Proponent would never call to ask for your Digital Banking log in and password. Please be aware of possible fraudulent calls.

Frequently Asked Questions

Digital Banking

Logging in

  • How do I enroll ?
  • Why do I need a secure access code?
  • What if I no longer have access to the verification phone number or email provided?
  • Why would I need to re-register my device or browser for account access?
  • What if I forget my password?
  • Why was I logged out?

How do I enroll ?

Simply follow these instructions
  1. Click the “Enroll” button from login on website or mobile app.
  2. Input requested personal information, e.g. member number, social security number, etc.
  3. You will need to acknowledge the online banking agreement.

Why do I need a secure access code?

To protect your financial and personal information. If it’s your first time using a browser or device to log in, a secure access code will confirm that the browser or device is yours.

Please note that if you do not register your device, you will continue to receive a secure access code.

What if I no longer have access to the verification phone number or email provided?

If you cannot access both contact methods, please contact us at 800.457.8058 for identity verification and contact info updates.

Why would I need to re-register my device or browser for account access?

Any of these reasons might trigger re-registration.

  • Your browser settings are configured to delete cookies.
  • Your browser cookies for online banking were removed.
  • You use a browser plugin that automatically removes browser cookies when you close the browser.
  • Your account requires a secure access code each time you log in.
  • You use a Symantec VIP Token for a secure access code when you log in.
  • You log in with a different browser on the same registered computer.
  • You deleted and reinstalled the mobile banking app.

What if I forget my password?

  1. Click “Forgot your password?
  2. Enter your login ID.
  3. Click “Submit.”
  4. Click your preferred contact method. A code will be sent by your selected method.
  5. Enter your code on the Secure Access code page and click “Submit.”
  6. You will be prompted to enter and confirm your new password.

Why was I logged out?

After 30 minutes the system will automatically log you off and force you to re-enter your Username/ID and Password.

Mobile Banking

How do I download your app?

Search for Proponent in the Apple or Play store and install.

Download on the App StoreGet it on Google Play

Are Mobile Deposits posted to my account immediately?

Deposits will post to your account in real-time. Your funds will be available:

  • – $225.00 available for use immediately.
  • – Full deposit amount available in 2 business days.*

Limit of 5 deposits per day.

*Some exceptions may apply.

CardSwap

What is CardSwap?

CardSwap is a simple way to update your Proponent credit and debit card information across all of your online subscription, eCommerce, and streaming services – all at once! Here’s a sneak peek of just some of our participating CardSwap vendors.

Do I need my login information for each subscription?

Yes, you will need your subscription logins and passwords for initial activation. Access will be seamless once set up.

How long will it take CardSwap to switch my card information?

Card updates will take effect within 24 hours.

Personal Finance Manager

What is Personal Finance Manager?

Personal Finance Manager (PFM) lets you view your accounts from many other popular financial institutions, all from one place. Track spending, set budgets, and learn more about your finances.

Do I need my login information to link my outside accounts in Personal Finance Manager?

Yes, you will need your credentials for each outside institution, and periodically for updated information, such as password changes.

Can I link more than one outside account in Personal Finance Manager at a time?

Yes, however accounts load one at a time.

Can I conduct transactions with Personal Finance Manager?

No, however, you can use External Transfers to move funds between financial institutions.

Why am I not seeing my financial vendor in Personal Finance Manager?

Proponent strives to include many other widely used financial institutions as part of Personal Finance Manager. However, not all will be available to connect with our App. As time goes on, more financial institutions may be added.

Bill Pay

  • What is the cost for Bill Pay?
  • Can you schedule future payments?

What is the cost for Bill Pay?

There is no cost for Bill Pay as long as you make a minimum of 3 payments per month. If the 3 payment minimum is not met, there is a $7.00 monthly fee.

Can you schedule future payments?

Yes, 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 Digital Banking (including Bill Pay) is strictly prohibited.

Transfers

How do I make a transfer?

Can I transfer money to other members?

Yes, you can set up one time or reoccurring transfers with the Member to Member Transfer feature.

