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It may not always be convenient for you to call or visit one of our branches. So, here is a list of some of the questions we are frequently asked. Maybe your question is here, too. If you can't find an answer to your question, please contact us. General InformationGeneral AccountCheckingSavingsVisa/Debit CardWebsite InformationOnline BankingEmails Q: What is a credit union?A: A credit union is a not-for-profit financial cooperative organized by people who share a common bond. All credit unions were originally formed by groups of people who decided they wanted to control their own financial destiny. Since the credit union is owned by you, there are no stockholders who personally benefit from our success. After operating expenses are covered, the credit union's net earnings are distributed to its members as dividends, reduced finance charges on loans, improved services, or are retained as reserves. This is why credit unions are considered not-for-profit organizations. Our Credit Union was organized in 1940. We currently serve: - Insurance professionals in Oregon, Washington and Idaho.
- Individuals who live or work in the greater North Santiam community.
Q: What is the difference between a credit union and a bank?A: Perhaps the easiest way to see the difference between credit unions and banks is to compare them in several critical areas. | | Credit Unions | Banks | Purpose | Not for charity, not for profit, but for service. | To make a profit. | Definition | A financial cooperative owned and controlled by its members. | Business owned by groups of shareholders who may or may not have accounts there. | Structure | Democratically structured; Every member has one vote regarding the goals, functions and services. | Depositors have no vote. Only shareholders may vote on goals, functions and services. | Directors | Directors are elected by members and volunteer their time. | Board members are elected by their shareholders and are paid. | Earnings | Earnings are returned to the members in the form of high rates on deposits, low rates on loans and little or no fees. | Earnings are returned to the shareholders, not the depositors or borrowers. |
Q: How is the Credit Union managed?A: Like any modern financial institution the day-to-day operation of the Credit Union is run by a professional management team and highly skilled staff. However, as a Credit Union member, you have a say in how the Credit Union is run. Member's interests are represented by the Credit Union's Board of Directors, whose responsibility is to oversee the Credit Union, set policies and direct future growth. In electing the Board of Directors that governs the Credit Union, each member has one vote–no matter how much money he or she has in the Credit Union. All of the members of the Board are unpaid volunteers and are elected to three year terms. Voting is done in conjunction with the Credit Union's Annual Meeting. Volunteers also play an important role serving on several committees active within the Credit Union. These committees include the Supervisory and Public Relations Committees.
Q: How often will I receive the NW Preferred Newsletter?A: NW Preferred creates four newsletters a year: Spring, Summer, Fall and Winter. The Newsletter can be viewed online. Go to our home page and look under our “Member Resources” section.
Q: Where are you located?A: We currently have two locations, one in Tigard, Oregon and one in Stayton, Oregon. Click here for exact locations and maps.
Q: What is shared branching?A: Shared branching allows you to go to any participating credit union to do your NW Preferred banking. There are no fees for this service. Click here to find a shared branching location near you.
Q: Is there a minimum amount I need to open my account?A: There is a $5.00 minimum to open a member account. If you are thinking of joining, take advantage of our new member deal! We’ll put the first $5.00 in your account.
Q: Are my deposits at the Credit Union insured?A: Yes. Deposits at the Credit Union are insured up to at least $250,000 by the National Credit Union Administration (NCUA), an agency of the federal government. Not one penny of insured savings has ever been lost by a member of a federally insured credit union. For more information on this insurance protection we invite you to take a look at Your Insured Funds a comprehensive booklet produced by NCUA. It answers many of the frequently asked questions about the National Credit Union Share Insurance Fund (NCUSIF) and share insurance coverage. You may download an online copy at the NCUA's website or obtain a copy at the Credit Union.
Q: How do I make deposits into my account?A: There are many options when making a deposit. Of course you can stop by one of our branches, but you can also visit a branch on the Shared Branching Network. You can make deposits through a deposit-taking ATM on the CO-OP network. Don’t forget, you can set up direct deposit for your paycheck. Contact us to get started today!
Q: How can I add or remove a joint account holder from my account?A: To add a joint account holder to an account, complete a Membership Application with the updated information. Have all account owners who will be on the account, sign the application, and then bring in, fax or mail the application to the Credit Union. To remove, simply sign a Joint Name Removal form and mail to us.
Q: How do I update my name, primary address, work phone number, home phone number or email on an account?A: Update your contact information through Connexus. Log-on to your online banking account and click on the “Preferences” link. You can also always call us toll-free at 866.236.6968. If your name has changed, please send a copy of your social security card with your new name. Once we receive it, we will send you a new signature card to be signed and mailed back to the Credit Union.
Q: How do I set up Direct Deposit?A: In order to set up Direct Deposit, contact your payroll department with our Routing Number 323076575 and your Credit Union account number.
Q: What should I do if I suspect fraud on my account?A: If you suspect fraud on your account, please contact the Credit Union immediately. If the suspected fraud involves your Visa credit card and it is after Credit Union business hours, you may block the card at anytime by calling 800.991.4961. If the suspected fraud involves your debit or ATM card and it is after Credit Union business hours, you may block the card at anytime by calling 800.682.6075. Please call the Credit Union during business hours to complete the report.
