Frequently Asked Questions


What is a Credit Union?

A Credit Union is a not-for-profit financial institution whose members can borrow from pooled deposits at lower interest rates and fees. Members are the owners.

What is the difference between a Credit Union and a bank?

Credit Union depositors are members and each member is an owner of the Credit Union. Banks’ depositors are customers and have no ownership interest. Banks are owned by investors.

Since Credit Union members are owners, each member, regardless of how much money they have on deposit, has one vote in electing a board of directors and members can run for election to the board. Banks are owned and controlled by stockholders. Their customers don’t have voting rights, cannot be elected to the board and have no say in how the bank is operated.

At banks, the profits go back to the investors and at Credit Unions, profits go right back to the members in the form of better interest rates which means lower rates on loans and higher rates on deposits. Bottom line-if you have several different products at a Credit Union, you can save (potentially) several hundred dollars a year.

Who can join Proponent ?

Proponent membership is not available to the general public. Eligibility for membership would include:

  • Anyone who works or is associated with a Select Employer Group (SEG) within a close proximity to Nutley/Montclair, NJ and Burlington, NC, and limited surrounding cities. Area businesses can become Select Employer Groups (SEGs), to offer membership to their employees and retirees.
  • Immediate family/household members can become eligible for membership. Immediate family is defined as grandparents, parents, spouse, siblings, children, or grandchildren (including similar relations through adoption and by marriage). Household member is defined as persons permanently living in the same residence and who maintain a single economic unit.
How can I become a Proponent member?

Becoming a member is easy. You can complete your membership application online, over the phone or visit us at any branch location . All you need is a minimum of $50.00 account deposit to open your share savings account to establish your membership.

If my employment status changes or ends , do I have to close my membership?

Once a member, you are always a member, and you will remain fully eligible to participate in the full portfolio of benefits and services we offer.

What types of products and services does Proponent offer?

We offer a wide range of products and services to meet your needs. Our portfolio includes share savings accounts, share draft checking accounts, share certificates, specialty savings (Custodial, Vacation/Holiday and IRAs), wealth management, auto loans, credit cards, personal loans, student loans, home equity loans, mortgages, and so much more. And for your convenience we offer online/mobile and on-demand appointment banking.

Are my accounts insured?

Yes, your funds are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUA). There are many ways to increase your amount of coverage. For more information, please click here.

How long does an ACH direct deposit take to be deposited into my account if my employer sent it today?

If you recently added or changed your ACH direct deposit to us, typically takes about two pay cycles before you will begin to see the funds being automatically deposited. Please consult with your Employer to get a more accurate time frame.

ACH direct deposits take 1-3 business days, from the day they are sent, to post to your account.

How do I wire money?

We offer local wire transfer service, with $30.00 fee per transaction. Wires can only be arranged in person. Please visit us in any branch or members exclusive location.

Do we offer notary services?

Yes, we have several notary publics at almost every branch or members exclusive location and there is no charge for this service.

Do we offer Medallion Signature Guarantee services?

Yes, please read the following Medallion Signature Guarantee guidelines for more details.

  • The endorser(s) should have an account or a continuing relationship with Proponent.
  • At the time of the endorsement a proper primary photo identification of all signers is required.
  • Bring with you evidence of ownership of the asset involved: Stock Certificate or Mutual Fund Statement.
  • All owners of the security should be present.
  • The endorser(s) must be 18 years or older.
  • When an endorser is acting in a capacity other than that of the registered owner, such as executor, trustee, attorney-in-fact or other legal capacity, documents showing proof of their authority to endorse, such as trust agreements, power of attorney forms, court appointment paperwork, or corporate resolutions should be examined.
  • We will keep copies of the documents examined.
  • Proponent's Guarantee Authorization Surety Bond Limit is $500,000.
What is Proponent's routing or transit number?

221 277 599

Does Proponent have service fees?

As your advocate, we strive to nurture and protect membership with the products, services and relationships we offer. There are times when a fee is necessary to ensure your benefits remain strong and continue to expand, but you can avoid some of these fees with the Premium Benefits Service Pack (PBPS). Please don't hesitate to contact us with questions or refer to our consumer schedule of Services and Fees for additional information.

