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Frequently Asked Questions About ""
- How does Overdraft Privilege work?
Overdrafts on your share draft checking account may be covered up to $500 or $750, which includes the amount of the overdraft plus overdraft fees charged by Democracy FCU. The approved limit is based upon your direct deposit status with the Credit Union. Please click here to review the Democracy FCU Fee Schedule. When you use Overdraft Privilege you have 30 days to bring your account current.
- Adjustable Rate Mortgage
With an Adjustable Rate Mortgage, the interest rate may change in relation to an index and payments go up or down accordingly.
If you don’t plan to stay in your home for a long time, you may want to consider an ARM, which typically has a lower initial interest rate than a fixed rate, and you may save money on interest charges. The money you save could be put toward retirement, paying off debt, building an emergency fund, and more.
- VISA® Classic
A fixed-rate credit card with a steady rate and no surprises!
- Secured VISA®
Build credit history or re-establish credit with our Secured VISA®. It’s secured by funds in your Democracy FCU Share Savings Account so the application process is streamlined.
- VISA® Rewards
Get rewarded when you shop! Every dollar you spend earns you one reward point. Redeem for cash, gift cards or even to put toward your Democracy FCU Visa® bill.
- Over the limit coverage
If you want us to authorize transaction that will go over your credit limit, download the Over the Limit Fee Opt in Form and either mail to the address on the form or fax it to Card Services at 571-527-2343
- VISA reward FAQ's
Democracy VISA Rewards Frequently Asked Questions
- What are the VISA Rewards Limits?
$500.00 - $30,000.00 maximum. - How many points do I earn?
You earn 1 point for every dollar spent. - How many points do I have to accumulate before I can redeem my points for cash, make a payment to the Democracy FCU VISA Rewards Card, or purchase a Gift Card?
A minimum of 5,000 points is required to redeem points. - Once I make a request, how long does it take to receive the money, payment or Gift Card?
7 to 10 business days. (Generally no later than 3 business days.) - How will I know that my deposit has been made to my account?
The credit to your account will have the following comment: CO: Award HQ Type P2C - Is the VISA Rewards Credit Card a variable rate?
Yes, and the rate will change when the Prime Rate changes. - When do my points expire and will I be notified prior to that date?
Points expire in 5 calendar years, and notification will be listed on your monthly statement. - How do I redeem my points?
Redeem points
- What are the VISA Rewards Limits?
- Fixed Rate Mortgage
With a Fixed Rate Mortgage, the interest rate and monthly payment of principal and interest stay the same for the life of the loan.
- First Time Home Buyer
Buying your first home is a very exciting time and we want to keep it that way! We will help you decide what mortgage best suits your needs, by comparing rates and features and sorting through all the mortgage lingo with you. Our First Time Home Buying Program offers several mortgage types.
- Reloadable VISA®
Democracy FCU's Reloadable Visa® Cards offer cardholders a better alternative:
- Easy to Use - make purchases while avoiding the risk of carrying cash.
- 24-Hour Cash - obtain cash at Visa®/Plus ATMs 24 hours a day.
- Reloadable from Anywhere - reload your Prepaid Card by phone or online, 24 hours a day, with your registered funding accounts; or simply stop by your local Democracy FCU branch.
- Zero Liability - Offers protection from fraudulent use of a lost or stolen card. Learn more about Visa's Zero Liability.
- Reverse Mortgages
For homeowners who are 62 years or older, let your home start working for you! With a Reverse Mortgage, homeowners can convert part of the equity in your home to cash with no restriction on how you use the funds. The borrower retains title/ownership of the home and the lender will never own the home.
- 5/5 ARM
Lock in a monthly payment and interest rate that will not change for 5 years. Every 5 years, the interest rate is adjusted. Adjustments fall in years 6, 11, 16, 21 and 26.
- Quick Apply
The most convenient way to access applications for new accounts and loans, check rates, calculate payments and more!
- Checking Services
You may rarely run out of checks but when you do, it's a huge inconvenience. When you bank online with Democracy FCU, order checks (even customize them) online and save a trip to the branch. Additionally you can easily put a stop payment on checks you’ve written.
- Message Center
Create, reply to and view secure messages with Democracy FCU. Have a question about your accounts or online banking in general? Send us a message right from your computer or phone!
