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Checking Accounts

A checking account is a convenient way to protect and access your money. For example, you can have your paycheck automatically direct deposited into your checking account and pay your bills directly from there. A checking account can also help you keep track of your account balance and spending.

The routing number is located on the lower left-hand corner of your check. You can find out more about the location of the routing number, including viewing a sample check, by viewing the example below or by speaking with a URW representative at 434.793.1278 Dial 711 for TTY/TRS. URW Community FCU routing number is 251480482.

URW offers detailed information about overdraft fees online, or you can speak to a representative.

The availability of funds depends on the type of deposit you make and how it is deposited.

Same-day availability: Direct deposits of electronic payments, such as Social Security benefits and payroll direct deposits are available on the business day (excluding weekends and legal holidays) that the funds are due to you. Wire transfers received by 4:00 p.m. ET, cash deposits made in a URW branch and cash deposits made at a URW image ATM are available on the business day of deposit. Check deposits made at a URW branch before closing and/or at a URW ATMs before 5:00 p.m. local time on business days will have $100 of total check deposits available the same day and the rest will be available the first business after the day of your deposit if there are no holds on the account.

Next-Day availability: U.S. Treasury checks payable to you, wire transfers received after 4:00 p.m. ET on a business day, and check deposits made at URW ATMs prior to 3:00 p.m. local time are available the next business day if there are no holds on the account. ATM deposits made after 5:00 p.m. local time on business days or anytime on weekends or legal holidays will be considered deposited on the next business day and be available the following business day.

Exceptions
There are a few exceptions that may delay your funds availability. If we delay your ability to withdraw funds for any of these reasons, we will notify you and tell you when the funds will be available.
Reasons for delay include, for example:

We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer or communications equipment or other conditions beyond our control.
You are a new client with a checking account opened for fewer than 30 days.

In case of a delay, your funds will generally be available for withdrawal no later than the seventh business day after your deposit.

For more information, please take a look at our full funds availability policy call 434.793.1278 or visit a nearby branch Dial 711 for TTY/TRS.

There are several things to consider when choosing the best checking account:

Which accounts have monthly fees or service fees, and how can I avoid them?
Is there a minimum balance requirement, and can I maintain that balance?
Does this account come with free ATM use?
Does the account have features that simplify money management?

The main difference between checking and savings account is that checking accounts are for everyday use and savings accounts are for longer term saving.

They’re both deposit accounts, so they both allow you to access your money, but there are some differences.

Savings Accounts are great for making sure you have money available for emergencies or large purchases, and don’t spend it on everyday purchases. You’ll still be able to access your money by ATM, in online and mobile banking and with the help of a bank teller. They typically have higher interest than checking accounts and that interest will accrue over time, helping you grow your balance.

Checking Accounts don’t limit the number of transactions that can be made per month. And, to make managing money easier and more convenient, checking accounts can come with debit cards, check books, online and mobile banking, and other digital tools you can use to quickly access cash, pay bills and pay friends and family.

Checking accounts are bank accounts maintained by financial institutions in which a customer can deposit and withdraw money. Checking accounts work by quickly and easily letting you add and deposit money in a variety of ways, including with checks, online and mobile banking, including mobile check deposit, with a teller, at ATMs and by using electronic debits or ACH payments. With checking accounts, there is no limit on the number of deposits and withdrawals that can be made in a month.

Report the incident or theft as soon as possible, by contacting URW at 1-888-263-3370® and following the voice prompts. Dial 711 for TTY/TRS. We also recommend you check your account online for potential fraudulent transactions.

URW uses state-of-the-art technology to ensure your information is kept safe. We deliver a secure environment through a variety of methods, such as encryption, firewalls, and customer-controlled passwords.

Debit cards look just like credit cards but have a few important differences. A debit card is linked directly to your checking account, so when you make a purchase with it, that amount is deducted from your account. A credit card is treated more like a loan. You have extra time to repay the credit card amount but may be charged interest if it isn’t paid in full, and on time.

A URW debit card can help you keep within your budget to avoid overspending, plus it can be used at ATMs and millions of retailers worldwide that accept VISA Debit®. Debit cards are available with any URW checking account. A credit card’s ability to pay for emergencies can bring you peace of mind when you don’t have the funds in your checking account.

Your URW VISA Debit Card® has an embedded chip, which is the latest technology available to keep your information safe. When you check out at a chip enabled point of sale, you may be asked to put in a personal identification number (PIN) to authorize the transaction.

It’s easy to withdraw cash from your checking account anytime using your debit card at an ATM or by visiting a branch. You can also take money out of your account by writing checks or making payments in online and mobile banking and sending money to friends and family with person to person protocols, such as Transfer Now.

You can view your account activity in any of the following ways:

Sign on to Online Banking
Use URW’s Mobile App
Sign up for electronic statements
Call Teller Talk (1-877-793-5831) and follow the voice prompts. Dial 711 for TTY/TRS.
Visit a branch

You can order your personal checks with any of these easy options:

Online

Use the Mobile App
Order in Online Banking

In person

Visit your local URW Branch

By phone

Call 1-877-793-5831 (Be sure to have both your account and routing number ready) Dial 711 for TTY/TRS.

