Membership FAQs

How do I become a member of SFCU?
How old do I have to be to open an account with SFCU?

How do I become a member of SFCU?

Visit our office at 740 County Street in Somerset, MA. You will need to provide a picture ID such as an unexpired driver’s license to qualify for membership. You qualify for membership if you live or work in Bristol County, MA or have an immediately family member who lives or works in Bristol County, MA.

How old do I have to be to open an account with SFCU?

We offer a variety of accounts for all ages. Please contact us at 508-678-2851, option #4. We are happy to help you find the best account to meet your needs.

Mortgage FAQs

I want to find out if I can afford a new home, can you help me?
What do I need to know about financing with Somerset Federal Credit Union?
What type of property does SFCU finance?
How do I apply for a mortgage with SFCU?
What documents will I need to provide when I apply for a mortgage?
What is the difference between being pre-qualified for a mortgage and pre-approved?
Should I get a fixed or adjustable-rate mortgage?
Why would I need Private Mortgage Insurance (PMI)?
What do I need for a down payment?
Can I get financing on a short sale or foreclosed home?
How and when will I know how much I will be paying in closing costs?

I want to find out if I can afford a new home, can you help me?

Absolutely! Everyone’s situation is unique, so stop in or call. Our Loan Officers are always available to meet with you to discuss your options. There is no obligation and this service is FREE.

What do I need to know about financing with Somerset Federal Credit Union?

You may apply for a loan with SFCU if you qualify for membership. You qualify for membership if you, or a member of your immediate family, lives or works in Bristol County, Massachusetts.

The property financed must be located in Massachusetts.

What type of property does SFCU finance?

SFCU finances the following types of property:

Single family, owner occupied

1 to 4 family, owner occupied

1 to 4 family, non-owner occupied

Land

Construction loans

How do I apply for a mortgage with SFCU?

You may apply online or you may stop by our office at 740 County Street, Somerset, MA. Our Loan Officers are always available to meet with you. No appointment is needed.

What is the difference between being pre-qualified for a mortgage and pre-approved?

A pre-qualification is a lender’s estimate of how much you could be eligible to borrow based on information you supply such as gross monthly income, your monthly expenses such as payments for car loans, student loans, credit cards and other loans (utilities and rent are not included). Pre-qualification does not mean you will get the loan. It helps you shop for a home you can afford.

Pre-approval means that a lender is ready to offer financing based on the information and documentation you provide. A pre-approval is valid for a certain length of time and may contain other conditions. The only fees you incur for a pre-approval is the cost of your credit report.

Should I get a fixed or adjustable-rate mortgage?

What’s best for you really depends on what you’re trying to accomplish. Everyone’s situation is unique, so stop in or call. Our Loan Officers are always available to meet with you to discuss your options. There is no obligation and this service is FREE.

Why would I need Private Mortgage Insurance (PMI)?

This insurance, paid by the homeowner, covers the lender in the event that the homeowner defaults on the mortgage.

While an expense, PMI does enable those who have accumulated as little as 5% for a down payment to purchase a home sooner rather than later. PMI premiums are paid monthly as part of your mortgage payment. Also, once you have paid down your mortgage to 80% of the purchase price, you have the right to cancel the coverage. (You must be current on your mortgage, with no second mortgage, and any appreciated home value does not factor into the 80% amount.)

What do I need for a down payment?

In general, you’ll need at least 5% down with private mortgage insurance (PMI) and 20% down without it. A down payment could consist of funds you have saved, a gift from an immediate family member or through one of many grants offered to first time homebuyers. You can choose to pay PMI monthly or in a lump sum. We can also work with you to pay down the principal in order to eliminate PMI quicker. Because individual situations vary, we suggest you meet with one of our Loan Officers who can tell you exactly what you need for a down payment based on your unique situation.

Can I get financing on a short sale or foreclosed home?

Yes, it’s very possible. The documentation needed is the same needed for a conventional purchase. With your income and expense documents supplied to us, a Loan Officer can meet with you to explore the financing options.

How and when will I know how much I will be paying in closing costs?

Documentation showing your closing costs are provided to you within three business days of receiving your completed mortgage application.

Direct Deposit FAQs

What information do I need to set up direct deposit?
Where can I find routing and checking account numbers?
Where can I find my statement savings account number?
Should I have the funds deposited to my statement savings or checking?
Where should I go for direct deposit of federal government benefit checks?

What information do I need to set up direct deposit?

You need to provide three pieces of information to your employer, government agency or other pay provider.

Somerset Federal Credit Union’s routing number – 211385572

Your checking or statement savings account number

Indicate if the account is a checking or a statement savings account

Where can I find routing and checking account numbers?

All the information you need is right on your Somerset Federal Credit Union check.

