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Updated April 24, 2020
Frequently Asked Questions
Relief Questions - Quick Links
- I may not be able to make my loan payment. What options are available to members?
- What options are available if I happen to overdraw my Checking account?
- I have money locked in a Share Certificate, but I need funds now. What can I do?
- Are you participating in the U.S. Small Business Administration’s Paycheck Protection Program?
General Questions - Quick Links
- Are my funds safe and insured at the Credit Union?
- How are you protecting my privacy and my data while more staff are working from home?
- How can I get cash without going into a branch?
- I need to deposit a large check but can’t go to a Spectrum branch. What are my options?
- Why did you send me an email saying I can’t get my statements mailed to me in my country of residence?
- Do I have to take a mandatory IRA distribution in 2020?
- What if I already processed my mandatory IRA distribution for 2020? Can I reverse it?
- Are there any COVID-19 related scams I should be aware of?
- How can I know if a communication is legitimate?
- What should I do if I get a call instructing me to confirm a debit card transaction I don’t recognize or asking me for personal or account information like my PIN or card number?
- Should I be checking my account activity more frequently?
Relief Questions
Q. I may not be able to make my loan payment. What options are available to members?
A. We are working with members to help them avoid becoming delinquent and impacting their credit scores.
To apply for assistance and learn more about our relief programs please go to spectrumcu.org/loanhelp. Here you’ll be able to review your options and determine if you qualify. You’ll also be able to apply directly online. There’s no need to call as your online request will be placed in line in the same order as if you contacted us by phone.
Note on Mortgages: As relief programs are announced by different states, please do not assume that you can automatically stop making payments for a period of time. You must contact us to be eligible for loan assistance.
Q. What options are available if I happen to overdraw my Checking account?
A. First, you should set up overdraft protection. When you have overdraft protection, we will automatically transfer the funds needed from your designated account sources (usually other deposit accounts or lines of credit) to cover any overdrafts, so you don’t have to worry about returned payment fees.
You may also want to sign up for Courtesy Pay, which will cover an overdraft if you inadvertently overdraw your account. Keep in mind that there is a fee involved with Courtesy Pay.
To sign up for overdraft protection, learn if you qualify for Courtesy Pay, or set up Courtesy Pay, please send us a Secure Email from within Online or Mobile Banking.
If you are looking for an extra cushion during uncertain times, a personal loan is another option to consider.
A. One option is to use a Certificate Secured Loan to borrow against your Share Certificate account. When you do this, certificate funds equaling the amount of the loan are frozen from use and released when your Secured Loan is paid back. The money in the certificate continues to collect dividends, which helps offset the already low interest charged on the loan.
This allows you to avoid certificate early closure fees, which can equal 3 to 12 months of dividends depending on the original term of your Share Certificate. Learn more on our Secured Loans page.
Q. Are you participating in the U.S. Small Business Administration’s Paycheck Protection Program?
A. The Credit Union is focused on providing individual members with deposit and lending products. While we realize some of our members might be small business owners as well, we do not provide small business loans. If you have a current small business loan with another lender, you may want to discuss with them the Paycheck Protection Program or other Small Business Administration lending options.
General Questions
Q. Are my funds safe and insured at the Credit Union?
A. Your deposits are federally insured by the National Credit Union Administration to at least $250,000 per individual depositor, per account category.
The account ownership categories are single owner accounts, joint owner accounts, certain retirement accounts, and trust accounts.
You can increase your coverage by setting up different types of accounts. Visit our Share Insurance page for some examples of how coverage works.
Visit mycreditunion.gov to learn more about Share Insurance, view more in-depth examples, and calculate your coverage with their Share Insurance Estimator.
Q: How are you protecting my privacy and my data while more staff are working from home?
A: The Credit Union's security and privacy controls over member data are working 24/7 regardless of where our employees are working.
Through our business continuity planning, we have tested our security and privacy measures to ensure they are effective during these types of events. With this approach, we are continuing to provide secure and personalized service to our members while minimizing disruption.
Q. How can I get cash without going into a branch?
A. The first option is one of our network ATMs. During this time, we have increased our withdrawal limit to $1,000 per day.
The Credit Union belongs to several ATM networks, so you can get cash surcharge-free from thousands of machines across the country. To locate the one nearest you, use our ATM & Branch Finder or our Mobile Banking app.
When you are out doing your essential shopping, you can look for machines with any of these logos:
Also, most retailers are still allowing customers to get “cash back” when you are paying for purchases with your Credit Union debit card.
I need to deposit a large check but can’t go to a Spectrum branch. What are my options?
Checks of any size can be deposited at a PTM or a deposit-accepting ATM. You can use our ATM & Branch Finder to locate your nearest deposit-accepting ATM.
You can also use the ATM & Branch Finder to locate nearby CO-OP Shared Branches or Shared Branch Express kiosks where you can make a deposit. Please Note: We suggest that you contact the location before you visit to make certain it is open.
Depending on your maximum electronic deposit limit, you may also be able to deposit a large check using Digital Banking. To see your maximum electronic deposit amount, open Mobile Banking, select Check Deposit, and tap the Amount box. Learn more about electronic deposits here.
Mail is also an option for large checks. Please send the check with deposit instructions to Spectrum Credit Union, Attn: Operations, P.O. Box 2069, Oakland, CA 94607-2069.
Be sure to sign the back of your check. If you are depositing it through Digital Banking, please write For Mobile Deposit under your signature.
Keep in mind that you may not have access to all of your deposited funds immediately. Learn more about funds availability here.
Why did you send me an email saying I can’t get my statements mailed to me in my country of residence?
We received notice from the U.S. Postal Service that they would not be able to accept items addressed to 20 countries effective April 3 and until further notice.
Do I have to take a mandatory IRA distribution in 2020?
Required minimum distributions in 2020 can be waived. Let us know by phone or Secure Email that you want yours waived, and we will have a waiver form mailed to you.
What if I already processed my mandatory IRA distribution for 2020? Can I reverse it?
Yes. We can help you over the phone or by Secure Email.
Are there any COVID-19 related scams I should be aware of?
Criminals are definitely trying to use this time to get personal and financial information through phishing emails, calls, and other means.
For instance, we have been notified that fraudsters are calling members claiming to be from the Credit Union. Caller ID will often show the Credit Union’s phone numbers because the fraudsters are spoofing our numbers.
The fraudsters will ask the member to confirm or provide personal information, sometimes stating that they are from the Credit Union’s fraud department and that there are concerns about unauthorized access to the member’s account.
The fraudsters then advise the member that they will receive a notification on their phone asking them to confirm a transaction, and that they should respond by selecting the prompt to confirm the transaction in order to be enrolled in a security or fraud prevention program.
If the member confirms, the fraudsters have then been able to use the member’s debit card number to commit fraudulent transactions.
How can I know if a communication is legitimate?
Keep in mind that the Credit Union will never call you to ask for important financial information like your debit card PIN. We will also never instruct you to confirm a purchase that you did not make yourself.
What should I do if I get a call instructing me to confirm a debit card transaction I don’t recognize or asking me for personal or account information like my PIN or card number?
Please hang up and call the phone number on the back of your Credit Union debit card so you can be certain you are talking to a legitimate representative.
Should I be checking my account activity more frequently?
It’s always a good idea to check your account activity regularly. If you see any transactions you don’t recognize, including very small pending authorizations for amounts less than one dollar, please notify the Credit Union immediately.
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