Frequently Asked Questions (FAQ)

Frequently Asked Questions (FAQ)2021-10-04T08:39:18-04:00

General Credit Union Questions

Here are some of our most frequently asked questions about some of our general processes and hours of operation.

A quick look at these questions may help save you time in the future.

What is Money Federal Credit Union’s routing number?2021-01-28T15:42:01-04:00


You can use this number along with your checking or savings account number to set up a direct deposit. Please note that this is NOT the number you would use for a wire transfer.

What are your wire instructions?2021-02-02T15:34:52-04:00


Alloya Corporate Federal Credit Union
ABA/Routing: 271987635
Address: 184 Shuman Boulevard | Suite 400
Naperville, IL 60563
Phone: 1-800-342-4328

Further Credit To:

Money Federal Credit Union
Routing Number: 221382031
Address: 100 Madison St
Syracuse, NY 13202
Phone: (315) 671-4000

Final Credit To:

Member’s name and account number at Money FCU

What are your hours?2021-01-28T15:49:38-04:00

You can reach us by phone or chat during business hours.

Hours Of Operation
Monday 9:00AM – 4:00PM
Tuesday 9:00AM – 4:00PM
Wednesday 9:00AM – 4:00PM
Thursday 9:00AM – 4:00PM
Friday 9:00AM – 4:00PM
How do I close my account?2021-02-02T15:47:02-04:00

You’re breaking up with us? Please know that you are welcome to keep your account open so you can take advantage of our services in the future. You can use this account for a rainy-day savings, borrow for your next home project, or finance a new car! If you close your account now and want to re-open it someday, you would need to qualify for membership again. If you still want to close your account, you will have to break up with us over the phone :)

Do you have a notary?2021-01-28T15:51:03-04:00

We have multiple notary publics available to members and non-members. There is no fee for this service. Please bring a photo ID and the unsigned paperwork with you.

Do I have to make an appointment to come in?2021-01-28T15:51:43-04:00

You do not need an appointment to visit us. We have multiple member service specialists and loan officers waiting to help.

Applying for a Loan is Easy

Money FCU has many loans, including personal loans, secured loans, and unsecured loans. The loan process is simple and takes only minutes. We typically have an answer for you within 1 business day.

How do I apply for a loan?2021-03-26T09:44:53-04:00

You can apply online or stop into our downtown Syracuse, NY location. Existing members would apply through their online banking account or mobile app and new members will use our new member loan application.

Why can’t I get a loan decision right away?2021-03-02T15:34:09-04:00

Some online lenders give you an answer within minutes. That’s because they have computers and algorithms making the decisions for them. It’s usually based on a quick pull of your credit and credit score. At Money FCU, we have real people looking at your loan and making decisions on whether or not you’re approved. We look at the whole picture, not just your score.

Questions About Accounts

Thinking about opening a checking or savings account with us?

Take a look into these FAQs and see if we can help answer those questions before you need them.

Is there a minimum balance required for a checking account?2021-01-28T15:53:55-04:00

There is no minimum balance or number of transactions required for our checking account. There is no monthly service charge for any of our accounts.

Why is a savings account required?2021-01-28T15:54:41-04:00

Credit unions have members instead of customers, and our members technically own the credit union. The $5 that is required in your savings account is your “share” in the credit union.

Do you have an app?2021-03-26T09:50:49-04:00

We do! Search for “Money Federal Credit Union” in your phone’s app store. It’s available for Apple and Android devices and is the same login information as our full online banking site.

Money FCU App on Google Play Money FCU On the App Store

Do you have surcharge-free ATMs I can use?2021-03-26T09:48:47-04:00

Yes! You can find one near you in our app or by using the ATM and Shared Branch locator. There are over 90,000 surcharge-free ATMs nationwide.

ATM Locator
Can I deposit checks with my phone?2021-03-02T15:38:35-04:00

You sure can! Ask us to turn on mobile deposit for your account. You will also need to download our mobile app in order to deposit a check with your phone.

Money FCU App on Google Play Money FCU On the App Store

Becoming a Money FCU Member is Easy.

If you’re thinking of becoming a Money FCU member, you may have questions about who can join, how to join, and what a credit union is.

Let’s look at some basics to help you along your path to better banking with a trusted, local credit union – Money FCU.

Do I have to be in a union to join?2021-01-28T14:21:39-04:00

Nope! Credit unions have “fields of membership” which defines who can open an account. All credit unions have different fields of membership. For Money FCU, anyone who lives, works, or attends school in Onondaga, Oswego, Madison, or Cayuga County can open an account. We like to keep it simple.