- Settings (aka Widget) Options
Get access to a wide range of settings. This includes editing your profile information, updating security information, changing the account color for different accounts, selecting a background theme, view and change your desired notifications, determine favorite widgets you want at the top in your menu, change your password and even update your contact information.
- Locations
Find our branches, surcharge free ATMs and shared branching information.
*Note - remember with shared branching you have access to over 5,000 branches in all 50 states where you can complete most of your regular transactions.
- Guaranteed Auto Protection (GAP)
- GAP is a supplemental benefit that enhances your standard insurance coverage. GAP pays off your loan balance on a financed, or lease vehicle, if it is stolen or damaged beyond repair.
- GAP waives the difference between your primary insurance carrier’s settlement and the payoff on your loan; it protects the ‘gap’ between your vehicle’s value and the amount you still owe so you can feel confident in knowing your finances and vehicle are protected after an accident. Contact us to learn more and begin applying.
*Gap does not pay lease vehicles
- Extended Warranty
- Unexpected auto repairs can be budget-busting. Having an Extended Warranty with Democracy FCU can give you peace of mind by knowing you can avoid future financial stress due to mechanical breakdown. Protect your vehicle and finances from whatever life throws your way. Email us or request a call back below to get started.
- eDocs
Securely view your financial documents, which include your eStatements and eNotices.
- Debt Consolidation
Feel confident in your financial future by consolidating your debt with a Personal Loan!
- Starting at 7.99% APR*
- Turn your multiple monthly payments with high-interest rates into one monthly payment with a lower rate.
- Use our Loan Consolidation Calculator to see how much you could save monthly!
*Certain restrictions apply
- Roth IRA
To contribute to a Roth IRA, an IRA owner must have eligible compensation or file jointly with a spouse who has eligible compensation. In addition, Roth IRA owners' modified adjusted gross income (MAGI) must fall within certain limits.
MAGI is determined according to IRS guidelines. Determining the MAGI is not the responsibility of DFCU; it is the IRA owner’s responsibility. Please refer to the IRS website at www.IRS.gov.
- Auto Deductible Reimbursement Program (ADR)
- Auto Deductible Reimbursement Program (ADR) is a complimentary deductible with the purchase of GAP. It pays up to $500.00 per loss to your vehicle (unlimited losses per year) when a loss is filed and paid by your primary insurance company for a covered vehicle that you own or lease, and insures under an auto insurance policy designating you as the named insured. Contact us to learn how we can help protect your vehicle with Auto Advantage Program.
- Contribution Limits
Traditional IRA Contribution Limits 2025
- $7,000.00
- Age 50 or older $8,000.00
Roth IRA Contribution Limits 2025
- Based on MAGI (Modified Adjusted Gross Income)
Refer to www.IRS.gov
- IRA Transfers & Distributions
- Transfers between IRAs of the same type have
- No dollar limits
- No time limits
- No age limits
- No income requirements
In addition, an IRA owner may perform an unlimited number of transfers in any tax year. Because no distribution to the IRA owner occurs, transfers are not reported to the IRS.
Rollover
A rollover is a transaction in which assets from one IRA are withdrawn by the IRA owner and redeposited into the same IRA or another IRA of the same type within 60 days.
- No dollar limits
- No age limits
- No income requirements
Note: during the rollover process, the IRA owner has possession of the assets. Rollover will be reported to the IRS. *
60-day rule
The 60-day time limit is commonly known as the 60-day rule. The 60-day rule is determined using calendar days.
One per 12-month rule
In addition to the 60-day rule, IRA rollovers are subject to the one per 12-month rule. As of January 1, 2015, IRA owners can rollover only one distribution per year no matter how many IRAs they have.
RMDs (required minimum distribution)
Before 2020, Traditional IRA owners aged 70 1⁄2 and older were required to take an annual RMD. Effective for 2020 and later taxable years, the age when an RMD must begin increased from age 70 1⁄2 to 72 (73 if the owner reaches 72 after December 31, 2022).
DFCU staff cannot answer tax-related questions. For tax questions, please speak with your tax advisor or visit the IRS website at www.IRS.gov.
- Transfers between IRAs of the same type have
- Disclosures
- Where will my money go after the 3 months?
We will automatically roll your money over to your Savings Account.
- HomeAdvantage
Looking to purchase a new home? Or are you selling a home? Our HOME Advantage Program helps save you time and money.
