Fee Schedule
Q: What is the Fee Schedule?
A: For more information about Advantage's fees please click here!
Credit Union vs. Bank
Q: What is the difference between a Credit Union and a Bank?
A: Credit Unions are financial institutions formed by an organized group of people with a common bond. Members of credit unions pool their assets to provide loans and other financial services to each other.
Credit Unions differ from other banks in several ways:
A Credit Union is Not-for-Profit, owned by its members and operated by a volunteer Board of Directors. A bank is owned by outside stockholders and controlled by a paid Board of Directors.
The above factors allow Advantage FCU to pay dividends to their members (not shareholders) and offer them lower loan rates, higher savings rates and fewer service fees.
The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions. They also insure savings savings in federal and most sate-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government. Their website is www.ncua.gov
Insurance
Q: Are my funds insured? How? To what amount?
A: Yes. Just like funds on deposit at a bank are insured by the Federal Deposit Insurance Corporation (FDIC), credit unions are insured by the National Credit Union Administration (NCUA).
No member has lost one cent of NCUA insured funds as a result of credit union failures. Failures are rare, but NCUA would cover your share account dollar for dollar up to the insured limits of $250,000.
To view coverage chart, go to www.ncua.gov
Advantage Routing Number
Q: What is Advantage FCU routing number?
A: Our routing number is 222382292
Online Banking
Q: Can I get statements online?
A: Yes. Advantage FCU is pleased to offer online statements only to our members who select this service. No more paper statements, which reduces the potential of Identity theft. Plus, this helps our environment by reducing waste.
Q: Can I make payments online?
A: Yes, you can pay your bills online using our Online Bill Pay Service. It's really easy. Enter in all of your payee information and schedule the payment. The funds are deducted from your account and sent to your payee.
Q: Can I pay my AFCU loans online?
A: Absolutely. All you have to do is use the Transfer button to make the payment.
Q: What is the Multi-Factor Question for?
A: These are questions either you choose or make up that only you are aware of and answer. Our online banking at sign in will randomly generate one of five of your questions that you'll need to answer. Please remember that the answer is case sensitive and needs to match exactly how it was first input.
Q: How do I Enroll?
A: All you need is you Member Number and your PIN Number. Then you will set up your Multi-Factor Authentication Questions.
Q: What is my PIN Number?
A: Your PIN Number for Access line and Online Banking are separate from the PIN you program for your ATM/Visa Debit Card. Members may come into one of the branches to program it, request one to be mailed out, or submit a request online. You will need this PIN number before you enroll for online banking or to use Access line.
Q: Why do I need to create Multi-Factor Authentication Questions?
A: Today, it is easier than ever to obtain another person's identifying information and perpetrate identity fraud. To detect fraudulent or stolen identities and stem the increasing tide of losses due to identity fraud, financial institutions need to employ systems that will enable them to stay one step ahead of potential frauds. Implementing a multi-factor authentication process, performed upon the opening of a new account, can help to accomplish this. Multi-factor authentication consist of verifying and validating the authenticity of an identity using more than one validation mechanism.
Online Bill Pay
Q: What do I do if I want to verify receipt of my payment by the payee?
A: Call the payee, but remember that it may take up to 5 business days for them to receive the payment
Q: What if it has been more than 5 business days and the payee has not received my payment?
A: Call the credit union and a representative will investigate the status of your payment. We will only investigate payments if the 5 business days have passed.
Q: Who do I call if I have more questions regarding the Bill Payment feature?
A: Call the credit union at 585.454.5900 or toll free at 888.454.2328 and press 5 for a Member Service Representative.
Q: How much will it cost?
A: There is NO FEE for the Bill Payment service. So why not take advantage of the convenience of paying your bills on-line?
Q: I'm concerned about the security of my information. How do I know that this information is secure?
A: Advantage Federal Credit Union is dedicated to providing you with products and services that are not only convenient, but secure. We are using Secure Socket Layer (SSL) technology and required Multifactor Authentication to ensure a safe operating environment. We also employ advanced firewall technology to protect all of our data from invasion by anyone outside of the credit union.
Q: How long will it take before my bill gets paid?
A: Once you have used the Bill Payment feature to pay your bills, it will usually take 3-5 business days for your payments to be received and credited to your accounts.
Q: Why does it take 3-5 days?
A: Each bill that you pay is part of a file that is maintained at the Credit Union. Once each day, that file is transmitted to a third party processor. The processor receives the file and makes the payments on your behalf. They attempt to make all payments electronically, but not all companies or individuals can receive electronic payments. In these instances, an actual paper check is generated and mailed to your payee. For this reason, the time between your transaction on the bill payment system and the time the payment is received by each payee will vary.
Access Line
Q: Is the information up to date?
A: All information is up to date.
Q: What information is provided on it?
A: You may check account balances, cleared checks, deposit and withdrawals, interest, dividends and loan information. You can also transfer funds, withdraw funds and much more.
Q: How do I enroll to use Access Line?
A: All you need is your Access Line and Online PIN Number to use the telephone system to check your account.
The system will ask you to input your SIX digit member number, plus the first TWO letters of your last name, then the # sign. If you have a business or club account it would be the first TWO letters of that business or club name, then the # sign.
Loans
Q: Can I customize my loan?
A: Yes. It's apart of our My Money. My Way. My Advantage. Program. Or what we call internally our Lifestyle Lending Process. You tell us when you want to pay your loan. You tell us if you want to skip a month or even two. You can even name your loan. This process is available on MOST of our lending products.
Q: What is Summer Skip?
A: Summer Skip is a unique offer that only Advantage FCU has. This is a great service for 10-month employees who don't get paid in the summer! It allows you to skip summer months payments! We offer this service to all out members on all lending products except for real estate loans.
Q: Can I Skip-a-Payment?
A: We allow our members to skip-a-payment, however every loan is different. To find out the best option for you, please call a Member Service Representative, 585.454.5900, Ext. 5.
Q: What is Smart Plan?
A: Smart Plan is a unique master lending agreement that Advantage FCU offers to it's members. By signing this, you can simply call us over the phone to apply for a loan. If the loan is approved we can disburse the funds without having you come in and sign additional paperwork. The funds can be immediately disbursed into your checking account. By signing up for it with NO COST for this service, it makes the lending application and disbursement process easy. We offer this on MOST of our lending products.
Q: How can I apply?
A: In several ways: online, over the phone, in person or mail in an application.
Q: How long does it take to get a Loan approval?
A: Depends on the type of loan. Normal response time is end of the next business day or sooner. Auto loans are usually done before the close of business on the day of application.
Q: If I have bad credit or a bankruptcy, can I still apply for a loan?
A: Yes. All loan applications are reviewed by an underwriter for approval.
Wire Transfer
Q: Does Advantage FCU have a SWIFT CODE for International Wires?
A: No. The sending bank would have to first send it to a bank in the US to convert the funds to US dollars, then that bank would follow the Wire Transfer instructions.
Q: What are the Wire Transfer Instructions?
A: There are three steps that need to be provided to the sender in order to ensure you receive an incoming wire:
1. Members United FCU, Albany NY ABA#:221381715
2. Further credit to Advantage FCU, Rochester NY ABA#:222382292
3. Final credit to member's name and member's account number