Credit Union Improvements
- Q: Why is Thrivent Federal Credit Union making improvements to its internal systems?
- A: These enhancements enable us to provide you with more efficient service and improved access to your accounts.
- Q: Do I need to do anything to prepare for these enhancements?
- A: Yes.
- Please plan ahead for your online banking needs, as online banking will not be available during conversion weekend, beginning 8 p.m. Friday, Oct. 23 through Monday, Oct. 26.
- If you use our auto teller phone service, the first time you login on or after Oct. 27, you will use the last four digits of your Social Security number. You will then be prompted to change you PIN.
- To avoid the $3 mailed statement delivery charge for your checking account, sign up for free monthly electronic statements by Nov. 23.
- Q: Why are you charging me for mailed delivery of my statements for my checking accounts?
- A: As a virtual credit union without branches, we are continually looking for ways to deliver an improved online experience. Electronic statements offer more security to our members (no more statements with account information in your mailbox). By restructuring our fees, we are able to continue to offer free ATM withdrawals (and reimbursed ATM owner fees) for our Thrivent Rewards Checking and lower rates on our loans. Lastly, making this change is another way we can use our member owners' dollars wisely.
- Q: When will the delivery charge for statements take effect for checking accounts?
A: It will be charged on Nov. 30 when the November statement is run. To avoid this monthly fee for November and thereafter, sign up for eStatements by Nov. 23.
- To do this, you must first sign up for online banking at Thriventcuonlinebanking.com.
- After you have enrolled in online banking, click on the Additional Services tab. Then choose "Online Statements."
- Sign up by Nov. 23 to avoid the November statement delivery charge. Once you sign up, you will receive a monthly email notification when a statement is available.
- Q: Why are you charging a low-activity fee on my Thrivent Rewards Checking account?
- A: Since you received the letter announcing this fee, a decision was made to not charge this fee for low activity. If you do not meet the minimum requirements (direct deposit into a Share or Share draft account or maintain activity in the account of 10 Point of Sale purchases and 5 Bill Pays through online banking) after a three month period, you will be moved to a Simply Checking account. For the Simply Checking account a minimum balance of $100 is required in order to avoid the $8.95 fee.
- Q: Why are you charging a low-balance fee on my Simply Checking account?
- A: We have always had a minimum balance fee on our Simply Checking account, we do this because there is a cost to maintain accounts. Our Thrivent Rewards Checking account does not have a minimum balance requirement, but does have other activity requirements (direct deposit or point of sale purchases, and bill pays.) as an option for our members who do not want to meet the minimum balance.
- Q: Will my debit card daily limits change during conversion weekend?
A: Most accounts have standard daily limits for bank card use. A few accounts have different daily limits. All accounts will revert to the new standard daily limits for the conversion weekend. New limits will be effective Tuesday, Oct. 27.
Subject to sufficient funds in your account, you may use your debit card for your HSA and checking account to withdraw up to a maximum of $508.00 in ATM withdrawals and a maximum of $2,000.00 in aggregate point–of–sale (POS) or merchant transactions in any one day.
- Q: When will the conversion occur? What services will be available to me that weekend?
A: Here are the key dates.
Friday, Oct. 23 through Monday, Oct. 26, 2015
Friday, Oct. 23 Saturday, Oct. 24 Sunday, Oct. 25 Monday, Oct, 26 Tuesday, Oct. 27 Call Center Available Normal Business Hours
no account details after 6 p.m.)
Available Normal Business Hours
(no account details)
Unavailable Available Normal Business Hours
(no account details)
Available Normal Business Hours ATMS Available Debit Cards Available Debit Card
Your usual limits apply until 6 p.m. Everyone's daily limits will revert to $500 for PIN purchases and $1,500 for signature purchases. Your new daily limits will be effective. See enclosure for details. Automatic Transfers Will happen as scheduled Branches Close at 5 p.m. Closed Open FinanceWorks Unavailable after 10 a.m. Unavailable Available Online and Mobile Banking Unavailable after 8 p.m. Unavailable
The mobile app will show this standard message: "Sorry this app is no longer supported. Please download our new app or contact us for more information."
NOTE: You will not need to download a new app.
