Q:
Who is RateEdge.com?
A: RateEdge.com, a division of Sunmark Federal
Credit Union, is an online-only financial entity
which offers high yield savings products to New
York's Capital District community. Learn
more.
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Q:
What are the eligibility requirements to become
a RateEdge.com
online customer?
A: You must live, work, worship, own a
business, volunteer or attend school in one of
the following
counties:
- Albany,
Montgomery, Rensselaer, Saratoga, Schenectady
and Schoharie Counties in New York State.
or
You
are also eligible if any of your immediate family
members live, work, worship, own a business, volunteer
or attend school in Albany, Montgomery, Rensselaer,
Saratoga, Schenectady or Schoharie County in
New York and
you are a U.S. citizen or permanent resident.
- This includes spouses, parents, children,
siblings, grandparents, grandchildren, stepparents,
stepchildren,
stepsiblings, and adoptive relationships.
It also includes household members (persons living
in the
same residence maintaining a single economic
unit).
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Q:
How can RateEdge.com afford to offer top-of-the-market
rates?
A: As
an online channel, RateEdge.com does not have
the expenses
a traditional financial institution would have,
like maintaining branches. Because of this,
we are able to pass along the
savings to our customers by offering higher rates.
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Q:
Are my funds insured?
A:
Yes. RateEdge.com accounts are insured by the National Credit
Union Administration (NCUA), an agency of the federal government.
Recently, the federal government increased insured amounts to
at least $250,000. Learn
more about the NCUA. For more information about NCUA Insurance,
read the publication Your
Insured Funds.
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Q:
How do I know my funds will be secure?
A: Keeping your funds secure is our top priority.
For this reason, RateEdge.com employs several
types of security measures to ensure that
no one, but you, will
be able
to access your personal information or your money.
These measures include data
encryption, password
safeguards
and strict identity verification
precautions.
In
addition, RateEdge.com funds are insured by the
National Credit
Union Administration, an agency
of the federal government.
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Q:
Are there any fees or minimum balance requirements
for the Edge Savings Account?
A: The Edge Savings
Account has
no monthly service fees and no minimum balance
requirements.
Our no-nonsense account also does not have any
term limitations or tiered rate structures. You'll
earn the top rate on your entire balance. (See
Fee
Schedule for a list of all fees associated
with the Edge Savings Account.)
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Q:
When can I reach your Customer Service center?
A: Customer
service representatives can be reached by phone
at 866-588-6988 according to the below schedule:
| Monday
|
8:00am
- 6:00pm |
| Tuesday |
8:00am
- 5:00pm |
| Wednesday |
9:30am
- 5:00pm |
| Thursday |
8:00am
- 5:00pm |
| Friday
|
8:00am
- 6:00pm |
| Saturday |
9:00am
- 1:00pm |
You can also email your questions to customerservice@RateEdge.com.
(Please do not include any account information as
this is not a secure email address.) Or, click on
the Live Chat button available throughout the website.
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Q:
Do I need internet access to have a RateEdge.com
account?
A: Yes.
In order to open your RateEdge.com account, you
must go to our
online application.
In addition, information about your account, such
as eStatements and Online Banking, as well as features
that allow you to transfer funds in and out of
your account will require internet access.
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Q:
How do I open a RateEdge.com account?
A: It's
easy! Complete our online
application with a
minimum of $5 deposit to establish your account.
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Q:
Is my online application secure?
A: RateEdge.com's
online application uses encryption for online
security. Encryption technology helps
provide
secure
transmission
of information along the Internet by encoding the
transmitted data using a mathematical formula to
scramble the data. Without a corresponding "decoder," the
transmission would look like nonsense text and
would be unusable.
Encryption technology can be used for a host
of applications, including electronic commerce
(sending credit card numbers for orders or transmitting
account information), e-mail messages and sensitive
documents.
Encryption
is utilized with the transmission of data from
one
party to another. The sender encodes
the data by scrambling it and then sends it on.
The receiver must decode the data with the correct "decoder" in
order to read and use it. The effectiveness (or
level of security) for encryption is measured in
terms of how long the key is — the longer the key,
the longer it would take for someone without the
correct "decoder" to break the code.
The length of the key is measured in bits (e.g.,
40-bit encryption, the level of encryption used
with many ordinary browsers, versus 128-bit encryption,
the level of encryption required to use this application).
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Q:
What information do I need to open my RateEdge.com
account?
A: To
open a RateEdge.com account you must:
- Have
a valid U.S. address and Social Security number.
- Be
18 years of age or older with a U.S. Driver’s
License.
- Provide
personal information, including your date of
birth, and former mailing
address(es).
- If you are not a U.S. Citizen or U.S. Resident
Alien and do not have this information, we will
be unable to enroll you online. For more information,
please contact us at 866-588-6988.