Watch Tutorial

Will Member to Member Transfers occur immediately?

Yes.

Is there a daily limit for Member to Member Transfers?

No.

Can I transfer funds to non-Proponent members?

Yes, we offer Person to Person payments as part of our Bill Pay service. Click here for more info.

Can I transfer money between my outside accounts and Proponent?

Yes, all you need to do is add and verify external accounts and you’ll be all set. Click here for step by step instructions.

How long will it take for external transfers to process?

External transfers can take up to 2 business days.

Is there a daily limit for external transfers?

Yes, you can transfer up to $5,000 per day.

General Questions

Why is there a delay in my balances being updated after a transaction?

There are times when after you complete a transaction, your browser screen may not refresh automatically to show your latest balance. When this happens, wait a short period of time to see if it will update on its own. If it doesn’t log out and then log back in again and your current balance should show.

Can I automatically enroll a minor or custodial in Digital Banking?

Yes, parents can enroll the custodial account using the minor’s information.

How can I make sure the correct account is selected for External Funds Transfer?

When selecting an external account, you will see the last 4 digits of the accounts. You can also name your accounts.

 

I deposited a check. Why is the amount showing as a debit?

Proponent continuously works to improve the Digital Banking experience. In doing so you will find new ways in which we display your information. When a check is deposited, the funds are put on hold for a short period of time. During that timeframe your deposit will appear as though it is a debit transaction. But be assured, the amount that you deposited is in your account and will be fully available once the holding period has cleared.

I just opened an account but I’m not seeing it in Personal Finance Manager. Where can I find it?

When you open a new account is does not display in your dashboard right away. This is because the system is processing your request and updating your information. Please allow 24 hours for your account information to appear.

How do I delete an external account?

  • Open the Settings Menu
  • Choose “Account Preferences”
  • Click the external account you wish to delete
  • Select “Delete Account”

How do I access additional information about my account?

Once you login to Digital Banking you can access full details about your account by first clicking the 3 dots found on the right side of your account’s tile, then selecting the ‘View Activity’ option from the pop-up menu. See the screenshot below:

Screenshot Digital Banking view activity

Why am I having issues enrolling from your mobile browser?

You may experience issues clicking enroll on mobile browsers. Simply clear your browser cache, or download the Proponent Digital Banking app. Search for Proponent in the Apple or Play store and install.

Download on the App StoreGet it on Google Play

Cards

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.

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.

Do balance transfers or cash advances earn ProRewards points?

No, ProRewards points are earned for purchases only.

How do I increase my limit?

By submitting an application in online banking, over the phone or in the branch.

Do you have currency conversion fees (international assessment fees) with your cards?

Currently our Visa Signature card has no foreign transaction fees. A 1% foreign transaction fee applies to all other credit and debit cards.

What happens if I confirm fraud on my card?

Contact a representative at 1-800-457-8058 or by visiting your local branch.

How long does it take for my card arrive in the mail?

It typically takes 7 to 10 business days

My card is expiring so when will my new one arrive?

Typically you will receive your new card a week or two before the current card is set to expire.

How do I make my payments?

You can pay pay Your Loan online via any of the following options:

 

– Transfer a payment within Online Banking.

– An external ACH payments can be made directly to your visa credit card

Can I stop a payment on my credit card?

Yes, contact member support or visit your local branch.

Can I get my card quickly if needed?

A new card can be created at your local branch, or rush delivery request for a $35 fee.

How do I unfreeze my card?

Contact member support or visit your local branch.

Does Proponent do automatic limit increases based on good payment history?

No, but you can submit an application anytime via online banking, over the phone or in the branch.

Does Proponent offer authorized signers on our cards?

Not at this time.

When Is my due date?

Due date is the 19th of every month.

Home Equity Loans

Proponent heloc steps

Which stage of the home equity process are you in?

Application

Faq Heloc Process

Do I qualify?

Use our calculator to estimate your equity

Pre-Approval

Faq Heloc Pre Approved

What is needed to process my Home Equity Loan?

Document requirements vary. Here are some examples of what we might need.

