General
Who is eligible for credit union membership?
Any employees of an approved employee group are eligible for membership in the credit union. This includes All employees of Kansas State University and most employee groups that are associated with KSU. All employees of public schools located in Riley county and most all employees that are employed through entities that provide education to Riley county residents. In addition, there are many smaller employers in Manhattan that have requested their employees be eligible for membership in the credit union. To determine if you are eligible to become a member of K-State Credit Union refer to Credit Union Membership.
Are family members eligible for credit union membership?
Yes!! All immediate family members of any employee of an approved employee group are eligible for membership in the credit union whether that employee is a member or not! They automatically become eligible to use any services the credit union offers including loans.
Is my Money Safe?
Yes!! The share insurance at K-State Federal CU is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Share accounts in federally insured credit unions are insured up to $100,000, an amount equal to the insurance protection offered by the FDIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $100,000. There are exceptions, however. If a member has a regular share account and an Individual Retirement Account in the same credit union, each account is insured up to $100,000. The NCUA Insurance booklet gives a more detailed explanation of insurance coverage.
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the National Credit Union Share Insurance Fund (NCUSIF) will normally make any necessary payouts within two weeks of the time the credit union closes its doors.
Insured credit unions are required to deposit and maintain 1% of their insured shares in the NCUSIF. The fund is currently at the strongest and best reserved level in its history. Historically, deposit insurance funds strive for a ratio of equity to insured savings of a least 1%. NCUSIF ratio of equity to insured savings ranges from 1.25% to 1.30%.
As a member of K-State Federal Credit Union, you do not pay directly for your share insurance protection. K-State Federal Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.
How is a share account different from a savings account?
A share account indicates your ownership in the credit union. It works just like a savings account in any other financial institution, but you have the benefit of knowing outside stockholders aren't benefiting from your hard earned money. In addition, we pay dividends into your account as opposed to interest, indicating again your ownership in the credit union.
How do I wire money?
To wire funds into a K-State Federal Credit Union account you must wire to:
- Kansas Corporate Credit Union in Wichita, KS
- ABA# 301180111
- For further credit to Kansas State Federal Credit Union
- ABA# 301179106
- and for final credit to the member's account
- Account Number and Full Name
Do you have traveler's checks?
Yes, They are free if you have a checking account or a minimum balance of $1,000 in your saving account. Otherwise they are $1.00 per hundred. We also offer two signature traveler's checks for an additional $0.50 per hundred.
Do you have cashier's checks?
Yes, cashier's checks are available at $5 each.
Do you have money orders?
Yes, money orders are available for amounts up to $1,000 for a fee of $2 each.
Deposits
Are there any fees on share (savings) accounts?
No!! There is a minimum of $25 required to open the account. This is your membership share in the credit union and must remain in the account while it is open. You will begin earning dividends immediately on your account and will continue to do so while you are a member of the credit union.
Do you have free checking?
Yes! We have two types of checking accounts. One is completely Free, no monthly charges, no per check charges and no minimum balance requirement.
Do you have an interest checking account?
Yes! Our interest checking requires a minimum of $300 to earn interest which is paid monthly. If your balance falls below that amount a $3 monthly service fee is assessed. There are no per check charges or other hidden fees. You continue to receive your dividends for the days your balance is above $300, even if it falls below during the month.
Is there an easy way to switch my checking account from my current financial service provider?
We have an easy switch kit to help you seamlessly switch your account to K-State Federal Credit Union. It takes just a few minutes to fill out the forms. Afterwards, just drop it by any office or mail it to us and we will take care of everything from closing your old account to switching your direct deposits and automatic payments. Click here to begin.
How much are checks?
Checks range greatly in cost depending on the style you choose from the economic to the lavish. Most credit union members use duplicate checks.
Do you have ATM cards?
