Account Opening FAQs

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Who can open accounts online?

New and existing members (excluding business members) can open their accounts online. You must be 18 years of age or older, and a US citizen or a US resident alien in order to open accounts online.

What accounts can be opened online?

New and existing members can open savings, checking, tiered money market, or certificate accounts online.

Additionally, as you go through the account opening process, based on the accounts you are opening, you also have the option to:

  • Request an ATM / Visa Debit Card
  • Order paper checks
  • Request Internet Banking and MAGIC (audio voice response system) access
  • Request direct deposit
  • Set up overdraft protection and Privilege Pay (as applicable to the type of accounts opened)
  • Authorize us to pay overdrafts on ATM card and Visa Debit Card transactions

The online account opening process takes about ten minutes to complete.

Do I need to open a savings account when opening accounts online?

New members: Yes, all new members must open a primary savings account. A checking, tiered money market, or certificate account can be opened in addition to a savings account, if desired.

Existing members: Existing members can open any accounts they choose, whether savings, checking, tiered money market, or certificate accounts.

What restrictions apply when opening certificate accounts online?

You may open select certificate accounts through Internet Banking (no IRAs). You may open a regular certificate account for any term from 3, 6, 12, 18, 24, 36, 48, and 60 months, with a minimum deposit of $500. Save Smart Certificate Accounts have an 8-month term with a minimum deposit of $250. Flex Certificate Accounts have a 12-month term with a minimum deposit of $750.

Additionally, if you would like to add a beneficiary to your certificate account, please call our Contact Center at 845.463.3011 or visit any of our branches.

What information do I need when opening my accounts online?

New members: You will need your driver’s license and your Social Security Number. Additionally, you need a means to fund the account you are opening.

Existing members: You will not need any additional information. Sign on to Internet Banking and click the “Open Account / Apply for Loan” link from the “Additional Options” menu.

Can joint accounts be opened online?

Joint accounts can be opened online.

How do I fund the accounts I am opening online?

New members: You must transfer funds from a non-HVFCU savings or checking account at account opening. When transferring funds from a non-HVFCU account, your institution’s transit routing number and account number are needed. Funds transferred from another financial institution will appear in your account within two business days. Additionally, your funds will be held for five business days after account opening.

Existing members: You can transfer funds from a non-HVFCU savings or checking account or your own HVFCU accounts. When transferring funds from a non-HVFCU account, your institution’s transit routing number and account number are needed. Funds transferred from another financial institution will appear in your account within two business days. Additionally, accounts that have a minimum to open must be funded at account opening, otherwise you can fund the account by transfer through Internet Banking or MAGIC, or by calling our Contact Center after the account(s) have been opened.

Do I need to submit any paperwork in conjunction with the accounts I have opened online?

Only new members are required to submit paperwork when opening accounts online. If you are a new member, you are required to submit a signature card to HVFCU within 30 days of opening your accounts online. You will be directed to download the signature card, sign it, and mail it to:

Hudson Valley Federal Credit Union
PO Box 6000
Poughkeepsie, NY 12602-9913.

If accounts are opened with a joint member, the signature card will print out with an additional line for the joint member to sign. If we do not receive your Signature Verification Card within 30 days, your accounts may be subject to closure.

What are the minimum and maximum deposit amounts for accounts opened online?

Minimums:

  • Savings accounts: $5
  • Tiered money market accounts: No minimum
  • Checking accounts: No minimum
  • Regular certificate accounts: $500

Maximums:

  • Savings accounts: $25,000
  • Tiered money market accounts: No maximum
  • Checking accounts: $25,000
  • Regular certificate accounts: No maximum

Please note: All savings, checking, and tiered money market accounts have a combined total maximum for ACH transfers of $5,000. Certificate accounts are permitted a one-time ACH transfer in any amount of $500 or more.

When are the funds available for accounts opened online?

New members: – Your funds are on hold for five business days after account opening.

Existing members: – When funding from another financial institution, there is a two-day hold put on the funds to allow time for the other institution’s ACH origination to be received. When funding from an HVFCU account, there is no hold on the funds for transfers done through Internet Banking, MAGIC, or by calling the Contact Center.

Do I receive a confirmation that my accounts have been opened?

You’ll receive a confirmation email regarding the accounts you have opened. You can also check your accounts within Internet Banking to verify your accounts have been opened. If you opened your accounts outside of normal business hours, your accounts will appear the next business day.

When can I begin using Internet Banking?

New members who sign up for Internet Banking must stop into any branch or call our Contact Center at 845.463.3011 to complete their Internet Banking enrollment.

How do I enroll in Bill Pay?

You can enroll in Bill Pay from the “Bill Pay” menu within Internet Banking or by clicking the check image on the homepage within Internet Banking.

When are my paper checks ordered (for checking accounts)?

Paper checks are ordered during the account opening process.

How do I establish direct deposit?

At the end of the online application process, you will be directed to our online switch kit to set up direct deposit.

Do I need to do anything to enroll in overdraft protection, if selected (for checking accounts)?

If you select the overdraft protection option during the online account opening process, you will be automatically enrolled for the protection, and there is nothing additional you need to do.

When can I begin using MAGIC?

New members who sign up for MAGIC must stop into any branch or call our Contact Center at 845.463.3011 to complete their MAGIC enrollment.

What computer requirements are needed to open accounts online?

There is no special software needed to open accounts online. However, you will need an internet browser that supports 128-bit encryption. Adobe Acrobat reader will be needed to view the required signature card and a printer will be needed to print it (new members only). There is a link on the signature page to download the reader if you do not have it.

Can I save my information if accounts are not opened in one session?

You can save your information and then return at a later time to resume your account opening.

Can business members open accounts online?

At this time, business members are unable to open their accounts online.

Why was my savings / checking / tiered money market account closed after account opening?

If we do not receive your signed signature card within 15 days, you are sent a reminder letter and blank Signature Verification Card to fill-out and return. If we still do not receive your signature card within an additional 15 days, our Member Services Department follows-up with a phone call. If after an additional 15 days no signature card is on file, all savings / checking / money market accounts under your membership are closed and a check is sent for any funds in your accounts.

    © 2016 Hudson Valley Federal Credit Union

    PO Box 1071, Poughkeepsie, NY 12602-1071
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363
    HVFCU Prepaid Visa Routing Number: click here


    Unauthorized Access Warning – Access to Internet Banking is restricted to authorized HVFCU members only.