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Beacon Federal Frequently Asked Questions:
This section was developed to help you answer any frequently asked questions that may arise while you utilize Beacon Federal's website
and services that we offer. Please take a moment to look over the FAQ for the answer to your question.
Click the appropriate topic for the frequently asked questions to:
Personal Banking Questions:
Click the appropriate topic for the frequently asked questions to:
General:
Q. What does 'Member FDIC' mean?
A. It means that as a depositor of Beacon Federal, the Federal Deposit Insurance Corporation (FDIC) insures your accounts.
Q. Are there any limits to the FDIC insurance coverage and can you provide me with details?
A. Yes. The coverage is normally limited to $100,000 per account ownership type (individual / Joint) at each insured institution. We have a brochure available at each of our branch locations that explains the types and amount of coverage, or you can check it out on the web: www.fdic.gov for more information.
Q. Do I need to come into the bank for information about my account?
A. No. We offer several ways to obtain account information. You can use our Total Teller by Phone, Online Banking or ATM network to obtain certain account information.
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Savings
Q. How can I open a savings account?
A. To open a Beacon Federal savings account, you need to complete and return a Savings Account Application. You can get the application one of two ways: call toll free 1-888-256-3800 and have an application sent to you in the mail, or come in to the branch and pick one up. For more information on a savings personal savings account Click here.
Q. Do I qualify for a savings account?
A. To qualify for a savings account you must provide a signed application and have proper photo ID.
Q. How much money do I have to maintain in my account?
A. There is no minimum balance to keep a savings account open; however, there is a low balance fee assessed for accounts that go below an average daily balance.
Q. What is the difference between an ATM and a check card?
A. An ATM card allows you to access money from your account at an ATM machine and gives you cash on demand or pin-based point of sale transactions. A check card can be used at an ATM to withdraw from both savings and checking, and can be used as a debit card to make check-less purchases anywhere that accepts Visa. It is very convenient!
Q. How can I get an ATM card?
A. To obtain a Beacon Federal ATM card, you need to complete and return a 24-Hour Access ATM application. You can get the application one of two ways: call toll free 1-888-256-3800 and have an application sent to you in the mail, or come in to the branch and pick one up. Click here to download and save an application.
Q. What are the fees for the ATM?
A. There is no fee for using a Beacon Federal ATM; however, for use of a non-Beacon Federal ATM a small fee may apply. In addition, the owners of the machine may also charge an access fee.
Q. Where are the automated teller machines (ATM's) that allow me to access my account and account information?
A. ATMs are located at each of our branch locations. In addition, we have a number of other conveniently located sites. This
information is located on our website under "ATM locations" - or Click here to go directly to
the Branch/ ATM location page.
Q. How do I deposit money?
A. You can deposit money through the mail, by stopping in at a branch, depositing at a branch ATM, using the night deposit box, or a bank-to-bank transfer.
Q. When are funds available after a deposit?
A. Availability of funds varies based on a number of variables. Please refer to our funds availability policy by clicking on the following link: Click here to view the policy.
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Checking:
Q. How do I open a Beacon Federal Checking Account?
A. To open a Beacon Federal checking account you need to complete and return a Checking Account Application. You can get the application three different ways: 1) Call toll free, 1-888-256-3800, and have an application sent to you in the mail; 2) come in to a branch and pick one up, or 3) download an online application and mail it in.
Q. Do you have a free checking product?
A. Yes. Our checking accounts come with unlimited check writing. There are no monthly service fees, no minimum balance requirements, and the first box of checks is free!
Q. How can I receive my free checks?
A. You can receive one free box of checks when you sign up for direct deposit.
Q. What is the minimum balance for a checking account?
A. There is no minimum balance required to open a Beacon checking account.
Q. What are the requirements of opening a checking account?
A. In order to open a checking account you must be at least 18 years of age and have proper photo ID (a current driver's license,
passport with photo, or a non-state driver's ID card) and a signed application.
Q. What are my responsibilities once the checking account is open?
A. Once the account is open, it is the responsibility of the account holders to reconcile their statements and maintain a proper balance in order to clear all checks. It is very important to pay attention to your balance, and a monthly reconciliation of your account is highly beneficial.
Q. What different types of checking accounts are available?
A. Beacon offers a regular checking account as well as a Money Market account. A Money Market account is similar to a regular checking account, except that it pays a higher interest rate and places a limit on the number of withdrawals (6) with 3 checks per month.
Q. How do I get a check card?
A. To get a check card, you need to fill out an application. You can stop into a branch to pick up a copy, or call us toll free at 1-888-256-3800 and have an application mailed to your home. You can also download an online application and mail it back to a branch.
Q. How do I activate my check card?
A. To activate your check card, you can go to our Internet banking website. Under the "other
options" menu, click on "Activate your card(s)." You can also call the toll free number located on the check card.
