Act.

Annual examinations and oversight are conducted by the supervisory agency - the National Credit Union Administration for federal credit unions.

A member-elected volunteer Board of Directors oversees the operations of the credit union.

What is a Credit Union?

A credit union is a member-owned, not-for-profit cooperative financial institution, owned and operated by its members. These members, who are united by a common bond of association, democratically operate the credit union under state and federal regulations.

There are more than 9,000 credit unions in the United States, serving more than 70 million members.

Where can I find a list of your branch phone numbers?

General Information:

Member Service 202-479-2270 or 800-368-3552

Audio Response Teller 202-488-3130 or 800-872-2328

24 Hr Loan By Phone 888-451-5626

You may apply for a loan, open an account and receive answers to questions 24 hours a day, seven days a week.

Main Branch:

phone: 202-479-2270 fax: 202-479-3877

Riverdale Branch:

phone: 202-479-2270 fax: 202-479-3821

Carver Center Branch:

phone: 202-479-2270 fax: 202-479-3821

Who can become a member of the Credit Union?

We would like to welcome you to join the Credit Union!

Eligibility to join AgFed includes:

Anyone who lives, works, worships, or goes to school within the city of Washington, DC and their family members.
Employees, employee family members, and persons retired as pensioners or annuitants of our Select Employee Groups (SEGs) companies and organizations
Contractors who work with our Select Employee Groups (SEGs) companies, co-workers and family members.
Through association membership.

Family members include your spouse, children, siblings, parents, grandparents, grandchildren, stepparents, stepchildren and stepsiblings. Household members and domestic partners are also eligible to join and are defined as persons living in the same residence and who maintain a single economic unit; any person who is a permanent member of and participates in the maintenance of the household (Example: Two people sharing an apartment would be considered a household. Immediate family members of each member in this household could also join.

You may see our current SEG list under the ‘Membership’ tab.

How many branch locations do you have?

We currently have three AgFed branches and hundreds of shared branch locations around the country. You may find many convenient locations to access your funds by searching for your city or zip code in the ATM/Branch Locator under 'Locations and Hours' at www.agfed.org or by clicking here.

How do I join the Credit Union?

To join AgFed, you must open a regular savings account with a deposit of just $5.00 and you're a member for life. Select the option following that best suits your needs:

Via the Internet

Click 'Join Now' on our home page or click here. With our Online Application process, you can become a member-owner of AgFed in about 10 minutes. Once you are a member, you'll be able to take advantage of all of our benefits for life.

At a Branch

For a list of our branch hours and locations, click on ‘Locations and Hours’ on the AgFed home page or click here.

By Telephone

Contact our Member Service Department 24/7 at 202-479-2270 or 800-368-3552. A representative will verify your eligibility and answer any questions about the application process.

Why aren't Credit Unions insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts?

Member savings accounts at all federal Credit Unions are federally insured up to at least $250,000 by the National Credit Union Administration (NCUA). The fund is backed by the full faith and credit of the U.S. government.

Account Services

How can I deposit money to my account through another credit union?

Go to the ATM and Branch locator under 'Locations and Hours' on our home page to find the AgFed branch or Shared Branch nearest you. You may process simple transactions like deposits, withdrawals, or loan payments at any of the locations listed. Please note: Additional rules may apply to transact business on your account. CO-OP Shared Branch may limit cash withdrawals, regardless of your own credit union's policy. Some fees and limitations may apply. You may want to call ahead to find out if the branch you plan to go to has a cash withdrawal limit or any additional restrictions.

How do I get an Audio Response Teller (A.R.T.) access code?

If you are a first time ART user, your access code will be the last four digits of the Social Security Number of the primary member on your membership. When you use the Audio Response Teller for the first time, you will select your own access code.

Does AgFed have a coin/change counter at any of its locations?

We have a coin/change counter at our South Building branch.

Where can I make a deposit?

Go to the ATM and Branch locator under 'Locations and Hours' on our home page to find the AgFed branch or Shared Branch nearest you. You may make a deposit at any of the locations listed or mail in a deposit to Agriculture Federal Credit Union, P.O. Box 2225, Merrifield, VA 22116.

Where can I get a Direct Deposit form?

Direct Deposit forms are available at any of our branch locations. We will also be happy to mail you a form. Unfortunately, Direct Deposit forms are not available online.

How do I make a deposit by mail?

To make deposits by mail, please use our mailing address:

Agriculture Federal Credit Union
P. O. Box 2225
Merrifield, VA 22116.

Please write your member number on your checks and do not send cash through the mail. You do not need to include a deposit ticket.

How do I access my annual tax form online?

A 1099-INT will be generated if you received a total of $10.00 or more in dividends for the year for your accounts. If one was generated, you should receive it by mail at the end of January. Tax forms are also available through eStatements. If you did not receive your tax form and you earned more than $10.00 in dividends, please contact us at 202-479-2270 or 800-368-3552 for another copy.

How can I access my account balance?

You may view your account balance by accessing your account online at www.agfed.org or via Mobile Banking. You may also access your account balance through our Audio Response Teller (ART) by calling 202-488-3130 or 800-872-2328. In both cases, you will need your member number and a PIN (personal identification number). If you do not have a PIN, please contact us at 202-479-2270 or 800-368-3552.

How do I add or remove joint owners from my account?

In order to add a joint owner to your membership, a new membership application must be completed with current information and signatures for all the owners.

Unfortunately, we cannot remove an owner from a membership. If you no longer wish to have a joint owner on the membership, you would need to close that membership and establish a new one. The only exception to this is in the case of a deceased joint owner. We will remove their name from the membership with proper documentation.

How do I close one of my accounts on my membership?

To close one of your accounts, you simply need to contact us at 202-479-2270 or 800-368-3552, visit any AgFed branch or send us a written request at PO Box 2225, Merrifield, VA 22116. We will close the account and can transfer the funds to another of your accounts or mail you a check.

Where can I find your privacy policy?

You may read our ‘Privacy Policy’ on our home page at http://www.agfed.org under the ‘Membership’ tab or click here.

What is the procedure for closing a membership?

In order to close your membership, you may either come into any AgFed branch or submit a signed written statement requesting that your membership be closed. Once your request is received, the membership will be closed and the funds can be sent to you in the form of a check.

How can I have my tax refund directly deposited to my account?

You may have your tax refund directly deposited by providing your routing number, 254074057, and your six digit member number on your tax return.

How do I change my address?

Visit our website at www.agfed.org. From our website, login to your account and click on ‘Profile’, and ‘User Profile’, then click on ‘Contact Information’. Once your address change has been processed, you will receive a confirmation email from us.

If you cannot log into our website, please mail your dated and signed change of address to P O Box 2225, Merrifield, VA 22116 or visit any AgFed branch.

Can I use one of the CO-OP Shared Branches to do any transactions?

CO-OP shared Branch transactions are limited to deposits, withdrawals, and loan payments (except credit cards). Please keep in mind that additional rules may apply for you to transact business on your account. CO-OP Shared Branch may limit cash withdrawals, regardless of your own credit union's policy. Some fees and limitations may apply. You may want to call ahead to find out if the branch you plan to go to has a cash withdrawal limit or any additional restrictions.

What is the turnaround time for VODs (Verifications of Deposit)?

They are completed the day they are received and faxed or mailed back to the requestor.

Can I get foreign currency through the credit union?

No, AgFed does not handle foreign currency.

What is my PIN?

Your PIN (Personal Identification Number) is a security code that allows us to verify that a request to access your account is authorized by you. Your confidential PIN prevents unauthorized use and ensures complete security when making transactions on your accounts. If you have forgotten your PIN, you will need to contact the Credit Union at 202-479-2270 or 800-368-3552.

Does the credit union sell postage stamps?

No, AgFed does not sell postage stamps.

How many accounts can I have?

There is no limit to the number of memberships you may have. You can have up to three savings accounts per membership. You may have up to two checking accounts per membership.

What information do you need if my relative wants to join? Do I need to come in with them? What proof do you need that they are related to me?

Family members eligible for membership include your spouse, children, siblings, parents, grandparents, grandchildren, stepparents, stepchildren, and stepsiblings. You do not need to be present for your family members to join the Credit Union. Household members and domestic partners are also eligible to join and are defined as persons living in the same residence who maintain a single economic unit; any person who is a permanent member of and participates in the maintenance of the household (Example: 2 people sharing an apartment would be considered a household). Immediate family members of each member in this household are also eligible to join.

Your family members may come into any AgFed branch to join or go to www.agfed.org and click on the 'Join Now' tab to join online.

How long does a foreign item take to clear and be posted to my account?

It can take anywhere from a week to 6 weeks to collect an item drawn on a foreign bank. Unfortunately, this process is controlled by the issuing institutions. We do not control the speed in which these institutions will process requests. All items must be properly endorsed and dated or they will be returned by the issuing institution.

If other members transfer money to my account, or if I transfer money to another member's account, can they see my balance?

No, you will not see the balance of the other member’s account and they will not see yours.

Do you have an audio response system?

Yes, we have an Audio Response Teller (ART) that can provide you with a great deal of information. To access ART, call 202-488-3130 or 800-368-3552.

My deposit does not appear in my account or the amount is incorrect. Why?

To determine what the issue is, the Credit Union will need specific information about the deposit. Please sign into online banking and send us a secured email or contact us at 202-479-2270 or 800-368-3552.

Do I have to close my account if I move out of state?

No, you do not have close your account if you move out of state. In order to access information about your account outside the DC metro area, you may sign up for online banking or our audio response teller (ART) by contacting us at 202-479-2270 or 800-368-3552.

You may also find many convenient locations to access your funds and make deposits and loan payments by searching for your new zip code in the ATM/Branch Locator at www.agfed.org.

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

Your available balance is the amount that you have available for withdrawal. Holds on your account for deposited checks or ATM and debit card transactions reduce your available balance.

How many joint owners can I have on my account?

As many as you desire. There is no limit to the number of joint members you may have on your account.

What is a Medallion Signature Guarantee?

A Medallion Signature Guarantee is a special signature guarantee for the transfer of securities. The Credit Union only performs them for members and they are only available at the South Building branch. You must provide valid photo identification with your current address at the time of the guarantee. You should call 202-479-2270 to confirm that one of the individuals able to perform the guarantee is in the office prior to coming in. There is no fee for this service.

Does the credit union have safe deposit boxes for rent?

AgFed does not have safe deposit boxes at any of our locations.

Where is a CO-OP Shared Branch close to me?

You may find many convenient locations to access your funds and make deposits and loan payments by searching for your zip code in the ATM/Branch Locator at www.agfed.org.

How do I become a member?

Please visit our website at www.agfed.org and click on 'Membership' and 'Join Now', contact us at 202-479-2270 or 800-368-3552 or stop in at any AgFed branch.

When are dividends paid to members?

Money Market dividends are paid monthly. All other dividends are paid quarterly (March, June, September, December) or upon Certificate maturity date. Dividends are paid on the last day of the month.

Do you offer business loans?

No, we do not offer business loans at this time.

Does the Credit Union have notary service?

Yes, we have free notary service for AgFed members only. To receive this service, you must provide a Driver's License or State issued ID card. A USDA badge is not sufficient identification for our notaries.

No appointment is necessary, but please contact the branch nearest you for availability.

You will find the contact information on our home page under the 'Locations and Hours' tab.

Can my relative join the Credit Union?

Yes, members of your immediate family including spouse, children, siblings, parents, grandparents, grandchildren, stepparents, stepchildren and stepsiblings are eligible to join the Credit Union.

Household members and domestic partners are also eligible to join and are defined as persons living in the same residence and who maintain a single economic unit; any person who is a permanent member of and participates in the maintenance of the household (Example: Two people sharing an apartment would be considered a household). Immediate family members of each member in this household could also join.

When applying for membership in the credit union, what identification is required at the time of application?

