Question 1

Are there payment limits with Bill Pay?

Accepted Answer

Yes.

 	Per transaction limit: $1,300.00 per person, per day.
 	Daily aggregate limit: $2,600.00 per person, per day.

Question 2

When are funds removed from my account?

Accepted Answer

Electronic (ACH) payments: Funds are withdrawn from your account immediately when the payment is processed.
 	Check payments: Funds remain in your account until the payee deposits the check.

Question 3

Is there a cost to use Bill Pay?

Accepted Answer

No. Bill Pay is a free service when payments are sent using standard delivery, even if a check must be mailed to the payee.

Question 4

Will my payment be sent electronically or by check?

Accepted Answer

This depends on the payee.

 	If the payee is set up to accept electronic payments through our Bill Pay system, the payment will be sent electronically and should arrive the business day indicated unless submitted after 1pm CST.
 	If the payee is not set up for electronic payments, Marine Credit Union will mail a check on your behalf. Mailed checks typically arrive within 5 business days.

Regardless of the payment method, once you schedule the payment, no further action is needed from you.

Question 5

Should I carry a balance on my credit card?

Accepted Answer

No. It may be a common myth, but carrying a balance on your credit card from month to month does not help your credit score. Using your credit card responsibly is the best way to protect your credit score. Keep your spending manageable, pay your bill on time, and pay your balance in full when possible. These habits help build a positive payment history and demonstrate responsible credit card use.

Question 6

What are common signs of a bank or credit union impersonation scam?

Accepted Answer

Common signs include urgent warnings about “suspicious activity,” instructions to move money to “protect it,” requests for passwords or one-time codes, threats that your account will be locked, or links that take you to a fake login page. The FTC says some of the costliest impersonation scams start with fake bank security alerts that convince people to move money to “protect” it.

Question 7

What should I do if someone claims to be from Marine Credit Union and asks for personal information?

Accepted Answer

Stop and verify before taking action. Do not click links, share passcodes, provide your full account number or debit card number, or move money based on an unexpected call, text, or email. Contact Marine Credit Union directly using a trusted phone number or visit a local branch. Members should report suspicious activity, identity theft, or fraud issues to their Marine Credit Union branch or call 800-923-7280.

Question 8

How do online loan scams work?

Accepted Answer

Online loan scams typically involve unsolicited offers via email, text, or phone calls. Scammers may promise quick approval, low interest rates, or guaranteed loans, but their goal is to collect fees or sensitive information such as Social Security numbers, bank account details, or online banking credentials. Common tactics include fake check deposits, requests for gift cards, cryptocurrency, or wire transfers, and impersonating legitimate lenders or government agencies to gain trust and urgency.

Question 9

What is an online loan scam?

Accepted Answer

Online loan scams are fraudulent schemes where scammers offer fake loans to steal money or personal information, often using high-pressure tactics and upfront fees.

Question 10

Can scammers pretend to be Marine Credit Union?

Accepted Answer

Yes, scammers can spoof phone numbers, create fake emails, send fraudulent text messages, or build look-alike websites that appear to come from Marine Credit Union. MCU warns that impersonation scams can occur through email, text message, or phone calls, and that members should contact Marine Credit Union right away if they encounter suspicious situations.

Question 11

What is an impersonation scam?

Accepted Answer

An impersonation scam happens when a fraudster pretends to be someone you trust, such as a credit union employee, government agency, law enforcement officer, tech support representative, family member, business, or debt collector. MyCreditUnion.gov says imposters may pretend to be from the NCUA, IRS, Social Security Administration, a company you do business with, or someone you know in order to steal money or sensitive information.

Question 12

What are some common red flags for online scams?

Accepted Answer

Be cautious if you notice any of the following warning signs:

 	Upfront fees: Legitimate lenders do not require payment before issuing a loan.
 	Guaranteed approval without credit checks: No reputable lender can approve a loan without assessing your credit worthiness.
 	Unsolicited contact: Receiving loan offers you didn’t request is a major red flag.
 	Pressure to act quickly: Scammers create urgency to prevent you from consulting advisors or verifying the lender.
 	Suspicious websites: Look for secure connections (https) and avoid sites with typos or cloned branding.
 	Requests for gift cards or unusual payment methods: These are nearly impossible to trace and recover.

Question 13

How do you protect yourself online?