Q. How can I stop payment on a check?
A. You can stop a check payment on the web or by calling a Member Service Representative and having them take care of it for you.
Q. What is Overdraft Privileges?
A. Beacon can save you money and embarrassment with our discretionary Overdraft Privilege that covers you in case you accidentally
overdraw your account. This privilege for consumer accounts will generally be limited to a maximum of $700 overdraft (negative) balances after the account has been open for 60 days. Approval of payment of reasonable overdrafts by Beacon Federal on accounts in good standing is only a discretionary courtesy, and not a right or obligation. It is within Beacon Federal's sole and absolute discretion, and can cease anytime without prior notice of reason or cause.
Q. What other overdraft protection does Beacon offer?
A. Beacon offers lines of credit, automatic transfer from other savings accounts within Beacon, and overdraft privilege protection.
Q. What is the cost/fee for overdraft privilege and overdraft transfers?
A. Refer to our fee schedule.
Q. Can I re-order my own checks?
A. Yes. You can re-order your checks by calling us toll free at 1-888-256-3800.
Q. How can I get a copy of my check?
A. You can obtain images of your checks on the web for free, or by calling a Member Service Representative and ordering one for a small fee.
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Money Market:
Q. What is a Money Market account?
A. A Money Market account is a checking account with higher interest rate then regular checking accounts. Money Market accounts generally require a larger amount on deposit. Money Market accounts are liquid funds; however, members are limited to (6) withdrawals per month with 3 of them by check.
Q. What are the different options for a Money Market Account?
A. You can open a regular Money Market Account, a Business Preferred, or a Premier Money Market Account. For a better description of each of these products, see our description of Beacon's Money Market Accounts.
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CDs:
Q. What is a CD?
A. A CD is a Certificate of Deposit. It is an account that is locked in for a period of time with a higher interest rate. A CD allows you to withdraw the monthly interest, but not the principle. You can open a Beacon CD with as little as $2,500 and choose one of our flexible terms ranging from six months to five years.
Q. Why would I want to purchase a CD?
A. A Beacon CD gives you a fixed rate guaranteed for a fixed term. It also requires a low minimum balance and flexible terms. Apply Today! Call a Member Service Representative or click here and complete the Certificate of Deposit Application.
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IRAs:
Q. What is an IRA?
A. An IRA is an Individual Retirement Account. It is a personal account that an employed person in the U.S. can set up with a deposit
that is tax deductible (certain eligibility requirements apply). Deposits qualify as deductions against earned income and interest accumulates (tax deferred) until funds are withdrawn. There are many different types of IRAs including traditional, Roth, and catch-up contributions. Please contact one of our IRA specialists toll free at 1-888-256-3800.
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Loans:
Q. What types of loans are available?
A. Beacon Federal has all types of loans: auto loans, secured and unsecured personal loans, mortgage loans, Home Equity line of credit, and more. For more information about our loan products, visit our Personal Banking Page on the website or call a Member Service Representative for more details.
Q. Where can I find the current loan rates?
A. You can find the most current loan rates on our web page under Consumer Loan Rates.
Q. Where can I apply for a loan?
A. You can apply for a Beacon Federal loan with an online application, in person by stopping in at any branch, by a call center representative, or calling toll free 1-888-256-3800 and having an application sent to you in the mail.
Q. How do I know if I am approved for a loan?
A. Once you return your completed loan application, it is reviewed by a Loan Officer. Beacon Federal will alert you to the status of your loan and what the next steps will be if you qualify.
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Online Banking Questions:
Click the appropriate topic for the frequently asked questions to:
How to access online banking:
Q. How do I access online banking?
A. You can access Beacon Federal Internet Banking from our website at
www.beaconfederal.com, by clicking on the yellow "Member Account Log In" button.
Q. When can I use online banking and from where?
A. You can use Beacon Federals Internet Banking at anytime of the day or night, anywhere in the world, from any computer that you feel is safe. While Internet Banking is safe and secure, a public computer can pose a hazard to your secure personal information.
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Security with online banking:
Q. What information do I need in order to bank online?
A. You only need your Account Number and PIN. If you have never logged onto your Beacon Federal account, there is a 24-hour toll free number on the login page to call for further instructions (Beacon Federal Home Banking).