Q: When will I receive my statement?A: The statement period runs from the first to the last day of the month. Statements are usually mailed shortly after the third day of the month. In some instances, statements may be delayed a day or two, but you should receive your monthly statement within the first week of the month. You can also view your statements through your online account.
Q: What is a dormant account?A: A dormant account is any account that shows no activity (other than dividends) for 12-months, has a balance less than $100 or doesn't use any other Credit Union services such as loans, Visa, IRAs or Certificates. A dormant account fee of $8.00 will be assessed quarterly to these inactive accounts until they meet one of the above conditions or it is closed.
Q: How can I move money from one account to another?A: To move money from a non-NW Preferred account to an existing NW Preferred account, fill out the Automatic Payment Authorization form and return it to the branch with a voided check. With our online banking, it’s very simple to transfer money from one NW Preferred share account to another NW Preferred share account (checking to saving). Log-on to Connexus (click here if you do not have an online account). Click on the “Transfer” link located along the top, click the down arrows to choose which accounts you would like to transfer to and from, type in the amount and click on the “Transfer” button. If you want to transfer funds between your different NW Preferred accounts (business account, personal account, child's account, spouses account...), you will need to sign and bring in, fax, or send us a Connexus Cross Account Transfer Authorization form. Form A (Restricted) allows you to list the accounts that can be transferred into from a main account, while Form B (Unrestricted) allows you to give full transfer access between the accounts that you list. You can contact us to have one of our friendly tellers transfer the funds for you.
Q: How can I check a current balance?A: The easiest way to check your current balance is using online banking (click here if you do not have an online account). Your current balance on each NW Preferred account will appear as soon as you login (under “Personal Finance” link). You can click on the account name to see a list of transactions made on that account. When figuring your balance, be sure to subtract all checks or purchases that have not been processed yet. You can also call 866.236.6968 during business hours and talk to one of our member service representatives.
Q: What should I do if I have lost my checks or if I suspect they have been stolen?A: Please contact the Credit Union with your suspicions during business hours. You can also stop payment of checks online.
Q: How can I find out when a check has cleared?A: For quick results, you can see cleared checks on your online banking account. Click on “eDocuments” and then “eChecks.” Cleared checks will also appear on your statements. You can always contact your local branch.
Q: How do I order a copy of a cleared check?A: A copy of a cleared check can be viewed through Connexus (under eDocuments) or by calling your local branch. Please review the fee schedule for any service charges that may apply.
Q: How do I place a stop payment on a check?A: Call your local branch to stop payment on a check, or cancel it online with Connexus (“Stop Payment” can be found under “Account Services”). Once you have made a stop payment request, the stop payment is immediately in effect for 14 days. You will be mailed a form to complete, sign and return. When the form is returned the stop Is placed for 6 months. If the signed form is not returned, the stop payment drops after 14 days. If you want a stop payment cancelled we require written verification from you. Please review the fee schedule for more information on any service charges that may apply.
Q: How do I place a stop payment on an automatic electronic debit?A: First, notify the debiting institution of a stop. Then contact your local branch to place the stop payment. Please specify whether you are stopping payment on a single or recurrent debit, so the appropriate form can be mailed to you. The form must be returned within two weeks in order to maintain the stop payment on the electronic debit. Any stop payment cancellations must be done in writing. Please review the fee schedule for any service charges that may apply.
Q: What is Check 21?A: Click here for information on Check 21.
Q: Why do I only receive a quarterly statement for my savings account?A: Statements for savings accounts are issued on a quarterly basis to reduce the costs associated with printing and mailing statements. The quarterly statement is provided as a periodic update to your account activity. Your account information is also available at anytime through online banking.
Q: What do I do if I forget my Personal Identification Number (PIN)?A: It is very important to memorize your PIN. DO NOT WRITE IT DOWN ON THE CARD. If you forget your PIN, you will need to call your local branch and have a new card and PIN sent to you. If you would like a personalized PIN you can call toll-free 877.746.6746 and a new card that uses your desired PIN will be sent to you.
Q: What do I do if the strip on my card no longer works, or my card gets ruined?A: Debit cards expire and are reissued every two years. If you need a new card before that time, contact the credit union to reorder the card. There is a $5.00 replacement card fee charged.
Q: I cannot find what I am looking for on your website.A: Try our search feature located in the top right corner of the website. Just type in the main words of what you are looking for and click the “Go” button. If you are still not able to find what you are looking for, please call (toll-free 866.236.6968) or email us and we will be happy to help.
Q: How often is your website updated?A: Our website is updated on a daily basis. We take pride in keeping our members up-to-date with NW Preferred news. Please email our webmaster if you have any questions or find any errors on the website.
Q: How do I sign up for online banking?A: Click here. Online banking is a FREE service. Follow the instructions and submit your information. Remember to choose a password for your online banking that you will remember, as we do not have access to those passwords.