Can my family join Money FCU?2021-01-28T14:24:08-04:00

If you’re already a member of Money FCU, your immediate family can join too, no matter where they live! Immediate family includes (adopted and step-family):

  • Parents
  • Grandparents
  • Siblings
  • Children
  • Grandchildren
How do I open an account?2021-04-16T09:12:11-04:00

You can open it online or visit our downtown Syracuse, NY branch. It takes just a few minutes to complete the application and only $5 to open the account.

What’s the difference between a bank and a credit union?2021-02-02T15:49:01-04:00

Being a member of a Credit Union means you own the place. We work for you, not stockholders. Any profit we make after operating expenses are paid is invested back into the membership in the form of higher savings rates, lower loan rates, and new and improved services.

Watch Our Video
Is my money insured?2023-03-13T09:52:40-04:00

Accounts are federally insured up to $250,000 per person through NCUA, which is the credit union’s version of FDIC. Money FCU has also been in business since 1976, so we plan to stick around for a while.

Would it be hard for me to access my money?2021-03-02T15:40:19-04:00

Money FCU – It's as easy as loving a puppyIt’s as easy as loving a puppy. Our members have access to 90,000+ surcharge-free ATMs across the country and overseas, plus over 5,500 branches through our Shared Branch network. You’ll also have an EMV chip-enabled Debit MasterCard, so you can shop anywhere MasterCard is accepted.

There aren’t any branches where I live. How would I do my banking?2021-03-02T15:41:56-04:00

You can bank with Money FCU no matter where you live. We currently have members in 48 states! Services like online banking and our mobile app allow you access to your accounts whenever and wherever it’s convenient. You can also bank in person using our 5,500 Shared Branches.

Find a Shared Branch

Save for Your Retirement with a Traditional or Roth IRA.

A Traditional or Roth IRA allows you to save on your own for retirement with tax-deferred earnings and a possible tax deduction.

By using an IRA to save for your future, you may be able to save money while building savings.


What is a Traditional IRA?2021-03-26T09:57:41-04:00

A Traditional IRA is an individual retirement arrangement that allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions. Around since 1975, it came to be known as a “Traditional” IRA decades later to distinguish it from the Roth IRA, which offers different tax incentives.

How much can I contribute to a Traditional IRA?2021-03-02T12:43:59-04:00

If you are eligible, you can contribute 100 percent of your annual compensation up to $6,000 for 2020 and 2021 (plus $1,000 if, within the tax year, you will be age 50 or older). The contribution limit is subject to annual cost-of-living adjustments (COLAs).

What is the annual deadline to contribute?2021-01-28T14:20:36-04:00

You can contribute to your IRA until the due date for filing your federal income tax return for the year (generally April 15).

Can I deduct my Traditional IRA contributions?2021-03-02T13:06:44-04:00

Unless you (or your spouse) actively participate in an employer­ sponsored retirement plan, you can deduct your Traditional IRA contributions. If you (or your spouse) are an active plan participant, you still may be able to deduct all or part of your contributions, depending on your modified adjusted gross income (MAGI) – see chart.

IRA contribution limits
Can I contribute to both a Traditional IRA and Roth IRA?2021-01-28T14:20:26-04:00

Yes. But the total amount of contributions that you make to both types of IRAs for the same year cannot exceed your annual contribution limit.

Can I contribute to a Traditional IRA if I participate in another retirement plan?2021-03-26T10:01:28-04:00

Yes. Your participation in an employer-sponsored retirement plan will not affect your ability to contribute to a Traditional IRA, nor will making Traditional IRA contributions affect what you can contribute to your employer plan. But, depending on your income level, if you or your spouse do participate (receive contributions) in a retirement plan, you may lose the ability to deduct your Traditional IRA contributions.

Can I roll over other retirement plan assets to my Traditional IRA or roll over my Traditional IRA to another retirement plan?2021-03-26T10:02:58-04:00

Yes. Eligible assets from most employer-sponsored retirement plans, such as your 401 (k) plan, can be rolled over to your Traditional IRA if the plan allows for it. Check with your plan administrator. You may roll over the pretax portion of your Traditional IRA to most employer-sponsored retirement plans. Traditional IRA assets also can be rolled over to SIMPLE IRAs after the SIMPLE IRA two-year waiting period. You also may move Traditional IRA assets to a Roth IRA through a conversion, which generally is a taxable transaction; any deductible (pretax) assets that are converted must be included with your taxable income on your federal income tax return for the year that the conversion takes place.

When can I withdraw money from my Traditional IRA?2021-03-26T10:03:48-04:00

While you’ll get the most out of a Traditional IRA at retirement, you can withdraw the money anytime, subject to income tax. An IRS penalty tax also may apply unless you are age 59½ or older. Once you reach age 72-or age 70½ in 2019 or earlier, you must start withdrawing at least a certain minimum amount each year to avoid penalty taxes.