Accepted Answer

Research online reputation: Look for reviews, complaints, or scam reports before applying.
 	Secure your personal information: Never provide Social Security number or account number to unverified sources. NEVER PROVIDE ONLINE BANKING USERNAME AND PASSWORD TO ANYONE.
 	Verify lenders: Check registration with your state attorney general, NMLS, or Better Business Bureau.
 	Avoid unsolicited offers: Only respond to lenders you have contacted directly.
 	Do not pay upfront fees: Legitimate loans deduct fees from the loan amount, not before approval.

Question 14

What steps do I take if I&#8217;ve been scammed?

Accepted Answer

Stop all communication with the scammer immediately and contact Marine Credit Union at 800-923-7280.
 	Contact your bank or credit card issuer to freeze accounts or cancel transactions
 	Report the scam to the Federal Trade Commission (FTC), Internet Crime Complaint Center (IC3), and local law enforcement
 	Monitor your credit and consider placing a fraud alert or credit freeze with Experian, Equifax, and TransUnion

Document evidence: Keep emails, texts, and screenshots to support investigations

Question 15

How do I use My Prize Checking?

Accepted Answer

Use it for everyday spending, paying bills, or online shopping, and you will earn 7.00% APY on balances up to $777 when qualifications are met.1

Question 16

Can I make deposits into my high yield savings account anytime?

Accepted Answer

Absolutely! Digital banking transfer, wire transfer, branch visit, or mailed check—choose what’s best for you.

Question 17

Do I need to keep money in my Par Value Savings account?

Accepted Answer

Yes—just a $5 minimum keeps your membership active.

Question 18

What if the balance of my high yield savings account drops below $25,000?

Accepted Answer

You’ll earn a lower APY until your balance is back above $25,000. Set up alerts to stay informed.

Question 19

What if a minor wants to pull funds, but does not have an ID?

Accepted Answer

IDCheck supports valid state-issued ID cards for minors.

Question 20

Can military IDs be used?

Accepted Answer

While military IDs are a valid ID, they are not supported in IDCheck due to federal regulation that does not allow federal IDs to be copies or photographed.

Question 21

What happens if a member who was previously authenticated and opted in to storing their validation has an expired ID?

Accepted Answer

The member needs to go through the verification process again.

Question 22

What happens if a member who was previously authenticated and opted in to storing their validation gets a new smart device?

Accepted Answer

The member needs to go through the verification process again since IDCheck correlates verification to the device.

Question 23

Can a member’s information be stored in IDCheck to use for future shared branch visits?

Accepted Answer

Once authenticated, the member can opt in to storing their validation. Please refer to Socure’s privacy policy: https://www.socure.com/privacy to see how information is stored and used.

Question 24

What happens if a member does not have an ID?

Accepted Answer

Visiting members must present valid identification.

Question 25

What happens if a member does not have a smartphone?

Accepted Answer

Only under exceptional circumstances, such as the Amish population, will the traditional method be available for use with withdrawal limitations.

Question 26

Does a person have to use IDCheck for EVERY withdrawal?

Accepted Answer

The requirement for IDCheck usage applies to any cash or check withdrawal using an out-of-state ID. Passports are considered out-of-state.

Question 27

How does a member access IDCheck once at the shared branch?

Accepted Answer

The member scans a QR code with a smart device or smart phone.

Question 28

How Do I Know Which Type of Home Loan is Best for Me?

Accepted Answer

The best type of mortgage depends on your individual needs—research and talk to a financial counselor about the best loan for your situation. Compare loans from different lenders, national and community banks, and credit unions.

Question 29

Can I Get a Mortgage with a Low Credit Score?

Accepted Answer

Having low or bad credit shouldn’t dash your dreams of homeownership. It is possible to get a home loan with bad credit. The lowest credit score to get a loan depends on the lender and the type of loan. On average, the lowest scores most mortgage lenders consider range from 600 to 620.

Question 30

How Does My Credit Score Affect My Home Loan?

Accepted Answer

Your credit score helps lenders determine your ability or inability to repay a mortgage. It helps the lender determine their risk in making the loan.

A low credit score can affect your ability to qualify for lower interest rates, or it may increase your mortgage fees. It is possible to be approved for a mortgage loan with a low credit score, but you may need to reduce the amount you plan to borrow or have a co-signer.

