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.

New members: Establish your membership and open your savings, checking, and money market accounts by clicking the “Become a Member” link at the center of our homepage. New members are not able to open certificate accounts online.

Existing members: Open your savings, checking, money market, and certificate accounts online through Internet Banking.

What accounts can be opened online?

New and existing members can open savings, checking, or money market accounts online. Only existing members are able to open certificate accounts online.

New members: As a new member, you can order Visa Debit Cards & paper checks, or sign up for Internet Banking, Bill Pay, MAGIC, direct deposit, and overdraft protection, as applicable.

Existing members: If you are already a member, you can order paper checks, or establish Bill Pay, direct deposit, and overdraft protection, as applicable.

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: At a minimum, new members must open a savings account. A checking and / or money market 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, or money market accounts.

What restrictions apply when opening certificate accounts online through Internet Banking?

Only existing members may open select certificate accounts online through Internet Banking (no IRAs, Flex Certificate Accounts, Save Smart Certificate Accounts, or jumbo certificate accounts).

You may open a certificate account for a 3, 6, 12, 18, 24, 36, 48, or 60-month term with a minimum deposit of $500 and a maximum deposit of $49,999. If you would like to open a certificate account for more than the maximum amount allowed, please call our Contact Center at 845.463.3011 / 800.468.3011, or visit any of our branches.

Additionally, if you would like to add a joint owner or beneficiary to your certificate account, please call our Contact Center 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, your previous home address (if you have lived at your current address less than two years), 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 an Account” link from the “Additional Options” menu.

Can joint accounts be opened online?

New members: You can open joint accounts online. Joint members need to provide the same information that primary members do, as indicated in the question above this one.

Existing members: If you would like to add joint owners or beneficiaries to your savings, checking, or money market accounts, you will be provided the appropriate forms during the account opening process. These forms need to be returned to us to ensure the joint owner or beneficiary is added to your account. You cannot add a joint owner when opening certificate accounts online, but you can call our Contact Center at 845.463.3011 /800.468.3011 or stop into any of our branches if you wish to add one.

How do I fund the accounts I am opening online?

New members: You must transfer funds from a non-HVFCU savings or checking account. When transferring funds from a non-HVFCU account, your institution’s transit routing number and account number are needed.

Existing members – savings, checking, and money market accounts: 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. When transferring from an HVFCU account, you can do so through Internet Banking or MAGIC or by calling our Contact Center after the account(s) have been opened.

Existing members – certificate accounts: When opening a certificate account you must transfer funds from an existing HVFCU account.

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 card within 30 days, your accounts may be subject to closure.

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

New and existing members:

Minimums:

  • Savings accounts: $5
  • Money market accounts: $1,000
  • Checking accounts: No minimum
  • Regular certificate accounts: $500

New members:

Maximums:

  • All savings, checking, and money market accounts have a combined total maximum of $100,000

Existing members

Maximums:

  • All savings, checking, and money market accounts have a combined total maximum of $5,000
  • All certificate accounts each have a maximum of $49,999

When are the funds available for accounts opened online?

Non-HVFCU funding: There is a two-day hold put on the funds to allow time for the other institution’s ACH origination to be received.

HVFCU funding: 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 can 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 can begin using it immediately. During the online account opening process, you are assigned a temporary password, which will need to be changed the first time you sign on to Internet Banking.

How do I enroll in Bill Pay?

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

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

New members: Your paper checks are ordered once we receive your signature card (which you are provided during the account opening process).

Existing members: Your paper checks are ordered when your accounts are opened.

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 can begin using it immediately. During the online account opening process, you are assigned a temporary password, which will need to be changed the first time you use MAGIC.

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?

No. All entered information is lost if your accounts are not opened in one session.

Can business members open accounts online?

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

Why was my savings / checking / 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 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.

    © 2014 Hudson Valley Federal Credit Union

    159 Barnegat Rd. Poughkeepsie, NY 12601
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363