Routing Number and Account Number on Check

Where can I find my statement savings account number?

If you have a statement savings, please look at the membership card you were given at account opening. If you cannot find what you need, please stop by our office. We will be happy to help you!

Should I have the funds deposited to my statement savings or checking?

To avoid overdraft fees or transaction limits you should direct deposit your funds into your SFCU checking account. You can transfer funds to your statement savings online or via TELLERphone.

If you do not have a SFCU checking account, then direct deposit the funds into your statement savings account or open a checking account today. It is fast and easy to do!

Where should I go for direct deposit of federal government benefit checks?

Go Direct

The U.S. Treasury Department requires federal benefit payments (such as Social Security and VA payments) to be made electronically. Sign up for direct deposit at GoDirect.org by submitting your benefit check information plus our routing number: 211385572.

eStatement FAQs

What is an eStatement?
How can I benefit from eStatements?
Which of my SFCU accounts are eligible for eStatements?
How can I enroll in eStatements?
How do I view my eStatements?
Do I need special software to view my eStatements?
How will I know when my eStatement is available for me to view?
If I enroll in eStatements but do not receive an email notification that my statement is ready for viewing, what should I do?
How long are eStatements available for viewing?
Will I continue to receive paper statements?
What should I do if I change my email address?

What is an eStatement?

eStatements are an electronic version of your monthly SFCU statement. eStatements offer you a convenient way to view, print and download your account statements right from your computer.

How can I benefit from eStatements?

eStatements are:

Available online since June 2017. You may also save them electronically for your permanent records.

Available for you to review the same day the Credit Union creates them.

Helpful in reducing your risk of mail fraud and identity theft.

Safe and secure.

FREE!

Which of my SFCU accounts are eligible for eStatements?

You may receive eStatements for checking accounts, Statement Savings accounts, loan billing notices and other loan notices, such as maturity notices and past due notices.

How can I enroll in eStatements?

You may contact a Credit Union representative who can enroll you. You can also enroll by following these easy steps:

  1. Sign into Online Banking.
  2. Select ‘Profile’ located at the top right-hand corner of the page.
  3. Select the ‘Edit’ icon for Electronic Statements.
  4. Select the accounts you wish to enroll for eStatements.
  5. Click on ‘Terms & Conditions.’
  6. Click ‘Save.’

How do I view my eStatements?

Once you receive the email notification, simply visit the SFCU website at www.somersetfcu.com and log into Online Banking. From the home page, select the account you want to view. When the account page opens, select ‘Documents,’ then select the statement or notice you want to view.

Do I need special software to view my eStatements?

You need Adobe Acrobat Reader version 6.0 or higher to view your eStatements.

How will I know when my eStatement is available for me to view?

You will receive an email notification from SFCU whenever a new eStatement is available for you to view. The sender’s email address is info@somersetfcu.com.

How long are eStatements available for viewing?

We began offering a new version of eStatements in June of 2017. These will be available online for 30 months. If you need statement copies prior to June of 2017, please call us at 508-678-2851 and select option #3.

Will I continue to receive paper statements?

SFCU will not send paper statements once you enroll in eStatements.

What should I do if I change my email address?

Log into SFCU Online Banking and select ‘Profile’ in the upper right hand corner to update your email address.

Online Services FAQs

What accounts can I access online?
How do I enroll in Online Banking?
How do I enroll in Mobile Banking?
How do I enroll in Mobile Deposit Capture?
How do I enroll in Bill Pay?
Can I apply for an account online?
Can I apply for a loan online?
Can I set up alerts on my account?

What accounts can I access online?

Once enrolled in Online Banking, you can view all accounts tied to your Social Security Number. Online transactions are permitted on checking, statement savings and loan accounts.

How do I enroll in Online Banking?

Enroll by entering some basic personal and account information. It only takes a few minutes. You will need:

The type of account (select from the dropdown box).

The account number.

Your full Social Security Number.

4-digit PIN (This is usually the last four digits of your Social Security Number. However, if you accessed TELLERphone, then it is the TELLERphone 4-digit PIN. If you have any difficulties, please call 508-678-2851, option #3.)

Internet access and a current browser.

How do I enroll in Mobile Banking?

Download the SFCU app from Google Play (Android) or the iTunes Store (Apple). Enter your online banking login credentials (User Name and Password).

How do I enroll in Mobile Deposit Capture?

Mobile Deposit Capture is a feature of SFCU Mobile Banking. Once you download the app and enroll in Mobile Banking, simply click on the ‘Deposit’ icon at the bottom of the screen.

How do I enroll in Bill Pay?

Once you enroll in Online Banking, click the link that reads ‘Accounts Available for Bill Pay.’

Can I apply for an account online?