Yes! Our ATM cards can be used to access either your savings or your checking account. Our 24 hour drive-thru ATM is located at our office at 2600 Anderson Avenue. A walk-up ATM is located at our office at 1455 Anderson Avenue. There are many ATMs across Kansas, Oklahoma and Missouri that are surcharge-free. Although these are called "SurchargeFree," many times a $1.00 processing fee will still apply when using a non-KSU Credit Union ATM to cover the expense other institutions charge to process the transaction. However, if you use one of the listed ATM's, you will not be charged the "fee" that institution normally passes along to someone who is not their member. This is the fee that is "free." Information about these locations can be found at www.creditunionwebsites7.com/capitolcuso/ATMDirA.asp
How do I sign up for direct deposit?
Just visit your payroll department for a direct deposit form. All you need is your account number and your KSUFCU routing number (both of these can be found on a voided check or deposit slip). You can designate to have funds go to checking or savings. If going to savings, remember there must be a -0000 after your account number for proper credit.
- KSUFCU routing number: 301179106
Do you have Certificates of Deposit?
Yes, the credit union offers many options for certificates of deposit ranging from 90 days to five years with a minimum balance of $500.
Loans
Can I apply for my loan online?
Yes and it couldn't be easier. Our Online Loan Application is fast to fill out. Once it reaches our office, a loan officer reviews your application right away so you can be approved quickly.
Are all loans approved automatically?
All loans are evaluated by a loan officer and a determination is made if the loan falls within the guidelines established by our board of directors.
How long does a loan approval take?
A decision is made on most loans the day they are requested. If need be a loan decision can usually be made within a few hours.
Can my loan payments be made automatically?
You can have your loan payment made automatically from your checking or your savings account at the credit union. The loan officer can set this up at the time your loan is made or you can request it at a later date. Also, many employers offer payroll deduction from your paycheck that will automatically be sent to the credit union and applied to your loan. Also, an automatic payment can be made directly from another financial institution for your loan payment.
Can my loan payment be made bi-weekly?
Yes, we can set your loan payment up to be made bi-weekly or monthly, whichever is most convenient to you.
Do you have loan origination fees on car loans?
No, we do not have any loan origination fees on any consumer loans. There is a small fee on home loans requiring a mortgage to be filed.
Can I be pre-approved for a loan?
Yes, just let your loan officer know you would like to be pre-approved and then when you are ready for the money, come in and sign the paperwork.
Member Access On-line
What is Credit Union Member Access On-line?
Member on-line access is the account access service you have been asking for. You can now access all of your K-State Credit Union accounts on-line!
- Obtain current balances on all accounts: savings, checking, money markets, certificates of deposit, IRA's and all loans
- Transfer from savings to checking, from checking to savings, from checking or savings to make a loan payment. Transfers can be made from or to any account you have at the credit union
- Have a withdrawal check mailed to your address of record
- View all account history information for the past 3 years
- View accounts by statement format, by account type or by date of transaction
How current is the information I obtain through Member Access On-Line?
The information available to you through Member Access On-line is the exact information stored in our computer system at the time you Login. Any transaction you initiate through Member Access On-line will be posted immediately. You will receive an on-line receipt for the transaction that you can print from your computer. Our system is an on-line real time system. This means transactions are posted immediately.
When is the service available?
Member Access On-line is available 24 hours a day, 7 days a week.
Do I have to purchase special software to use Member Access On-line?
No! Member Access On-line has been designed to work with the most current version of Internet browsers, such as Microsoft Internet Explorer and Netscape Navigator (do not use Netscape version 6.1as there are security issues with this version). The system does require the browser have 128-bit encryption. If you do not have the latest version of Internet Explorer or Netscape Navigator you can access the web sites from the sign in page. Just go to On-line Access and click on the browser of your choice.
Can anyone else see my account information?
Member Access On-line requires a correct account number and password. Unless you share your password with someone else, no one other than you will be able to access your account information through Member Access On line.
What if I forget my password?
To prevent intruders, you are allowed to improperly enter your password only a few times before your Member Access account is locked. For security reasons, your account will not reset after a certain amount of time. You will need to call the credit union at 776-3003 or come to any office to provide us with required information. We will assign you a new password.