Q: Why should I use online banking?A: Online banking is a safe, quick, and convenient way to access your accounts, from virtually anywhere. By logging on to online banking you are connected to a secure server where you can view transactions made on your accounts, stop check payments, see scans of paid checks, transfer money between NW Preferred accounts, pay bills, and much more. You can even view your statement online!
Q: How do I sign up for Bill Pay?A: If you do not already see Bill Pay as a link option in the left column of your online banking, please contact your local branch to add the FREE option. If your Bill Pay account is inactive for a long period of time, it will be turned off of your account, but you can always contact us to add it back again. Click on the Bill Pay option in the left column on your online banking. Set up your payees, add payments and then sit back and relax as your bills are being paid!
Q: How do I sign up to have my online banking connect to my Quicken program on my home computer?A: Click here for instructions on Quicken and Connexus. You must have 2008 or higher.
Q: Is my personal information safe on your online banking system?A: Yes. We provide secure financial services through a protocol known as Secure Sockets Layer. The Secure Sockets Layer prevents other computers along the route from eavesdropping by encrypting all data transmitted between our site and your computer. Intermediate computers would see each packet of information as a meaningless jumble of bytes. Each time you establish a secure session, our site and your browser agree on a random key that is used for that session. The outgoing data is encrypted by that key before it is transmitted. The receiving computer then decrypts, or decodes, the data using the same key. Members that live in the United States can use browsers that support 128 bit keys. Cracking a 128 bit key would involve trying all 2 to the power of 128 combinations. Members that live abroad are currently restricted by the US Government to using browsers that support 40 bit keys. Cracking a 40 bit key would involve trying all 2 to the power of 40 combinations, which totals over one trillion combinations. A 40 bit key is less secure than a 128 bit key, but does provide an adequate level of security for member financial services. The Secure Sockets Layer validates the identity of our site to you through the use of a digital certificate. After you connect to our site in secure mode, our site sends your browser a signed digital certificate, which contains the name of our Web server, its public encryption key, the certificate's validity dates, the name of the certification authority that issued the digital certificate to our site, and an un-forgeable digital signature. The digital certificate authenticates to you that you are indeed connected to our site. The Secure Sockets Layer ensures that the data transmitted between your computer and our site has not been tampered with through the use of Message Authentication Codes (MACs). A MAC is based on the actual data itself, similar to a checksum. This provides a quick way for the receiving end to verify that the data wasn't changed in route. Our site requires that you use a browser that supports SSL and Cookies.
Q: What can I do to protect my online accounts?A: Even though we are making use of technology to keep your data safe as it passes over the Internet, you still play an important role in keeping your account safe. Memorize your password and change it often (change through “Preferences” link on Connexus). If you leave your computer or get occupied with another project, log off of Connexus. Our system will automatically log you off after 5 minutes of inactivity, but it is best to log off anytime you are not using it.For more information on online security, check out OnGuard Online.
Q: I forgot my password.A: If you forget your password, just go to our homepage and click on “Change Connexus Online Banking Password." Just follow the quick and easy instructions to re-set your password. You can also always contact us during business hours to re-set the password for you, which you can later change.
Q: How do I change my password?A: It is a good idea to change your password every couple of months. To do that, just log on to Connexus (online banking), located on the homepage and click on “Change Connexus Online Banking Password". Click on “Change Email” and follow the short instructions.
Q: I am locked out of Connexus (online banking).A: If you are locked out, an incorrect account number or password was entered too many times. Re-set your password yourself by clicking on “Change Connexus Online Banking Password" located on the homepage and follow the instructions to re-set your password. You can also contact us and we will re-set your password, which you can later change.
Q: How do I transfer money between NW Preferred accounts with Connexus (online banking)?A: Connexus makes transferring money easy! Simply click on the “Transfer” link in the Personal Finance section, select the two accounts, type in the amount, and click on the “Transfer” button. It’s that easy!
Q: Why did I get logged off of Connexus (online banking) while I was using it?A: To protect your accounts, Connexus logs you off automatically after 5 minutes of inactivity. To reconnect, simply log back in.
Q: Can I view my statements online?A: Yes! First, log-on to your Connexus online banking account (click here if you do not have an account). Once logged on, click on the “eStatements” button located at the end of the top row of buttons. Click on the down arrow button to choose the date of the statement you would like to view and click on the “View” button.
Q: How do I contact you through email?A: You can reach us at
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or click here to reach us through an easy to fill form.
Q: How do I sign-up to receive emails from NW Preferred?A: Fill out the form and click the “Submit” button. Your email will be entered into our database so you can receive special offers and the most up-to-date CU News.
Q: How do I opt-out from receiving emails from NW Preferred?A: Click here to fill out our simple opt-out form and click on the “Submit” button.
Q: What is Phishing?A: Phishing is when someone sends you an email, often pretending to be your financial institution, soliciting you for your private financial information. NW Preferred will never ask for your account information through an email and we highly suggest that you do not add your account number to any email interactions. If you suspect you have received a phishing email, please contact us. For more information on phishing, visit this website: http://www.antiphishing.org/index.html.
Q: Will you ever ask for my account information though an email?A: NW Preferred will never ask for your account information through an email and we highly suggest that you do not add your account number to any email interactions.
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