Question 31

How to Get a Home Loan?

Accepted Answer

When you apply for a mortgage home loan, there are a few things the lender will look at to determine your eligibility and qualifications:

 	Your credit score
 	Your down payment
 	How much income you earn and your debt-to-income ratio
 	How much debt you can incur (or how much home you can afford)

When you’re presented with your options, you can use our free online calculator to compare two mortgage loans.

Question 32

What is a Mortgage Loan?

Accepted Answer

Especially if you’re a first-time homebuyer, you might wonder exactly what it means to get a home mortgage loan. Put simply, a mortgage is a type of loan used to buy a home or other real estate. It represents an agreement between you and your lender to pay the loan back over a set period of time in a series of regular payments. Your home is used as collateral to secure the loan.

Question 33

Is Getting a Home Loan a Good Idea?

Accepted Answer

Your readiness for homeownership depends on a number of factors, including your career, family obligations, and financial situation. It’s up to you to weigh the benefits of renting versus owning a property. Read more about the benefits of buying a home and how to make the right choice for your financial situation.

Question 34

What are the Different Down Payment Options for Buying a Home?

Accepted Answer

No matter your financial situation, homeownership is within reach. There are several different down payment options for buying a home, including:

 	Standard down payment. A standard down payment on a home is usually 20% of the home’s purchase price.
 	Low down payment. A low down payment typically ranges from 3% to 10% of the home’s purchase price.
 	Zero down payment. Certain loan programs and lenders allow for no money down. The types of mortgages that allow for zero down payment include VA loans for veterans and USDA loans for rural homebuyers.

Question 35

How do Banks Qualify you for a Home Loan?

Accepted Answer

Lenders take many factors into account when assessing your creditworthiness and determining whether you qualify for a loan. Some of those factors include:

 	Your credit score and credit history
 	Your debt-to-income ratio
 	The loan-to-value ratio (the loan amount versus the value of the property)

Question 36

What is the Process of Getting a Home Loan?

Accepted Answer

Everyone’s journey to homeownership is different. The typical steps to getting a home loan include:

 	Consider getting pre-approved for a mortgage loan.
 	Find a home you want to buy and begin the mortgage process.
 	Submit requested financial documents.
 	Complete closing and sign your mortgage documents.
 	Accept the keys and enjoy homeownership!

It’s important to note that once you begin the home-buying process, you should avoid changing jobs or requesting additional credit (such as an auto loan, credit card, or other forms of financing). These things can impact your credit score, which is one of the most significant factors influencing a lender’s decision to approve you for a mortgage.

Learn more about how to buy a home in our blog, 10 Steps for First-time Homebuyers: The Home Buying Process.

Question 37

What are the Different Types of Mortgages?

Accepted Answer

When you’re ready to buy a home, you’ll be faced with many choices. Some of the most common types of mortgages you’ll encounter include:

 	Adjustable-rate Loan
 	Fixed-rate Loan
 	FHA Loan
 	VA Loan
 	USDA Loan

Question 38

What Does Mortgage Term Mean?

Accepted Answer

The mortgage term refers to the duration of your home loan. It represents the length of time over which you agree to make regular payments to repay the loan. Mortgage terms commonly range from 15 to 30 years, but shorter or longer terms may also be available.

Question 39

What are Closing Costs?

Accepted Answer

Closing costs are the expenses a buyer pays to complete the purchase of a home. They can represent a range of fees, including costs associated with appraisals and inspections, loan applications, and originating and underwriting the loan.

Question 40

What is Included in Mortgage Closing Costs?

Accepted Answer

Closing costs include both property-related fees (associated with verifying the home’s value) and mortgage-related fees (associated with preparing the mortgage). Some common property- and mortgage-related fees include:

 	Appraisal fee: This covers the work a licensed appraiser does to determine the value of the home. This fee is often paid before closing day.
 	Home inspection fee: This fee goes to the home inspector, who evaluates the home to identify any problems. This fee is also usually paid before closing day.
 	Title insurance: Borrowers are required to obtain title insurance in case there are issues with ownership after the sale of the home. Title insurance can protect the lender or the borrower.
 	Application fee: Some lenders charge a fee to process your loan application.
 	Origination fee: This is a fee charged by the lender for creating the loan. The cost is typically 0.5 – 1% of the amount you borrow.
 	Underwriting fee: This fee—sometimes called an administrative or processing fee—covers the cost of verifying your loan qualifications and eligibility.