  • 30 days most recent paystubs
  • Previous year W2
  • Most recent mortgage statement

I’ve submitted my documents, why haven’t I heard anything yet?

Processing time also depends on receipt of appraisal.

How long is my pre-approval good for?

The pre-approval period is 90 days from your credit report.

Will my approved loan amount be the same as the pre-approval amount?

Your final loan amount will be determined upon appraisal results and your credit criteria.

Will I have access to the appraisal results?

You will receive a copy of your appraisal in a separate email.

Approval

Faq Heloc Approved

  • How do I schedule my closing?
  • What conditions are required to schedule my closing?

How do I schedule my closing?

Closings must be scheduled verbally. We will call you within 1-2 days of receipt of conditions.

What conditions are required to schedule my closing?

Proponent Federal Credit UnionAttention Insurance DepartmentISAOA/ATIMAPO Box 924267Fort Worth, TX 76124

Conditions vary. All closings require proof of updated homeowner’s insurance with the Proponent listed as mortgagee (see below).

A full list of conditions may include:

  • Verbal verification of employment (for all fixed Home Equity Loans)
  • Spouse/Co-owner must sign required documents at closing
  • Pay off Proponent Credit Card

Closing

Faq Heloc ready to close

Where will my closing take place?

Either at the Proponent office or by mail/FedEx.

What is needed at closing?

Your drivers’ license and spouse/co-owner for signature if applicable.

What will my payments be?

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

Will my funds be available immediately upon closing?

funds will be available approximately 3 business days after closing.

How do I make loan payments?

Automatic payments from a Proponent account are required for all Home Equity Lines of Credit as well as for a rate discount on Fixed Home Equity Loans. You can use Online Banking to set up automatic transfers from an outside financial institution to your Proponent account.

How do I draw on my HELOC?

The easiest way to access your HELOC is to make transfers to your Proponent checking account in Online Banking.

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.

Mortgages

Pre-Approval

  • What is a pre-approval?

What is a pre-approval?

This is the first step in the mortgage process. After an application is submitted, if pre-approved, a letter will inform you of the loan amount you are approved for, allowing you to begin your home-shopping process. There is no cost for the pre-approval and it is valid for up to 90 days.

Application Fee

  • Is there an application fee?

Is there an application fee?

Yes, there is a $350 non-refundable application fee. The $350 is payable once a loan has received preliminary approval and initial disclosures have been provided.

Rates

  • How long will my rate be guaranteed?

How long will my rate be guaranteed?

The rate will be honored for 60 days from the application date. Pre-approvals are not guaranteed a rate until a specific property is identified and an agreement is reached with the seller. If the rate drops during the processing of a First Mortgage, you can request to re-lock or “float-down” to the lower rate (one time only).

Down Payment

What is a down payment?

A down payment is the amount of the buyer’s own funds put towards the purchase of a home.

PMI

  • What is PMI?

What is PMI?

Private Mortgage Insurance is required if your down payment is less than 20% of the purchase price of the home. PMI charges vary depending on the amount of the loan, loan-to-value, credit score, and transaction type. PMI is also required on refinances when the loan amount exceeds 80% of the appraised value.

Closing Costs?

  • What are closing costs?

What are closing costs?

Closing costs vary drastically and are approximately 2-5% of the loan amount. Closing costs can include, but are not limited to appraisal, credit reports, escrow fees, attorney fees, county recording, title work, flood certification and tax certification. We also charge a flat $500 processing fee which is paid at closing and/or comes out of the loan proceeds.

Discount Points?

  • What are Discount Points?

What are Discount Points?

One-time charges paid up front in a lump sum to buy-down or lower the rate of the mortgage. Each point costs 1% of the mortgage loan amount and is added to the closing costs.

Prepayment Penalties

Are there prepayment penalties?

No.

Auto Loans

  • What is needed to process my auto loan?
  • What is GAP Plus (Guaranteed Asset Protection)?
  • What is Debt Protection?
  • How long is my pre-approval good for?
  • What should I do when I find the car I want?
  • How do I make loan payments?
  • What will my payments be?
  • Who can I contact with questions?

