Frequently Asked Questions

Bill Pay

How do I edit or cancel a pending payment?
Click on "Pending Payments List" and choose "Change/Cancel" next to the payment you'd like to modify. Please note: You can edit or cancel a payment anytime before 2 a.m. CST on the processing date. After that time, please contact our Member Center at 800-845-5025 to discuss further options.
When does the money get withdrawn from my account to pay my bill?
If the payment is electronic, the money will come out of your checking account on the processing date. If the payment is by check, the money will not leave your account until the payee cashes the check.
How do I set up recurring payments?
You can set up recurring payments under the "Add A Payment/Payee" module. There are a wide variety of schedules to pick from.
If I schedule bills into the future, when does the money leave my account?
Once you have scheduled your payment, the system will let you know the processing date. If the payment is electronic, the money will come out of your account on this date. If the payment is by check, the money will not leave your account until the payee cashes the check.
What is the Bill Pay timeline?
The Bill Pay system works on a due date basis. If the payment is electronic, you will need to allow four business days before the due date. One business day for the processing date (the day the money will be deducted from your account) and 3 additional business days for your payment to reach it's destination. If the payment is by check, you will want to enter your payment six business days before the due date; however, your funds will not be deducted from your account until the check has been cashed. In the unlikely event that your payee does not receive your payment by the due date guaranteed by the system, please contact our Member Center at 800-845-5025 to start an investigation.

General

How do I achieve ambassador status?
Ambassador members qualify for reduced rates. To qualify to be an ambassador you must reach one of the following requirements: $10,000 in total savings and checking; or $25,000 in total Money Market accounts, IRAs, and certificates; or consumer loans (excluding credit cards); or $75,000 in total loans.
Why am I having trouble veiwing the connexuscu.org website or online banking screens on a browser other then Explorer, Firefox or Safari?
Currently our website supports the following browsers:
  • Explorer
  • Firefox
  • Safari
If you are currently using another browser, please download one of the above browsers to view our site properly.

Health Savings Plans

How do I access my Health Savings Plan account?
We provide you with three convenient ways to access your account: check, Visa check card, or any-time-access via Online Banking.
What if I need to change beneficiary information?
To make changes to your beneficiary information, please complete a new beneficiary designation form and fax it to us at 715-847-4730.
How can I contribute and what are my contribution limits?
Contributions can be made by you and/or your employer up to the amount of your HDHP deductible or the maximum allowed by law, whichever is less. You can contribute these dollars pre or post tax. Individuals 55 and older can also make additional catch-up contributions in the amount of $1,000 for 2009 and all years going forward.

*These amounts are adjusted annually.
Can my spouse conduct activity on my HSA account?
Yes. A spouse can be assigned as an agent on your account. Please contact our Member Center at 800-845-5025, option 3.
What if I leave my employer?
You may no longer make contributions to your HSA; however, you may continue to use the funds in your account for qualified medical expenses. Should you sign up for another High Deductible Health Plan at a new employer, you may resume making contributions to your Connexus HSA account.