Available Bill Pay After 8 p.m., no new bill pays can be set up. Already scheduled bill pays will be paid. No new bill pays can be set up. Available Already scheduled bill pays will be paid. Auto Teller Phone System Unavailable after 9 p.m. Unavailable Available
- Q: Whom do I contact for help?
- A: Please call us at 888–274–1722 if you need assistance.
Thrivent Federal Credit Union is enhancing its technology system Oct. 23 through Oct. 26, 2015. Below are answers to frequently asked questions (FAQ) related to these improvements.
- Q: There aren't any branches where I live, how can I do my banking with Thrivent Federal Credit Union?
- A: You can bank with Thrivent Federal Credit Union no matter where you live. Services like online banking, and bank by phone give you access to our banking services whenever and wherever it's convenient for you. Learn more about banking with us.
- Q: What about paying bills online? Can I do that with Thrivent Federal Credit Union?
- A: Absolutely! With our Online Bill Payment service, you have instant access to your money. You can pay bills, make a loan or credit card payment. You can elect to have payments made when you indicate or pay the bill automatically each month. It's all just a click away. Learn more about Online Banking.
- Q: I'm worried about online security. How is my account information protected when I bank online?
- A: Our Online Banking site uses VeriSign security software, an industry leader in website identification and encryption. VeriSign uses 128-bit encryption to scramble personal information, which stays scrambled while traveling over the Internet. VeriSign uses secure server software, the industry standard and among the best software available for secure commerce transactions. You also have the ability to change your password and are encouraged to do so often. Learn more about Online Banking Security.
- Q: What if I need cash? How does that work without having a local bank?
A: As long as you have a checking account with us, it's very easy for you to get cash. We provide you with a debit card that you can use to obtain cash at a local ATM – whenever you need it. Clients who maintain a Thrivent Rewards Checking Account are entitled to unlimited free ATM withdrawals (and reimbursed owner fees) from any ATM in the United States and the world (International Transaction Fee applies). If you like, we also can wire or electronically transfer the money you request to a local financial institution of your choice.
Important Notice: Nonproprietary ATM terminal owner fees can only be reimbursed by Thrivent Federal Credit Union when such fees are charged and disclosed separately from the amount of the withdrawal.
- Q: Do I have to do my banking during regular business hours?
- A: Services of Thrivent Federal Credit Union are built around you and your needs. Our online banking services and automated phone banking are available to you 24 hours a day, 7 days a week.
- Q: How can I transfer funds from Thrivent Federal Credit Union to my local bank?
- A: You can transfer funds to any external institution from online banking at any time with the routing and account number handy. Or you can call us and we can make a transfer over the phone.
- Q: What is Thrivent Federal Credit Union's routing number?
- A: 075972147.
- Q: Are my accounts federally insured? By how much?
A: Your deposits are insured, up to $250,000 per individual depositor, by the National Credit Union Share Insurance Fund (NCUSIF). The National Credit Union Administration (NCUA) is the independent agency that administers the NCUSIF. Like the FDIC's Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.
NCUA share insurance covers all types of deposits, including deposits in a share draft account, share savings account, or time deposit such as a share certificate. NCUA insurance covers depositors' accounts dollar-for-dollar, including principal and any accrued interest through the date of the insured credit union's closing, up to the insurance limit. Learn more about NCUSIF insurance coverage (Link opens in new window) (PDF, 544K).
Individual Retirement Accounts
- Q: Can I open a Roth and Traditional IRA at the same time?
- A: Yes. You may be eligible to open both Traditional and Roth IRA accounts; however, you cannot exceed IRS contribution guidelines for the tax year in which you are making your contributions.
- Q: My spouse stays at home with the kids. Can he/she have an IRA?
- A: Yes, provided certain conditions are met. The working spouse must have earned the income he or she is contributing to both IRAs. In addition, spouses must file a joint tax return. The working spouse's total contribution to the IRA is limited by certain factors, such as the spouse's taxable compensation, contributions to a Traditional or Roth IRA and his or her age.
- Q: Are there joint IRA accounts?
- A: No, IRAs are issued to individuals only.
- Q: Can a minor have an IRA?
- A: Yes, if the child has earned income.
- Q: What is the difference between a transfer and a rollover?