We offer online loan applications but we do not open checking or savings accounts online at this time.

Can I set up alerts on my account?

The SFCU mobile app does not offer alerts at this time.

Mobile Banking FAQs

How do I enroll in Mobile Banking?
Is Mobile Banking compatible with my tablet?
How do I enroll in Mobile Deposit Capture?
When using Mobile Banking to deposit a check, how should I endorse the check?

How do I enroll in Mobile Banking?

Download the SFCU app from Google Play (Android) or the iTunes Store (Apple). Enter your Online Banking login credentials (User Name and Password).

Is Mobile Banking compatible with my tablet?

Mobile Banking has been designed to work with your tablet as well as your smartphone.

How do I enroll in Mobile Deposit Capture?

Mobile Deposit Capture is a feature of SFCU Mobile Banking. Once you download the app and enroll in Mobile Banking, simply click on the ‘Deposit’ icon at the bottom of the screen.

When using Mobile Banking to deposit a check, how should I endorse the check?

You should endorse the check as follows: “For Mobile Deposit Only” or check the box that states “Mobile Deposit.”

Bill Pay FAQs

How does SFCU Bill Pay work?
Who can I pay using SFCU Bill Pay?
Is my information secure?
Is my personal info kept private?
Can I use assistive technologies to access SFCU Bill Pay?
When I enrolled in Bill Pay, it did not let me select a checking account. How do I select a different checking account?

How does SFCU Bill Pay work?

Provide some info about the company or person you want to pay, and then tell us how much and when you want the payment made. We send your payment electronically when possible. If the person or company can’t accept electronic payments, we print a check and mail it for you. The Payment Center lists the companies and people you can pay. Enter a payment amount and the date when you want processing to begin. The date when the company or person receives the payment appears in the Deliver By field. You can also view and select the date from the calendar.

Who can I pay using SFCU Bill Pay?

Pay anyone in the United States that you would normally pay by check, automatic debit, or cash. You can pay companies, friends and family members, and service providers, such as the babysitter or the plumber.

Payment Center. When you use Payment Center to send money, we send the payment electronically whenever possible. If the company or person cannot receive electronic payments, we print a check and mail it to the address you provided.

Popmoney. You can send money to a person using only an email address or mobile phone number. The recipient can use the info provided in the email or text message we send to claim the money and deposit it into an account.

Is my information secure?

Yes. SFCU Bill Pay uses several methods to ensure that your info is secure.

SSL. SFCU Bill Pay uses SSL (secure sockets layer) which ensures that your connection and info are secure from outside inspection.

Encryption. SFCU Bill Pay uses 128-bit encryption to make your info unreadable as it passes over the Internet.

Automatic Sign Out. SFCU Bill Pay automatically signs you out of a session if you are inactive for a predefined time (usually 10 minutes). This feature helps prevent another person from being able to resume your session if you walk away. For best security, don’t use your browser’s Back or Refresh buttons, and sign out immediately after you finish your tasks in SFCU Bill Pay.

Is my personal info kept private?

Yes. Your personal info is used to help us maintain your account and verify your identity. We verify this info with a consumer credit reporting agency for your security and protection. The verification process does not affect your credit report, credit rating, or credit worthiness. Please review the Terms of Service for a complete description of when SFCU Bill Pay must disclose info to third parties.

Can I use assistive technologies to access SFCU Bill Pay?

Yes. SFCU Bill Pay follows the World Wide Web Consortium’s Web Content Accessibility Guidelines (WCAG) 2.0 Level AA recommendations. The following features aim to make SFCU Bill Pay more accessible to assistive technology users:

Navigation. Skip to content links on each page let you skip the page banner and navigation links and go directly to the main content. Headings organize each page’s content, and a screen reader’s H key moves the focus from heading to heading. The ARIA landmark regions named banner, navigation, main, and content info let you move to defined page regions. Use the appropriate key for your screen reader. Links have detailed descriptions that can be read with a screen reader’s links list.

Regions and Tabs. Some pages have regions that expand or collapse details or forms and include the words Show or Hide in their link headings. Other areas have info presented as tabs, where the left or right arrow key changes the tab, and then you can read the tab content.

Tables and Forms. A brief description of a table’s content is read by a screen reader as you navigate a page. Table headers locate your place in the table, and links in the table headers let you sort the table content. Using the table cell keys, the column or row heading info is read as well as the table’s data. Sort links open menus to control the display order of the table’s data. The Tab key changes sort selections, and the Enter key activates your selection. Fonts can be resized with magnifier software or the browser zoom feature without significantly changing the page layout.