Instant Deposit

How do I apply for Instant Deposit?
  • Login to online banking. Click on the Instant Deposit link, which is located in the right side list of items on the Accounts page.
  • Please note, if you do not have a checking account or line of credit, you will be prompted to apply for these products as part of the Instant Deposit approval process.
  • Once you have applied for Instant Deposit, log back into online banking in 1-2 business days. If your account was approved you will see a pop-up reminder that you have a new message.
Do I have to print the deposit ticket out?
If you would prefer not to print the deposit ticket, please include your name, member number and the Instant Deposit reference number with your check. Don't forget to mark your envelope ATTN: Instant Deposit.
How should I endorse my check?
Sign your name and print, "For deposit only."
How does Instant Deposit work?
It's easy! Once you are approved, simply visit the Instant Deposit area of your account and make your deposit online. Your deposit is credited to your account instantly. Next, print out the deposit slip, which is available in the Instant Deposit area of your account. Endorse the check and mail it to us ATTN: Instant Deposit. Once the deposit arrives, we confirm the deposit is correct and the transaction is complete. If the check does not arrive within 10 calendar days, we will pull the deposit amount from your line of credit to cover the deposit.
How many deposits can I post at a time?
You can Instant Deposit multiple checks up to your available limit. Example: If $1500 is your available limit, you can Instant Deposit 3 checks for $500 each. Or, you could Instant Deposit 5 checks for $300. But you cannot deposit 5 checks for $350 each, as the total amount of those checks would exceed your limit.
Can I send a deposit for multiple accounts?
An Instant Deposit can only be made into your checking account. Once the Instant Deposit is made, you may transfer the funds through online banking to your other accounts as you wish.
How do I know if there was a problem with my deposit?
At any time, you make click on Details in the Outstanding Deposits area of the Instant Deposit page to view the current status of your deposit. If there is an issue we will edit the status and also send you a message notification inside your online banking account.
What are the qualifications for Instant Deposit?
To qualify for Instant Deposit, you need a checking account, line of credit and a credit score above 660. You must also be at least 18 years of age and a Connexus member for 30 days or longer.
How do I know you received the deposit?
Access the Instant Deposit area of your online banking account to view your Outstanding Deposits. When we receive and confirm your deposit, we update your account and the outstanding deposit will automatically disappear.
Can I change or stop an Instant Deposit?
Please call Member Center 800-845-5025 and we will be happy to talk you through this.
What are unacceptable deposits?
The following are considered unacceptable deposits: Your own Connexus Credit Union check drawn on this same account; Foreign Checks and Foreign Money Orders; Third Party Checks; Credit Card Convenience checks; Altered Checks; Incomplete Items; and Non-Negotiable Items. Deposits of this nature will result in immediate reversal of the deposit to your checking account and may result in the suspension or termination of this service.
What happens if the check doesn't arrive within 10 days?
Your secured Line of Credit will be accessed to cover the deposit. You will also be notified via a message within your online banking account.

Once the check does arrive, the deposit will be applied to your checking account. Please note: you are responsible for paying off your Line of Credit.
What is Instant Deposit?
Instant Deposit is an online banking feature that allows you to deposit checks instantly into your checking account. Then, you print a deposit ticket available in the Instant Deposit area of your account, endorse the check and mail these items to Connexus. Your Instant Deposit ticket and matching check are due within 10 calendar days beginning from the day you make your Instant Deposit. Once the deposit arrives in the mail, we confirm the deposit is correct and the transaction is complete.
What do I need to send to you?
Make sure to send all of the endorsed checks and the deposit tickets. Please mark your envelope ATTN: Instant Deposit.
Why would there be a problem with my Instant Deposit?
The following will likely cause a delay or problem with your Instant Deposit:
  • Unendorsed Checks
  • Checks that return as Non-Sufficient Funds (NSF)
  • Unacceptable Deposits (please see above for complete list)

Mortgages

What is an Annual Percentage Rate (APR)?
Different than the note rate, the APR is commonly used to compare loan programs from various lenders. The Federal Truth in Lending law requires mortgage companies to disclose the APR when they advertise a rate.

Example:

30-year fixed 8 percent 1 point 8.107% APR

Your monthly payments are a function of the interest rate and the loan length and are not impacted by the APR. Designed to measure "the true cost of the loan," the APR fosters a level playing field amongst lenders and prevents them from advertising a low rate while hiding fees.

The best way to compare different lenders is to request a Good Faith Estimate (GFE) of closing costs. Be sure to compare the same loan criteria, interest rate, and rate-lock period. The lender with the lowest loan fees will likely have the best deal.

Connexus Exclusive! At Connexus, we do everything possible to prevent confusion and frustration during the home loan process. Our commitment to our members is to explain all disclosures in full to your complete satisfaction and comprehension.
What is escrow?
Escrow is an amount collected by your lender when you pay your mortgage payment to be used to pay hazard insurance, PMI and flood insurance. Connexus does not require escrow accounts; however, we can set up a savings plan for you to help pay these costs.
Why am I required to have a home inspection? How much will it cost?
You want to purchase your home with the security that no hidden costs will arise after you move in. A home inspection may find items that will need repair quickly or damage beyond what is disclosed. Home inspectors vary in price and reputation. Ask for references from anyone you are considering and call them. Costs will vary state by state, but typically are between $200-300.
What causes interest rates to change?
Mortgage rates change because interest rates often fluctuate, inflation, supply demand and bond rates. It is important to realize that there is not just one interest rate, but many. They include the Prime rate,Treasury bill rates, Treasury notes, Treasury bonds, Federal funds overnight loan rate, Federal discount rate, Libor: London Interbank Offered Rates, Fannie Mae-backed security rates, Bond rates and prices.