You can quickly find your account number in online and mobile banking—just sign on and select the account details. If you need help, contact us at 434.793.1278.

You can quickly and easily close your URW checking account by calling 434.793.1278 or by visiting a branch. To close a joint checking account, one owner will need to visit a branch.

To close your URW checking account, you’ll need to make sure you don’t have any pending transactions that would hit after the account is closed. This will help you avoid fees from the entities expecting payments from the account.

When you close the account, we’ll give you a cashier’s check for the account balance or transfer that amount into another account you have opened here.

To add an authorized signer, visit an URW Branch.

No. URW checking account holders don’t pay any minimum balance fees, or monthly service fees.

Yes. URW checking accounts are NCUA-insured.

Savings Accounts

There is no limit to the number of savings accounts that you have. Keep in mind, though, that each account has a $25 minimum fee.

There are several ways to withdraw money or make payments from URW savings accounts. You can make withdrawals at a financial center, by ATM, or by transferring money to other accounts. You can also make payments using Bill pay in online banking and the mobile app.

No, there is no limit to the number of withdrawals you can make from a URW savings account. However, a daily withdrawal limit of $500 applies to all URW ATMs, other ATMs, and merchants that allow cash back. If you need to withdraw more than the daily limit, you can visit a URW branch or call and speak to a member representative. It’s important to keep track of your withdrawals to avoid exceeding the limit and incurring fees.

Interest is earned on a savings account based on the balance in the account and the interest rate. Interest is compounded daily and added to the account balance monthly.

There are five ways to view your activity:

In the monthly or quarterly statement you opt to receive by mail or through email
Sign on to online banking
Use URW’s mobile app (must be enrolled in online banking)
Call Teller Talk 1-877-793-5831
Visit a financial center

Depending on the type of deposit you make at a URW financial center, ATM, or on a mobile device, your funds may be available immediately or the next business day. If you terminate the account before accrued dividends are credited, accrued dividends will not be paid.

There are a few exceptions that may delay your funds’ availability, including deposits for a large dollar amount or to a URW savings account that has been open fewer than 30 days. When making a deposit, be sure you understand when your money will be available so you can avoid overdrafts and fees. If you have any questions about your funds’ availability, talk to a URW representative by phone or at one of our financial centers.

An ATM card is primarily used for withdrawing cash from ATMs and checking account balances, while a debit card can be used for both ATM transactions and making purchases in stores or online. Debit cards offer more functionality, allowing users to make point-of-sale purchases and use them for online shopping, whereas ATM cards are limited to ATM transactions.

To change your legal name or legal title: Please bring a government-issued photo ID plus any additional documentation specific to your situation to any URW financial center.

If you are a co-owner or authorized user on the account: Please note that in order for us to remove your name, the account owner (or other co-owners) must accompany you to the financial center.

Reason for name change and documentation to bring in addition to a government-issued photo ID

Legal name misspelling on your account: Birth Certificate
Marriage: Marriage Certificate
Divorce: Divorce decree
Legal court order: Legal court order
Adoption: Adoption certificate

Donor Responsibilities The donor is the person who provides the funds and appoints the custodian. Donor gifts are irrevocable, not tax-deductible and can only be made during the donor’s lifetime.

Custodial Responsibilities The custodian manages how the funds are spent or invested once the account is opened. The custodian is the only signature holder on the account and the only person who can perform transactions on the account, which can only be used for the benefit of the minor. Funds may be invested in a savings account or URW certificates. The custodian is responsible for transferring the funds to the minor. This can be done in writing, by visiting a branch or by calling 434.793.1278.

If the custodian dies before the minor turns 21 and no successor custodian was named, a successor custodian will be designated by will or legal appointment. If the deceased custodian’s spouse is the parent or guardian of the minor, the spouse may be named successor custodian. URW should be notified of any successor custodians.

Share Certificates

With certificate of deposit (CD) accounts, money is saved for a fixed amount of time, called a term. In exchange for leaving your money in the account until the term ends, you earn a fixed interest rate, which is typically higher than the variable rates offered by savings accounts.

How much interest you earn on your URW Certificate depends on the amount you deposit, the term you choose and your fixed interest rate. Check out our rates.

No, unlike traditional savings accounts that can be deposited into at any time, Certificates are funded just once.

Toward the end of the term of your Certificate, you’ll receive a maturity notice with details about your options. You’ll be able to:

Withdraw your money and put it in another account.
Automatically allow your Certificate to renew for the same term at the current rate.

You can withdraw your principal balance at any time, but Certificates have a penalty for early withdrawal. You may withdraw the dividends you earn at any time without a penalty.

1) Amount of Penalty. The amount of the penalty is 180 days’ dividends on the amount withdrawn.

2) How the Penalty Works. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned at the dividend rate on the account. It applies whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

3) Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction. Where the account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment or where the account is an IRA and the owner attains age 59½ or becomes disabled and begins making periodic withdrawals.