A: Transfers move money from one account to another of the same type (for example, from a Traditional IRA to Traditional IRA or Roth to Roth, where the dollars move directly from one institution to another without the member ever having receipt of the funds). Members are allowed unlimited transfers from account to account. The IRS does not deem this a taxable event, so no tax forms will be sent.
A rollover involves moving funds from one type of qualified retirement plan to another type of qualified retirement plan. (The most common example is a 401(k) to a Traditional IRA). A rollover can also happen when funds are sent directly to the member and they have constructive receipt of the funds. They then have 60 days to roll the funds into either a new IRA or back into the IRA that they were originally taken from. Individuals are permitted one rollover per account per calendar year. This, however, is a taxable event, and you will receive tax forms for the withdrawal and for the rollover contribution.
Qualified Retirement Plan
Employer-sponsored retirement plans under section 401 of the Internal Revenue code; included are pension, profit sharing, 401(k) and HR-10 (Keogh) plans. Also known as tax-qualified retirement plan.
- Q: Can I transfer funds from my Traditional/Roth IRA mutual fund or annuity to a Traditional/Roth IRA Certificate/Savings at Thrivent Federal Credit Union?
- A: Yes. These are examples of a Traditional/Roth IRA transfer(s) (Mutual Fund or Annuity IRA to Thrivent Federal Credit Union IRA).
- Q: What happens at the maturity date of my IRA Certificate?
- A: There is a 10-day grace period following the maturity date of your IRA Certificate, during which you may add funds, remove funds, change the term, or close the IRA account. An IRA Certificate will automatically renew after the grace period is over, unless you direct us otherwise.
- Q: At what age do Required Minimum Distributions (RMDs) begin?
Required Minimum Distributions (RMD)
Amounts that participants in qualified retirement plans and owners of traditional individual retirement accounts (IRAs) must begin to receive by a specified age or time. Also known as minimum required distributions (MRD).
- Q: Does Thrivent Federal Credit Union calculate my RMD?
- A: Yes. We will automatically calculate the RMD if the IRA account was held at Thrivent Federal Credit Union as of 12/31 of the previous year, or we can manually calculate the RMD based on information supplied by you.
This information is not intended and should not be construed as legal, investment or tax advice. Please consult your attorney, tax advisor or other appropriate professional for such advice, including advice regarding the deductibility of contributions and advice on how this information applies to your individual circumstances. Thrivent Federal Credit Union cannot and does not guarantee the accuracy or completeness of this information or the applicability of it to your individual circumstances and does not bear any liability as a result of your reliance on this information.
Health Savings Accounts
- Q: What are Health Savings Accounts (HSAs)?
- A: An HSA is a tax-advantaged medical savings account that allows you to accumulate savings to pay for current and future qualified medical expenses. The account must be used in conjunction with an HSA-qualified High Deductible Health Plan (HDHP), and you cannot be enrolled in Medicare or eligible to be claimed as a dependent on someone else's tax return. You have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted). Please confirm with your health insurance company that you have a HSA-qualified HDHP.
- Q: What is a High Deductible Health Plan (HDHP)?
- A: A High Deductible Health Plan is a health insurance plan with a minimum deductible of $1,300 (self) or $2,600 (family) for 2015. In addition, the annual out-of-pocket costs, including deductibles and co-pays, cannot exceed $6,450 (self) for 2015 or $12,900 (family) for 2015. The limits may be adjusted annually to allow for cost-of-living adjustments. Confirm with your Health Insurance Provider that you have a HSA-Qualified HDHP.
- Q: What expenses are qualified medical expenses?
- A: See Publication 502 (Link opens in new window), Medical and Dental Expenses, for additional information. IRS Publications may be downloaded from the IRS website, www.irs.gov, or ordered by calling 800-829-3676.
- Q: What are the tax advantages of an HSA?
A: Potential triple tax savings may include:
- Tax deductions when you contribute to your account (check with tax advisor for qualified federal and state tax deductibility).
- Tax-free earnings.
- Tax-free withdrawals for qualified medical expenses.
- Q: What are the contribution rules?
A: The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you became an eligible individual, and the date you cease to be an eligible individual. You may contribute up to $3,350 for 2015 if you have self-only HDHP or $6,650 for 2015 if you have family HDHP. Similar to an IRA, contributions can be made until tax filing deadline, normally April 15, of the following year. The limits may be adjusted annually to allow for cost-of-living adjustments.