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What services are available for online banking:
Q. What can I do with online banking?
A. Beacon Federal Internet Banking is full of great features:
• An Account Summary screen that gives you everything you need to know in one spot;
• E-Statements - Receive your monthly statements via the internet and get instant access to your statement without waiting for
the mailed statements;
• Bill Pay - Pay your bills online right from your account;
• Apply for a loan - You can apply for a loan online and receive an answer in as little as two business days;
• View copies of cleared checks at no extra charge;
• View account and loan balances;
• View account and loan history, or download it to Quicken® or Microsoft Money®
• View recent transactions;
• Transfer funds to and from your sub-accounts, other Beacon Accounts, or accounts you hold with other institutions;
• Make withdrawals or loan advances by check and have the check sent to your home;
• View mortgage information in detail or summary;
• Loan information including payment inquiries, payoff amount, etc.;
• Checking information such as recent check withdrawals, specific check inquiries, or place a check hold;
• Year to Date info, such as IRA contributions, dividends earned, or interest paid;
• Activate your ATM or debit card;
• Change personal information without a visit to the branch, e.g. address, phone number(s) or email address.
Q. How does online banking make managing my account easier?
A. With online banking, you have 24 hours a day, 7 days a week access to your account information. It doesn't get easier than that!
Q. What is Total Teller?
A. Total Teller is a 24-hour telephone access service that can be used to access information on your account, and can be used for virtually anything you could do on your own. You can stop payment on a check, hear account balances or recent deposits, transfer funds, etc. The number for Total Teller is (315) 432-7400 or toll free, 1-800-432-7401.
Q. How Secure is Total Teller?
A. Total Teller is a secure audio response system. Access is obtained through the use of your telephone, your account number, and Personal Identification Number (PIN).
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Business Internet Banking Questions:
Bill pay with online banking:
Q. How do I enroll in Beacon's Bill Pay?
A. You have two options. You can stop into your local branch and speak with a Member Service Representative who can set you up, or you
can enroll yourself once you have logged into your account through on-line banking. Click on the "Bill Pay" tab, and select "Enroll
Now."
Q. How much does it cost to use Beacon's Bill Pay?
A. The cost of Beacon's Bill Pay varies. Please consult the fee schedule for up-to-date costs. Insert a link to the fee schedule here.
Q. How do I set up my payees? How do I determine if a payee is electronic or check?
A. First, you will need the statements of the bills you would like to set up. At the "payee" tab you will click the "Add Payee"
button. Next, enter the name and state of your payee, and then click "Submit." The following screen differs according to the name of
the Payee entered:
• If your Payee's name and state DO NOT match any electronic payees in our database, then the payee will be set up as a check,
indicated by the "Payee Type" field. If this is the case, fill in the rest of the information according to your billing statement
from that payee;
• If your Payee's name and state DO match any electronic payees in our database, then you will be asked to click on the payee
that most closely matches your payee. Click on that payee and fill in the rest of the information according to your billing statement
from that payee. This payee is now electronic as indicated by the "Payee Type" field.
Q. Can I use Online Bill Payment if I live outside the U. S.?
A. Yes, as long as you have an account with Beacon Federal.
Q. Whom can I pay through Online Bill Payment?
A. If paying electronically, you can pay ANYONE in the United States who is set up for electronic payment. If paying by check, you can
pay anyone as long as you have their address and contact information.
Q. Why can't I use Bill Pay? I was in there this morning and a Member Service Representative set me up.
A. It takes 24 hours for your Beacon Bill Pay to be set up and processed. If after that time you are still unable to access the Beacon Bill Pay system, please contact us toll free at (888) 256-3800.
Q. When will the Bill Payment funds be debited from my account?
A. For an ELECTRONIC PAYMENT, funds are debited the same day (or following business day) that the payment is sent, providing it is sent by 12:00 noon CST. Electronic payments submitted after 12:00 noon CST are debited the next business day during Bill Pay processing. CHECK payment funds are debited from the account when the check clears your Beacon account.
Q. How do I know that my bill has been paid successfully?
A. To check the status of your bill, click on the History option on the "Bill Pay" screen, and then click on electronic payments.
Your recent bills will come up and will be categorized based on their status. If a bill says "processing," then it is currently being
worked on. If the bill says "processed" it has successfully reached the payee. If the bill says "failed," it has not been received
and there is a problem on the recipient's end.
*We cannot notify you of failed payments, but the money will go back into your account. You are encouraged to check your bill pay history often to ensure that your bills are being received.
Q. What if I do not have enough money in my account?
A. CHECK payments are handled in the same manner as a check written out of your checkbook. If you have a Line of Credit or overdraft
transfer account attached to your Bill Pay checking account, it will first attempt to deduct the necessary funds to pay the check. ELECTRONIC payments are verified for funds availability during processing. If the funds are available, the account that you selected for the payment will be debited and the payment sent. If the funds are not available, the payment would not be sent, and the view history would read NSF. Beacon's Bill Pay system will continue to attempt to process this transaction at both processing times each day until the funds are in the account.
