- 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 can 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 (amounts are the same for 2016). In addition, the annual out-of-pocket costs, including deductibles and co-pays, cannot exceed $6,450 (self) or $12,900 (family) for 2015, and $6,550 (self) and $13,100 (family) for 2016. The limits may be adjusted annually to allow for cost-of-living adjustments. Confirm with your health insurance provider that you have an 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. For 2015, if you have self–only HDHP coverage, you can contribute up to $3,350. If you have family HDHP coverage you can contribute up to $6,650. For 2016, if you have self–only HDHP coverage, you can contribute up to $3,350. If you have family HDHP coverage you can contribute up to $6,750. 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. 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 Accounts (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 or 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.
Find more information 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.