Membership

Do I qualify for USA One Membership?
Individuals are eligible to become a member of USA One by meeting one of the following criteria:

• An employee at one of the 400 organizations/ SEGs (Select Employee Group) we serve
• Family members of an existing member, regardless of residence status
• Individuals who reside or work within our Field of Membership.

How do I join USA One?
Membership is established through our Share Savings Account, which provides each member a share in ownership of USA One. The Share Savings Account requires a minimum opening deposit of $25.00. As long as you keep $25 on deposit at all times in the share savings account, you will maintain your lifetime membership in USA One National Credit Union, which entitles you take advantage of all of our products and services. We also have a one-time $10.00 enrollment fee.

To establish your Share Savings Account, please complete and sign our membership application and select one of the following options:

1. Return the completed and signed membership application along with a minimum check deposit of $25.00 directly to USA One. Please note that there is a $200.00 minimum balance requirement to avoid a low share balance fee. However, we waive this fee for the first three months and will waive an additional three months if you increase your balance to $200.00 within the first three months. (A $8.00 Monthly Low Share Balance Fee will be assessed if the Share balance falls below the required minimum at any time during the month. If you have an opened loan (excluding Fast Cash Solution loans) Free Direct Checking Account (98) or Money Market Account, CD or IRA with a balance of $200 or more you will not be charged a low-share balance fee)
2. Enroll for a minimum weekly payroll deduction of $10.00 ($20.00 for bi-weekly) to be deposited into your Share Savings Account and return the completed and signed Payroll Deduction (reverse side of membership application) and Membership Application to your Payroll or Human Resource Department.

Are my family members eligible to join the credit union?
If you are a current credit union member in good standing, then all of your family members are eligible to join the credit union.

Do I have to close my credit union account if I change jobs?
No. Whether you change employers or your home address, once you are a member, you are always a member.

Share Certificates

What exactly is a Share Certificate?
A certificate is a fixed-term, fixed-rate savings product. You deposit your money into the certificate and leave it deposited for a fixed period of time. Because you have committed the funds for a longer period of time, the rates are higher than a regular savings account. There is a penalty for early withdrawal from the certificate.

Will my rate change on my certificate when the Credit Union changes rates?
No. The rate of your certificate was locked in at the time it was opened and will remain that rate for the term of your certificate. When the certificate matures, however, it will renew at the current rate on the date of maturity.

When can I withdraw from my Share Certificate?
You can make withdrawals from your Share Certificate at maturity and for a grace period of ten calendar days after maturity. Withdrawals from certificates prior to maturity incur a penalty of 90 days worth of dividends. You cannot make deposits to the regular certificates except at maturity and during the grace period.

How can I find the current Certificate Rates?
The current rates for our savings products can be found here on our website under Savings Rates or by contacting the credit union at 708-679-9500 during office hours.

Lending

How long do I have to be a member before I can apply for a loan?
There is no length of time you must wait before applying for a loan. However, you must have at least $25.00 on deposit in your share savings account before you can apply for a loan or use any other credit union services.

Do I automatically qualify for a loan or Visa card because I am a member of the credit union?
No. Being a member means you are entitled to apply for any loan offered by USA One. Although are goal is to provide a financial solution for every member, each member must meet our credit approval requirements for a particular loan product.

Do you offer home loans?
Yes. We offer a full range of mortgage and home equity loans including a 0% down payment program, a bi-weekly pay down option and pre-qualifications with a next day decision. Better yet, there are no application fees or points on these loans.

How Do I apply for a loan?
USA One has several convenient ways to apply for a loan including in person, on-line at www.usaonecu.com, telephone at 708-679-9500 or fax at 708-679-9069 or just mail the application back.

How long will it take to for my loan to be approved?
Our loan department is committed to providing each member with an answer/response to their loan request within 24 hours.

Savings Accounts

Is there a minimum deposit required to open a savings account?
The Share Savings Account requires a minimum opening deposit of $25.00. As long as you keep $25 on deposit at all times in the share savings account, you will maintain your lifetime membership in USA One national Credit Union, which entitles you take advantage of all of our products and services. However, in order to avoid a “low share balance” fee, you need to maintain a deposit of $200.00 within 6 months of opening your account.

Checking Accounts

Are there any fees associated with the free checking account?
No. There are no per check fees, maintenance fees or monthly service charges.

Do I have to start with a check number of 101 when opening a new checking account?
No. If you are transferring your checking account from another institution, simply bring us the last check in the series and we’ll start your USA One checks where you left off.

Payroll Deduction/Direct Deposit

What is the difference between direct deposit and payroll deduction?
Direct deposit is having your net check deposited directly to your credit union account. Payroll deduction is a specific dollar amount as chosen by you to be deducted from your check each pay period and deposited to your credit union account(s).

How do I increase or decrease my payroll deduction?
Simply fill out a direct deposit/payroll deduction form available at USA One or your payroll department. Most members sign-up for direct deposit/payroll deduction when they open their account but you can sign up for payroll deduction at any time during your membership. You can change your deduction at any time by filling out a new form.

Liberty Belle – 24-Hour Telephone Banking

How do I access the Liberty-Belle?
In order to access the Liberty Belle, 24-Hour Telephone Banker, you will need your account number and your personal identification number (PIN), which is initially set at the last four digits of your social security number. We encourage you to change this PIN as soon as possible.

Deposit Insurance

Are deposit accounts at USA One insured?
Absolutely. Your deposits are insured through American Share Insurance up to $250,000.

Routing Number

What is USA One’s routing number?
Our Routing Number is #271993043.