Accessibility Constraints. We make every effort to accommodate all users and do not wish to exclude anyone from accessing SFCU Bill Pay. One area of the product that is currently not fully accessible is the date-picking calendar. The calendars for choosing payment and transfer dates are not usable with a keyboard or screen reader. We are continuing to make improvements to all aspects of the product. Contact customer service if you have an issue using SFCU Bill Pay.

POP Money FAQs

What is POP Money?
What can I use POP Money for?
How does POP Money work?
What are the different ways I can request money from someone?
What does it cost to receive money?
When will I receive the funds I requested?
How will I know if someone sends me POP Money?
What are the different ways I can send money to someone?
How much does it cost to send money?
When will the recipient receive the funds?

What is POP Money?

POP Money is an innovative personal payment service that eliminates the hassles of checks and cash. Now sending and receiving money is as easy as emailing and texting.

What can I use POP Money for?

POP Money is easy and convenient for you and the people you send money to. Users can simply receive money in their account, saving them a trip to the Credit Union. Use POP Money to:

Send money to your child at college.

Pay back friends for a fun outing.

Pay your babysitter or lawn care service.

Pay rent to your landlord or roommates.

How does POP Money work?

POP Money allows you to send money to friends, family or anyone at all. Simply log into SFCU’s Online Banking and enroll in Bill Pay. You can then send or request money from your contacts. They will be notified by email or text message that you wish to send money or are requesting money from them. You and your contacts will never need to exchange financial account information.

What are the different ways I can request money from someone?

You can request money from someone using their:

Name and email address. Your contact will receive an email with instructions on how to pay the request.

Name and mobile number. A text message will be sent to the recipient on your behalf with instructions on how to pay the request.

What does it cost to receive money?

The cost to receive money is $.75.

When will I receive the funds I requested?

The person you requested money from has to sign up with POP Money, if not registered already.

Once he/she has signed up successfully and pays against the request, you should receive the payment within three business days. The payment will be deposited into the account you selected when sending the request.

How will I know if someone sends me POP Money?

If the sender sends the money using your email address or mobile phone number, you will receive an email or text message with instructions on how to deposit the payment into your account.

If the sender uses your account information, the money will be deposited directly into your account. In that case, you will only receive a notification if the sender enters an optional message when submitting the payment.

What are the different ways I can send money to someone?

You can send money using a recipient’s:

Email address. Your contact will receive an email with instructions on how to direct the payment into his or her Eligible Transaction Account.

Mobile number. A text message will be sent to the recipient with instructions on how to direct the payment into his or her Eligible Transaction Account. If the recipient does not respond to the payment notification after 3 days, a reminder text message will be sent reminding him/her to act on the payment notification.

Eligible Transaction Account information (routing and account number). Money will be directly deposited into your contact’s Eligible Transaction Account. You will also have the option to send the contact an email.

How much does it cost to send money?

The cost to send money depends upon the delivery time selected.

$.75 for three day delivery.

$1.50 for next day delivery.

When will the recipient receive the funds?

The timing to receive the funds depends on the type of account used to make the payment. The delivery speed will be displayed when you schedule the payment. It could take additional time if your contact has not used POP Money or will have to log in and accept the payment.

If you are sending the payment notification through email and your contact wants to collect the funds into an account; he/she must provide his/her Eligible Transaction Account information by 10 PM Pacific Time in order to receive the funds the next business day.

Reverse Christmas Club Loan FAQs

What is a Reverse Christmas Club Loan?
Why should I consider a Reverse Christmas Club Loan?
What amount can I borrow with a Reverse Christmas Club Loan?
What is the term of a Reverse Christmas Club Loan?
What is the interest rate on a Reverse Christmas Club Loan?
What would my monthly payments be?

What is a Reverse Christmas Club Loan?

A Reverse Christmas Club Loan is a short-term loan designed to help our members pay for holiday expenses without using a high interest credit card.

Why should I consider a Reverse Christmas Club Loan?

Save money! Compare the 3.99% Annual Percentage Rate to your favorite credit card.

It’s convenient! Apply online, in person or by phone.

Save time! Receive an answer in one hour or less (during normal business hours).

What amount can I borrow with a Reverse Christmas Club Loan?

You can borrow up to $2,500 with a Reverse Christmas Club Loan.

What is the term of a Reverse Christmas Club Loan?

The term on our Reverse Christmas Club Loan is 12 months.

What is the interest rate on a Reverse Christmas Club Loan?

The annual percentage rate on a Reverse Christmas Club Loan is 3.99%.

What would my monthly payments be?

Your monthly payment would be determined by the amount you borrow. Here are some examples (this is an illustration only):

Amount Borrowed Estimated Monthly Payment Based on Annual Percentage Rate of 3.99%
$500 $43.00 per month
$1,000 $85.00 per month
$1,500 $128.00 per month
$2,000 $170.00 per month
$2,500 $213.00 per month
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