My password doesn't work, what happened?
You may have entered the password incorrectly.
The password is case sensitive and must be entered exactly as it was set up. The most common problem is you may have your Caps Lock key on, which will make the password incorrect even if you entered the right keys. K-STATE is not the same as K-State or k-state. If you have tried too many times to enter your password and the system has locked you out you will need to contact the credit union to set up a new password.
If I forget to exit, will I be logged off of Member Access On-line automatically?
Yes, after only a few minutes of no activity your account will be logged off to ensure no one will have access to your account. In order to protect yourself, you need to remember not to give out your account information, security code, or account number. Do not leave your PC unattended while you are using the On-line Member Access service. Never leave account information within range of others.
How do I know I'm safe?
In order to insure that financial and personal information is kept private, an array of technological procedures and devices has been put into place. All transactions are transmitted in a secure environment using 128-bit encryption. All information is stored in a mainframe environment as opposed to a PC based environment. K-State Federal Credit Union and our service provider have gone to great lengths to incorporate the highest level of security available.
IRA's & ESA's
What is a traditional IRA?
A traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRAs offer tax-deferred earnings, and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan.
How does the traditional IRA work?
You can contribute to a traditional IRA if you earn compensation and you will not reach age 70 ½ by the end of the year. If you file a joint tax return, you can treat your spouse's compensation as your own (Except your combined contributions cannot exceed your combined compensation). All earnings in the traditional IRA are not taxed until they are withdrawn. The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement.
How much can I contribute to a traditional IRA?
If you meet the eligibility tests described above and you are under age 50, you can contribute up to $3,000 a year through 2004. If you have attained age 50 by the end of the year, then your limits are $3,500 through 2004. These limits are even higher for later years.
What are the new IRA contribution limits?
The maximum annual limit for both traditional and Roth IRA contributions will be raised, in incremental steps, to $5,000 by the year 2008. The limit will be increased to $3,000 through 2004, $4,000 for 2005 through 2007, and $5,000 for 2008 through 2010. For tax years after 2008, the limit will be adjusted for inflation in $500 increments.
How does the "catch up" contribution plan work if I am age 50 or older?
A special exception applies if you are age 50 or older that allows you to contribute an additional $500 to an IRA through the 2005 tax year, and an additional $1,000 for 2006 through 2010. This limit will not be adjusted for inflation.
Can I still contribute to a traditional IRA if I participate in an employer-sponsored plan?
Yes, your participation in an employer-sponsored retirement plan will not affect your ability to contribute to a traditional IRA (assuming age and compensation requirements are met). However, higher-income earners will lose their ability to deduct their traditional IRA contributions if participating in an employee-sponsored plan.
If I already have a Roth IRA, can I have a traditional IRA, too?
Yes, you can. However, the limits on annual contributions described on the previous page apply to any combination of traditional and Roth IRA contributions that you can make for the year.
Can I get any tax credits for making IRA contributions?
You may be able to receive a tax credit for making contributions through tax year 2006. The full credit is 50% of the first $2,000 of contributions. The full credit is available for joint filers who have joint modified adjusted gross income (MAGI) up to $30,000, heads of households with MAGI up to $22,500, or other filers with MAGI up to $15,000. Smaller tax credits are available for joint filers with MAGI up to $50,000, heads of households with MAGI up to $37,500, or other filers with MAGI up to $25,000.
Will I owe income taxes when I withdraw from my traditional IRA?
Yes, you will owe income taxes when you withdraw from your traditional IRA. However, if you make nondeductible contributions to a traditional IRA, a portion of each withdrawal will be treated as the nontaxable return of these contributions.
When must I begin taking distributions from my traditional IRA?
You must begin taking required minimum distributions from your traditional IRA at age 70 ½. The minimum distributions each year will be computed using an IRS formula. You are allowed to delay the first year's payment until April 1 of the following year, but you will receive two year's worth of payments in your 71 ½ year if you choose to delay.
Can I move funds from a qualified retirement plan to a traditional IRA?