A major force in interest rates is inflation. Higher inflation is associated with a growing economy. When the economy grows too strong, the Federal Reserve increases interest rates to slow down the economy and reduce inflation. Inflation is a result of an increase in the price of goods and services. A strong economy creates more demand for goods and services, so those producing goods and services can increase prices. Therefore, a strong economy results in higher real-estate prices, higher rent costs, and higher mortgage rates.

Mortgage rates tend to move in the same direction as interest rates, though actual mortgage rates are also based on supply and demand for mortgages. The supply/demand equation for mortgage rates may be different from the supply/demand equation for interest rates. This may result in mortgage rates moving differently from other rates. For example, a lender may be forced to close additional mortgages to meet a commitment they have made. This results in them offering lower rates despite increasing interest.
If my loan is for 30 years, can I pay off my loan before this time lapses? What are the pre-payment penalties?
Yes, you may prepay at any time without penalty.
What is Private Mortgage Insurance (PMI)?
PMI is usually required when you borrow more than 80% on your new home. Mortgage insurance is a guarantee that helps protect lenders against foreclosure costs. This insurance enables lenders to offer loans with lower down payments. In effect, mortgage insurance pays the lender a certain percentage of your original purchase price to cover a lender's losses in the event of a foreclosure.

The cost of PMI increases as your down payment decreases. For example, the cost of PMI on a 10% down payment is less than the cost of PMI on a 5% down payment. Your PMI premium is usually added to your monthly mortgage payment.

Connexus Exclusive! Our Opportunity Home Loan has a single premium PMI and the opportunity to finance at 100%.
Should I pay points? Does a zero-point loan with no fees exist?
The best way to decide whether you should pay points is to perform a break-even analysis:

  • Calculate the cost of points. For example, 2 points on a $100,000 loan is $2,000.
  • Determine the monthly savings on the loan as a result of a lower interest rate. For example, you may save $50 per month.
  • Divide the cost of the points by the monthly savings to discover the number of months to break even. In the example above, the number of months is 40. If you plan to remain in the home for longer than this amount of time, paying points is a practical idea.

This formula does not factor in the tax advantage of points. When you buy a home, the points you pay are tax-deductible, so you realize some savings immediately. However, a lower payment will reduce your tax deductible. This makes it difficult to calculate the break-even period, taking taxes into account. After a purchase, taxes definitely reduce the break-even time. In the instance of a refinance, however, the points are not tax deductible, but must be amortized over the life of the loan. This results in fewer tax benefits or none at all, so there is little effect on the time to break even.

Consider this simple rule of thumb: Do not pay points if you plan to remain in the home less than three years. If you plan to be in the home from three to five years, it does not make a considerable difference whether you pay points or not. If you plan to stay in the home more than five years, it may make sense to pay 1 or 2 points.
What is the difference between being pre-qualified and pre-approved?
Pre-qualification is normally determined by a loan officer. After interviewing you, the loan officer computes the potential loan amount for which you may be approved. The officer does not issue loan approval; therefore, pre-qualification is not a commitment to lend. The officer will then issue you a pre-qualification letter, which can be used when you make an offer on a property. This letter informs the seller that your financial situation has been reviewed by a professional, and you are likely to be approved for a loan to purchase the home.

Pre-approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, and employment history. Your loan application is submitted to a lender's underwriter for approval. When your loan is pre-approved, you receive a pre-approval certificate. This allows you to close very quickly when you do find the right home. Pre-approval can also help you negotiate a better price with the seller.
What is a rate lock?
A rate lock is a firm commitment with an expiration date form lender to borrower on the interest rate on their mortgage.
Why should I refinance?
The most common reason to refinance is to save money. Please visit our Refinancing page for more information.
Can my loan be sold?
Your loan can be sold after closing, and there is a secondary mortgage where a lender who buys your loan assumes all terms and conditions of the original loan. As a result, the only change you'll experience is to whom you mail your payment. You'll be notified if your loan is sold and informed of your new lender and where you should send payments.