Q. Is my Line of Credit or Overdraft Protection (ODP) accessed for Bill Payments?
A. If you are sending an ACH payment, the funds are verified by the AVAILABLE BALANCE in your account. The system will not recognize ODP as a part of the available balance, but will take into consideration any amount available on a Line of Credit attached to the Bill Pay checking account. If you are paying by check, it would be as if you wrote the check out of your account yourself. If there is not enough money in the account when the check tries to clear and you have ODP available, the check will be paid. The same fees apply for insufficient funds.
Q. How far in advance should I set up a payment to ensure it is paid on time?
A. For ELECTRONIC PAYMENTS, allow at least three (3) business days prior to the payment due date. For a CHECK, we guarantee that the check will be in the mail on the same day (or following business day) the payment is submitted, if it is entered before 12:00 Noon CST. Allow five to seven business days for a check payment. ***Please note that we have no control over the U.S. Postal Service.***
Q. The address of my creditor doesn't show up in the electronic search. What should I do?
A. Most creditors have elected to not have multiple addresses appear in the Bill Pay search function. If your creditor does appear with multiple addresses, and your billing address does not appear in this list, then you will need to set up a check payment.
Q. I get an error message when I put my account number in. Am I doing something wrong?
A. The account number can only contain numbers. Please eliminate any spaces, hyphens, dashes, etc. If you entered the account number correctly and still get an error message, set the payment up as a check payment. You may also want to contact the creditor you are attempting to pay electronically to verify what format they need you to submit your account number in.
Q. When and how are the payments processed?
A. Payments submitted, recurring or one time, before 2:00 AM CST Monday - Friday will be processed at 2:00 AM CST. Payments submitted between 2:00 AM CST and noon CST will be processed at 12 noon CST. Payments received after 12:00 noon CST on Monday-Thursday will be processed the next business day. Payments received after 12:00 noon CST on Friday will be processed the next business day. All payments scheduled to go out on a weekend will be processed on the processing day before that date. Payments entered on the weekend, recurring or one time, will be processed on the next business day.
Q. What happens if I have a scheduled payment that falls over a weekend or holiday?
A. If a SCHEDULED payment falls on a holiday or weekend, it will be paid on the Friday BEFORE the weekend, or the last working day BEFORE the holiday. PLEASE NOTE: BILL PAY HOLIDAYS ARE THE SAME AS THE FEDERAL RESERVE, NOT BEACON FEDERAL.
Q. My creditor never received the payment. What should I do?
A. You will need the confirmation number for us to research any problems you have. The confirmation number can be found on the view link to the right of the scheduled but unpaid payment, on the view scheduled payments screen or the history screen.
Q. Can I get a copy of a cancelled check?
A. Yes. You will need to provide Beacon with the check number, amount, the day it was processed, and the day it was sent.
Q. Can I stop a payment?
A. Yes, after the check is printed and mailed. A fee will be charged for the check but not for the ACH. You will need to provide Beacon with the check number, amount, the day it was processed, and the day it was sent. ELECTRONIC PAYMENTS CANNOT BE STOPPED.
Q. Through Beacon's Bill Pay, how long is history retained in the View Payment History section?
A. You will be able to view history on Bill Pay for up to 60 days.
Q. How many payees may I set up?
A. There is no limit to the amount of payees you can set up.
Q. How far in advance can a payment be set up?
A. Currently, a recurring scheduled payment can be set up in advance to any date in the future. A one-time payment can be set up to be sent five years into the future.
Q. Are there minimum and maximum payment amounts?
A. Electronic payments are validated against the available account balance prior to processing. Check payments settle against your account like any other check. There is no dollar limitation on payments made through Beacon Bill Pay. You are limited only by the amount of funds in your account.
Q. Can I have multiple payments to the same payee on the same day?
A. Yes.
Q. What do the status fields indicate on the Payment History Page?
A. Processed - The payment has been processed and sent.
•Rejected NSF - The payment that you have tried sending was rejected due to non-sufficient funds.
•Communication Failure - There was an error due to communication problems. Vendor Refund - Payment rejected through ACH.
Q. Can I postdate recurring payments?
A. If a monthly recurring payment is set up to be paid on the 15th and the current date is November 12th, a payment will be scheduled for the month of November and set up to occur the 15th of every month until the end date is reached. However, if the payment is set up to be paid on the 15th and the current date is November 16th, the first payment will occur on December 15th.
Q. Can I postdate a single payment?
A. Yes. Just set the payment date for a valid future date.
Q. How late in the day can I enter, edit, or delete a payment?
A. You may add, edit, or delete a payment up to 2:00 AM CST on the day the payment is scheduled to be sent. If a same-day payment is submitted between 2:00 AM CST and 12:00 PM CST, it may be edited up until 12:00 PM CST.
Q. When can the dollar amount on a scheduled recurring payment be updated?
A. You may edit the dollar amount the next business day after the scheduled payment date
Q. Can existing payee information be edited?
A. Yes. You will be able to edit the alias name on the account and the account number. For any other changes you will need to delete that payee and re-create it with all the correct information.