You need a valid photo I.D. (i.e. driver's license, state-issued I.D., passport).

What happens to AgFed if the government closes?

In the event of a government closure, the Credit Union will make every effort to remain open and available for our members. Branches located in Federal buildings may not be open due to building closures. Please check our website in the event of a closure for the most up-to-date information.

ATM / Debit Card

What are the daily access limits on my Debit Card?

The daily limit for point of sale purchase with your debit card is $5,010. The daily limit for cash withdrawal with your debit card is $1,000.

What is the daily access limit on an ATM card?

The daily limit for a cash withdrawal with your ATM card is $500.00.

How old does a member have to be to apply for a Visa Credit or a Debit card?

To apply for a Visa Credit Card, members must be 18 or older.

To apply for a Visa debit card, members must be 16 or older and a parent or guardian must be a joint owner on their membership.

What do I do if my card won't work?

Call 202-479-2270 or 800-368-3552 to speak to a Member Service Representative to determine the nature of the problem.

What is the difference between an ATM Card and a Debit Card?

Most ATM cards are debit cards and vice versa. ATM cards access cash only. Debit cards access cash and are also used to make purchases at retail locations in the same way credit cards are used. You'll know if you have a debit card if there is a Visa logo on the front of the card.

What do I do if the ATM does not dispense the money I asked for and the funds have been deducted from my account?

Please contact us at 202-479-2270 or 800-368-3552 for the necessary forms and provisional credit may be issued to you upon receipt of the completed forms.

What should I do if I am out of town and my credit or debit card is declined and I know that the funds are available?

If this occurs during business hours, 8:00am to 4:00pm EST, please call 800-368-3552 and select option 4 if you are having a debit card problem or option 5 if your card is a credit card. If you are calling during non-business hours, please call 202-479-2270 or 800-368-3552 to speak to a representative.

Can I use my Visa Credit or Debit card internationally?

Visa Credit and Debit cards can be used for international merchant transactions. However, it is important that you notify us of your travel plans prior to leaving via secure or regular email.

Where are your ATMs located?

We have two ATMs located within the South Building complex, one at the Kennedy Center, one at the Beltsville (GWCC) office, one in the Riverdale Branch and one at the Sidney R. Yates Federal Building. We also have one ATM in Kansas City, MO. To find the addresses of these ATMs and other free ATMs, search for your city or zip code in the ATM/Branch Locator at www.agfed.org.

What if I have a pending ATM dispute?

A provisional credit is normally issued to you within two business days of us receiving the forms, pending contact with the owner of that ATM. We will contact you if we believe your provisional credit will be delayed. Please contact us at 800-368-3552 or 202-479-2270 in the event that your credit has not been issued.

How do I apply for a debit card?

You may apply for a debit card by calling us at 202-479-2270 or 800-368-3552 or by sending an email to members@agfed.org.

Can I select my own PIN on my Visa Debit and ATM card?

To select your own PIN for your Visa Debit card, you should call 866-762-0558 from the home telephone number we have on record for you. You will need the last four digits of your social security number to change your PIN.

Can I make a deposit to an ATM that is not an AgFed ATM? Does it matter if it is a check or cash deposit?

Deposits can be made at any ATM displaying the 'Star' logo and at any Family Service Center branch. Only check deposits should be made through an ATM.

How do I order a new ATM or Visa Debit Card? I lost or misplaced my card.

You may block your lost or misplaced card by contacting us at 202-479-2270 or 800-368-3552 between 8:00am and 4:00pm Monday thru Friday. We will also order you a new card at that time.

If you discover the loss of your card during non-business hours, please call our Audio Response Teller (ART) at 202-488-3130 immediately to block the use of the card. Then you may contact us at 202-479-2270 during regular business hours or send us a secured e-mail by logging into your account online and clicking on the ‘Online Applications’ tab to order a new card.

If I want my minor child to use my VISA Debit card, do I need a separate card or account for them? Can I just let them use my card?

Your 16 year old or older child may get a debit card for their account with a $250.00 daily limit, as long as a parent or guardian is joint on their account.

You might also want to consider a Student Prepaid VISA^®Card. The card is reloadable and can be used worldwide wherever VISA^® debit cards are accepted, including online and on the phone. AgFed has the cards available.

You should not give your Visa debit card to anyone to use.

Auto Loans

Can you get a car loan after filing Chapter 7 bankruptcy?

As an AgFed member, you are always eligible to apply for a loan. Loan approvals are determined by reviewing many factors. These include, but are not limited to, credit score, debt-to-income ratio, employment history and stability and other determining factors. Filing bankruptcy does not preclude you from getting a loan, although it is a factor in the decision making process.

How do I get a copy of my current auto title and is there a fee?

You may request a copy of your title from us at 202-479-2270 or 800-368-3552. The fee is dependent upon the situation.

What is GAP coverage and who pays for it?

GAP coverage is designed to help eliminate the difference between how much a vehicle is worth and how much a consumer owes in the event the vehicle is totaled or stolen and not recovered. You pay for the coverage and it can be included in the loan or paid by cash.

Do I have to buy from an auto dealer?

No, you could purchase a vehicle from a dealer or a private seller. Please contact us at 202-479-2270 or 800-368-3552 for additional details if you are purchasing from a private seller.

How do I determine the value of a used car?

Car values can be easily obtained at www.edmunds.com or www.nada.org.

Do you have auto loans for fleets?

At this time, Agriculture Federal Credit Union does not offer auto loans for fleets.

How can I apply for an auto loan?

To apply, simply call 888-451-5626 to speak to a representative or apply online at the ‘Loans’ tab of our home page, 24 hours a day, 7 days a week. If you prefer to apply in person, stop by one of our branches and our Member Service Representatives will be glad to assist you.

Do I have to go to specific dealerships to buy my vehicle?

No, we will finance vehicles purchased from any dealership.

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

Rates are typically higher for individuals who have a lower credit score.

How often do the rates change for car loans?

Rates on automobile loans may change at any time. Once you have been pre-approved for an auto loan, your approved rate is guaranteed for 30 days.

How can I get a copy of my credit history?

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

Where can I obtain NADA or Blue Book values?

NADA values can be obtained at www.nada.org.

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

The title should arrive at your current address within two weeks. If you made your payoff in cash, you may request that we expedite the title. There are additional fees for this service.

Do I need to get an appraisal on my used car to refinance?

An appraisal may be required for a classic car, but not for a car within the last nine model years.

How many years may I finance a new auto loan?

New and used vehicles can be financed for up to 84 months. Please look under the ‘Loans’ tab on the AgFed home page for additional information. Certain terms and conditions may apply.

What happens when I'm approved for a loan?

You will need to provide certain documents, such as purchase/buyer's order, proof of insurance, etc. A loan officer from AgFed will contact you with the specific information needed to complete your loan.

How do I find the value of my vehicle?

If you are interested in knowing the value of your vehicle, or a vehicle you may be interested in purchasing, you can go to NADA at www.nada.org online and input the information for your vehicle. You may also call 800-368-3552 and one of our representatives can assist you.

How do I determine the value of a new car?

New car values can be easily obtained at www.edmunds.com.

How much does it cost to refinance a vehicle?

There are no application, loan origination, or closing fees associated with refinancing auto loans from another institution.

Do you offer classic car loans?

The Credit Union does finance classic cars on a case-by-case basis. Please contact us at 202-479-2270 or 800-368-3552 for more information.

How do I finance the buy-out of my auto lease?

Submit your application as a used auto loan. Please call 888-451-5626, submit your application online at the ‘Loans’ tab on our home page or visit one of our branches.

Can I lease a vehicle through the Credit Union?

At this time, Agriculture Federal Credit Union does not offer the financing of leased vehicles.

May I have my loan payment deducted from my paycheck?

You can have your scheduled loan payments deducted monthly, bi-weekly or weekly from your account at AgFed. This can be scheduled at the same time as your direct deposit.

Is there a pre-payment penalty on car loans?

There are no pre-payment penalties for any auto loan that we offer.

Do you offer leases for vehicles?

At this time, Agriculture Federal Credit Union does not offer financing for leased vehicles.

Can I refinance my car?

Yes, as long as your vehicle is within 9 model years. Certain restrictions and conditions may apply.

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

Yes, but certain restrictions may apply.

If I want to apply for an auto loan and another loan, do I have to complete more than one application?

If you apply online, a separate application must be submitted for each loan product requested. However, if you apply through our 24 hour loan line at 888-451-5626, you will only need to provide the information once.

Can I borrow more than 100% on my auto value?

Yes, the rate may vary, as it is determined by an evaluation of credit history, amount borrowed, term and other factors. Certain restrictions may apply.

If I pay off my loan on my vehicle, could I get my title today?

At this time, we are unable to provide titles on the same day as the loan payoff. If you pay your loan off with cash, we can expedite the title release and should be able to provide it the day after the payoff. You can request that your title be expedited at an additional charge.

If I have bad credit, can I still buy a car?

Yes, your rate may vary as it is determined by an evaluation of credit history, amount borrowed, term and other factors. Certain restrictions may apply.

Can I apply if I haven't found the car I want yet?

Yes, once your application is pre-approved, you have up to 30 days to search for your vehicle.

What is the oldest car model I can get an auto loan on?

Agriculture Federal Credit Union will finance any vehicle up to 9 model years and up to 100% NADA value. Classic cars are financed on a case-by-case basis. Certain restrictions and conditions may apply.

If I have a purchase order from a dealer and they have included a warranty in the price of the car, can I cancel it and purchase the CU warranty?

Yes, we believe that the warranty we can offer you is as good, or better, than the warranty from the dealership. Certain restrictions and conditions apply.

How do I payoff my car and get the title?

Make the payoff amount at any branch or share branch location or mail your payoff to:

Agriculture Federal Credit Union

PO Box 2225

Merrifield, VA 22116

Once the payoff amount has been posted, your title should arrive at your current mailing address in about two weeks.

Does the title have to be in my name?

The name(s) on the title must be the same as the name(s) on the loan.

What are the insurance requirements for an auto loan?

You must have insurance for any vehicle you purchase, in accordance with your state laws. For any vehicle financed for an amount in excess of $30,000, the Credit Union must receive proof of insurance.

Can I get my interest rate lowered if I find a lower interest rate at another financial institution?

In the event that you find a lower rate while you are shopping for your vehicle, we will match another financial institution's rate on any approved vehicle request with proof of the institution's offered rate. Rates will never go below our current vehicle offering rate. Certain restrictions and conditions may apply.

How long can I take to repay my auto loan?

Our auto loan terms are offered up to 84 months depending on amount financed, credit history and other factors. Certain restrictions may apply. Please click on the ‘Loans’ tab for more information.

What are your auto loan rates?

Please click on the ‘Rates’ tab under 'Loans & Credit Cards' for our current auto loan rates.

Do you offer warranties on new and used vehicles?

We offer an excellent warranty for new and used vehicles. Prices and eligibility are based on year, make, model and mileage of your vehicle. Warranties may only be purchased with vehicles financed by the Credit Union.

How much can I borrow on an auto loan?

The amount is determined by many variables, including but not limited to, credit history, term and overall ability to pay.

My vehicle is financed with the Credit Union. May I take the vehicle out of the country?

Yes, as long is the loan is in good standing and the vehicle is fully insured. Contact the Loan Department at 202-479-2270 or 800-368-3552 for a permission letter.

Business Accounts

Do you offer business accounts?

AgFed offers business accounts for sole proprietors, partnerships, corporations and organizations that qualify for membership. To determine if your business qualifies and find out what documentation may be required, please contact us at 202-479-2270 or 800-368-3552.

How do I set up a business account at the credit union?

Apart from our normal requirements for opening a membership, a business membership may require that you provide additional documentation to open the account. Prior to coming into one of our branches, we suggest that you call to determine what documents may be needed for the type of business you represent. Our representatives are available 24 hours a day at 800-368-3552 or 202-479-2270.