- Do I have to apply for Overdraft Privilege?
You do not need to apply for Overdraft Privilege. However, members must opt-in to utilize this benefit by contacting member services. Members in good standing who have had a checking account for at least 60 days, have no legal orders against the account and who make regular deposits to that account can have Overdraft Privilege. However, you can choose not to have Overdraft Privilege assigned to your account.
- Personal Loans
- Loan amounts from $100 to $40,000*
- Flexible terms up to 84 months*
*Certain restrictions apply. Some products may not be combined with other Democracy FCU discounts. Loan decisions based on member qualifications and credit score.
- What types of overdrafts may be paid by Overdraft Privilege?
Overdraft amounts up to your Overdraft Privilege approved limit; including the actual overdraft, and any Democracy FCU associated fees may be applied to:
- Checks
- Debit Card Transactions at Point of Sale
- Electronic Funds Transfers
- Bill Pay Scheduled Payments
- Online Banking Transactions
Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, you are not making regular deposits, or you have too many overdrafts.
- Zelle®
Introducing Zelle® – a fast, safe, and easy way to send money to friends, family, and other people you trust, wherever they bank. Whether you’re paying rent, gifting money, or splitting the cost of a bill, Zelle® has you covered.
- Member’s Choice™ Borrower Security*
Life can be wonderful. But, it can also get complicated when unexpected things happen. Protecting your loan payments against death, disability, or involuntary unemployment could help protect your finances.
This protection could cancel your loan balance of payments up to the contract maximums. Protect your loan payments today so you can worry a little less about tomorrow.
Purchasing protection is voluntary and won't affect your loan approval. It's simple to apply. Ask a Democracy FCU Loan Officer about eligibility, conditions, or exclusions.*
- Extended Vehicle Warranty
Unexpected auto repairs can be budget-busting. Having an Extended Warranty with Democracy FCU can give you peace of mind by knowing you can avoid future financial stress due to mechanical breakdown. Protect your vehicle and finances from whatever life throws your way. Email us or request a call back below to get started.
- Guaranteed Auto Protection - (GAP)
- GAP is a supplemental benefit that enhances your standard insurance coverage. GAP pays off your loan balance on a financed, or lease vehicle, if it is stolen or damaged beyond repair.
- GAP waives the difference between your primary insurance carrier’s settlement and the payoff on your loan; it protects the ‘gap’ between your vehicle’s value and the amount you still owe so you can feel confident in knowing your finances and vehicle are protected after an accident. Contact us to learn more and begin applying.
- Move Me Loan
Looking to rent? Make moving into your new place a reality with our Move Me Loan!
- Fixed rate of 7.00% APR*
- Minimum amounts starting at $1,000 up to $8,000*
- Defer payments for 60 days!*
- Terms up to 48 months*
*Certain restrictions apply. Some products may not be combined with other Democracy FCU discounts. Loan decisions based on member qualifications and credit score.
- Personal Lines of Credit
- An unsecured loan that makes cash available when you need it most
- Receive Line of Credit checks you can use instantly to draw on your credit line
- Transfer funds from your line of credit to your checking account through Online Banking
- Manage Credit Card
With this quick link to Access Point you will be able to view your credit card details.
- Transfers
You can move money between your accounts with just a few clicks, including loan payments! For one time or recurring transfers you have the option to schedule or move right away. For easy tracking you can also view your scheduled and past transfers.
*Note you must first add any additional accounts and have external accounts confirmed prior to conducting transfers.
- How do I choose my text and email alerts?
Once you authorize text and email alerts (see previous question) you can now choose your alerts. You must log into Online Banking and under Settings >> Notifications. Here you will be able to update text and email alerts for Accounts, Budgets and Savings Goal items.
- Will there be a hold placed on my check?
Funds deposited through mobile banking are processed like all other deposits and are subject to our Funds Availability Policy.
- How do I update my contact information?
Go under Settings >> Contact and edit the home address, email and or phone numbers associated with the account. You will need to enter your security questions to verify your changes before they are accepted.
- How do I reset my online banking password?
Go under Settings >> Security and select to edit your password. You will need to know your current password in order to change it. If you’ve been locked out of your account and can’t recall your password, click “Forgot Password” and follow the prompts to update.
- What’s the difference between the mobile app and mobile-friendly site?