Q. What is the best way to set up a payment that differs each month?
A. A scheduled payment that differs each month can be set up in two ways.
1-Add the payee and then use "quick pay" instead of "add payment."
2-Add payment using variable payment. The payment resets to zero after payment is sent. You will need to go in and change the payment; if left at zero, the payment will not get sent.
Q. I am worried about security when using Bill Pay. Is it secure?
A. When a webpage is secure, the status bar on the Internet Browser will have a lock symbol. This lock symbol means that the webpage
is encrypted for security reasons, just like our Internet Banking System. When the lock is double clicked a window will pop up showing the Certificate's Registrant, the issuing party, and the dates that it is valid.
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Mortgage Questions:
Q:How Much Can I Afford?
A:Mortgage lenders use qualifying ratios to determine how much of a mortgage you can reasonably afford. The lender will evaluate the total housing affordability as well as the overall debt affordability. The acceptable affordability ratios may vary from lender to lender.
Q:HOUSING RATIO:
A:Your monthly housing expenses include the mortgage principal and interest payment, any secondary financing principal and interest
payment, monthly homeowner's association fees, property / city / school taxes, hazard insurance and private mortgage insurance
premiums.
In general, to qualify for a conventional loan, housing expenses should not exceed 33% of your gross monthly income and overall debts should not exceed 38% of your gross monthly income.
Q:What is Private Mortgage Insurance (PMI)
A:PMI is a type of insurance that is used to protect the lender in the event you default on the loan. PMI is normally required on a conventional loan when your down payment or current equity is less than 20% of the purchase contract price or homes appraised value.
PMI remains on the loan until such time that the current principal balance when compared to the original purchase contract price or the original appraised value associated with the loan reaches a calculated equity greater than 22% or 25% dependent upon the applicable state and federal regulations.
If you obtain FHA or VA financing, you will have to pay FHA mortgage insurance premiums or VA guarantee fees.
Q:How much of a down payment do I need?
A:To avoid PMI, a down payment of 20% of the lower of the purchase contract price or the appraised value is required. A down payment of 5% is acceptable for conventional financing with restrictions, but will require PMI. Down payment requirements will vary by lender and loan program chosen.
Q:What are Discount Points (Points)?
A:Discount points are a percentage of the total loan amount that you pay to lower your qualified interest rate.
EXAMPLE
Points of .50% (1/2 of 1%) on a $100,000.00 loan
$100,000 x .005 = $500
Q:Do I have to live in the home?
A:Financing requirements will vary from lender to lender if you do not intend to occupy the property as your principal residence.
Lenders may impose higher interest rates as well as have deferring down payment requirements for these types of properties.
Q:What is a "Lock-in" and how do I lock my rate?
A:A lock-in, also called a rate lock or rate commitment, is a lender's promise to hold a certain interest rate, possibly in
consideration of points, to you for a specified period of time while your application is being processed. A typical rate lock period is 60 days, however, the lender will usually request your acceptance of the rate lock within a specified number of days from the time the lender extends the offer for the lock. You will have the option of locking your interest rate or floating the rate up until such time that the lender issues a Commitment to Lend (commitment letter). If you choose to float the rate, the lender will assign the applicable interest rate as of the date the commitment to lend is made (without notice).
A rate lock will protect you against increases to the applicable interest rate during your application process; however, it will also prevent you from taking advantage of rate decreases during this period. Increases or decreases to the interest rate are subject to change daily and will be set by the lender due to market fluctuations.
Depending upon the lender, you may be offered the ability to lock in your interest rate and points when:
-You submit a complete application;
-At any time during the processing of the loan before a commitment to lend has been issued;
Q:How much are closing costs and what do they include?
A:Closing costs are any fees or expenses you will be required to pay in connection with obtaining the loan. The lender may require that some of these fees be paid with the application or in advance of the closing. These are referred to as Pre-Paid Closing Costs or Paid Out of Closing (POC) costs. The amount of closing costs can vary by lender due to required lender fees and settlement costs, so it can pay to shop the lender.
Closing costs will first be disclosed to you within three days of submitting a complete application on a Good Faith Estimate form. Although the lender will attempt to list all costs associated with the financing in good faith on this form, variances to these amounts or unanticipated costs with your application may result causing the amount due at loan closing to vary from this initial disclosure. Within 24 hours of your scheduled loan closing, you will receive a copy of the HUD Settlement Statement listing the final expenses and the amount of funds required from you at the closing.
Closing cost categories:
- Lender Fees
- Points
- Appraisal
- Credit report
- Flood certification
- Application or origination fees
- Underwriting fees
- Settlement and tax service fees, etc.