What is needed to process my 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.

For details, click here

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.

Personal Loans

Can I get a payment estimate before applying?

Yes, A representative is more than happy to offer a projection of your estimated payment, or simply use our online calculator.

Do you have any prepayment penalties if I pay off the loan early?

No, there is no fee to pay your loan early.

Can I make an interest only payment?

We do not offer interest only payments.

Do I have a grace period on my loan before I receive a late fee?

Yes, we offer a 10-day grace period before a late fee is applied.

How much is the late fee?

Most late fees are $25 however please refer to your loan documents and disclosures regarding any fees.

Do you offer debt consolidation loans?

Yes, this is considered a personal unsecured loan.

Can I have a co-signer on my loan?

Yes, co-signors and co-borrowers are accepted.

What options do I have if I cannot afford to make this month’s payment?

A one-time deferment is suggested but please contact a representative to discuss available options.

What credit score do I have to have to get approved for a loan?

We are risk-based lending therefore the credit determines your interest rate but does not always determine an approval or denial.

Will my low credit score effect the decision of my loan?

Not always but it does determine the interest rate.

I was recently denied for a personal loan how long before I can reapply?

Best practice is to wait 3 to 6 months before reapplying. If you recently had items removed from your credit report it can take several weeks for your credit report to update.

How long after becoming a member can I apply for a personal period?

Immediately after becoming a member you are eligible to apply for any of our loan products.

How long does it take after submitting application to get a decision?

It can take 24 to 48 business hours to decision a loan.

How can I submit my documents that were requested for my application?

If you are unable to upload the document directly from your online banking you can send them directly to loanteam@profcu.org

I am on disability can I apply for a personal loan?

Under most circumstances yes but we recommend speaking to a Proponent representative first to determine if additional information is needed

Do you offer insurance on personal loans?

We offer life disability and involuntary unemployment Debt Protection Coverage.

I already have a loan with Proponent can I apply for a new loan?

Yes, please contact a Proponent representative to review all possible options.

Can I refinance my existing loan with Proponent for a lower interest rate?

No, we do not refinance our own loans for lower interest rates.

Loans

  • How do I apply for a loan?
  • How long does it take to find out whether my loan request was approved?
  • Can I have a monthly loan payment estimate?
  • What is Debt Protection?
  • What is GAP Plus (Guaranteed Asset Protection)?
  • How do I make a loan payment?

How do I apply for a loan?

Apply online at profcu.org 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.

For details, click here

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?

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

General

  • What is a Credit Union ?
  • What is the difference between a Credit Union and a bank?
  • Who can join Proponent ?
  • How can I become a Proponent member?
  • If my employment status changes or ends , do I have to close my membership?
  • What types of products and services does Proponent offer?
  • Are my accounts insured?
  • How long does an ACH direct deposit take to be deposited into my account if my employer sent it today?
  • How do I wire money?
  • Do we offer notary services?
  • Do we offer Medallion Signature Guarantee services?
  • What is Proponent's routing or transit number?
  • Does Proponent have service fees?
  • How can I deposit funds into my account?
  • What should I do if my relative who has an account with Proponent passes away?
  • Does Proponent offer insurance services?

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 accountsshare draft checking accountsshare certificatesspecialty savings (Custodial, Vacation/Holiday and IRAs), wealth managementauto loanscredit cardspersonal loansstudent loanshome equity loansmortgages, 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. 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 Digital Banking 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.

Does Proponent offer insurance services?

We have a partnership with TruStage Insurance for your coverage needs.

IRA (Individual Retirement Account)

  • What is an IRA?
  • What is the difference between a Traditional and Roth IRA?
  • How do I open an IRA?
  • Can I open an IRA for my child?
  • Should I set up beneficiaries for my IRA?
  • What is the annual contribution limit for an IRA?
  • Can I contribute to both a Traditional and a Roth IRA in the same year?
  • How do I withdraw from my IRA?
  • What is an inherited IRA?
  • Can I transfer my inherited IRA to the credit union?
  • Additional Resources:
  • What should I do with my existing retirement plan from a previous employer?

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.