Collections

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 do I do?

At the time that you file bankruptcy, you should notify your attorney that you do not wish to include your AgFed loans. Once the bankruptcy documents have been filed, the Credit Union will receive notice that you have filed and the AgFed loans are not included in your bankruptcy.

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

Continue to pay your loans as usual. If you need assistance with setting up account transfers to pay your loans, please contact us at 202-479-2270 or 800-368-3552.

There is a mistake on my credit bureau report. How do I fix it?

Contact the credit bureau to receive a copy of your credit report and a dispute form. Complete the dispute form and return it to the credit bureau. They will investigate the error and make any necessary corrections to your credit report.

I'm living out of the area, my loan is late, can I do a check over the phone and is there a charge?

At this time, we do not process checks by phone. However, you may request that funds be transferred from your account to pay your loan. There is a $2.00 fee for staff assisted telephone calls.

I am late on my car loan and I'm out of work. Can I refinance my vehicle to a lower rate?

Please contact the Collections Department at 202-479-2270 or 800-368-3552 to work out payment arrangements.

Can I get my VISA Credit Card limit back?

No, if your credit limit has been removed, you must reapply for a new VISA.

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

If the charged off loan is with AgFed, you will not be eligible to open a checking account. If the loan was with another institution, the decision to allow you to open a checking will be made at the time of request on a case-by-case basis.

Personal Loans

How long is a loan Pre-Approval good for?

The loan pre-approval, at the guaranteed interest rate, is good for 30 days.

Why was my interest rate raised?

The three most common reasons an interest rate would be raised are:

A Home Equity Line of Credit rate may fluctuate based on the current prime rate.
A Visa Credit Card rate will increase if it becomes more than 60 days delinquent.
A Share Secured Loan rate will change when the Share Account rate changes.

What do you mean by risk based lending?

Risk based lending allows us to offer extremely competitive rates to our most credit worthy members while still being able to help those with less than perfect credit at a very competitive rate. Your interest rate is based on your credit score.

How can I apply for a loan?

You may apply in person at any AgFed branch, on the phone at 888-451-5626 or online at www.agfed.org.

How do I qualify for a loan?

We look at every application individually. We base our decision on a member's creditworthiness and their ability to repay the loan. However, each member situation is unique. That is why we offer many different loan programs for our members. We urge you to apply for the loan you are interested in and allow our loan professionals to determine which option is best for you.

What kind of loan do I need if I have no collateral for a loan?

AgFed offers several types of unsecured loans that require no collateral, such as Signature Loans, LifeLines of Credit and Visa Credit Cards. Information for these loans may be found at the Loans tab on our home page.

How long does loan approval take?

Normal turnaround time for processing a consumer loan may be up to 24 hours. We make every attempt to make decisions on loan applications in a timely manner.

Can I get life and/or disability insurance on any type of consumer loan?

The Credit Union has Member Loan Protection available for all of our loans. Our representative will be happy to explain your options when you apply for a loan.

Do you offer consolidation loans?

Yes, we offer consolidation loans (Personal Loans). For more information, please click the ‘Loans’ tab on the AgFed home page.

What items do I need to get a loan?

The type of loan being applied for determines the items required for loan processing. An application and verification of income are required for all loan types. For auto financing, we need copies of pertinent documents like purchase orders, invoices, titles, insurance, etc. However, these items would not be necessary for Signature Loans or Visa Credit Cards. For more information about what is required, contact our Loan Department at 202-479-2270 or 800-368-3552.

Can anyone get a loan from a credit union?

Only members of the Credit Union may apply for loans.

Can the Credit Union help me with a student loan?

At this time, AgFed does not offer student loans. However, you can apply for a Signature Loan and use the funds for school. These loans are not deferred payment loans.

How long does it take to get a loan approved once the application has been turned in?

Generally loans are approved the same day, except for Home Equity loans, Second Mortgages and First Mortgage loans.

When applying for a loan, how much of the process can be done over the phone for a pre-approval of a loan?

The entire process for a pre-approved loan can be completed by phone through our 24 hour Loan Line at 888-451-5626.

Can I apply for a loan at any branch?

Yes, you may apply for a loan at any AgFed branch, over the phone at 888-451-5626 or online at the ‘Loans’ tab of our home page.

How can my teenager obtain a loan?

AgFed does not make loans to minors. If your 18-year-old or older child would like to apply for a loan, they will be treated like any other member and have access to all our loans and services.

How is interest calculated on a consumer loan?

It is a simple interest loan. Take the interest rate, divide by 365 (# of days in a year), multiply by the principal balance (this gives you the per diem), then multiply that by the number of days from payment to payment.

How will I know if I will need a co-signer? I am just starting out and don't have much of a credit history yet.

Complete a loan application either online or by calling our 24 hour loan line at 888-451-5626. A loan officer will process your request and inform you if a co-signer is required.

Credit Card

Is there a fee to order a new credit card?

There are currently no fees to order a new credit card. If you believe that your card may have been lost or stolen, please contact us immediately at 866-820-5794. Assistance is available 24 hours a day, 7 days a week.

I would like to view my credit card purchases online. Is that possible?

Yes, you may see your credit card history online. Log in to your account on AgFed online and click on ‘Additional Services’.

How do I access my Visa statement online?

In order to access your Visa Statement online, log into AgFed Online. Once logged into your account, click on ‘Additional Services’ and then click on ‘View Your Credit Card Transactions Online’. The transaction history for your Visa account is available there.

What number do I call after business hours to report lost or stolen Visa cards?

To report a lost or stolen Visa card, call 866-820-5794.

How do I send a wire transfer for payment to my Visa Credit Card account?

Please provide the following information to the bank making the transfer:

Our Credit Union name: Agriculture Federal Credit Union
Our ABA routing number: 254074057
Your member number
Wire funds to your savings or checking account, for further credit to your credit card number.

The wire transfer must be received prior to 3:00pm EST to post to your credit card account the same day. Payments will be posted at midnight of each business day. Payments received after 3:00pm EST or on a weekend/holiday will be applied to your account on the next business day.

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

The best course of action is to immediately call 866-820-5794 to report your card lost or stolen.

My VISA credit card has expired and I have not received my new card yet. Do I need to worry? Should I report it lost?

If you have not received your reissued card and your current card has expired, you should contact the Credit Union at 202-479-2270 or 800-368-3552 to verify that a new card was mailed out and what address was used.

I have a VISA card that has been used so much that the VOID is starting to show through. Do I need a new card and will there be a charge for the replacement card?

As long as the card still works there is no reason to replace it. If the magnetic strip on the back of the card should wear out, then we would replace the card at no charge.

Where do I send an overnight credit card payment?

The address to send overnight payments is:

Agriculture Federal Credit Union

14th & Independence Avenue SW Room SM-2

Washington, DC 20250.

What do I need to do to apply for a credit card?

You may apply over the telephone at 888-451-5626, online under the ‘Loans’ tab or at any branch location.

Do you process credit card limit increase requests online?

You may complete an application for an increase online, by visiting our website and clicking on the ‘Loans’ tab. Once it is approved, the increase is normally applied to your account on the following business day.

What credit cards do you offer?

AgFed currently offers Visa Classic, Visa Platinum with Rewards, Visa Platinum without Rewards and Secured Visa cards. To apply for a Visa Credit Card or get more information, call 888-451-5626, apply online by clicking on the ‘Loans’ tab or visit any AgFed branch.

Is there a grace period on cash advances on your Visa Credit Card?

No, there is no grace period on cash advances.

When is my payment due?

Your payment is due by the due date indicated on your bill. Payments received after 3:00 p.m. EST or on a weekend/holiday will be applied to your account on the next business day.

How long does it take to get a new VISA card when one is requested if it is lost or stolen?

It generally takes from seven to fourteen business days.

How do I cancel my credit card?

For security reasons, card cancellation requests must be made in person at any branch or by fax to 202-479-3877 or mail to Member Services at:

Agriculture Federal Credit Union

PO Box 2225

Merrifield, VA 22116-9998

Please ensure that you:

Cut the card up into several pieces before discarding
Contact the appropriate companies to cancel any pre-authorized debits on your account
Destroy all 'Convenience Checks'

All features and benefits of the card such as online access, insurance coverage and rewards will cease. A monthly statement will continue to be sent until the balance has been paid in full.

What are your credit card eligibility requirements?

The eligibility requirements for a credit card are the same as for any other loan we offer at AgFed.

Can I call the 800 number and activate my Visa Credit Card?

Yes, to activate the card, please call the 800 number printed on the sticker on the face of your new card. It is not possible to activate a card online.

How do I add an additional cardholder to my credit card?

If you would like to add an additional Cardholder to your account, please submit a signed request to Member Service. You may fax it to 202-479-3877 or mail it to Agriculture Federal Credit Union, PO Box 2225, Merrifield, VA 22116 or visit any AgFed branch.

How do I replace my credit card?

If your card has been damaged, you may contact Member Services at 202-479-2270 or 800-368-3552 during business hours. If you believe that your card may have been lost, stolen, or compromised contact Cardholder Service immediately at 866-820-5794. Assistance is available 24 hours a day, 7 days a week.

Can I make my credit card payment at Western Union?

At this time you are unable to make payments at Western Union. However, you may send a wire transfer from another financial institution to your AgFed account and request that it be transferred to your credit card.

How is interest calculated on purchases?

The finance charge is calculated separately for purchases and cash advances. For purchases, the finance charge is computed by applying the monthly periodic rate to the average daily balance of purchases.

To get the average daily balance of purchases, we take the beginning outstanding balance of purchases each day and subtract any payments and/or credits that we apply to the purchase balance. (We do not add in any purchases posted during the billing cycle.) This gives us the daily balance of purchases. Then we add all the daily balances of purchases for the billing cycle together and divide by the total number of days in the billing cycle. This gives us the average daily balance of purchases.

Can I apply for a credit card online?

Yes, you can apply for a credit card online under the ‘Loans’ tab on our home page. In most cases, you will receive a response by the following business day. If your application requires additional information, a loan officer will contact you during the next business day.

Where do I send my credit card payments?

You may mail your credit card payment to:

VISA

PO Box 71050

Charlotte NC 28272-1050

Is there a limit on the amount of cash that I can advance on a VISA card?

Your cash advance limit is the amount of your credit line. While there is no daily limit for a cash advance, an ATM may have a limit per transaction. If you walk into a financial institution, there may also be a transaction limit set by that institution.

What is the minimum payment on a Visa credit card?

Your minimum payment will always be 3% of your outstanding balance, with a minimum monthly payment of $15.00, and is located on your monthly statement.

Can I use my AgFed Visa Credit Card to get cash at an ATM?

Yes. All you need is your card and Personal Identification Number (PIN) - the secret code that lets you access your account from an ATM. If you do not have your PIN, you may request one by calling 202-479-2270 or 800-368-3552 and one will be mailed to you.

What do I do if I have a charge I did not make on my Visa Card?

To report an unauthorized charge on your Credit Card, you may call 800-449-7728.

Can I transfer higher rate credit card balances to my AgFed VISA Card online?

Yes, you can perform a balance transfer anytime, anywhere through Online Banking. You can find the instructions here.

Under what circumstances might my card be declined?

Your credit card may be declined for many reasons. Some of which may include using an incorrect expiration date (normally online and telephone transactions where the card is not present), using an invalid security code (3 digit number at the back of your card), your card may not be activated, the amount you may be trying to charge might be more than your available limit or your account may be temporarily restricted for abnormal activity pending validation that you initiated certain transactions. It may also be blocked due to overdue payments with any loan at AgFed. If your card is declined and you want to know why, you can contact our Member Service Department at 202-479-2270 or 800-368-3552.

How do I contact your credit card services if I am out of the country?

This is dependent on which country you will be calling from.