If you are entitled to receive an eligible rollover distribution from an employer's plan, you can continue deferring taxes by moving the money into a traditional IRA. The best way to do this is to inform the plan administrator that you want the funds moved directly to your traditional IRA in a direct rollover. The plan administrator will inform you before making an eligible rollover distribution.
What is a Roth IRA?
A Roth IRA is an individual retirement account created by the Taxpayer Relief Act of 1997. It offers more incentives to help boost your retirement savings, as well as more ways to use your nest egg.
How does the Roth IRA work?
Unlike traditional IRAs, your contributions to a Roth IRA are never tax-deductible. However, the money in your Roth IRA, including earnings, can be withdrawn tax-free. Of course, you must conform to the plan provisions to get this tax-free advantage.
Am I eligible to contribute to a Roth IRA?
You are eligible if you earn compensation and your income is less than limits set by Congress. A single filer who has modified adjusted gross income (MAGI) up to $95,000 can make the full Roth IRA contribution for that year. Each spouse filing a joint federal income tax return showing a MAGI up to $150,000 can make the full Roth IRA contribution for that year. Some people with higher MAGI may be able to make smaller contributions.
How much is the full Roth IRA contribution?
This amount varies. If you meet the eligibility tests described above and you are under age 50, you can contribute up to $3,000 through 2004. If you have attained age 50 by the end of a year, then your limits are $3,500 through 2004. These limits are even higher for later years.
What if my (our) income is too high to make the full contribution to a Roth IRA?
A smaller contribution can be made if your MAGI is between $95,000 and $110,000 for single filers, and between $150,000 and $160,000 for joint filers. When income exceeds $110,000 for single filers and $160,000 for joint filers, a regular Roth IRA contribution can't be made for that year.
Can I still contribute to a Roth IRA if I participate in an employee-sponsored plan?
Yes, and you can contribute past age 70 ½ as long as you continue to earn compensation.
Will my Roth IRA affect the amount that I can contribute to my employer-sponsored retirement plan?
No. The amount you contribute to your 401(k) or other employer-sponsored plans will not be affected by your Roth IRA. However, you must conform to the plan contribution limits for your employer-sponsored plan.
When can I start taking tax-free distributions from my Roth IRA?
You can withdraw most contributions without paying income tax at any time. Distributions are treated as first being attributable to your contributions until all of your contributions have been distributed. There are two requirements to qualify for tax-free withdrawals of the income your Roth IRA has earned. First, your Roth IRA must meet the "five-year test." In other words, it must be five years after the first year for which Roth contributions were made. Second, one of the following conditions must be met:
- You are over age 59 ½
- Funds are going to your beneficiary upon your death
- You have become disabled
- You are using the funds for a first-time home purchase (lifetime limit is $10,000 per person)
What if I make an early withdrawal from my Roth IRA and I am not 59 ½ or covered by any other exceptions?
Good news! If you make early withdrawals from a Roth IRA to which you have only made regular contributions within the maximum annual limits, the amounts are considered to come from your already-taxed contributions first, with no additional taxes or penalties due. When you begin to withdraw earnings from the account, this money will be subject to ordinary income taxes, plus an additional 10% early distribution tax.
Do I have to take minimum distributions from my Roth IRA when I reach age 70 ½?
No. The Roth IRA is more flexible than a traditional IRA because you are not required to start taking minimum distributions when you reach age 70 ½ If you don't need the cash, you can let your money continue to grow tax-free for as long as you like. However, minimum distributions must be made to your beneficiaries following your death.
Can I convert my existing traditional IRA to a Roth IRA? Will I owe any taxes or penalties?
Yes. You can convert your traditional IRA to a Roth IRA if your MAGI in the year of the conversion is under $100,000. This limit is the same for both single filers and married couples who file jointly. Married taxpayers who file separately are not eligible for a Roth conversion. Use care and be sure to get all the facts. This is a complicated decision. Upon conversion, you will owe ordinary income taxes on your investment earnings and on deductible contributions you have made to your traditional IRA. This amount is taxable income in the year the money leaves the traditional IRA. Basically, you owe tax on any money that has not been taxed before. But you will have the opportunity to withdraw earnings made after the conversion, free of any taxes. The 10% early withdrawal penalty is waived on IRA conversions.