Individuals age 55 and older can make additional catch-up contributions. The maximum annual catch-up contribution is $1,000 for individuals or married couples (2015). A married couple can make catch-up contributions into their own HSA as long as both spouses are at least 55 years old and meet eligibility requirements to contribute.
- Q: My employer offers an FSA; can I have both an FSA and an HSA?
- A: You can have both types of accounts, but only under certain circumstances. General Flexible Spending Arrangements (FSAs) will probably make you ineligible for an HSA. If your employer offers a "limited purpose" (limited to dental, vision or preventive care) or "post-deductible" (pay for medical expenses after the plan deductible is met) FSA, then you can still be eligible for an HSA.
- Q: How do distributions work?
Distributions from an HSA are tax-free if taken for a qualified medical expense permitted under federal tax law, including:
- COBRA continuation coverage.
- Health plan coverage while receiving federal or state unemployment benefits.
- Qualified long-term care insurance premiums.
- Medicare premiums.
The distribution is also tax-free if taken for the person covered by the high-deductible health plan (HDHP), the spouse of the individual and any dependent of the individual. Spouses and dependents do not need to be covered by the HDHP.
If the distribution is not used for a qualified expense, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. You do not have to take distributions from your HSA each year. There is no 20% additional tax on distributions made after the date you are disabled, reach age 65, or die.
The account holder is encouraged to keep his/her receipts in the event they may someday be asked to prove to the IRS that the distributions were for medical expenses.
- Q: What happens to the HSA in the event of death?
A: If your spouse becomes the owner of the account, your spouse can use it as if it were his or her own HSA. If you are not married, the account will no longer be treated as an HSA upon your death. The account will pass to your beneficiary or become part of your estate (and be subject to any applicable taxes).
The information above is not intended and should not be construed as legal, tax or investment advice. For such advice, including advice on how this information applies to your individual circumstances, please contact your attorney, tax advisor or other appropriate professional.
More information provided in Publication 969 at www.irs.gov (Link opens in new window).
- Q: Can any nonprofit organization participate in the Simply Giving® Program endorsed by Thrivent Federal Credit Union?
- A: Yes. The Simply Giving Program is available to all nonprofit organizations.
- Q: How does my nonprofit organization enroll in the Simply Giving Program?
A: It's easy! Just go to https://apply.vancopayments.com/sg.html (Link opens in new window) to get started.
Or you can contact Vanco Payment Solutions, the company that operates the program.
Toll-free: 800-675-7430 or 952-983-8660.
Hours: Monday – Friday, 7:30 a.m. – 5:30 p.m., Central time.
- Q: How do individuals enroll in the Simply Giving Program to make payments to a nonprofit organization?
- A: First make sure the nonprofit organization you wish to benefit is enrolled in the Simply Giving Program with Vanco Payment Solutions. Then complete your organization's enrollment form and return it to the organization that will benefit from your giving.
- Q: What is an electronic funds transfer (EFT)?
- A: In terms of the Simply Giving Program, this is a preauthorized recurring electronic transfer of funds from your donor's account to the church, school or organization that is authorized by the donor. There are many different ways to do EFTs – from savings, checking, credit card and debit card accounts.
- Q: What is ACH?
- A: The Automated Clearing House (ACH) Network. The ACH Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA Operating Rules, which provide for the interbank clearing of electronic payments for participating depository financial institutions.
- Q: Can donors use credit or debit cards to make donations?
- A: Yes! Your nonprofit organization can accept debit and credit cards if you sign up for Credit/Debit Card Processing from Vanco Payment Solutions.
- Q: How does a donor change or cancel authorization of a donation?
- A: The nonprofit organization will be provided with Internet capabilities to make changes as directed by the donor through Vanco's online service center (Link opens in new window).
- Q: What makes up an electronic funds transfer service transaction?
A: The withdrawal (debit) of funds from the donor's account is considered a transaction. The offsetting credit (deposit) to the institution's account is also considered a transaction. The cost is 20 cents per transaction. For example, if there is one donation, the cost is 20 cents for the withdrawal and 20 cents for the credit to the institution. Most institutions have multiple withdrawals and then one offsetting credit. Other program charges may apply.