Table with Countries and the contact numbers
Belgium	0800-11-766
Canada	1-800-654-7728
France	0800-90-1615
Germany	0130810002
Guam	800-654-7728
Italy	800-897-089
Japan	00531-11-1727
Mexico	00-1-800-336-728
Panama	00-1-800-111-038
Philippines	1800-1-111-9081
Spain	900-99-1164
United Kingdom	0-800897330

For all other countries, you may dial 202-479-2270 during regular business hours and you will be transferred to Cardholder Services.

What do I do if I need an additional card?

You may request an additional card only if you are designating an authorized user. For security purposes you may not have more than one card with the same name. In the event that you are designating an authorized user, we require a written request.

How can I close my Visa Credit Card account?

You may close your Visa account by submitting a written request to Agriculture Federal Credit Union at any of our branches or by mail at PO Box 2225, Merrifield, VA 22116.

How do I make credit card payments electronically?

Credit card payments may be made by transferring funds from your AgFed deposit account to your Credit Card account through Online Banking or by logging into your account, clicking on ‘Additional Services’ and then click ‘Online Services’ to make your payment from another financial institution. Payments may also be made at any of our branches or by telephone at 202-479-2270 or 800-368-3552.

How far back can I obtain credit card account information online?

You may view your last 13 statements online. Any transactions posted to your credit card account since the last statement will also be available.

How do I request a Visa Credit Card?

To apply for a Visa credit card, call our 24-hour loan line at 888-451-5626 or visit the ‘Loans’ tab on the home page and select ‘Visa Credit Cards’. You may also apply at any of our branch locations.

What is your current rate for credit cards?

The rate for a Visa Platinum with rewards is 17.65% APR. The Visa Platinum without Rewards is as low as Prime + 6% and 17.90% APR for our Classic Visa and secured Visa cards. All the cards come with penalty pricing, which means that if your account becomes 60 days delinquent, the rate will be increased to 17.90% APR and remain at that rate until it has been current for 6 months, after which the rate will revert to its original percentage.

What is the maximum limit on a Credit Card?

The maximum limit on your credit card depends on the amount for which you have been approved. The maximum limit we offer is a $30,000.00 Platinum Visa credit line.

What is the difference between a Credit Card and a Debit Card?

Although you use a Debit Card much like you use a Credit Card, the method of payment is different. When using a Debit Card, you are using the money from your account. The amount of your purchase must be available in your account at the time the purchase is made. When using a Credit Card, you are borrowing money against your available credit line. You pay that money back when you make your monthly payment.

Can I request a Personal Identification Number (PIN) for my Visa Credit Card online?

You may request a Personal Identification Number (PIN) by calling Member Service at 202-479-2270 or 800-368-3552. For security reasons, the PIN will be mailed to you.

How is interest calculated on cash advances?

For cash advances, the finance charge is computed by applying the monthly periodic rate to the average daily balance of cash advances.

To calculate the average daily balance of cash advances, we take the beginning outstanding balance of cash advances each day, add in any new cash advances and subtract any payments and/or credits that we apply to the cash advance balance. This gives us the daily balance of cash advances. Then, we add all the daily balances of cash advances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the average daily balance of cash advances.

Can I use Electronic Bill Payment to make a payment on my credit card?

Yes, you can pay your Credit Card bill online free of charge up to 30 days in advance. From the ‘Account Center Plus’ screen, after you’ve signed into your membership online, click on ‘AFCU Credit Card’ at the bottom under ‘Loans’. This will show you the recent activity on your card. At the top of the screen, click on ‘Online Services’ and then on ‘Make a Payment’. In the drop down box on the upper left side of the screen, select ‘Make a Onetime Payment’. Online payments submitted Monday-Friday prior to 4:00 pm EST will be applied to your account the same day. Payments submitted after 4:00 pm or on a weekend/holiday will be applied on the next business day.

How do I dispute a charge(s) that appears on my credit card?

You should contact Cardholder Services immediately at 866-820-5794. They are available 24 hours a day, 7 days a week. You will be asked some information regarding the transactions and documents will be sent to you via the mail. The documents MUST be signed and returned to the address provided.

How do I inquire if any additional amount is due after a credit card has been paid in full?

Because cash advances accrue finance charges from the date of the advance to the date the advance amount is paid in full, after paying off your full balance, your following statement may include a small balance to cover any additional finance charges which may have accrued between the date of your previous statement and the date the amount was paid off. To find out the amount, before receiving your next statement, please contact us at 202-479-2270 or 800-368-3552.

What is the average wait for approval on a VISA Credit Card?

You should have your answer within 24 hours. Your card should be received within 2 weeks after approval.

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

If you have any questions about a particular purchase or wish to dispute an item on your statement, please call Cardholder Services at 866-820-5794 within 30 days after the date of the statement on which the transaction first appeared.

If you believe that your card may have been used fraudulently, contact Cardholder Services immediately at 866-820-5794. Assistance is available 24 hours a day, 7 days a week.

How can I remove an authorized user from my Visa account?

You may submit a written request to us to have that user removed, after which you will be directed to Cardholder services to have a new card number issued.

I'm always on the road traveling and have a hard time paying my VISA on time. Is there a way I can pay automatically and avoid the late fees?

Yes, you may set up an automatic payment from your account to your Credit Card by completing a Credit Card Request form with AgFed or you may manually transfer the payment online. In order to do this online, log in to your account and click on Account Transfer. Transfer the funds from your AgFed account to your Visa Card.

If you wish to pay from an account at another institution, from the ‘Account Center Plus’ screen, after you’ve signed into your membership online, click on ‘AgFed Credit Card’ at the bottom under ‘Loans’. This will show you the recent activity on your card. At the top of the screen, click on ‘Online Services’ and then on ‘Make a Payment’. In the drop down box on the upper left side of the screen, select ‘Make a Onetime Payment’.

If I want my minor child to use my VISA Credit Card, do I need a separate card or account for them? Can I just let them use my card? Should I order an extra card in my name for my child to use?

We can add your child to your Visa Credit Card as an authorized user if he/she is a joint owner on your membership. He/She would receive a card with their name on it. We would need signatures from both of you to do this.

How can I create my PIN for my credit card?

To create your PIN for your AgFed Credit Card:

Dial (888) 886-0083
Enter your card number
Answer the authentication questions
Choose your PIN and confirm
Success! Your new PIN is now effective!

How can I access my VISA® credit card statement and transactions?

To access your VISA® credit card statements and transactions, please follow the instructions below using a laptop or desktop computer:

1. Log in to Online Banking.

2. Click on "Accounts" and select "Accounts Summary" from the drop down menu.

3. Scroll down to the middle of the page until you see, "Credit Cards and Lines of Credit" and click on the link that says, "Manage Accounts."

If this is your first time viewing your credit card information since our Online Banking conversion (June 2017), you will be asked to register your card. All this entails is entering the email address that we have on file twice. Upon clicking the submit button, you will be taken to the old (and familiar) credit card screen where you can make payments, review activity and more!

eStatements

How do I sign up for eStatements?

1. Select "eDocuments" under the eServices tab after logging in to Online Banking.
2. Click "View My eStatement" and read the eStatement Enrollment disclosure.
3. Read the eStatement Enrollment disclosure.
4. Complete the eStatement Enrollment Form then click "Confirm" .You will need the following information:

First Name
Last Name
Email Address (This is the email address you will receive notification when your statement is ready.)

5. You will receive confirmation of your enrollment!

If you decide at a later time that you prefer a paper statement, you may always change your preference. Please remember that there is a service charge for paper statements.

First Mortgages

What is the Truth-In-Lending Act?

The Truth-In-Lending Act is a federal law requiring written disclosure of the terms of a mortgage by a lender to a prospective borrower within three days of application.

What is a Mortgage Broker?

A mortgage broker is a person or entity that arranges financing for borrowers, but places loans with lenders rather than funding them with the broker's own money.

What is a Closing (or Settlement)?

A closing is a meeting between the buyer, seller and lender or their agents at which property and funds legally change hands.

What is Prepaid Interest?

Interest charged to a borrower at closing to cover interest on the loan between closing and the end of the month in which the loan closes.

What are Convertible ARMs?

Adjustable rate mortgages with the option of conversion to a fixed rate loan during a given time period.

What is a Mortgage Loan?

A loan for which real estate serves as collateral to provide for repayment in case of default.

What is a Mortgage Note?

It is a legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage.

What are Discount Points?

Money paid to a lender at closing in exchange for a lower interest rate. Each point is equal to 1% of the loan amount.

What are Seller's Points?

A lump sum paid by the seller to the buyer's creditor to reduce the cost of the loan to the buyer. This payment is either required by the creditor or volunteered by the seller, usually in a loan to buy real estate. Generally, one point equals one percent of the loan amount.

What advantages would I have by getting a 15 year loan versus a 30 year loan for my first mortgage?

A lower interest rate and a reduction in finance charges over the life of loan.

What is an Estimated Settlement (or Closing) Statement?

A document provided by the closing agent a few days before closing, detailing all costs and indicating the final sum the buyer will be required to bring to the closing.

What would it cost me to refinance my first mortgage?

The cost to refinance your home depends both on the loan amount and the type of loan product you want. For example, conventional, FHA and VA loans have different fees associated with each particular loan type. You can obtain a quote of closing costs by contacting a loan officer at 800-357-3729 or apply online at http://mortgages.cumortgage.net/rates.asp?siteId=6E5CC923-F933-40CA-B1B0-A20A68D95F94.

What are Points?

Finance charges paid by the borrower at the beginning of a loan, in addition to monthly interest. Each point equals one percent of the loan amount.

Are there any deals for first time home buyers?

FHA loans are ideal for first time home buyers and low-to-moderate-income borrowers. Loans are insured by the Federal Housing Administration. Down payments may be as little as 3% and the loans are assumable with release of liability to the original borrower.

These loan limits are determined by the Department of Housing and Urban Development (HUD). These loans can also be fixed or adjustable rate.

What is an adjustment interval?

The adjustment interval is the length of time between rate adjustments on an Adjustable Rate Mortgage (ARM).

How can I apply for a first mortgage loan?

Call us at 800-357-3729 or click on http://mortgages.cumortgage.net/rates.asp?siteId=6E5CC923-F933-40CA-B1B0-A20A68D95F94.

What is Mortgage Insurance?

Insurance purchased by a buyer to cover the lender's risk of loss. Mortgage insurance is generally required by lenders when the down payment is less than 20% of the purchase price, although it may be also be required based upon credit score.

What is a reverse mortgage?

A reverse mortgage converts home equity into money, but requires no repayment until the borrower(s) permanently leaves the home.

Does AgFed offer HUD loans?

HUD loans are basically FHA loans. Yes, AgFed offers this type of loan.

What is an Escrow Account?

An account held by the lender containing funds collected in conjunction with monthly mortgage payments. Also known as impounds, the funds in this account are held in trust by the lender on behalf of the borrower and are used to pay expenses such as property taxes and homeowner's insurance.

How is my final mortgage rate calculated and when is that rate confirmed?

Interest rates fluctuate daily, so the rates available when you apply may be different than the rates available when you decide to lock in your interest rate. By locking in, you protect your selected rate for a stated period regardless of market fluctuation.

Your credit rating, debt-to-income ratio and combined loan-to-value ratio will determine the final mortgage rate.

What is a First Mortgage?

The primary lien against a property.

Do I need to provide you with proof of my Homeowners Insurance?

Yes, you must provide proof of one year full coverage at the time of closing.

Do you offer a third mortgage loan?

AgFed currently offers only first mortgage loans and second mortgage home equity loans.

What is Hazard Insurance?

A policy that protects the insured against loss due to fire or certain natural disasters in exchange for a premium paid to the insurer. It is also known as Home Owner's Insurance or fire insurance.

Do I need to verify my payoff figures on the day of closing?