How can I deposit funds into my account?

By direct deposit, online by Fl to Fl (transfer funds between financial institutions) or use our remote check deposit with the Pro Mobile App on your smart phone. You can also mail your check deposit to the address below:

Proponent Federal Credit Union 536 Washington Avenue Nutley, NJ 07110

What should I do if my relative who has an account with Proponent passes away?

We understand this is an emotionally stressful time, and that navigating through a loved one's financial affairs can be challenging. We hope this information related to our role in this process is helpful. First please notify us or visit a Proponent branch to discuss your situation; we're here to help. We also recommend you contact your financial and legal advisors for assistance.

  1. Have available the deceased's full legal name and Social Security number, plus any shares or account numbers and other information you may know.
  2. Obtain the following documents:

    *If applicable

    • Death Certificate with raised seal (original or notarized copy)
    • L-8 Form OR Inheritance Tax Waiver OR Non NJ Resident the Affidavit of Domicile
    • Surrogate’s Certificate* OR Letters of Testamentary* (original or notarized copy)
    • Will*
    • Please bring or submit your documents to us; however, depending on the circumstances we may require additional information or documentation.

Online and Mobile Banking

We offer a full suite of online services for your convenience.

Username/ID and Password

It is very important that only you know your Username/ID and Password. This is the only way your account may be accessed. Three (3) unsuccessful attempts will lock out a user from accessing their account. If a user becomes locked out, a call must be placed to our member support team for security purposes.

Automatic Log Off

After a ten minute period of inactivity, the system will automatically log you off and force you to re-enter your Username/ID and Password.

How do I reset my online password if I have forgotten it?

Click on the “Reset Password” link and fill in your Proponent Account Manager/ID, your email address on file and the email subject. The email subject can be anything you choose. The email subject you enter will be used in the Password Reset email we send you, so that you know that the email concerning your password is legitimate and was generated by an inquiry of yours. An email will be sent containing instructions on how to reset your password. The email link is only good for two hours. Please note: Online access is locked out after three invalid password attempts and can only be unlocked by contacting us for security purposes. You may reset your password while locked out but you will not be able to access the account until it is unlocked.

Can I create multiple PAM IDs for one member account to login?

No, there can only be one PAM ID per membership.

Can I transfer funds to or from an account I have at another financial institution?

Absolutely! Our FI to FI transfer feature is free and allows you to transfer funds to and from an account you have at another financial institution.

Where do I find pending debit card or credit card authorizations?

Click on View transactions/View pending debit/credit card transactions link in your Online Banking home screen.

How do I update my address, phone number or email address?

Click on Additional Services link in your Online Banking home screen. Click on Continue in “Contact Info Update”.

How do I download your app on my smartphone?

From your smartphone, navigate to your app or play store and search for the Proponent app. Click on install and that’s it.

How do I deposit a check by remote check deposit?

First, request to have the Click N Send feature turned on for your account. Next, open the Proponent app on your smartphone and login with your Pro Mobile ID and password. Choose “Deposit” from the menu, then click in Deposit a Check. Finally, take a picture of the front of the check, the back of the check, enter in the dollar amount and choose the account you would like to deposit the funds into.

What is the cost for online bill pay?

Consumer online bill pay is absolutely free as long as you make a minimum of 3 payments a month through Bill Pay. $7.00 fee per month (N/A with 3 bill payments).

Payments that are made on future dates which you specify are called scheduled payments. Payments are processed on the scheduled date. However, payments scheduled for non-business dates (such as holidays or weekends) are processed on the business day prior to the scheduled date or on the next business day (you select your preference at the time you set up the payment). Payments should be scheduled before 2:00 p.m. EST on the business day you wish the payment to be effective.

NOTICE: Payment of taxes or court-directed payments through Proponent Account Manager (including Bill Pay) is strictly prohibited.

For more information please click for Learn More or View Demo.


How do I apply for a loan?

Apply online at or call 800.457.8058 and speak with an advocate. You can always stop by any branch office during business hours to apply.

