fREQUENTLY ASKED QUESTIONS

Action Multiplexer Error Message: When I log out of the Online Account Manager and attempt to log on again, why do I receive this error message - "Action Multiplexer: The requested action does not exist. Please call your credit union."?
This is a security measure to prevent someone else from logging back into your Online Account Manager session by clicking on the "Back" button on your browser after you've walked away from your computer. To avoid receiving this error message, close your browser (i.e.: Internet Explorer, Netscape Navigator, etc.) after you log out of your Online Account Manager session. You can open your browser again and log in as you normally would.

If I sign a contract to buy a car, do I have three days to change my mind and cancel the contract?
According to the Maryland Attorney General: "No. Many consumers mistakenly believe all contracts allow a 3-day cooling-off period to cancel. Generally, there's no cooling off period after you sign a contract. (In Maryland, only a few types of transactions, such as door-to-door sales contracts, allow you three business days to cancel.) However, if the dealer promised finance terms, such as a certain interest rate or monthly payment, and is unable to honor those terms, you can't be forced to accept other terms and may cancel the contract."

How are the Credit Union’s rates determined?
Your Credit Union exists to serve member-owners like you. That’s why our rates and fees tend to be better than those at for-profit financial institutions. One recent study showed that the average Credit Union member saves about $75 to $100 a year by using their Credit Union rather than a commercial bank.

The Credit Union’s board of directors sets our rates and fees. They take many things into account when making pricing decisions. First, the Credit Union must earn enough to pay its employees, utility bills, data processing, office supplies, and other expenses. Then the Credit Union must build and maintain a financial cushion to help us survive challenging economic times we might face in the future. Finally, we try to set our savings rates as high as possible and our loan rates as low as possible so our members can be assured that whenever they need us they will always get the very best deal we can offer.

We offer reduced loan rates to borrowers using payroll deduction for loan payments and we offer free checking accounts for direct deposit of payroll checks and other benefit payments. Both reduce operating costs by reducing the need for manual processing of deposits and loan payments. We do impose fees to cover the cost of special services and to reduce undesirable behavior such as bouncing checks or making excessive withdrawals from savings accounts.

Of course, any business has to keep an eye on the competition. We monitor other financial institutions on a regular basis and we try to offer rates that are attractive relative to local competitors. When pricing products and services, we must also gauge how decisions will influence the Credit Union’s risk profile. For example, we offer lower loan rates to members whose credit history shows a pattern of paying all their bills on time. And, economic conditions heavily influence rates on loans and savings accounts.

Your Credit Union’s pricing decisions can be complicated. In the end, the Credit Union difference – member ownership with a democratically elected volunteer board – helps insure that members get a fair deal.

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