Question 41

How Much are Mortgage Closing Costs?

Accepted Answer

The amount you pay in closing costs will vary but commonly depends on three key factors:

 	The price of the home
 	The location of the home
 	Whether you’re buying or refinancing

The specific closing costs and fees you’ll pay depend on your lender, the type of loan, the terms of the real estate transaction, and the state you live in. On average, closing costs may be about 2 – 5% of your loan amount. The fees will appear on the Good Faith Estimate that lenders must provide as part of the loan application process.

Marine Credit Union offers a variety of free budgeting and financial planning tools. Use our free online calculator to calculate your home closing costs.

If you have low or bad credit, these costs can add onto an already sensitive mortgage repayment situation. It is important you understand the entirety of your financial responsibility for a mortgage before taking out a mortgage loan with bad credit.

Question 42

When are Closing Costs Paid?

Accepted Answer

You’ll pay closing costs when you attend the closing meeting to complete the purchase of your home. At this meeting, your lender will take your down payment and any additional costs you need to pay for closing.

Question 43

How to Get Closing Costs Waived?

Accepted Answer

It’s difficult to avoid closing costs altogether, but there are some ways to negotiate or reduce the fees you’ll face at closing.

 	Consider lenders that offer discounts: You may be able to work with a mortgage lender that doesn’t charge an origination fee or offers a discount on other closing costs.
 	Apply for down payment assistance: If you’re a first-time homebuyer, you may be able to apply for down payment assistance and other grants that can help cover the costs of getting a loan.
 	Look for a no-closing-cost loan: You may see ‘no-closing-cost loans’ advertised—but beware. Often, the closing costs are rolled into the loan’s principal, so you end up paying them back, with interest, in your mortgage payments.
 	Ask the seller to contribute: If you’re buying a home in a buyer’s market, the seller may be willing to contribute to closing costs to seal the deal.

Question 44

What are the Drawbacks of a Low-Credit Home Loan?

Accepted Answer

If you have low or bad credit, avoid getting a loan that might be difficult to pay. Closing on the wrong mortgage rate could put you in a bad financial position. The Consumer Financial Protection Bureau warns that low-credit mortgage loans can come with high-interest rates, putting borrowers at risk of defaulting on the loan. This can leave people in a worse financial standing than before.

Question 45

Can I Buy a House with No Money Down and No Closing Costs?

Accepted Answer

VA loans or USDA loans may be an option when you are looking for a $0 down payment, but you should always be aware of closing costs which are difficult to avoid.

Question 46

How Much House Can I Afford with Bad Credit?

Accepted Answer

How much house you can afford depends on your debt-to-income ratio, which is the percentage of your gross income used to cover your mortgage and other debt payments. When considering how much house you can afford, don't forget to factor in things like property taxes, mortgage insurance, and homeowners' insurance. Having an escrow account can be a helpful way to save for these expenses. You can also check out this mortgage payment calculator to get an estimate of what your monthly payments might be.

Question 47

What is the Easiest Mortgage to Qualify For?

Accepted Answer

Loans backed by the government may be the easiest way to qualify for a loan when your credit score is between 500-640. These types of loans include: FHA loans, which require a credit score of 500 with 10% down or 580 with 3.5% down; VA loans, which typically require a credit score of 580-620; USDA loans, which typically require a minimum credit score of 640.

Question 48

Can I Get a Mortgage with a 500 Credit Score?

Accepted Answer

Yes, you can buy a house with a 500 credit score. However, it will take time to find the right lender and mortgage to fit your situation.

Question 49

What is the Lowest Credit Score to Buy a House?

Accepted Answer

The lowest credit score to get a loan depends on the lender and the type of loan. On average, the lowest scores most mortgage lenders consider range from 600 to 620.

Question 50

Do I Need to Get a Home Inspection?

Accepted Answer

A home inspection is not required to get a loan, but it is an important part of the home-buying process. An inspection can help protect your financial interest by identifying any problems with the home.

Question 51

Do I Need to Get an Appraisal?

Accepted Answer

Most lenders require you to get an appraisal to approve financing your home loan. This ensures they are not financing a loan for more than it's worth.