- Prepaid Items - interim interest, real estate taxes, insurance premiums and escrow, etc.
- Settlement Costs - title search, title insurance, settlement/attorney fees, city/county/state taxes, recordation and messenger fees, etc.
Q:What is an Adjustable Rate Mortgage (ARM)?
A:An ARM has an interest rate, which changes periodically based on a market index and margin. The loan payment will vary accordingly based on the rate change schedule. With a fixed rate mortgage, the rate will stay the same over the entire loan term. Each ARM loan program will have an associated disclosure you may ask for to determine the applicable terms of the ARM.
An ARM loan may offer a lower initial interest rate with a lower initial monthly payment, which could help you qualify for a larger loan amount. However, the interest rate is subject to change in the future and your monthly payment could increase at each adjustment period. The lender may look at the possible rate changes when determining your affordability of the loan.
Adjustment Period: The ARM will have an initial period before the first rate change and will then adjust periodically on a set schedule thereafter for the loan term.
EXAMPLE:
5/1 ARM - the initial period before the first rate change will be 5 years and will then change every 1-year thereafter.
Index: The lender will tie the interest rate changes to an index. These indexes generally fluctuate up and down with movements in the financial market, making your monthly payment rise or fall accordingly. The index used may differ from lender to lender.
EXAMPLE:
Index = United States Treasury Securities adjusted to a constant maturity of one year as published in the Federal Reserve Statistical Release (H.15.).
Margin: To determine the interest rate on an ARM, the lender adds to the index rate a few percentage points called the margin. The amount of the margin is usually constant over the life of the loan, but may differ from lender to lender.
Rate Caps: The lender will usually apply incremental rate change caps that will restrict by how many points the interest rate can change with each rate change. The ARM may have a lifetime cap, which restricts the total amount of rate change points that the initial interest rate can rise over the life of the loan and all rate changes. The lender may also apply a minimum and maximum rate to the ARM loan.
Conversion: The ARM loan program may allow you at specified periods of the loan, to convert the adjustable rate to a fixed rate
in accordance with terms set by the lender. This option may have an associated fee and lender restrictions may apply. The fixed rate may be higher than the variable interest rate currently in place on your loan.
Q:How do I know which mortgage product is best for me?
A:With the many choices available to you, it can be overwhelming trying to determine which product to choose. Let our qualified mortgage representatives assist you. By scheduling an appointment, we can review with you your financial strategy, current budget, affordability and the differing benefits of each of our available loan programs.
Q:Can I refinance my existing mortgage and get cash back?
A:This type of transaction is referred to as a Cash-out Refinance. It can be done under either a conventional mortgage or a home-equity; however, each loan program and lender may impose restrictions on the amount of equity you are allowed to cash-out (sate and federal restrictions may apply).
Q:What is a Home Equity loan?
A:A home equity loan is a form of credit, which allows you to borrow the existing equity relative to the current market value of your
home and all other debts/liens taken against your home. You can estimate your homes equity by adding together the balance of all the debts secured by your home, then subtracting the total from your home's estimated value. The amount of equity you will be allowed to borrow will vary by lender, product and affordability.
Q:What are the advantages and disadvantages of a Home Equity loan?
A:Advantages:
- The interest rate you will pay on a home equity loan is generally lower than the interest rate you pay on the average credit card or any other type of non-secured debt.
- The interest you pay may be tax deductible. You should always consult with a tax advisor regarding the deductibility of interest.
Disadvantages:
- Your home is pledged as collateral, so if you default on the loan payments or any other terms of the loan agreement, you could lose your home.
- Depending upon the total amount of debts pledged on your home, you would possibly realize a smaller profit from the sale of your home since all of these debts must be satisfied with the sale.
Q:What is a Home Equity Line of Credit (HELOC)?
A:A HELOC is a form of revolving credit up to a credit limit amount where your home is pledged as collateral. The monthly payment is based on the outstanding balance owed which may increase or decrease with the use of the line. As payments are applied to the principal balance, the available credit increases relative to the credit limit. This form of credit is usually associated with a variable interest rate set to an index and margin. A Draw Period and a Repayment Period define the loan term. The draw period is defined as the time you are permitted to advance money on the line. The repayment period is defined as the time in which you are prohibited from taking additional advances on the line and you are required to pay back the outstanding principal balance.
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Bill Pay Questions:
Bill pay with online banking:
Q. How do I enroll in Beacon's Bill Pay?
A. You have two options. You can stop into your local branch and speak with a Member Service Representative who can set you up, or you
can enroll yourself once you have logged into your account through on-line banking. Click on the "Bill Pay" tab, and select "Enroll
Now."
Q. How much does it cost to use Beacon's Bill Pay?
A. The cost of Beacon's Bill Pay varies. Please consult the fee schedule for up-to-date costs. Insert a link to the fee schedule here.
