Frequently Asked Questions

Q: How do you increase your participation and benefits in Member Relationships?
A: Increasing benefits is easy. Sometimes all it takes is one transaction. You might refinance your auto loan with us (usually at a lower rate), or sign up for eStatements. You or any “householded” member can increase your Member Relationships benefits.

Consider the possibilities:

• transfer your checking or savings account to the credit union
• set up direct deposit* from your employer
• refinance your auto or boat with BayPort Credit Union (and discover our great rates!)
• invite a household member to join BayPort Credit Union (if they qualify)
• move your Certificate or Money Market account to BayPort Credit Union
• take out a home equity loan with BayPort Credit Union
• refinance your home mortgage with BayPort Credit Union
• transfer your existing IRA or open an IRA with the credit union

When you transfer accounts from other financial institutions to BayPort Credit Union, you are strengthening your member-owned credit union and helping yourself through lower fees and increased benefits.

Q: Are new fees being initiated with Member Relationships?
A: Absolutely not.

Q: How do you define a household?
A: A household is defined as any BayPort Credit Union members living at the same physical address that corresponds to the Credit Union’s address of record. It is the responsibility of the member to notify the credit union of any and all address changes. “Householded” members are those who have completed, signed and returned the householding form to BayPort Credit Union.

Q: Why is my household not recognized automatically?
A: BayPort Credit Union does not want to violate your privacy. Choosing to household accounts is your decision.

Q: Why do I need to enroll a household?
A: Once enrolled, every BayPort Credit Union member in your household will benefit from the relationship. For example: Betty has a savings account, checking account w/direct deposit* and $50,000 mortgage loan. She is in the Select group. Her son John has a savings account with a BayPort Credit Union VISA^® and is in the Classic group. Once they enroll their household, because Betty qualifies as a Select member, each becomes a Select member and receives maximum benefits.

Q: How do I enroll a household?
A: You and those BayPort Credit Union household members desiring to participate, complete and sign a form at any of our convenient branch offices, or print one from our website.

Q: When is my account reviewed?
A: Your account is reviewed once a month. Notification of your current Member Relationship appears on your BayPort Credit Union statement.

Q: Can I retract my household status?
A: Yes. Visit us at any office to cancel or remove your household authorization by signing a form, or print one from our website.

Q: Do Member Relationships benefit only the “rich”?
A: No. All members are included. Member Relationships benefit all contributing members, because it enables the credit union to deliver greater value to everyone. This means more attractive loan and share account rates.

Q: Are all loan balances included when reviewing my total balances?
A: Yes, the balances of all BayPort Credit Union loans are totaled to determine your combined balance. Any loan that is more than 60 days delinquent will not be included in the calculation. Remember that your combined loan totals are calculated based upon the current balances. For example:

Savings balance........................$ 5
Auto loan balance................12,000
Credit card balance................3,000
______________________________
Total deposits = .......................$ 5
Total loan balances = ........$15,000

This qualifies as a Select Relationship. Please note that credit card balances are included in the total loan balance. Remember, you may also qualify for the Select Relationship based on your average daily balances in total deposits.

Q: When will a change in relationship affect me?
A: Your current Member Relationship will appear on your BayPort Credit Union statement. If you or your household reduces balances or services, your statement will also reflect a pending relationship change and you will have until the next review date to make adjustments to continue to receive all benefits. Otherwise, the adjustment will become effective the first business day of the next month. Members receiving only a quarterly statement will not receive notification during the months when they do not receive a statement.

Q: Does householding mean you will disclose my account information to those in my household?
A: By householding accounts with other BayPort Credit Union members within your household, you agree that general account information (e.g. total balances, account types, member names) may be disclosed to other participating BayPort Credit Union account holders within your household. This will not allow non-joint account holders to access your accounts.