IRA Savings & IRA Certificates

What is the difference between an IRA Savings account and an IRA Certificate?
The IRA Savings account requires no minimum balance, has no credit union imposed penalty for early withdrawal, and allows for deposits at any time. They are classified as an IRA and therefore are subject to IRS terms and conditions. Because of the increased flexibility, the interest rate is very similar to a regular savings account. An IRA Certificate is basically the same as a Share Certificate, except they are classified as part of your IRA and therefore are subject to IRS terms and conditions. As with any certificate, there is a penalty for early withdrawal and there may also be a penalty under IRS law.

Can I list my spouse as joint on my IRA account?
No, the IRA account is an Individual Retirement Account, and by IRS guidelines, there can only be one person listed on this account. You can, however, list your spouse, children, and anyone else you desire as a beneficiary on your IRA.

Can I withdraw money from my spouse’s IRA for them?
No, the only person with access to the IRA account is the individual owner. Again, you can list your spouse, children, and anyone else you desire as a beneficiary on your IRA.

What are the rules for moving my other IRA to an IRA at the credit union?
With a direct transfer (where you tell the other financial institution to send the funds to the credit union for the benefit of your IRA), you have no deadlines or limitations as long as you’re under age 70½ and the money leaves and re-enters the same type of IRA. With a rollover (where the funds are payable to you), you have 60 days to redeposit the money into an IRA. The portion of a traditional IRA distribution that’s not re-deposited to an IRA when the clock runs out becomes taxable income, except to the extent it represents a return of nondeductible IRA contributions. Rollovers between the same IRA type are also subject to a “once-a-year-rule.” Simply put, you can’t roll over IRA funds if there was a previous rollover from the same IRA in the last 365 days. The rule also bans rollovers from an IRA that has received a rollover in the last 365 days. Keep in mind that if you are 70½ or older, you’re required to receive minimum distributions from your traditional IRA that do not qualify for any rollover or direct transfer.

Do I have to make my entire annual contribution to an IRA at one time?
If you wish, you certainly can put your whole year’s contribution in at once. But you can make it a lot easier on your pocketbook with payroll deduction at the credit union. This convenient method spreads your IRA contribution over the entire year, helping you to save regularly and avoid the hit of a lump-sum payment. For example, if you’re eligible to contribute $3,000 to a traditional or Roth IRA, simply tell us to automatically deposit $250 from your paycheck directly into your IRA at the end of each month. It won’t seem like much, but it adds up in the end. After 25 years earning 5% compounded monthly, you’ll have $158,369.30 – all without a single reminder to yourself to save for your future.

What’s the difference between a Roth and a Traditional IRA?
With a traditional IRA, your contributions may be tax-deductible and earnings are tax-deferred, meaning you pay taxes on most IRA funds upon withdrawal. In contrast, Roth IRA contributions are always made with after-tax dollars, but qualified withdrawals are tax-free – including all your earnings! As for similarities, the aggregate contribution limit to either a Roth or traditional IRA is $3,000 per year or 100% of your compensation (whichever is less). And both offer the flexibility to use funds not only for retirement, but also for first-time home purchase and higher-education expenses.

Can I contribute to an IRA if I already have a retirement plan through my employer?
Yes, you can contribute to a Roth, Coverdell ESA or Traditional IRA regardless of whether or not you have an employer-sponsored retirement plan. In fact, IRAs are a great way to pad your savings. 
While participation in a retirement plan doesn’t change how much you can contribute to an IRA, it can affect whether or not you’re eligible to deduct your contributions to a traditional IRA on your tax return. But keep in mind that as long as you’ve earned compensation, you can always make nondeductible contributions to a traditional IRA and benefit from tax-deferred earnings.

Am I eligible to contribute to an IRA?
To be eligible for a traditional or Roth IRA, you must earn compensation or file a joint income tax return with a spouse who earns compensation. If you want to contribute to a traditional IRA, the only additional requirement is that you are under age 70½. Whether your contributions will be tax-deductible, however, is determined by your participation in a retirement plan and your income. 
To contribute to a Coverdell Education Savings Account (ESA) IRA, you must fall within certain income limits: up to $110,000 if you file a single tax return and up to $220,000 if you file jointly. Note that you’ll only be able to contribute the maximum amount of $2,000 if your income is under $95,000 as a single filer or under $190,000 as a joint filer.

Can my spouse and I both contribute to IRAs?
If you and your spouse want to put money into traditional or Roth IRAs, your contributions can total $6,000 or your combined compensation, whichever is less. But the maximum contribution for each spouse can’t exceed $3,000 per year, so you’ll need at least two separate IRAs to contribute the full $6,000. If you don’t earn compensation, but your spouse does, you still may be eligible to contribute to a Traditional or Roth IRA based on your spouses earnings. Keep in mind that you must earn under $95,000 on a single tax return and under $150,000 on a joint tax return in order to contribute the full $3,000 to a Roth IRA. You can still make partial contributions to a Roth with an income up to $110,000 as a single filer and $160,000 as a joint filer. While there’s no age limit on contributions to Roth IRAs, you can’t contribute to a traditional IRA for the year you reach age 70½ or later years. Also, there are some limitations on tax-deductible contributions to traditional IRAs.

Can I have both a traditional and a Roth IRA?
There’s nothing wrong with having both. In fact, it gives you the chance to benefit from both front-end and back-end tax savings. But remember that you can only contribute up to $3,000 per year to any combination of traditional and Roth IRAs that you have. You can’t contribute $3,000 to each. On the other hand, your annual $2,000 contributions to an Education IRA are entirely separate from the $3,000 yearly contribution limit for traditional and Roth IRAs.