Yes, the amount due will change if payments were posted to or removed from the account after the payoff statement was ordered. If payoff funds are received after the expiration date of the payoff statement, the interest amount due will be different.

What are Courier or Mail Fees?

Fees charged by the closing agent for the shipment of loan documents and related paperwork.

Why should I consider getting pre-approved before buying a home?

Declining market values have caused recent changes in the parameters of various loan products. Even if you have been pre-approved before, you should consider having this done again to make sure you can get a program that works for you.

The past low inventory of homes for sale made home buying highly competitive in some areas. To compete, many buyers are now getting pre-approved for a mortgage. This way, the buyer is seen as more stable, has greater influence in negotiating a purchase price and can act quickly when they find a home they really love.

What are closing costs?

Fees incurred in a real estate or mortgage transaction paid by the borrower and/or the seller at the closing of the transaction.

Do you offer ARMs or Adjustable Rate Mortgages?

Yes, we currently offer a variety of adjustable rate loans. To get more information, visit our website at http://mortgages.cumortgage.net/rates.asp?siteId=6E5CC923-F933-40CA-B1B0-A20A68D95F94.

Does the Credit Union do VA home loans?

Yes, we do. For more information on the credit union's mortgage loans, please access our website at http://mortgages.cumortgage.net/rates.asp?siteId=6E5CC923-F933-40CA-B1B0-A20A68D95F94.

Do you offer Construction loans?

We currently do not offer construction loans.

If I get a first Mortgage with the Credit Union, where will I do my closing?

The location of a closing is arranged between the borrower and the title company. Closings can occur at the title company's office, at the member's home or at another pre-arranged location.

Is there a minimum mortgage loan amount?

Yes, the minimum loan amount for a first mortgage loan is $50,000.00. The minimum loan amount for an equity loan is $10,000.00.

Can I delete my escrow account?

An escrow account can be deleted if the following requirements are met:

The loan is at least one year old.

There have been no late payments within the last 12 months.

The current loan to value ratio (LTV) is 80.0% or less.

What is a Fixed Rate Mortgage?

A mortgage whose interest rate does not change for the life of the loan. Principal and interest payments are also fixed.

What are Documentary Stamps?

A state tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another.

Can I roll my closing cost fees into my loan?

Yes, providing you have the equity in the value of the property.

Do you sell your first mortgage loans?

The Credit Union has the option to retain or sell the loan servicing and does both.

What is the Primary Mortgage Market?

The primary mortgage market includes banks, savings and loans, credit unions and mortgage banks that make mortgage loans directly to borrowers. These lenders sometimes sell their mortgages to lenders like FNMA in the secondary mortgage market.

Do you offer no closing cost loans and no point loans?

We do offer various loan products with different options. Some options involve partial reduction of closing costs or the option to add them to the financing of the loan.

What is a Lease-Purchase Mortgage Loan?

An alternative financing option that allows low- and moderate-income homebuyers to lease a home from a non-profit organization with an option to buy. Monthly rental payments cover mortgage payments and include an additional amount that is saved toward a down payment.

Can I change insurance companies for my homeowner's policy? Does the Credit Union need to know?

We accept coverage from most insurance companies. If you choose to replace your current coverage, please send your replacement policy, along with your written authorization, to our office so that it arrives at least 30 days prior to the expiration of your current policy.

Please keep in mind that if you change policies before your current policy expires, you may not receive a full refund from your current insurance company.

What is a Balloon Mortgage?

A short-term, fixed-rate loan with low payments for a set number of years and a large balloon payment of the remainder of the principal due at the end of the term.

What is a Two-Step Mortgage?

A mortgage with a low fixed interest rate for 5, 7, or 10 years, which is then adjusted to a new rate for the rest of the loan.

What is Title Insurance?

Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property.

Do you offer Jumbo loans?

Yes, we do offer Jumbo loans. Please call our loan department for information on Jumbo loans at 800-357-3729 or visit http://mortgages.cumortgage.net/rates.asp?siteId=6E5CC923-F933-40CA-B1B0-A20A68D95F9.

How are my taxes paid if I have a mortgage with AgFed?

If you have an escrow/impound account, the Credit Union obtains your real estate tax amounts and pays the taxes as they become due. Tax payments will be noted on your billing statement.

In certain areas, however, tax collectors will not release this information to lenders. If we need your assistance in obtaining your tax bill, we will forward a letter to you requesting a copy. If you receive your tax bill and do not receive a letter from us, please keep the bill for your records.

Do I need to send the Credit Union a copy of my tax bill?

We will send you a written request for your tax bill if we need it. Please send us the bill only upon our request.

What is a Town House?

Two or more story attached dwellings usually registered under Strata Title.

What is a Blanket Mortgage?

A mortgage covering at least two or more pieces of real estate, both of which together serve as collateral for the loan.

What is a Mortgage Banker?

A lender that originates and funds, then sells and services mortgage loans.

Does my mortgage balance show on my Credit Union statement?

No, your primary mortgage will not show on your Credit Union monthly statement. Second Trust and Home Equity Line of Credit loans show on your monthly statement.

Fees

What is the fee for a wire transfer?

The fee for an outgoing domestic wire transfer is $25. The fee for an outgoing international wire is $50.

All domestic wire requests must be submitted by 2:00pm and international wire requests must be in by 12:30pm to be sent that day. Any wire of $30,000.00 or more must be submitted 24 hours prior to being sent out.

Are there any service fees for using Telephone Banking?

ART (Audio Response Teller) is a great service that lets you receive account information, transfer funds between your deposit accounts and obtain loan and deposit rates quickly and easily. Our Audio Response Teller system is available 24 hours daily. There are no fees for using the ART system.

If you call our Telephone Center or branches to get information or perform a transaction that can be done through ART or online, there is a $2.00 fee.

What is the fee for depositing a foreign check?

AgFed does not charge a fee for processing a foreign check.

How much does it cost for a check/draft stop payment?

The cost for a stop payment is $29.00 per item, however, if you are placing a stop payment on a series of consecutive check numbers the cost is $29.00 per series. To send your stop payment request online, log into your account and click on ‘Online Applications’ and then click on stop payment to send your request. Once your request is received and processed, you will receive an e-mail confirmation. If you do not have online access, please call our Member Service Department at 202-479-2270 or 800-368-3552 or visit any AgFed branch location.

What is the cost for getting check copies and account statements?

There is no charge when you pull the copies online. You have access to the last three months of checks and statements online. If the check cleared as an ACH item, it will not be available to view online and it has to be ordered.

To print a check copy online, access AgFed online with your member number and PIN. Click on ‘Account Access’ and select the account the check was written on. Locate the check number in the history and click on it. The front and back image of the cancelled check will be available for you to print.

To print a statement copy online, access AgFed online with your member number and PIN. Click on ‘eStatements’ and select the statement you need to print.

If you cannot access the copies online, the cost for producing check copies is $5.00. In order to request the copy, go online, log on to your account and click on ‘Online Applications’. Click on ‘Check Copies’ and request the copies you need.

The cost for producing statement copies is $1.50. In order to do this online, logon to your account and click on ‘Online Applications’. Then click on ‘Secure Email Form’ and send us an email requesting your statement(s).

If you do not have access to AgFed online, please call us at 202-479-2270 or 800-368-3552.

Is there a fee for notary service?

We have free notary service for AgFed members only. Non-members can use our notary services for a $5.00 fee per page notarized.

How much does it cost to replace a lost Visa Debit card?

There is a $10.00 fee for replacement Visa Debit cards.

Is there a charge if I need a new PIN ordered for a card?

There is no charge to reorder a PIN.

What is the difference between a Member Privilege fee and an Insufficient Funds fee?

Both the Member Privilege and Insufficient Funds Fees are $29.00. The Member Privilege fee is applied when we pay your check that there are insufficient funds to cover. The Insufficient Funds fee is applied when your check is returned unpaid.

What is the penalty for early withdrawal from my Holiday Account?

The fee for early withdrawal from the holiday account is $10.00.

Glossary

What is Retirement Planning?

Retirement planning is the process of defining your retirement income goals/needs, determining how much savings is required upon retirement and the development of a savings plan to meet these goals.

What is Estate Planning?

Estate planning is the orderly handling, disposition and administration of an estate, which is all the assets a person possesses, when the owner dies. This includes drawing a will, setting up trusts and minimizing estate taxes.

What is Long-Term Care Planning?

Planning for the broad-range of maintenance and health services required for the chronically ill or disabled. Services may be provided on an inpatient (rehabilitation facility, nursing home, and mental hospital), outpatient, or at-home basis.

What is Education Planning?

The process of determining the amount of savings that is required to fund a child's education and developing an investment strategy utilizing a number of savings and investment options that is customized based on the number of years before the child begins to use the funds.

What is Gross Income?

Gross income is a person’s total income before taxes or expenses are deducted.

What is Financial Planning?

Financial planning is the careful management of overall finances in order to meet each individual's life goals - life goals being purchasing a home, funding for education and retirement, etc.

What is the Federal Reserve System?

The central bank of the United States created by Congress, consisting of a seven member Board of Governors in Washington, D.C., 12 regional Reserve Banks and depository institutions that are subject to reserve requirements. All national banks are members; state-chartered banks may elect to become members and state members are supervised by the Board of Governors and the Reserve Banks. Reserve requirements established by the Federal Reserve Board apply to nonmember depository institutions as well as member banks. Both classes of institutions have access to Federal Reserve discount borrowing privileges and Federal Reserve services on an equal basis.

What is a rate ceiling?

The maximum allowable interest rate of an adjustable rate mortgage.

What is a Credit History?

A record of how a person has borrowed and repaid debts. A credit report indicates how well a person has repaid those that he/she owes. This file also indicates your home address and employment information. Finally, any collections or judgments may appear on your credit report.

What is a Transaction Account?

A checking account or similar account from which transfers can be made to third parties. Demand deposit accounts, negotiable order of withdrawal (NOW) accounts, automatic transfer service (ATS) accounts and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.

What is a Bank Regulation?

The formulation and issuance by authorized agencies of specific rules or regulations, under governing law, for the conduct and structure of banking.

What is a Treasury bill (T-bill)?

Short-term U.S. Treasury security having a maturity of up to one year and issued in denominations of $10,000 to $1 million. T-bills are sold at a discount: Investors purchase a bill at a price lower than the face value (for example, the investor might buy a $10,000 bill for $9,700); the return is the difference between the price paid and the amount received when the bill is sold or it matures (if held to maturity, the return on the T-bill in the example would be $300). T-bills are the type of security most frequently used in Federal Reserve open market operations.

What are Federal Reserve Notes?

Nearly all of the nation's circulating paper currency consists of Federal Reserve notes printed by the Bureau of Engraving and Printing and issued to the Federal Reserve Banks which put them into circulation through commercial banks and other depository institutions. Federal Reserve notes are obligations of the US government.

What is a Check Clearing?

The movement of checks from the banks or other depository institutions where they are deposited back to those on which they are written and funds movement in the opposite direction. This process results in credits to accounts at the institutions of deposit and corresponding debits to the accounts at the paying institutions. The Federal Reserve participates in check clearing through its nationwide facilities, though many checks are cleared by private sector arrangements.

What is a Treasury bond?

Long-term security having a maturity of 10 years or longer issued in denominations of $1,000 or more. A 30-year bond is sometimes referred to as a long bond. Bonds pay interest semiannually and the principal is payable at maturity.

What is a Maturity?

The date on which an issuer promises to repay the face value of a debt instrument.

What is an Electronic Fund Transfer Systems (EFTS)?

A variety of systems and technologies for transferring funds (money) electronically rather than by check. Includes Fedwire, Bankwire, automated clearinghouses (ACHs) and other automated systems.

What is the National Credit Union Administration (NCUA)?