The mobile app can only be used on the latest two versions of Apple iOS and Android mobile devices. The mobile-friendly site can be accessed using your web browser on most phones, tablets, and other mobile devices.
- What if I lose my mobile device?
You can manage any "remembered device" or "PIN-enabled device" through Online Banking. Log into online banking, then open Settings >> Security to delete devices from your security profile. You should also consider changing your password. If your device is lost or stolen, monitor your accounts closely for any suspicious activity.
- How do I enroll in Online or Mobile Banking?
You must enroll in our Online Banking to use our Mobile Banking app. Locate our Online Banking widget on the home page. Then if you are...
- NEW USERS (never signed into a DFCU Online Banking website before): Click the “Register” button, accept the online banking disclosures and then continue with the enrollment process
- EXISTING USERS (if you have logged into your DFCU Online Banking account at least once on or before July 24): Enter your current username, the last six digits of your Social Security Number as your temporary password and follow the login process.
Once you've enrolled or logged into Online Banking, be sure to enjoy the new Democracy FCU Mobile Banking app as well! If you had the app on your device prior to the upgrade on July 25, 2017, you will need to be sure you have the newest version. Android users must uninstall the old version of the Democracy FCU app and reinstall the new one. iPhone users may need to update their application if automatic updates aren't turned on.
- Will my account information be shared with the payee?
No. Your account information will not be shared. The payee will only see your name and any personal memo you sent with the payment request.
- What information do I need to complete a P2P transfer?
You will need the recipients email address or mobile phone number. Additionally you will need your debit card number and expiration date.
- For mobile deposit, how do I properly capture the check image?
To ensure you are capturing the full image of your check, flatten the check, and make sure that none of the corners are bent. Place the check on a flat, dark, non-reflective and un-patterned surface with adequate light that does not cast a strong shadow on the check. If the check is badly damaged or wrinkled, you may need to present the check to a teller so it can be processed manually.
- How can I link my non-Democracy FCU accounts to my Online Banking?
Go to Settings >> Accounts >> Link an External Account. You will then be given the option to add either “External view-only account” or an “External transfer account.”
- How do I reset my Mobile Banking password?
Go under Settings > Security and select to edit your password. You will need to know your current password in order to change it. If you’ve been locked out of your account and can’t recall your password, click “Forgot Password” and follow the prompts to update.
- What if the eBill I'm paying isn't working?
When you are paying an eBill make sure to call the payee and request the address for electronic payments. A branch address likely won’t work.
- Will I be able to use my Intuit services or my Mint account?
Yes, however there will be an interruption for up to 3-5 business days after our July 25, 2017 upgrade. We encourage Intuit product users to download a QFX/QBO file during this outage. Quicken Win/Mac Express Web Connect and QuickBooks Online (QBO) will not work during the outage.
Additionally, we ask Mint users to not open Mint for 3-5 business days after the conversion (July 25) to ensure the Mint product is properly updated. No additional action should be required.
- How do I transfer to another financial institution?
Click on the Transfers icon and click on the “Classic” transfers tab. Choose the account the money will be transferred from and to, the amount, date and frequency and you’re all set! If you don’t yet have the external financial institution listed under your “to account” drop down menu, simply click “Add Account” and follow the prompts to enroll.
- Can I make a loan payment to my Democracy FCU loan from an external financial institution?
The short answer is “No.” But you can transfer funds to your Democracy Federal Credit Union checking account and then subsequently transfer from your checking to your loan to make a payment.
- Do I need the payee’s bank account information to send a P2P Payment?
No. All you need is their valid email address or mobile phone number. The payee will add their own financial institution information once they receive the email informing them of your payment.
- What alerts are available?
Category Alert Type Accounts Transaction Alert Accounts Balance Summary Alert Accounts Balance Alert Accounts Automatic Withdrawal Alert Accounts Regulated Savings Transfer Alert Accounts Insufficient Funds Alert Accounts Debit Card Purchase Alert Budgets Budget Category Exceeded Alert Budgets Budget Exceeded Alert Savings Goals Goal Endangered Alert Savings Goals Goal Completed Alert - How can I get text alert notifications about my account, budgets and savings goals?
In order to get text alerts, you must go under Settings >> Contact >> Mobile – select edit and check the box “I would like to receive SMS text messages to this number.” You will then be sent a code to your mobile device you will then need to enter.