Checking

Does using Connexus' online Bill Pay count as an ACH debit or automatic withdrawal? [MyRewards Checking]
No, Bill Pay transactions do not coun as an ACH debit or automatic withdrawal. It must be a third party transaction.
Do my ATM rebates apply when I access my savings account at an ATM? [MyRewards and Xtraordinary Checking]
No, the ATM rebates apply only to withdrawals conducted on the MyRewards and Xtraordinary checking accounts.
Must I access my eStatement online in order to qualify for the rewards? [ MyRewards or Xtraordinary Checking]
You must elect to receive eStatements to receive your rewards. While we encourage you to review your statement each month, you do not need to access your eStatement in order to qualify for your rewards.
Why did I earn dividends and ATM rebates my first month even though the direct deposit hasn't started and I wasn't able to conduct my required number of Visa check card transactions? [MyRewards and Xtraordinary Checking]
The first month of your account you will always earn the higher dividend rate and receive ATM rebates this is because we understand that setting up your direct deposit, conducting your non-pin Visa check card transactions and selecting eStatements can take a few weeks.
Is overdraft protection available for my checking account?
Yes, but please be aware that there is a fee if Connexus makes the transfer from another account or loan to cover in the event of an overdraft. If you make the transfer yourself, there is no fee. You also can transfer money from accounts via online banking 24/7 at www.connexuscu.org.
What are the requirements that must be met to qualify for the rewards for Rewards Checking?
  • Have 10 Visa Check (credit) transactions clear your account by the last business day of the month
  • 1 Direct Deposit or third party ACH Auto Debit
  • Elect to receive E-Statements
  • Your first month you will ALWAYS receive rewards our way of "thanking you for your new account" and giving you the opportunity to get your account set up for the future.

Note: The above items must be completed by the day before the last business day of the month (this is considered your cycle date - i.e last day of month is 8/31/07, all activity must take place by 8/30/07 and be posted to your account to qualify for the rewards.)
What happens if I return an item I paid for with my Visa check card?
The reward systems will automatically minus a transaction during the month you returned the item. For example, you bought a sweater in January so this transaction was counted as one of your 10 transactions that month. You return the sweater in February. The return will minus one of your 10 transactions in February. You will need to do an additional transaction (11) in February in order to qualify for your rewards.
When must the requirements be met to qualify for my rewards?
You have until the last business day of the month to meet all the requirements. The requirements for the next month start on the following day.
What happens if the requirements for MyRewards or Xtraordinary Checking are not met during the month?
You will receive .50% APY and your ATM rebates will not be refunded.
How will I know that I have qualified for my rewards?
An e-mail will be sent on the last day of the month letting you know if you received rewards. If you didn't receive rewards, the email states the reasons why so you can determine how to earn the rewards for the next month.

Online Banking

What additional services are available with Online Banking?
Once you have signed up for Online Banking, you can also sign up for free eStatements and Bill Pay.
When are accounts reviewed for BNotified Alerts?
Any account with a BNotified alert will be reviewed each day at 4:01 AM (EST). If you account is below your alert balance, an email will be sent to you.
What are BNotified Alerts?
A BNotified alert allows you to be alerted whenever an account falls below a certain balance. You can set up the alert to send to an email address or text message and to as many accounts as you would like. This service is rree and only available through Online Banking.
What are the challenge questions?
The challenge questions are an increased security measure. You create and enter the questions based on something specific to you.
How many months can you access in eStatements?
eStatements allows you to access up to 13 months.
What if I need help?
There are many options for you to use when you need help using Online Banking.
  • Call Member Center at 800-845-5025 for assistance.
  • Click on the Live Support and chat online with us.
  • Reference the Help section under each tab.
Is Online Banking secure?
Ensuring the security of your personal information is important to us. When you sign in to Online Banking, your ID and password are secure. The moment you click submit, we encrypt your User ID and password using Secure Socket Layer (SSL) technology.

We require our employees, partners and suppliers to protect the privacy of our members. In fact, the additional security word is one of the reasons we moved to the new online banking provider. Please feel confident that your individual information is protected.
How do I sign up for Online Banking?
Simply sign in on the home page using your member number and the last four digits of your Social Security number. You will be prompted to change your password and create three challenge questions. The system will also show you the proper disclosures and information.
Why am I having trouble veiwing the connexuscu.org website or online banking screens on a browser other then Explorer, Firefox or Safari?
Currently our website supports the following browsers:
  • Explorer
  • Firefox
  • Safari
If you are currently using another browser, please download one of the above browsers to view our site properly.

Auto Loans

What do I have to do to refinance my auto loan?
This is a very easy process, and members refinancing loans from other financial institutions save an average of $900 when they come to Connexus! Simply contact us at 800-845-5025, and we'll help you secure a new loan with Connexus, pay off your old loan and transfer the title.
Can I refinance an auto loan from another lender?
Yes, refinancing an auto loan is a great idea when you would like to lower your payments or take advantage of a lower interest rate.