The federal government agency that supervises, charters, and insures federal credit unions. NCUA also insures state-chartered credit unions that apply and qualify for insurance. The NCUA also operates a credit facility for member credit unions.

What is an International Monetary Fund (IMF)?

An international organization with 146 members including the United States. The main functions of the International Monetary Fund are to lend funds to member nations to finance temporary balance of payments problems, to facilitate the expansion and balanced growth of international trade and to promote international monetary cooperation among nations. The IMF also creates special drawing rights (SDRs), which provide member nations with a source of additional reserves. Member nations are required to subscribe to a Fund quota, paid mainly in their own currency. The IMF grew out of the Bretton Woods Conference of 1944.

What is an Overdraft Checking Account?

A checking account associated with a line of credit that allows a person to write checks for more than the actual balance in the account, with a finance charge on the overdraft.

What is the FHLMC?

Federal Home Loan Mortgage Corporation.

Quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers.

What is a Correspondent Bank?

A bank that accepts deposits from and performs banking services for other depository institutions.

What is an Estate Administrator?

An individual appointed by a court to manage and distribute the estate of a person who died without leaving a will or leaving a will that failed to name an executor.

What is a Clearinghouse?

An institution where mutual claims are settled between accounts of member depository institutions. Clearinghouses among banks have traditionally been organized for check-clearing purposes, but more recently have cleared other types of settlements, including electronic fund transfers.

What is a Transfer?

A document registered at the Land Title Office recording the change of ownership of a property. This also refers to a movement of funds directly from one account to another.

What is a Debit Card?

A card that resembles a credit card but which debits a transaction account (checking or savings account) with the transfers occurring contemporaneously with the customer's purchases. A debit card may be machine readable, allowing for the activation of an automated teller machine or other automated payments equipment.

What is a Closed-End Credit?

Generally, any loan or credit sale agreement in which the amounts advanced, plus any finance charges, are expected to be repaid in full over a definite time. Most real estate and automobile loans are closed-end agreements.

What is a Mutual Fund?

Another common term for investment funds, especially in the United States.

What is APR?

The term annual percentage rate (APR), describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan or credit card. It is a finance charge expressed as an annual rate. The term also applies to the interest earned on a deposit account in one year with annual compounding of interest.

What is APY?

A percentage rate reflecting the total amount of dividends paid on an account based on the dividend rate and the frequency of compounding for a 365-day period (366 days during leap year).

What is a Clearinghouse Interbank Payments System (CHIPS)?

An automated clearing system used primarily for international payments. This system is owned and operated by the New York Clearinghouse banks. It engages Fedwire for settlement.

What are Savings and Loan Associations?

Sometimes called building and loan associations, cooperative banks, or homestead associations, they accept deposits primarily from individuals, and channel their funds primarily into residential mortgage loans. Most savings and loan associations are technically owned by the depositors who receive shares in the association for their deposits.

What is a wire transfer?

An electronic transfer of funds from an account at one financial institution to an account at another financial institution.

What is a Cosigner?

A person who signs for a loan and assumes equal liability for it. Generally the cosigner receives no benefit from the loan.

What is a Finance Charge?

The total dollar amount paid to get credit.

What is a Non-Conforming loan?

A conventional loan that doesn't adhere to all of the guidelines set forth by the Federal National Mortgage Association.

What is a Yield?

The return on a loan or investment, stated as a percentage of price.

What is Equity?

Ownership of an asset, generally used to refer to shared ownership of a company by means of stocks or the percentage of a home that the homeowner would receive if the home was sold.

What are Thrift Institutions?

This is a general term often used for mutual savings banks, savings and loan associations and credit unions.

What is an unemployment rate?

The percentage of the labor force that is unemployed and actively seeking a job.

What is a ‘Bank Draft’?

A Bank Draft is a check drawn by a bank against funds deposited in another bank.

What is PMI?

Private Mortgage Insurance is purchased by a buyer to cover the lender’s risk of loss. Mortgage Insurance is generally required by lenders when the down payment on a home is less than 20% of the purchase price.

What is a Treasury note?

Intermediate-term security having a maturity of one to 10 years and issued in denominations of $1,000 or more. Notes pay interest semiannually, and the principal is payable at maturity.

What is Annual Percentage Yield Earned (APY Earned)?

An annualized rate that is calculated by taking the dividends earned for a statement period and dividing it by the average daily balance in the account. This figure helps consumers understand how well their account is performing during a statement cycle.

What is a Credit Card?

Any card, plate, or coupon book that may be used repeatedly to borrow money or buy goods and services on credit.

What are Automated Teller Machines (ATMs)?

Computer-controlled terminals located on the premises of financial institutions or elsewhere, through which customers may make deposits, withdrawals, or other transactions as they would through a bank teller. Other terms sometimes used to describe such terminals are customer-bank communications terminal (CBCT) and remote service unit (RSU). Groups of banks sometimes share ATM networks located throughout a region of the country that may include portions of several states.

What is a Service Charge?

A component of some finance charges, such as the fee for triggering an overdraft checking account into use.

What is a Walk-through?

A final inspection of a home to check for problems that may need to be corrected before closing.

What is the Gross National Product (GNP)?

Total value of goods and services produced in the economy for a particular nation.

What is Prepayment?

Full or partial payment of the principal before the due date. This might occur if the borrower makes extra payments, sells the property or refinances the existing loan.

What is a Balloon Payment?

A large extra payment that may be charged at the end of a loan or lease.

What is a Financial Institution?

An institution that uses its funds chiefly to purchase financial assets (deposits, loans, securities) as opposed to tangible property. Financial institutions can be classified according to the nature of the principal claims they issue: non-deposit intermediaries include, among others, life and property/casualty insurance companies and pension funds, whose claims are the policies they sell, or the promise to provide income after retirement; depository intermediaries obtain funds mainly by accepting deposits from the public.

What are Commercial Banks?

Commercial banks are financial institutions that are owned by stockholders and operated for profit.

What are Credit Unions?

Credit Unions are financial cooperative organizations of individuals with a common affiliation (such as employment, labor union membership, or place of residence). Credit unions accept deposits of members, pay interest (dividends) on them out of earnings, and provide loans to members.

What is a Credit Scoring System?

A statistical system used to determine whether or not to grant credit by assigning numerical scores to various characteristics related to creditworthiness. The credit score indicates the probability of repayment of the loan.

What is Open-End Credit?

A line of credit that may be used repeatedly up to a certain limit, also called a charge account or revolving credit.

What is a SWIFT?

A message writing system that connects worldwide participating banks primarily for the purpose of communicating payment information. Frequently, the SWIFT message is only part of an international payment process which might also employ a system such as CHIPS to fully implement the transaction.

What is an Automated Clearinghouse (ACH)?

A computer-based clearing and settlement operation, often operated by a Federal Reserve Bank, established for the exchange of electronic transactions among participating depository institutions. Such electronic transactions can be substituted for paper checks used to make recurring payments such as payroll or preauthorized insurance premiums. The U.S. Treasury uses the ACH extensively to pay certain obligations of the government.

What is LTV?

‘LTV’ stands for Loan To Value and is a financial term used by lenders to express the ratio of a loan amount to the value of an asset purchased. Loan to value is one of the key risk factors that lenders assess when qualifying borrowers for a mortgage. The term is commonly used to represent the ratio of the first mortgage as a percentage of the total appraised value of a property. For instance, if someone borrows $130,000 to purchase a house worth $150,000, the LTV ratio is $130,000 to $150,000 or $130,000/$150,000, or 87%.

What is a Medallion Signature Guaranty?

A Medallion Signature Guarantee is a special signature guarantee for the transfer of securities.

What are Treasuries?

Debt securities (bills, notes and bonds) issued by the U.S. Treasury.

What are Treasury Securities?

Interest-bearing obligations of the US government issued by the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. Marketable Treasury securities fall into three categories- bills, notes, and bonds. The Federal Reserve System holds more than $125 billion of these obligations, acquired through open market operations. Marketable Treasury obligations are currently issued in book-entry form only; that is, the purchaser receives a statement, rather than an engraved certificate.

Home Equity

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

The interest rate could change four times a year on the Home Equity Line Of Credit. The changes take place on the first day of every quarter (January 1, April 1, July 1 and October 1).

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

Both are considered second mortgages, with a home equity loan all loaned funds will be paid to the borrower at closing. A home equity line of credit 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.

Are there closing costs associated with a second mortgage loan? I am mainly interested in any out of pocket expenses.

Currently, we pay all closing costs. If the second mortgage is paid off within two years, the closing costs are added to your payoff. If the second mortgage is paid off after more than two years, then no penalty is charged.

Can I get a copy of my appraisal?

Yes, you will always receive a copy of your appraisal.

What is a Home Equity Line of Credit?

When you get a Home Equity Line, you access the ability to draw money, whenever you want, for a period of time. You only pay interest on the amount you borrow. You may borrow money, then pay back the money you borrowed and borrow again against the line of credit. You typically access the line with a check.

What is the difference between a Home Equity Loan and a Second Mortgage?

Nothing, they are simply two different names for a loan that is taken out against your home to get cash for any variety of uses. A Home Equity Loan is a type of Second Mortgage.

Regarding a Home Equity Line of Credit, how do I increase the limit on my loan?

To increase a HELOC loan amount you may call a loan officer at 800-451-5626, visit any of our branch offices or apply online at the Loan tab on our home page.

How long is an appraisal good for?

Appraisals are good up to six months.

What appraisal service or appraisers do you use?

We use First American Title.

IRAs

Do you have SEP IRAs?

No, AgFed does not offer SEP IRAs. However, we do offer Traditional and Roth IRAs.

When can I access the funds in my Traditional IRA?

Funds in a Traditional IRA can be accessed any time after you reach the age of 59 1/2 without penalty. Prior to age 59 1/2, distributions are subject to a 10% penalty by the IRS unless exempt because of one of the following reasons:

Disability or death
Qualifying medical expenses
Qualifying educational expenses
Unemployment, under certain conditions
Qualified first time home purchase
IRS Levy

What is an IRA?

An IRA (Individual Retirement Arrangement) is a special domestic trust, custodial account or annuity contract established to hold assets for an individual's retirement. The two types of IRAs are Traditional and Roth. They have different tax implications for the individual investing.

I am turning 73 this year and need to take my Required Minimum Distribution. Can you help me with that?

Yes. In order to withdraw a required minimum distribution, you must complete an IRA Withdrawal Statement. When you complete the form, simply select the Normal Distribution block. We will calculate your distribution and process your withdrawal per your instructions. IRA Withdrawal Statements may be obtained by contacting Member Services at 202-479-2270 or 800-368-3552 or visiting any AgFed branch.

How much can I contribute to my IRA?

You may annually contribute 100% of your earned income up to $6,500.00 for tax year 2023. If you have reached age 50 during the tax year, you may also make an additional $1000.00 'catch-up' contribution.

What is a Roth IRA?

A Roth IRA is a type of Individual Retirement Arrangement (IRA) established by the Taxpayer Relief Act of 1997. A Roth IRA allows an individual to save money tax-free for retirement. The withdrawals from this plan are tax-free as long as the individual is over 59 1/2 and the funds have been in a Roth IRA for at least five years.

What do I need to do to establish an IRA at AgFed?

To establish an IRA, you must complete an application and return it to us with your initial contribution, transfer or rollover instructions (whichever applies). Applications may be obtained by contacting Member Services at 202-479-2270 or 800-368-3552 or visiting any of our branch offices.

I have recently left my employer and need to rollover my 401(k) into an IRA. Can I roll it over?

Yes. We will accept rollovers from 401(k) plans into Traditional IRAs. If you already have a Traditional IRA at AgFed, you simply need to complete a Traditional IRA Direct Rollover Request Form. If you do not have a Traditional IRA at the Credit Union, you need to complete the Traditional IRA Simplifier. Forms may be obtained by contacting Member Services at 202-479-2270 or 800-368-3552 or visiting any AgFed branch.