Certificates of Deposit are mainly offered by banks, whereas Share Certificates (or Certificate Accounts) are offered by federal credit unions. Another difference is that while Certificates of Deposits earn interest, Share Certificates earn dividends. Lastly is the insurance tied to each of these types of savings; a Certificate of Deposit from a bank is insured by the Federal Deposit Insurance Company (FDIC), while a Share Certificate from a federal credit union is insured by the National Credit Union Administration (NCUA).

“Laddering” is a strategy of opening multiple certificates, each with a different length of term. Then, as each Certificate matures, you reinvest the proceeds in a new Certificate with a longer term.

Money Market Accounts

Money market accounts (MMAs) work like savings accounts. As customers deposit funds in a money market account, they earn interest on those funds. MMAs usually offer a higher interest rate and easier access to your money.

No. You must open a new Jumbo Money Market Account and transfer the funds from your existing Money Market Account. Earned dividends begin the day the Jumbo Money Market Account is opened.

Funds in Money Market Accounts with balances below $2,500 will not earn dividends for each day they remain below the minimum. Funds in Jumbo Money Market Account with balances below $100,000 will earn dividends at the Share Savings rate.

You can access your account by using Online Account Access, an ATM, by phone or any URW branch.

Federal regulation allows a maximum of six transfers and/or withdrawals per calendar month—either by MMSA check, and/or any online or pre-authorized transfers, including those through the Automated Clearing House (ACH), by telephone or fax request. Checks are counted by the date they are paid, not the date they are written.

There are no monthly limits on the number of transfers or withdrawals made in person at a branch, through an ATM or by mail.

We’ll honor any checks or ACH debits that exceed the monthly limit, but an “excessive item fee” per check will be debited from your account. Electronic systems, such as online banking, will block the over-limit transactions altogether. Excessive transactions will result in the incurring of fees and/or account closure.

Funds may be set up to be transferred from your other accounts or Overdraft Line of Credit to pay for the overdraft.

There are several easy ways to order checks for your Money Market Account:

In-person at any URW location
Through your Online Banking account

IRAs

Read more about Roth IRAs and Traditional IRAs, as well as the difference between the two.

To determine which IRA is best for you, please consult your tax professional.

Yes. There are no income limits to make contributions to a Traditional IRA. However, it is possible to be affected by filing status and participation in an employer retirement plan. Contributions must not exceed IRS limits. For more details, visit IRS.gov.

Your annual Roth IRA contributions cannot exceed your annual compensation or the limits set by the IRS, whichever is less. See a tax professional for more details or visit IRS.gov for IRS limits.

Yes, as long as you do not exceed the contribution limits set by the IRS. See a tax professional for more details of visit IRS.gov for IRA limits.

As an IRA beneficiary, you have options. You can download our PDF on inherited IRAs to learn more.

If you’re considering taking distributions from your IRA, make sure you understand the potential tax consequences and rules first.

If you’re considering transferring, rolling over, or converting your IRA accounts, refer to our PDF on the different methods of moving your savings.

HSAs

You won’t lose the money in your HSA account and you can continue to use the money for qualified medical expenses. However, you will not be able to make contributions to your HSA.

The main difference is that you will not lose your money in your HSA if you do not use it. The money in your HSA will carry over from year to year.

Please see “Who Qualifies for an HSA” above, or see the IRS.gov requirements to determine whether or not you qualify.

Yes, you will receive an HSA debit card when the account is opened.

Yes. For instructions on transferring your current HSA to URW call 434.793.1278.

Coverdell ESA

ESAs are often compared to 529 plans, which are also popular for education savings. While both accounts offer tax advantages, 529 plans typically allow for higher contribution limits and are more focused on college savings, whereas ESAs can be used for K-12 expenses as well. Education Savings Accounts (ESAs) provide a valuable tool for families looking to save for educational expenses, offering flexibility and tax benefits that can help ease the financial burden of education.Funds in these accounts grow tax-deferred and are tax free when withdrawn for K-12 or college education expenses before age 30.

Qualified K-12 education expenses include books, supplies, equipment, academic tutoring, and special needs services connected to attendance at an eligible school.

A qualified education expense is one that is required for enrollment or attendance at an eligible educational institution, including:

K-12 Expenses: Tuition, fees, academic tutoring, books, supplies, equipment (including computer technology), and special needs services.
Higher Education Expenses: Tuition, fees, books, supplies, equipment, and room and board (if the student is enrolled at least half-time).

If your modified adjusted gross income is less than $110,000 ($220,000 for joint returns), you may be able to establish a Coverdell ESA to finance qualified education expenses for a designated beneficiary. When you establish the account, the beneficiary must be under age 18 or be a special needs beneficiary.

Any number of accounts can be opened for one beneficiary, but if the annual deposits across those accounts exceed $2000, a penalty will be owed.

For financial aid purposes, the beneficiary is considered the account owner, so the impact on financial aid is minimized. The beneficiary becomes the owner once they reach legal age. You may change the beneficiary of the account to pay for education expenses or another child. You can contribute to both a 529 plan and an ESA for the same beneficiary.

Trust Accounts

Trustee(s)/Trustor(s) can perform transactions on the account. The Trustee(s)/Trustor(s) must sign all account documentation, including checks, in the representative capacity. For example, Joe Brown, Trustee of the Brown Family Trust.

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