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Q:
Why is personal information required to open an
online
account?
A: For your protection, we compare your personal information
with a variety of sources to verify your identity.
(For more information, select “What
do I need to become a RateEdge.com Customer?“)
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Q:
Can I change the information on my account application?
A: You have the option to edit your account information,
including
the initial deposit amount, prior to
submitting the information to RateEdge.com. Simply
click on the "Edit" button above the
grouping of information you would like to change,
and you will be permitted to change your input.
To
make changes after the information has been submitted
to RateEdge.com, please call 866-588-6988.
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Q:
What information do I need to open a joint account?
A: You’ll need the same information that’s
required when opening an individual account—but
you’ll need it for both applicants. For details,
select “What do I need
to become a customer of the RateEdge.com?”
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Q:
What's the minimum to open an Edge Savings
Account?
A: The only requirement is a $5.00 initial deposit
to establish your account and keep it open.
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Q:
How will I fund my account?
A: You
can make an initial deposit into your Edge
Savings Account either by authorizing us
to debit funds from one of
your
existing
accounts via ACH (Automated ClearingHouse)
or by using your MasterCard or VISA.
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Q:
When will my opening deposit be available?
A: For your protection, your opening deposit made
via
ACH (Automated ClearingHouse) may not be available
to you for 5 business days. Your opening deposit
amount made via credit card will be available
on the day your account is processed.
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Q:
How do I know my account has been successfully
opened?
A: After
you have completed all the steps in the online
application process successfully,
you will see a confirmation screen with your
new account number and funding information for
you
to print and keep
for your records. You will also receive a
confirmation email from
customerservice@RateEdge.com
with important account access information.
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Q:
How do I make deposits into my Edge Savings
Account?
A: After your account is opened, you can make deposits
into your account in several ways:
- Link your accounts at other financial institutions
(checking, investment, etc.) to your RateEdge.com
account
via the
Transfer Funds feature in RateEdge.com's Online
Banking
module.
- Send check deposits via mail to:
Customer
Service
RateEdge.com
P.O. Box 16370
Albany, NY 12212
- Have funds sent via wire transfer.
- Set up direct deposit.
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Q:
How do I access my money?
A: Simply
log into RateEdge.com's Online Banking to view
account balances, dividends, annual percentage
yields
(APYs), transaction
history or eStatements. You can also use the
Transfer Funds feature to move money into and
out of any
of
the accounts
you've
set
up to link to RateEdge.com. (See Fee
Schedule) You can also set up
direct deposits into your account or payments to
be automatically debited from your account.
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Q:
Can I have more than one account linked to my Edge Savings
Account?
A: Yes.
You are able to link to as many accounts as you
choose, at no additional charge. You set up and
control which accounts are linked to your
RateEdge.com account. The
only
requirement
is that
you
must
be
an account
owner
or joint account
owner
on any
account you wish to set up in Transfer Funds.
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Q:
Is there a limit to the number of transactions
I can
make on this account?
A: You
can make unlimited
deposits into
your RateEdge.com account. Plus, you can make up
to six withdrawals via Transfer Funds or
ACH (Automated ClearingHouse) direct debit each month
and unlimited
wire transfers out of your RateEdge.com account.
(See Fee
Schedule)
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Q:
When will my deposits be available for withdrawal?
A: Our
general policy is to make funds from your check
deposits available
to you on the first business day after we receive
your deposit. Electronic direct deposits will
be available on the day we receive the deposit.
Once they are available, you can access your funds
using the Transfer Funds feature in Online Banking.
Longer
delays may apply on certain deposited items.
See RateEdge.com's complete
Funds
Availability Policy.
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Q:
How are dividends (interest) calculated?
A: Dividends (the term we use for interest at RateEdge.com)
are compounded monthly and credited
to your account on the last day of the month.
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Q:
How often do rates change?
A: RateEdge.com
is committed to offer New York Capital District
residents
top-of-the-market rates. With this in mind, our
financial managers continuously monitor
market conditions and interest rates to determine
how
we can best
deliver on our commitment to our customers. Although
our rates may change periodically, our rates are
not teaser rates or promotional offers subject
to set time limitations or expiration dates.
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Q:
Will I receive a statement?
A: Yes.
You'll receive a monthly eStatement which is
available
within RateEdge.com's
Online Banking module. However, we do not mail
paper statements for RateEdge.com accounts.
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Q:
How do I change my account information?
A: For your protection, we require
that any requests to change account information
after your account is opened be put in writing
and mailed, along with a photocopy of your driver's
license,
to:
Customer
Service
RateEdge.com
P.O. Box 16370
Albany, NY 12212
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Q:
How do I set up direct deposit?
A: To
set up direct deposit into your RateEdge.com
account,
simply provide our routing number — 221379769 —
and your Edge Savings Account number to the company
that will be sending funds into your account.
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