How long does it take to find out whether my loan request was approved?

It generally takes one business day or less to find out if your loan application request was approved.

Can I have a monthly loan payment estimate?

Get your estimate by clicking on the Loan calculator link.

What is Debt Protection?

Debt Protection helps get relief from loan payments if a protected life event unexpectedly happens to you. This protection could cancel your loan balance or payments up to the contract maximums in the event of death, disability or involuntary unemployment.

What is GAP Plus (Guaranteed Asset Protection)?

When you buy a new, used, or recreational vehicle there’s no way to know if it will be stolen or totaled in an accident. With the purchase of GAP Plus, you’re protecting your vehicle investment against a possible financial loss. GAP Plus will help cancel the difference between the primary vehicle’s insurance settlement and what you may still owe on your vehicle loan. In addition, it will cancel $1,000 of your next loan with Proponent, when you purchase a replacement vehicle within 60 days of your primary insurance settlement. GAP Plus helps you prepare for the unexpected.

How do I make a loan payment?

Proponent allows for electronic payments via our Pay Your Loan Service. Please remember to update any existing bill pay coming from outside financial institutions. Bill pay and mailed loan payments can be sent to the address below:

Proponent Federal Credit Union 536 Washington Avenue Nutley, NJ 07110

Auto Loans

What is needed to process my auto loan?

Different documentation is required depending on the type of auto loan.

1. All Auto & Recreational Vehicle Loans

  • Insurance Declaration page listing Proponent as loss payee with deductibles no higher than $1000
  • Copy of a valid Driver’s License
  • Most recent income statement or previous year W2’s (can be provided by your employer)

2. Purchases

3. Refinance

  • All items listed in #1 above
  • 10 Day Payoff Letter from current finance company
  • Auto Registration Card
  • Mileage

4. Lease Buyout

  • All items listed in #1 above
  • Complete Lease Buyout Agreement
What is GAP Plus (Guaranteed Asset Protection)?

When you buy a new, used, or recreational vehicle there’s no way to know if it will be stolen or totaled in an accident. With the purchase of GAP Plus, you’re protecting your vehicle investment against a possible financial loss. GAP Plus will cancel the difference between the primary vehicle’s insurance settlement and what you may still owe on your vehicle loan. In addition, it will cover $1,000 of your next auto loan with Proponent, when you purchase a replacement vehicle within 60 days of your primary insurance settlement.

What is Debt Protection?

Debt Protection helps get relief from loan payments if a protected life event unexpectedly happens to you. This protection could cancel your loan balance or payments up to the contract maximums in the event of death, disability or involuntary unemployment.

How long is my pre-approval good for?

The pre-approval period is 60 days. You can find your expiration date listed in your pre-approval email and/or certificate.

What should I do when I find the car I want?

Provide your Loan Processor with a dealer invoice and we’ll do the rest.

How do I make loan payments?

You can use Online Banking to transfer payments from your Proponent account. You can also use a secure online Pay Your Loan Feature to pay from an outside institution.

What will my payments be?

The payment amount will be provided at closing. For an estimated payment, see our Loan Payment Calculator.

Who can I contact with questions?

Call our Member Support Team at 800.457.8058 or reach out to your Loan Processor using the information provided in your pre-approval email.


What should I do if I lose my Proponent VISA debit/credit card?

You should contact us immediately if your card is lost or stolen. You can contact us by phone 24/7.

What precautions should I take if I'm traveling out of the country?

For security reasons, ATM/Debit Card transactions are blocked in most foreign countries. Before you travel, visit our web site to submit a Travel Notice or call Member Support Team at 800.457.8058.

Will I be charged ATM fees?

There is a $1.00 fee per transaction when you use a non-Proponent ATM but is free for PBSP Members.

How can I set up to pay my Proponent Visa Credit Card from another financial institution?

You can use our FI to FI transfer feature to transfer funds from another financial institution to your account with Proponent. Funds will be deposited into your savings or checking account and you can then transfer the funds to your Proponent VISA Credit Card. Or for your convenience you can also use the “Pay Your Loan Service

Can I set up an automatic transfer or payroll transfer to pay my Proponent Visa Credit Card?