Q. How do I set up my payees? How do I determine if a payee is electronic or check?
A. First, you will need the statements of the bills you would like to set up. At the "payee" tab you will click the "Add Payee"
button. Next, enter the name and state of your payee, and then click "Submit." The following screen differs according to the name of
the Payee entered:
• If your Payee's name and state DO NOT match any electronic payees in our database, then the payee will be set up as a check,
indicated by the "Payee Type" field. If this is the case, fill in the rest of the information according to your billing statement
from that payee;
• If your Payee's name and state DO match any electronic payees in our database, then you will be asked to click on the payee
that most closely matches your payee. Click on that payee and fill in the rest of the information according to your billing statement
from that payee. This payee is now electronic as indicated by the "Payee Type" field.
Q. Can I use Online Bill Payment if I live outside the U. S.?
A. Yes, as long as you have an account with Beacon Federal.
Q. Whom can I pay through Online Bill Payment?
A. If paying electronically, you can pay ANYONE in the United States who is set up for electronic payment. If paying by check you can pay anyone from the next-door neighbor to the utility company to the bank, and even a send a check to a student in a college across the country.
Q. Why can't I use Bill Pay? I was in there this morning and a Member Service Representative set me up.
A. It takes 24 hours for your Beacon Bill Pay to be set up and processed. If after that time you are still unable to access the Beacon Bill Pay system, please contact us toll free at (888) 256-3800.
Q. When will the Bill Payment funds be debited from my account?
A. For an ELECTRONIC PAYMENT, funds are debited the same day (or following business day) that the payment is sent, providing it is sent by 12:00 noon CST. Electronic payments submitted after 12:00 noon CST are debited the next business day during Bill Pay processing. CHECK payment funds are debited from the account when the check clears your Beacon account.
Q. How do I know that my bill has been paid successfully?
A. To check the status of your bill, click on the History option on the "Bill Pay" screen, and then click on electronic payments.
Your recent bills will come up and will be categorized based on their status. If a bill says "processing," then it is currently being
worked on. If the bill says "processed," it has successfully reached the payee. If the bill says "failed," it has not been received
and there is a problem on the recipient's end.
*We cannot notify you of failed payments, but the money will go back into your account. You are encouraged to check your bill pay history often to ensure that your bills are being received.
Q. What if I do not have enough money in my account?
A. CHECK payments are handled in the same manner as a check written out of your checkbook. If you have a Line of Credit or overdraft
transfer account attached to your Bill Pay checking account, it will first attempt to deduct the necessary funds to pay the check. ELECTRONIC payments are verified for funds availability during processing. If the funds are available, the account that you selected for the payment will be debited and the payment sent. If the funds are not available, the payment would not be sent, and the view history would read NSF. Beacon's Bill Pay system will continue to attempt to process this transaction at both processing times each day until the funds are in the account.
Q. Is my Line of Credit or Overdraft Protection (ODP) accessed for Bill Payments?
A. If you are sending an ACH payment, the funds are verified by the AVAILABLE BALANCE in your account. The system will not recognize ODP as a part of the available balance, but will take into consideration any amount available on a Line of Credit attached to the Bill Pay checking account. If you are paying by check, it would be as if you wrote the check out of your account yourself. If there is not enough money in the account when the check tries to clear and you have ODP available, the check will be paid. The same fees apply for insufficient funds.
Q. How far in advance should I set up a payment to ensure it is paid on time?
A. For ELECTRONIC PAYMENTS, allow at least three (3) business days prior to the payment due date. For a CHECK, we guarantee that the check will be in the mail on the same day (or following business day) the payment is submitted, if it is entered before 12:00 Noon CST. Allow five to seven business days for a check payment. ***Please note that we have no control over the U.S. Postal Service.***
Q. The address of my creditor doesn't show up in the electronic search. What should I do?
A. Most creditors have elected to not have multiple addresses appear in the Bill Pay search function. If your creditor does appear with multiple addresses, and your billing address does not appear in this list, then you will need to set up a check payment.
Q. I get an error message when I put my account number in. Am I doing something wrong?
A. The account number can only contain numbers. Please eliminate any spaces, hyphens, dashes, etc. If you entered the account number correctly and still get an error message, set the payment up as a check payment. You may also want to contact the creditor you are attempting to pay electronically to verify what format they need you to submit your account number in.
Q. When and how are the payments processed?
A. Payments submitted, recurring or one time, before 2:00 AM CST Monday - Friday will be processed at 2:00 AM CST. Payments submitted between 2:00 AM CST and noon CST will be processed at 12 noon CST. Payments received after 12:00 noon CST on Monday-Thursday will be processed the next business day. Payments received after 12:00 noon CST on Friday will be processed the next business day. All payments scheduled to go out on a weekend will be processed on the processing day before that date. Payments entered on the weekend, recurring or one time, will be processed on the next business day.