I have some questions regarding IRAs. Can you help me?

Certainly. Please contact Member Services at 202-479-2270 or 800-368-3552 or visit any of our branches for assistance. If you have questions specific to your financial situation, please contact your financial or tax advisor.

When can I access the funds in my Roth IRA?

Distributions from a Roth IRA can be taken at any time. In order for withdrawals to be tax-free, the Roth IRA must be open for five years and you must meet one of the following criteria:

Be at least 59 1/2 years of age
Be out of work due to disability
Be using the distribution for a first time home purchase (up to $10,000)

What happens to my Traditional/Roth IRA if I die?

In the event of your death, direct distribution of a Traditional or Roth IRA is made to your specified beneficiaries without being subject to probate. If the primary beneficiary is your spouse, he/she has the option of assuming ownership of your Traditional or Roth IRA.

Which types of IRAs do you offer?

We offer both Traditional and Roth IRAs. In addition, we offer Coverdell Education Savings Accounts, which were formerly known as Education IRAs.

Mobile Banking

What is Mobile Banking?

Mobile Banking is a secure way to access your AgFed accounts through your smartphone. You may do a variety of transactions, including checking your balances, paying bills, sending money and so much more! Access Mobile Banking by downloading our app from the Google Play or Apple stores.

For more information about mobile banking, click here.

Money Market

What is the minimum balance to open and maintain a money market account?

There is no minimum to open a Money Market account. If the balance in the account falls below $2500.00, the rate on dividends earned will be based on the current Primary Share rate.

Can I get checks for my Money Market account?

You may get checks for your Money Market account. They are special checks that cannot be written for less than $500.00.

Online Banking

Are there any service fees for using Online Banking?

There are no fees for using Online Banking.

How do I access the secured email?

To access secured email with AgFed, you will need to sign into your Online Banking. After doing this, click on "Profile" and select, "Messages."

I have a savings account I would like to access online. Is this possible?

Yes. Sign up for Online Banking and you'll have access to all your accounts 24/7!

Click here for instructions on how to do so.

Can I download account data to Quicken? If so, how do I do it?

Yes, you may download data to Quicken. In order to do so, please follow the directions listed below:

Quicken Product Directions

1. From the Quicken webpage click on the link ‘Find out if your Financial Institution participates’.

2. Either click on ‘A’ or type ‘Agriculture Federal Credit Union’ in the search window. This will bring you to AgFed's Personal Manager Registration screen.

3. Enter your 6 digit Account Number and your Quicken Password.

4. Click register. This will bring you to Agriculture Federal Credit Union's web page.

5. Sign into your account. If you are a first time user, follow these instructions.

6. Click on Account Access > Account Export > Account Source.

7. Choose your dates and Export Format.

8. Click on QFX (Quicken Financial Exchange) and click "Download."

How can I transfer between my memberships online?

If you are an owner on two or more memberships and you would like to transfer funds between them online, you must set up Unlinked Accounts within "Transfers" in Online Banking.

How can I link my accounts together?

If you are an owner on two or more memberships and you would like to transfer funds between them online, you must set up Unlinked Accounts within "Transfers" in Online Banking.

How do I review my account information online?

Yes. Sign up for Online Banking and you'll have access to all your accounts 24/7!

Click here for instructions on how to do so.

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 your 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.

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

Yes, you can access statements for the most recent eighteen (18) months. To do so, log in to Online Banking and select "eServices" and click on "eStatements." Select the account and statement month/year. If you need a statement older than the past eighteen months, please contact us at 800-368-3552 or visit any of our branch locations.

What is 128-bit encryption?

128 bit browsers provide encryption of information being transmitted across the Internet. Encryption is a means of scrambling information for transmissions, in this case, between your PC and the Credit Union's computing systems. Information that is encrypted at one end is decrypted (decoded) upon receipt at the other end.

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

Because AgFed's online banking service uses 128 bit Secure Socket Layering (SSL) technology that prevents the caching of images received, pages containing account information must be completely reloaded each time they are requested. This security feature prevents unauthorized users from viewing your private account information after you have completed a session in Online Banking.

Why am I receiving the error message, your account has been locked out due to too many incorrect login attempts?

Please contact Member Services at 800-368-3552 or email members@agfed.org for assistance.

Are my online transactions secure?

Yes, our online banking application uses 128 bit SSL (Secure Socket Layer) encryption.

Is my account information available 24 hours a day?

Yes! You can log into your account at any time, day or night through Online Banking. We also have Member Services available 24 hours a day at 800-368-3552.

What does encryption mean?

Encryption is the process used to scramble confidential data passed between two points so that it is not readable for use on the Internet by unauthorized persons.

Can I change my password for AgFed Online Banking?

Yes. Log in to your Online Banking account, click on the ‘Profile’ tab, select ‘User Profile’ and, 'Change Password.'

Online Bill Pay

What does it cost to use bill pay?

There is no cost for Online Bill Payment unless it remains inactive for six months. Then there is a $5.00 fee.

Can I make a mortgage payment to CUMA online?

Click here to make a secure online payment to your AgFed mortgage through CUMA (Credit Union Mortgage Association).

How do I reset a payee address in the bill payment system?

To get started, please identify the payee for which you would like to change information.

From your navigation links, click Payee List. From your payee list, click the name of the corresponding payee. Within the Payee information section, click the Change information link. Make your changes and click Save changes. A confirmation page appears that details your payee information changes.

Note:You cannot change address information if you are receiving e-bills or if this is a consolidated payee. A consolidated payee is an organization, which provides us with a preferred address to which payments should be sent. This address may be different than the address originally entered, which is displayed online.

How long does it take a payment to get to a company through bill pay?

If the payment is made by ACH it will take an average of 3 days. If the payment is by check, then it could take up to a week.

How do I add vendors in the Bill Payer system?

First you must sign on to your online banking and on the main page click Payment Manager. Then click View & Pay Bills. Select Make Payments. Then Add Payee and provide the payee's information.

How can I set up a bill to be paid, the same amount at the same time, each month?

Log into your account. Click on the Pay Bills tab and then the Bill Pay Center tab. Click Add Payee. Enter the name of the payee you want to add, provide the other related information and click Add Payee. Review and provide the necessary information as it appears on your bill. Click Add Payee . Once the payee has been added, you can make a payment, add payment options, or add e-mail notifications for this payee.

What is Zelle®?

Zelle is a fast and easy way to send money directly between almost any bank accounts in the U.S., typically within minutes*. With just an email address or U.S. mobile phone number, you can send money to people you trust, regardless of where they bank**. Learn more here.

*Transactions typically occur in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle. ** Must have a bank account in the U.S. to use Zelle.

Remote Deposit

How do I make a deposit using Mobile Remote Deposit App?

Log in to AgFed's mobile app, which can be downloaded from the Apple or Google Play store.
Select "Deposit a Check" from the menu.
Sign the back of each check and include your account number.
Select the account the funds should be deposited to and enter the check amount.
Take a picture of the front of the check and the back of the check.
Click "Make Deposit."

Please note: If the back of the check is not properly endorsed, we reserve the right to reject the check for deposit.

How can I sign up for Mobile Remote Deposit?

No need to sign up - just download AgFed's mobile app from the Apple or Google Play store and click "Deposit a check" from the menu! Choose the account, enter the check amount and take pictures of the front and back of the check. It's that easy!

Do I need to keep my original check?

Yes, please retain your original check for 60 days in a secure location, then destroy by shredding the item. Please use caution not to duplicate this deposit.

What types of checks are not accepted through Remote Deposit?

Acceptable Checks:

Single-party, domestic checks made payable to the owner(s) of the AgFed account.

Unacceptable Checks:

Any item drawn on my AgFed account.
Any item that is stamped with a "non-negotiable" watermark.
Any item that contains evidence of alteration to the information on the check(s).
Any item issued by a financial institution in a foreign country, or not payable in US dollars.
Any third party check(s), i.e., any item that is made payable to another party and then endorsed to you by such party.
Any item that is presented more than six months after the date on the item.
Any item that is incomplete.
Any item that is presented with a date in the future.
Savings Bonds.
Money Orders.
Non-negotiable items.
Checks previously submitted for deposit.
Checks purported to be a lottery or prize winning.

Should I send any other documents with my Remote Deposit?

No, simply submit the check(s) you would like to deposit to your account.

Do I need to include a deposit slip with my scanned check deposit?

No. Remote Deposit generates an electronic record with each deposit.

How many checks can I deposit using the Mobile Remote Deposit App?

You can deposit as many checks as you would like; as long as the accumulated dollar amount of the deposit(s) does not exceed the daily deposit limit. However, you can only deposit one check at a time.

How long is my deposit history available for viewing?

Remote Deposit history is available for viewing online for approximately 18 months.

How do I know if Remote Deposit is right for me?

Any personal or business account holder who receives paper checks can benefit from Remote Deposit.

It's quicker, safer and easier than making a trip to the Credit Union and you can deposit checks even if you're not located near a branch.

How do I get a copy of my deposit?

Click on "View Deposit History" at the bottom of the "Deposit a Check" page, and a listing of your deposits will display.

I took photos of my checks, but when I log into the App, I don't see the pictures. Where did they go?

Only photos taken within the mobile app can be used for deposits. After you log into the app, choose the deposit account and enter the check amount. Then, take photos of the front and back of the check. Photos taken outside of the app cannot be used for deposits.

Are deposits made using the mobile app secure?

Like all AgFed Remote Deposit features, your transmissions made using the Mobile Remote Deposit App are safe and secure. Make sure that you take the appropriate steps to protect the security of your phone:

Password protect your mobile device
Keep your mobile device in a secure spot when not in use
Secure your login information

Let AgFed know immediately if you think your login information has been compromised.

What is the criteria to use Remote Deposit?

To use Remote Deposit, you must be a registered online banking user and be at least 18 years of age.

When will my Remote Deposited check be available?

Your check will be available as set forth in the Funds Availability Policy.

Certificates

How do I apply for a certificate? Can I apply on-line?

Yes, you may open a Certificate online here. You will be prompted through a series of screens that allow you to open a Certificate. You may also open a Certificate by visiting any of our branch locations or calling our Member Service Department at 202-479-2270 or 800-368-3552.

How do I open a Certificate?

A Certificate can be opened online here, at any branch location, by mail or fax, or simply by calling the Credit Union at 202-479-2270 or 800-368-3552.

How often do your interest rates change for your Certificates? What are the different terms?

We do not have a set rate change schedule. Our rates are subject to change without notice.

Our Certificates Terms are 6, 12, 18, 24, 36, 48, & 60 months. We occasionally offer special certificates for different terms. The information about any special certificates will always appear on our website.

What is a certificate?

A certificate is an account with the Credit Union that a member opens for a specific period of time and is guaranteed a fixed rate for that period. Funds may not be withdrawn for the agreed upon period of the certificate without incurring a penalty.

How many days do I have once my Certificate matures to make a decision regarding what I want to do with my money in that account?

You have 10 calendar days from the maturity date.

Is there a penalty for early withdrawal from a Certificate?

Yes. If Certificate funds other than dividends are withdrawn prior to maturity, the penalty is as follows:

If certificate funds other than dividends are withdrawn prior to maturity, a substantial penalty is imposed as follows: If the qualifying period is 11 months or less the member shall forfeit an amount equal to the lesser of: (A) All dividends for 90 days on the amount withdrawn, or (B) All dividends on the amount withdrawn since the date of issuance or renewal. If the qualifying period is greater than 11 months but less than 60 months, the member shall forfeit an amount equal to the lesser of: (A) All dividends for 180 days on the amount withdrawn, or (B) All dividends on the amount withdrawn since the date of issuance or renewal. If the qualifying period is 60 months or greater, the member shall forfeit an amount equal to the less of: (A) All dividends for 365 days on the amount withdrawn, or (B) All dividends on the amount withdrawn since the date of issuance or renewal.

