Help and FAQ
Basic Account Information
What
is the Credit Union Routing and Transit Number (R&T)
and why is it important? The R&T number
for MidWest America FCU is 274973141.
This number is used to identify MidWest America from
all other Financial Institutions. Each Financial Institution
has their own R&T#. You might say it is there own
unique address. The Credit Union "routing
number" is like an electronic address that delivers
your electronic deposits or withdrawals
to the Credit Union.
There are a number of occasions
when you would need to know this number:
-
Tax refund checks directly
deposited into your account
-
Electronic deposit of your
paycheck
-
Electronic payments made out
of your account
You will find this number on the
lower left corner of your MidWest America checks.
Certificate Information
What
is the difference between a certificate and a step up
certificate? A regular certificate of deposit
is a term account that earns monthly or quarterly dividends.
The term and dividend rate remains the same throughout
the life (or term) of the certificate. A step up certificate
is also a term account that earns monthly or quarterly
dividends. The rate can be stepped up once during the
life (or term) of the certificate to the current prevailing
Credit Union rate. For the remainder of the term your
step up certificate earns the higher rate of interest.
Checking Information
What is Freedom Checking? Freedom
checking is a free checking account. There is no minimum balance
required. There is no "per check" charge. ATM, Check
Card and overdraft protection is available for those who qualify.
Freedom checking is a non bearing interest account. You purchase
your own checks.
What is Advantage Checking? Advantage
checking has no minimum balance requirement, unlimited free
personalized checks. Dividends are paid on qualifying balances.
ATM card, Check card and overdraft protection is available
for those who qualify. You have a $10,000 accidental death
and dismemberment insurance coverage. Free Credit Card registration.
You can save 10-50% on most prescriptions with our local pharmacy
card. Free Travelers Checks (one signature). $25,000 common
carrier insurance coverage. Up to 50% savings on quality, factory
sealed contact lenses. Save up to 50% at premium hotels and
earn cash back bonuses. Low monthly fee. Discounted for members
50+.
What is a Debit card? Our
Visa Debit Card looks like a credit card but works like a check.
Purchases are withdrawn directly from your checking account.
The card is accepted worldwide at any business that accepts
Visa. You can also use it as a ATM card. It's less bulky than a regular checkbook,
and safer than carrying large sums of cash.
Loan Information
What
is Skip-A-Payment? The
Skip-a-Payment program allows members of MidWest America
FCU, whose accounts are in good standing, to skip one
payment on their loan (s) during a specified time frame.
(i.e. January or February) The fee is $35.00 per loan
and is not available for mortgages, home equity loans,
or leases.
What
happens to my loan when I skip a payment? Interest
will continue to accrue, so when your next monthly payment
is made, you will notice that more of your payment went
toward interest than usual. This happens because of the
simple daily interest due on your principal balance since
your last payment.
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