What is the IRS penalty tax if I withdraw money from my Traditional IRA before age 59½?2021-03-26T10:06:16-04:00

In general, you will pay a 10% penalty tax on any taxable amounts you withdraw before age 59½ unless you qualify for a penalty tax exception (death, disability, first-time home buyer expenses, qualified higher education expenses, certain unreimbursed medical expenses, birth of a child or adoption expenses, substantially equal periodic payments, health insurance premiums during unemployment, IRS levy, qualified reservist distributions, qualified disaster-related distributions.)

When will I have to pay tax?2021-01-28T14:19:39-04:00

When you withdraw money from your Traditional IRA, you must include any previously deductible amounts, along with any earnings, in your taxable income for the year. Note that if you previously made any nondeductible contributions or rolled over nondeductible amounts from a retirement plan to your IRA, a portion of each Traditional IRA distribution will be treated as the nontaxable return of these dollars.

What happens to my Traditional IRA after I die?2021-03-26T10:07:24-04:00

You may designate beneficiaries to receive your IRA assets after your death. Any tax-deferred money in your Traditional IRA at the time of your death will be taxed as it is distributed to your beneficiaries. All beneficiaries may take a lump-sum payment. They may also be able to take payments over a certain number of years, depending on the year of your death. In addition, a spouse beneficiary may treat your Traditional IRA as his or her own.

Traditional IRA PDF


What is a Roth IRA?2021-03-02T11:22:06-04:00

Available since 1998, a Roth IRA is an individual retirement arrangement named for the late Senate Finance Committee Chairman William Roth, Jr. It differs from a Traditional IRA in its tax incentives.

What is the annual deadline to contribute?2021-03-02T11:53:08-04:00

You can contribute to your IRA until the due date for filing your federal income taxes for the year. Generally, April 15.

Can I deduct my Roth IRA contributions?2021-03-02T11:54:39-04:00

No, Roth IRA contributions are not deductible.

Can I contribute to both a Traditional and a Roth IRA?2021-03-02T11:57:57-04:00

Yes, but the contribution amounts that you make to both types of IRAs for the same year cannot total more than your annual contribution limit.

Can I contribute to a Roth IRA if I’m in another retirement plan?2021-03-26T10:08:22-04:00

Yes, your participation in a retirement plan will not affect your eligibility to contribute to a Roth IRA, and vice versa.

Can I roll other retirement plan money into my Roth IRA?2021-03-02T12:09:41-04:00

Eligible assets from most retirement plans, such as a 401(k), can be rolled over to Roth IRAs. Check with your plan administrator. However, you are not allowed to roll Roth IRA money to an employer-sponsored retirement plan.

Can I move money from a Traditional IRA to a Roth IRA?2021-03-26T09:55:36-04:00

Yes. This is considered a conversion and is generally a taxable transaction. Any deductible (pretax) Traditional IRA assets that are converted to a Roth IRA must be included with your taxable income on your federal income tax return for the year the conversion takes place. Please consult with a tax advisor before converting.

When can I withdraw money from my Roth IRA?2021-03-02T12:18:31-04:00

You will get the most out of your Roth IRA at retirement, but you can withdraw the money from your Roth IRA anytime. There may be income and penalty tax depending on what type of funds are in the distribution (contributions, rollovers, or earnings.) If you have a qualified distribution, all withdrawals are tax and penalty free.

What is a qualified distribution?2021-03-02T12:20:08-04:00

You’ve owned a Roth IRA for five years or more, and you are either:

  • Age 59 1/2 or older
  • Disabled
  • A first-time home buyer
  • A Roth IRA beneficiary
What is the IRS penalty tax?2021-03-02T12:21:37-04:00

Unless it’s a qualified distribution, a 10% early distribution penalty tax will apply.

What happens to my Roth IRA after I die?2021-03-02T12:25:10-04:00

You can name beneficiaries to receive your Roth IRA assets after you die. Any tax-deferred money in your Roth IRA at the time of your death will be taxable to your beneficiaries upon distribution, unless five years has passed since the first time you contributed to a Roth IRA. In that case, all beneficiary distributions will be tax-free.

Beneficiaries may take lump-sum payment, payments over a certain number of years (depending on the year of your death), or a spouse may treat your Roth IRA as his or her own.

How much can I contribute?2021-03-02T13:05:34-04:00

If you are eligible based on MAGI limits (see chart), you can contribute 100 percent of your annual compensation up to $6,000 for 2020/2021 (plus $1,000 if, within the tax year you will be age 50 or older). The contribution limit is subject to annual cost-of-living adjustments (COLAs).

IRA contribution limits
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