Yes, we can set up an automatic transfer to your Visa credit card in a variety of ways to best suit your needs. Just give us a call at 800.457.8058 and we would be happy to take care of that for you.

How does ProRewards work?

Every time you use your Visa Debit and Credit cards we want to thank you. Use your card and earn up to 2X rewards points** on purchases towards categories like travel, entertainment, gas, groceries and more. You can enroll for ProRewards online or contact our Member Support Team.

** 2X rewards points offer applies to Proponent Visa Signature card only. Must spend $1,000 or more per month to qualify for 2X rewards points.

Points can be redeemed by clicking on the ProRewards tab located on your Online Banking home screen or by calling to 1.877.909.1450.

IRA (Individual Retirement Account)

What is an IRA?

An IRA is a type of savings account that is designed to help you save for retirement and offers many tax advantages. We offer three types of IRAs: There are two different types of IRAs: Traditional and Roth IRAs. And Coverdell (ESA) Education Savings Account.

Getting Started. Learn about saving for retirement using Traditional and Roth IRAs.• Traditional and Roth IRA comparison chart

What is the difference between a Traditional and Roth IRA?

The primary difference between a Traditional IRA and Roth IRA is the type of tax benefit each offers. With a Roth IRA, you get no deduction for contributions, but if you follow all the rules your investment earnings will be distributed tax- and penalty-free in retirement. Traditional IRAs can provide a deduction for contributions and you defer taxes on investment earnings until funds are withdrawn, typically in retirement.

How do I open an IRA?

The first step in opening an IRA is to select which type fits your individual situation. The application process varies slightly depending on your choice. Visit our branch or contact us for more information.

Can I open an IRA for my child?

Educational IRA’s are available to open. Although not considered retirement accounts, follow the same procedure for opening as normal IRA’s. Contribution for ESA’s is $2,000 per year. These funds must be used for education expenses such as private elementary and high schools tuition as well as college expenses.

Should I set up beneficiaries for my IRA?

Your beneficiary designations generally determine who will inherit your IRA and supersede instructions in your will or trust. You may choose your beneficiaries at time of opening or update at any time while your IRA remains open.

What is the annual contribution limit for an IRA?

If you are under age 50 you can contribute up to $5,500 in 2016 and 2017, and if you're age 50 or older, in a particular tax year, you can contribute an additional $1,000 catch-up contribution for a total of up to $6,500.

Can I contribute to both a Traditional and a Roth IRA in the same year?

Yes, you may make contributions to both a Traditional IRA and a Roth IRA in the same year, provided the combined total contribution does not exceed your contribution limit, or 100% of earned income, whichever is less, for the year, including any catch-up contributions. For example, in 2017, the total amount you can contribute to both a Traditional IRA and a Roth IRA combined cannot exceed $5,500 ($6,500 if age 50 or older).

How do I withdraw from my IRA?

You must contact us to withdraw IRA Funds (take a distribution) from your IRA — be sure to have your account number(s) handy.

What is an inherited IRA?

An Inherited IRA allows beneficiaries a way to keep the funds growing tax-advantaged in an IRA while taking distributions. The account titling will always refer to the deceased IRA owner with you listed as the beneficiary. Since you aren’t the owner, you may not make contributions and cannot execute a 60-day rollover to this account. The benefit of this arrangement is that you only need to take annual required minimum distributions (RMDs) based on your life expectancy and are taxed on that amount; this is often referred to as the stretch IRA strategy.

Can I transfer my inherited IRA to the credit union?

Yes, an inherited IRA can be transferred from any financial institution into our credit union. Contact member services for proper procedure and appropriate transfer forms.

Additional Resources:
What should I do with my existing retirement plan from a previous employer?

We think that is very important for you to contact your former employer first for more information. Proponent does however proudly offer members investment options and financial planning services. To learn more or assistance about these services please call 201.447.2212.

Need to discuss with an advocate?
We’re here to listen at 800.457.8058.