- Can I pay bills through Mobile App?
Yes, bills can be paid through the Mobile App for payees that have been created in Online Banking.
- Bill Pay
Paying bills has never been so effortless! Set up your payees and then with a few easy clicks your bill can be paid and/or scheduled to be paid at a future time. Once you log into online banking, select your payee, type in the amount owed and you’re done!
You can also set up eBills! Get your bills sent directly to Democracy FCU online banking where you can view balances, statement information and pay them all in one convenient place.
- Verified by VISA®
Protect your VISA® credit and debit cards when you shop online with Verified by VISA®
- Budgets
Create and view Budgets. Categorize them and watch your transactions automatically update your budget! Some transactions may need you to manually categorize them. See how much you’ve spent and how much you have left with our easy tracking. You can also set alerts to notify you if you’ve exceeded your budget or provide a budget summary update.
- Savings Goals
Create and view multiple Savings Goals. Label goals and even include a picture! Include a target date to guide you to your goal and add funds at any time or schedule it to happen automatically. See how much you’ve saved and how much you have left with our goal bar. You can also set alerts to notify you if you’re nearing your goal, you’ve hit your goal or if you’re endangering your goal.
- Mobile Deposit
Deposit checks from your mobile device from anywhere, anytime! Provide front and back photos of your check and confirm the amount. Funds deposited through mobile banking are processed like all other deposits and are subject to our Funds Availability Policy.
*Note – must be completed using a mobile device and our mobile app.
- Link External Accounts
You can bring all your accounts into one place with Democracy FCU Online Banking. You can choose to only view your external accounts or you can choose to allow transfers to and from the accounts.
- Accounts
See all your transactions and account details, including current and available balances. Sort all transactions or quickly search by date, category, amount, type or check number. You can also categorize transactions so you can track your spending and hold yourself to a budget. Need an eStatement? This is where you’ll find them.
*Note - the balance with the small A is your available balance.
- Dashboard
Democracy FCU's Online Banking enables you to customize the information you see when you log into Online Banking. Choose how your dashboard is organized to view account balances, transactions, perform transfers and much more.
- Report a lost or stolen credit or debit card
Call 800-449-7728
- What if I already have another form of Overdraft Protection?
If you have other forms of overdraft protection, such as a Share Draft Overdraft line of credit or automatic transfer from other accounts, we will use those methods first. We will only use your Overdraft Privilege if funds are not available in the other options.
- Can I create Payees through Mobile App?
No. The creation of Payees must be completed within Online Banking.
- What if I'm having trouble sending money?
If you are having trouble sending money, double check your debit card information. It should be your Democracy FCU debit card or the debit card you want to send money from. Please make sure it is not the debit card information for where the money is going.
- Do I have to use a mobile device to complete a Person to Person Transfer?
No. P2P can be completed through both online and mobile banking.
- Is mobile deposit safe?
Yes. The app uses secure and encrypted SSL technology to ensure that check images are seen only by those who are authorized to process your deposit.
- What is mobile deposit?
Mobile deposit provides a convenient, easy way to deposit checks from your mobile device into one of your accounts. You can take a photo of your check, enter the check information, and securely submit your deposit for processing.
- Which devices are supported?
Both Android™ and iPhone® apps are available.
- Can I create or edit my budgets or savings goals through the Mobile App?
No. The creation and editing of budgets and savings goals must be completed within Online Banking.
- Can I transfer funds through Mobile App?
Yes, you can transfer funds between accounts for which you have confirmed through Online Banking.
- Traditional IRA
To contribute to a Traditional IRA, an IRA owner must have eligible compensation or file jointly with a spouse who has eligible compensation.
Before 2020, Traditional IRA owners could not make contributions until they reached age 70 1⁄2. However, effective for 2020 and later taxable years, individuals with eligible compensation can make Traditional IRA contributions at any age.
Eligible Compensation
- Wages
- Salaries
- Tips
- Bonuses
- Professional fees
- Combat pay
- Certain stipends
- Fellowship and similar payments to graduate students
Non-Eligible Compensation- Taxable alimony
- Interest
- Royalties
- Dividends
- Rental income
- Unemployment Compensation
- Disability pay
- Child support
- Separation and early retirement
- AFDC (Aid to families with dependent children)
- TANF (Temporary assistance to needy families)