Question 52

Who Pays for a Home Inspection?

Accepted Answer

The buyer selects the home inspector they want to work with and pays for the cost of the home inspection unless this is otherwise negotiated in the real estate transaction. It is considered a property-related closing cost but typically paid before closing day.

Question 53

Who Pays for a Home Appraisal?

Accepted Answer

The buyer pays for the cost of a home appraisal unless this is otherwise negotiated in the real estate transaction. The fee is sometimes included in your closing costs.

Question 54

How Much Does a Home Inspection Cost?

Accepted Answer

The average home inspection cost is between $300 and $500. The fee is based on factors such as the home's size and location.

Question 55

Why Do You Need an Appraisal and an Inspection When You&#8217;re Buying a Home?

Accepted Answer

Most lenders require you to get an appraisal to approve financing your home loan. This ensures they are not financing a loan for more than it's worth. A home inspection is usually not required, but it is an important part of the home-buying process. It can help you protect your financial interest by identifying any problems with the home.

Some homebuyers are willing to waive an appraisal or inspection if the home is being sold "as is" or if they want the transaction to close quickly due to competing offers.

Question 56

How Much Does an Appraisal Cost?

Accepted Answer

The average appraisal cost is between $300 and $400. The lender typically hires a licensed appraiser to conduct the appraisal, and the fee is sometimes included in your closing costs.

Question 57

What are the Different Ways to Pay for a Car?

Accepted Answer

When it comes to financing a car, you have options. The most common ways that people fund the purchase of a new vehicle include: Getting an auto loan, leasing a car, and paying with cash. How you choose to pay for or finance your car depends on your goals and your personal financial situation.

Question 58

How Do I Qualify for a Car Loan?

Accepted Answer

The qualifications for an auto loan are similar to the qualifications for other types of financing. The general factors that lenders consider when you apply for a car loan include your credit score, debt-to-income ratio, down payment amount, and more.

Question 59

Is it Better to Get a New or Used Car?

Accepted Answer

A car loan can help you purchase either a new or used vehicle. In some cases, new vehicle loans have lower rates than used car loans. New car loans may also come with special incentives that could reduce your monthly payments. Choosing the car—and the loan—that’s right for you depends on your individual needs.

Question 60

What is the Difference Between a Personal Loan and a Car Loan?

Accepted Answer

A personal loan is best for financing large, one-time expenses like a home improvement project. An auto loan is used specifically to finance the purchase of a car. You can use a personal loan to finance a new or used car, but it isn’t recommended. An auto loan is a better option that is often easier to qualify for and comes with a lower interest rate. Plus, with an auto loan, the car is used as collateral, which protects your other assets.

Question 61

Is it Better to Get an Auto Loan from a Bank or a Dealership?

Accepted Answer

The choice you make to get an auto loan from a bank or a dealership depends on the loan terms available and how they meet your needs in your financial situation. Aside from getting an auto loan, you can also consider funding the purchase of a car by leasing or paying with cash.

Question 62

Is an Auto Loan a Good Idea?

Accepted Answer

Whether or not you choose to get a loan to fund a major purchase like a car will depend on your personal financial situation. Financing a car may be a good idea when:

 	You need a vehicle, but you’re unable to pay for it in cash.
 	You’re able to lock in a low interest rate, so you won’t add too much to the overall cost of the car.
 	Your monthly loan payment will be reasonable and won’t add stress to your budget.
 	You’re certain you can make the loan payments on time.

Question 63

How Long Does the Executor of an Estate Have to Pay Beneficiaries?

Accepted Answer

The amount of time an executor has to pay beneficiaries varies depending on the complexity of the estate, state requirements, and any challenges that may arise during the probate process. In general, executors are expected to distribute assets to beneficiaries in a timely manner, and the process is more likely to go smoothly and quickly when a solid estate plan is in place.

Question 64

What is Estate Tax?

Accepted Answer

Estate tax is a tax a beneficiary receives on assets they inherit. Luckily, most people don’t need to worry about paying estate taxes. In 2023, the federal estate tax exemption was over $12 million. As long as the amount inherited is below that number, it is not subject to federal estate taxes.

However, it’s important to know that state taxes may apply. For example, the Minnesota exemption amount is $3 million. Wisconsin and Iowa do not levy an estate tax.

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