Are there different tax rules regarding withdrawals of IRA conversion contributions?
A distribution that is attributed to an IRA conversion contribution is not subject to income tax. If the distribution is made within five years after the conversion, then the 10% early withdrawal tax applies unless there is an exception.
Does it make sense to make an after-tax voluntary contribution to my company retirement plan instead of a Roth contribution?
With the same earnings rate, you can have more after-tax dollars during retirement by making the Roth contribution. This will occur if you receive distributions after you attain age 59 ½ and at least five years after the year for which you made your first Roth contribution.
Does it make sense to make a non-deductible contribution to a traditional IRA instead of a Roth contribution?
If you meet the age 59 ½ and five-year tests, with the same earnings rate, you will have more after-tax dollars during retirement by making the Roth contribution.
Can my Roth IRA be inherited?
Yes. Upon your death, the entire proceeds can be passed on tax-free to your beneficiaries, once the five-year test has been met. This means there may be a delay before your beneficiaries will be able to receive the income earned within the Roth IRA on a tax-free basis.
Does the IRA conversion contribution ceiling of $100,000 MAGI include the IRA conversion amount?
No, the MAGI is calculated prior to adding the amount of the IRA conversion contribution.
What is the provision for the new income tax credit for those with lower to moderate incomes?
To make savings more attractive, if you are a low- or middle-income wage earner, you'll be eligible for an income tax credit for contributions to an IRA. The amount of the tax credit depends on your adjusted gross income. The maximum tax credit is equal to $1,000. For example, depending upon your adjusted gross income, a contribution of $2,000 could be made to a traditional or Roth IRA, producing a $1,000 tax credit. This provision is effective for tax years through 2006.
How do the new rollover provisions work?
Now there are more options for you if you leave your job and want to take your retirement plan assets with you. Employees have always been able to roll over taxable distributions from Section 401 and 403(b) plans to an IRA. You will also be able to roll over nontaxable voluntary employee contributions and distributions from governmental Section 457 plans to an IRA.
Bill Pay
How do I sign up for bill payment?
Please download this form, fill it out, and return it to us.
How does electronic bill payment work?
With EBP, you receive bills the way you always have and, therefore, you maintain the right to verify the amount you have been billed is correct. When you’re ready to pay the bill, you will schedule your payment on-line and the credit union will do the rest! You may access bill pay on our website at www.ksucreditunion.com.
The credit union’s EBP system offers some unique features designed to save time when you schedule payments. For example, you can schedule recurring payments of the same amount (i.e. your home mortgage) to be paid automatically each month. In addition, you can establish payee profiles to avoid entering contract information each time a bill is to be paid. This streamlines the bill paying process even if the amount to be paid varies from month to month.
To ensure your payments are received on time, all you have to do is schedule it five days prior to the bill’s due date.
How much does electronic bill payment cost?
If you have direct deposit to your checking account, EBP is FREE! However, for members who do not have their paycheck direct deposited into their credit union checking account, the EBP service is FREE for the first two months, and just $3.95 per month after. It seems that stopping by the post office to pick up stamps, sitting down to write out a share draft for each bill and remembering to drop them in the mail doesn’t always fit into the hustle and bustle of daily life. The convenience of having extra time and less stress are worth the investment.
How often must I use EBP in order to keep it active?
To keep EBP active you must utilize the service at least once per month. If a member discontinues use of EBP for two months, the service will be inactivated. A $10.00 reactivation fee will apply if the member wishes to resume EBP service.
How do I sign up for electronic bill payment?
To enroll in EBP, please stop by one of our locations to sign a bill pay application. Or, you may download an application from our website and bring it in or fax it to us at (785)537-9106. The credit union must have a signed application from the member to set them up for EBP.
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