These penalties will not be applied if the withdrawal is made subsequent to the death of the owner(s).

Share Savings

When will the funds from my Holiday Club transfer to my designated account?

The funds will be transferred to your designated account on the first Friday of November.

How do I add/remove joint owners from my account?

To add a joint owner, complete a new Account Card with a current state-issued ID (i.e. driver's license or passport) for the joint owner and submit it to Member Services or any of our branch locations

To remove a joint owner, the account must be closed and a new account opened.

How do I add/remove an account beneficiary?

You must complete and sign a beneficiary form and either mail or fax it to Member Services or visit any of our AgFed branch locations.

Mailing address:

P.O. Box 2225

Merrifield, VA 22116

Fax: 202-479-3877

What is a primary savings account?

A primary savings account (Share Savings) is an insured dividend-paying account that is opened with a minimum of $5.00 and may be added to or withdrawn from as the member chooses. The Primary Share account represents the member's 'share' in the Credit Union.

What is the minimum balance requirement in my savings/share account to earn any interest?

The minimum balance requirement to earn interest on a Primary Share Account is $5.00.

Do you have Christmas Club Accounts?

Yes, we offer a Holiday Club Account. Many members have regular deposits going into club accounts. The balance you have saved is automatically deposited to your account in early November. There is a $10.00 fee per withdrawal for early withdrawals on this account.

Do you offer more deposit services than a regular savings and checking account?

Yes. We have a variety of deposit services including Share Certificates, Money Market Accounts, IRA Shares, IRA Certificates, Asset Builder Certificates, All-Stars and Young Millionaires' accounts and Holiday and Vacation Club accounts.

Are my funds in this credit union federally insured to $250,000 (FDIC or NCUA)?

Yes, your funds are insured by NCUA.

The National Credit Union Administration (NCUA) is an independent agency of the United States Government. The NCUA regulates, charters, and insures the nation's federal credit unions and some state chartered credit unions that desire federal insurance and qualify for it. Credit Unions are banking institutions owned by the members to whom services are available. Each credit union identifies its membership, primarily according to affiliation with an employer.

Are my savings (shares) fully insured at a credit union?

Your money is safe and secure at AgFed with your deposits being insured up to at least $250,000 by the National Credit Union Administration (NCUA). The NCUA is the federal government regulator and insurer for credit unions. The insurance they provide protects you against any loss due to the failure of the institution.

How much money is required to open a savings account at the credit union?

A minimum of $5.00 is the requirement to open a Primary Share account. The $5.00 must remain in your share account for the duration of your membership. If you would like to open one now, please click here to open online or stop in at any of our branch locations.

Why didn't I get my checks when my address is correct with the credit union?

We can verify the address the checks were mailed to and confirm the day they were mailed out. If you have not received them in a reasonable length of time, we can place a stop payment on the ordered checks and reorder them for you.

Checking

Why was I charged for my checks?

Members are responsible for paying for checks they order from AgFed unless there is a special promotion being offered. The charge is applied to the checking account after the checks are shipped.

How many times can a member get charged an NSF fee for the same transaction?

You will only be charged an NSF fee once for each presentation of an item. There is no limit to the number of times that a merchant may present an item for payment. If the merchant presents the item more than one time, and the funds are unavailable at the time the item is presented, you will be charged a fee each time.

Where are the checks I ordered?

Check orders generally take 7 to 14 business days to be delivered. Please allow at least the 14 business days before following up with AgFed. If it has been more than 14 business days, please contact our Member Service Department at 202-479-2270 or 800-368-3552 or visit any AgFed branch for assistance.

When is a check considered stale-dated?

Unless specified otherwise on the draft, checks are considered stale-dated after 6 months.

What is your current interest rate on a checking account?

AgFed does not offer an interest bearing checking account. We do, however, offer our Money Market Account, which pays dividends and allows a limited number of checks to be written each month.

How can I order checks?

If you are ordering checks for the first time they have to be ordered through AgFed. You may contact us at 202-479-2270 or 800-368-3552 or visit any of our branch locations to select and order your checks. You may reorder checks online. You will need to have the reorder number that you received with your most recent box of checks and your address information must not have changed since your last order. Checks can be reordered here or by navigating to the Checking page.

How can I have holds partially or fully waived?

If you have a special situation, you may request a hold be partially or completely removed. However, approval is on a case-by-case basis.

What is a post-dated check?

A post-dated check is dated for a date after it is written.

Does the free checking account earn interest?

AgFed does not offer a dividend bearing checking account. We do, however, offer our Money Market Account, which pays dividends and allows a limited number of checks to be written each month.

What do I do if I cannot get my checkbook to balance? Do you have someone to help me?

You can schedule an appointment with one of our Member Service Representatives. They will be happy to assist you. There is a fee of $15.00 an hour for this assistance.

How can I get a copy of a cancelled check?

There is no charge if you pull the copies online. You have access to the last 3 months cleared checks and statements online. If the check cleared as an ACH item it will not be available to view online and this copy has to be ordered.

If the check image is not available online, you may request check copies online. Log into your account and click on ‘Online Applications’, then click on ‘Check Copies’. There is a $5.00 fee for a check copy.

If you do not have access online, please contact us at 202-479-2270 or 800-368-3552 for assistance.

How do I know how long my checks are held?

Holds placed on deposits in our branches are detailed on your receipt.

The following checks will be available immediately: on-us checks, cashier's checks, certified checks, traveler's checks, state government, federal government and local government checks and U S Postal Service money orders.

Funds deposited to an account by checks or drafts drawn on local and non-local financial institutions will be made available on the second business day following the day of the deposit.

Funds you deposit by check may be delayed for a longer period under the following circumstances:

Total check deposits for one day exceed $5,000;
Redeposit of a check which had been returned unpaid;
Your account has been overdrawn repeatedly (defined as those who have been overdrawn 6 or more separate, or consecutive business days) including Member Privilege activity;
Reasonable cause to doubt the collectability of a check;
Emergency conditions, such as computer/communications failure.

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 by the fifth business day after the day of your deposit. However, a longer hold period may apply.

If you are a new member, your checks will be held for seven business days for the first 30 days of your membership.

What do I do if the check I've written from my account cleared for the wrong amount?

Please contact us at 202-479-2270 or 800-368-3552. We will need the check number, date it cleared your account and the amount it was written for. We will pull a copy of the check to determine what the error is and try to assist you in resolving the issue. Many times this is a result of an encoding error by the payee’s financial institution.

What is the minimum balance for a checking account?

Our Share draft Checking accounts have no minimum balance requirements and no monthly service charges. Our Share Savings accounts require a minimum balance of $5.00.

Visa Gift Cards

How do I activate my Visa Gift Card?

To activate or check the balance on a current gift card, please call (866) 902-6082.

How do I check my balance on my Visa Gift Card?

To activate or check the balance on a current gift card, please call (866) 902-6082.

Youth Savings

Do you have special savings programs for my children?

Yes. AgFed offers an All-Stars account for children up to 12 years of age and a Young Millionaires Club for children ages 13 to 17. Both of these programs offer savings accounts with no fees and other advantages.

Is there a minimum balance requirement or monthly service fee to maintain a Youth Savings account?

A $5 minimum share must be maintained to receive dividends. There are no monthly service fees for Youth Savings accounts.

What happens to my child's All-Stars account when they turn 13?

The account will automatically convert to a Young Millionaires savings account on the first day of the month after the child's 13th birthday.

What happens to my child's Young Millionaires account when they turn 18?

The account will automatically convert into a regular share savings account on the first day of the month after the teen's 18th birthday.

Can I open multiple youth savings accounts for my child?

Only one youth savings account may be opened per Social Security number.

Can my child enroll in Online and Mobile Banking?

Young Millionaires accountholders ages 13-17 may enroll in Online and Mobile banking.

Can my child get a debit card?

Your 16-year or older child may get a debit card for their account with a $250.00 limit.

How can deposits be made into Youth Savings accounts?

Deposits can be made by electronic transfers, at any ATM accepting deposits, at any AgFed or shared branch and by mobile deposit.

Does a Youth Savings Account require a joint owner?

Youth Savings accounts require a parent, legal guardian or grandparent as a joint owner on the account.

If a member is under the age of 18, can they apply for a loan, Visa debit card or overdraft protection?

If a member is a minor, they cannot apply for a loan or for overdraft protection. However, members who are 16 to 17 years old may have a checking account with a debit card, with a $250.00 daily limit, when a parent or guardian is joint on their membership.

Prepaid VISA

Why should my child use the Student Prepaid VISA?

This reloadable, prepaid debit card is designed as a tool to help you teach your teen financial independence and responsibility - while allowing you to monitor their spending. Plus, it's safe - your teen would not have to carry cash.

How does the Student/ General Purpose VISA work?

The Student or the General Purpose Prepaid VISA^® card works just like any other VISA^® debit card! Use it at any merchant that accepts VISA^® - online, on the phone or anywhere in the world.

How can I reload the Student/ General Purpose Prepaid VISA?

You can reload the Prepaid VISA^® debit card by logging in to the Prepaid VISA^® portal (the link is only accessible from within Online Banking, under the Account Tab > Prepaid Cards.). Log in, enter the amount you wish to load and it be debited from your AgFed Debit or Credit Card.

Could I use a VISA/ MasterCard from another financial institution to purchase or reload funds to the Prepaid VISA card?

No, funds could only be reloaded to the Prepaid VISA card from an AgFed issued credit or debit card.

How can I check the balance and transactions for the Prepaid VISA cards?

You can view the balance and transaction history by logging in to the Prepaid VISA^® portal (the link is only accessible from within Online Banking, under the Account tab > Prepaid Cards).

Are there any fees associated with the Student or General Purpose Prepaid VISA cards?

There is an initial fee of $3.95 for the set up and purchase for each card. There are no monthly service charges, no overdraft fees or minimum balance requirements.

What will happen if I don't have enough funds on the Prepaid VISA card for my purchase?

Your transaction will not be approved if there are not enough funds on the Prepaid VISA^® card.

Advantage Checking

What are the requirements that must be met to qualify for the monthly benefits of Advantage Checking?

You must:

Complete 9 or more debit card purchases with $100 of cumulative spending
Have a recurring aggregate electronic deposit of $1,500 or more going to the Advantage Checking account
Receive eStatements

How often must the requirements be met to qualify for Advantage Checking benefits?

The requirements must be met each month. The qualification cycle resets on the first day of the calendar month.

What happens if I do not meet the qualifications for the month?

You will not be paid dividends if you do not meet the qualifications during the month. You will be able to start over the next month to earn dividends.

What if I already have a checking account and want to convert it to Advantage Checking?

If you already have a checking account and wish to enjoy the benefits of Advantage Checking, you must open an Advantage Checking account.

What if already have my Direct Deposit/Electronic Deposit going to my existing savings/checking account and want to move it to my Advantage Checking account?

You must contact your payroll provider to change your direct/electronic deposit.

Will I receive a Debit Card for my new Advantage Checking account?

You can request a debit card when you open the Advantage Checking account.

What is the minimum balance required to open an Advantage Checking account?

There is no minimum balance required to open an Advantage Checking account.

Does Advantage Checking have maximum balance restrictions?

There are no maximum balance restrictions, however, no dividends will be paid on balances of $20,000.01 and higher.

Can I order checks for my Advantage Checking account?

If you wish to order checks, please contact the Credit Union at 202-479-2270.

Can't find what you are looking for?

Click here to ask your own question.

PO Box 2225, Merrifield, VA 22116|202.479.2270| www.agfed.org|Routing Number: 254074057

This credit union is federally insured by the National Credit Union Administration. Rates are current as of April 2024 unless otherwise noted and are subject to change. APY = Annual Percentage Yield APR = Annual Percentage Rate