FAQ
Frequently Asked Questions
Q: What is the difference between a credit union and a bank?
A: The main difference is that credit unions are non-profit organizations owned by their members. By opening your Share Account with AFCU, you become a part owner of the credit union, allowing you to take advantage of our services and even vote on credit union governance at our Annual Meeting. While banks primarily operate to generate profit for shareholders, credit unions typically focus on serving their members, providing favorable interest rates, low fees, and a community-oriented approach.
Q: What services do you offer? Can I use AFCU as my primary financial institution?
A: Absolutely, we have many members who utilize their AFCU Share (savings) and Draft (checking) accounts for their daily banking. We offer many of the same or comparable products and services to the big banks. That includes Online/Mobile Banking, Mobile Check Deposit, Online Bill Pay, Visa Debit and Credit Cards, and more! Additionally, we offer a variety of loan services with competitive rates on New, Used, and Classic Vehicles, Personal Loans, and Home Equity Lines of Credit. We also pride ourselves on the personalized service our staff provides in-office and over the phone. If there is something your current financial institution offers that you are unsure if we offer, give us a call!
Q: Am I eligible to join Amherst Federal Credit Union?
A: If you live, work, worship, attend school, or do business in any of Amherst, Cheektowaga, Depew, or West Seneca, NY, you automatically qualify for membership. Additionally, you are eligible if you have any relatives who are current members. You are not required to close or re-establish your accounts if your original eligibility changes in any way, meaning you do not have to cease banking with us if you move or stop working in the area.
Q: How do I choose a local credit union?
A: When choosing which local credit union to join there are a few things you should consider. First and foremost, you should ensure you are eligible for membership under each credit union’s charter. For example, Amherst FCU can serve members that live, work, attend, school, or do business in any of Amherst, Cheektowaga, Depew, or West Seneca, NY. Alternatively, if you have a relative that is a current member you are also eligible for membership. Other factors to consider should include availability of services, rates, proximity, and ease of access.
Q: How do I become a member?
A: To become a member of Amherst FCU you must first complete a Membership Application. You may choose to complete the Online Membership Application to help expedite the process, however all prospective members are required to visit the Amherst FCU office to complete additional paperwork and provide photo identification before any accounts will be opened. A minimum deposit of $6 (must be cash or check) is required to establish membership.
Q: Is my money safe in a credit union?
A: Yes, all single ownership accounts at Amherst FCU are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF) which is operated and managed by the National Credit Union Association (NCUA). Furthermore, all joint accounts are insured up to $500,000.
Accounts FAQ:
Q: Are there any fees to open and use my accounts?
A: While we do our best to keep our fees to a minimum, there are some fees worth noting. All new members are required to pay a $1.00 “new membership fee” upon opening their Share account, which is necessary to become a member. There are no minimum balance fees or general maintenance fees associated with any of our accounts. For a full fee schedule, click here.
Q: Can I link my account and/or debit card to my Venmo/Zelle/Paypal/etc account?
A: Yes, you can! While AFCU does not automatically populate in most databases for these money transferring apps, you can still attach your AFCU accounts using your card number or account and routing number. If you need any assistance or do not know your account number, give us a call and our staff can help.
Q: There is a potentially fraudulent transaction that I do not recognize on my account. What do I do?
A: If you are absolutely certain the transaction is fraudulent and was not authorized by yourself or anyone you allowed to use your card, the card must be blocked immediately. We highly recommend contacting the AFCU office at 716-634-3881 directly for these issues when the office is open. However, for after hours and weekend/holiday instances, you may contact Visa card support at 1-800-472-3272. Visa will be able to block the stolen card; however, you will still need to contact the AFCU office to order a new card and file a dispute for any lost funds.
Q: Do I have to maintain a minimum balance?
A: There are zero minimum balance fees or monthly maintenance fees at Amherst FCU related to account balance. All share accounts must be opened with an initial deposit of at least $5 which will remain on hold for the life of the account.
Q: How can I set up a direct deposit?
A: To set up a direct deposit you will need to know the account number or electronic ID for the account you would like the deposit to go into as well as our routing number. If a voided check is being requested and you do not have checks for your account, please contact our office for an Account Verification Letter.
Loans FAQ:
Q: How soon can I get a loan?
A: You can apply for a loan right away; there is no length of membership required to get a loan with AFCU. The application can be completed online or in person, and you can typically expect to hear back from one of our loan officers with a response within 1 business day if approved. As a result, “same day loans” may be possible at times, though it cannot be guaranteed. The timing of the loan process is largely dependent on our loan officers’ availability, as well as the applicant’s ability to produce key documents in a timely fashion.
Q: How can I make payments on my loan?
A: There are multiple options to make payments on your loan. We accept cash and check payments at the AFCU office (we are unable to process a credit or debit card payment). You may also transfer a payment onto your loan directly from an attached AFCU Share or Draft account in any amount at any time, including setting up recurring payments in Home Banking. You may also choose to sign up for an “internal transfer,” which is a group of transfers processed by AFCU on a regular, recurring basis (ask your loan officer for more information). Another common method for payments being sent directly from a different financial institution is to utilize your other financial institution’s Online Bill Pay to set up a one-time or recurring payment. You will need to know your AFCU account number as well as our routing number to do so. Please contact us if you need that information.
Q: Is there a penalty to pay my loan off early?
A: No, there is no penalty or fee to pay off your loan early. Interest accrues daily, and accrued interest is paid first with every payment, with all remaining funds going directly to the principal balance of the loan. This means that any time a regular payment is made in an amount greater than your scheduled payment, or any time another payment is made in addition to the regular payment on the same business day, all additional funds are applied directly to the principal balance as well, and there is no penalty to do so.
Q: What credit score do I need to qualify for a loan?
A: Per our lending policy, we require a minimum credit score of 500 to qualify for a loan. However, if you have yet to establish credit and do not have a score you may still be eligible for a loan.
Q: Can I refinance a loan I have elsewhere with you?
A: We do offer loan refinancing for loans held elsewhere. We do not refinance our own loans. When submitting your loan application please ensure to include key details about what is being refinanced including an accurate payoff amount and the VIN if it is a vehicle being refinanced.