Q. What happens if I have a scheduled payment that falls over a weekend or holiday?
A. If a SCHEDULED payment falls on a holiday or weekend, it will be paid on the Friday BEFORE the weekend, or the last working day BEFORE the holiday. PLEASE NOTE: BILL PAY HOLIDAYS ARE THE SAME AS THE FEDERAL RESERVE, NOT BEACON FEDERAL.
Q. My creditor never received the payment. What should I do?
A. You will need the confirmation number for us to research any problems you have. The confirmation number can be found on the view link to the right of the scheduled but unpaid payment, on the view scheduled payments screen or the history screen.
Q. Can I get a copy of a cancelled check?
A. Yes. You will need to provide Beacon with the check number, amount, the day it was processed, and the day it was sent.
Q. Can I stop a payment?
A. Yes, after the check is printed and mailed. A fee will be charged for the check but not for the ACH. You will need to provide Beacon with the check number, amount, the day it was processed, and the day it was sent. ELECTRONIC PAYMENTS CANNOT BE STOPPED.
Q. Through Beacon's Bill Pay, how long is history retained in the View Payment History section?
A. You will be able to view history on Bill Pay for up to 60 days.
Q. How many payees may I set up?
A. There is no limit to the amount of payees you can set up.
Q. How far in advance can a payment be set up?
A. Currently, a recurring scheduled payment can be set up in advance to any date in the future. A one-time payment can be set up to be sent five years into the future.
Q. Are there minimum and maximum payment amounts?
A. Electronic payments are validated against the available account balance prior to processing. Check payments settle against your account like any other check. There is no dollar limitation on payments made through Beacon Bill Pay. You are limited only by the amount of funds in your account.
Q. Can I have multiple payments to the same payee on the same day?
A. Yes.
Q. What do the status fields indicate on the Payment History Page?
A. Processed - The payment has been processed and sent.
B. Rejected NSF - The payment that you have tried sending was rejected due to non-sufficient funds.
C. Communication Failure - There was an error due to communication problems.
D. Vendor Refund - Payment rejected through ACH.
Q. Can I postdate recurring payments?
A. If a monthly recurring payment is set up to be paid on the 15th and the current date is November 12th, a payment will be scheduled for the month of November and set up to occur the 15th of every month until the end date is reached. However, if the payment is set up to be paid on the 15th and the current date is November 16th, the first payment will occur on December 15th.
Q. Can I postdate a single payment?
A. Yes. Just set the payment date for a valid future date.
Q. How late in the day can I enter, edit, or delete a payment?
A. You may add, edit, or delete a payment up to 2:00 AM CST on the day the payment is scheduled to be sent. If a same-day payment is submitted between 2:00 AM CST and 12:00 PM CST, it may be edited up until 12:00 PM CST.
Q. When can the dollar amount on a scheduled recurring payment be updated?
A. You may edit the dollar amount the next business day after the scheduled payment date
Q. Can existing payee information be edited?
A. Yes. You will be able to edit the alias name on the account and the account number. For any other changes you will need to delete that payee and re-create it with all the correct information.
Q. What is the best way to set up a payment that differs each month?
A. A scheduled payment that differs each month can be set up in two ways.
1-Add the payee and then use "quick pay" instead of "add payment."
2-Add payment using variable payment. The payment resets to zero after payment is sent. You will need to go in and change the payment; if left at zero, the payment will not get sent.
Q. I am worried about security when using Bill Pay. Is it secure?
A. When a webpage is secure, the status bar on the Internet Browser will have a lock symbol. This lock symbol means that the webpage
is encrypted for security reasons, just like our Internet Banking System. When the lock is double clicked a window will pop up showing the Certificate's Registrant, the issuing party, and the dates that it is valid.
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Security Questions:
Q. I'm hesitant about banking online; can other people see my account information?
A. Your account information can only be accessed through the use of a personal identification number known only to you. We meet the highest Internet security standards and are continually utilizing the latest security encryption methods and software.
Q. What is encryption and why does it make everything more secure?
A. Encryption allows data to be scrambled, transmitted, then decoded later with the right key. The encryption we use employs a mathematical process for the key, which is made up of a certain number of bits (e.g, 128-bit encryption).
Q. What security methods have you implemented?
A. All communications between your computer and ours are scrambled (encrypted).
Q. When will Beacon ask me for my information?
A. Beacon will ONLY ask you to verify personal information if YOU call the call center and want to ask questions about your account, OR if you come to a branch. Beacon will NEVER call you or ask you for information online. We would be HIGHLY suspicious and you should be too if anyone ever asked for this type of information without you initiating.
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If we have not answered your question please feel free to call us for more information at 1-888-256-3800.
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