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UAL Credit Union Account Q&As

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Your Funds are Safe and Secure
Credit Union Questions and Answers

Membership and Account Access

1. Are my funds on deposit in the Credit Union safe?
Yes! The United Airlines Employees' Credit Union (UAECU) is a top-rated financial institution with assets topping $4 billion and reserves more than $480 million. By law, we are independently chartered and regulated by the Illinois Department of Financial Institutions. Your funds are insured by the National Credit Union Share Insurance Fund (NCUSIF), an agency of the U.S. Government. The Credit Union is a conservatively managed and fiscally sound institution and consistently receives the highest ratings for safety and soundness.

The Credit Union is a member-owned, not-for-profit financial cooperative and operates financially independent from United Airlines.

2.  If I am involuntarily unemployed, can I keep my Credit Union membership?
Yes! All of our members are entitled to lifetime membership along with access to all products and services. Once a member, always a member!

3. If I close my account, can I reopen it at a later time?
That depends on your circumstances. If you close your account now, you would have to meet UAECU eligibility requirements at the time of reapplying for membership. Currently, those requirements include being a United Airlines or affiliate employee, a United Airlines or affiliate retiree, a family member related by blood or marriage to an existing UAECU member, or a domestic partner of an existing UAECU member.

4. Will my VISA® ATM/Check Card still work if I am involuntarily unemployed?
Yes! As long as your account is in good standing, there will be no change to your checking account ATM/Check Card.

5. Will the Credit Union freeze my funds on deposit with UAECU in the event I am furloughed/separated?
Absolutely not! You continue to have full access to your funds.

6. If I am involuntarily unemployed from United Airlines with 90 days of benefits and I never joined the Credit Union, can I still join?
You can still join the Credit Union within 90 days following your furlough date.

7. If I am involuntarily unemployed, how can I access my Credit Union accounts?
All Credit Union services are available through our national TeleCenter by calling (800) 328-1935, M-F 7:00am-7:00pm. In addition, you may access accounts and perform transactions 24-hours a day through SkyBranch, our online banking service at www.uaecu.org, or Self Service Telephone (SST), our automated audio response for transactions and account inquiries. Current security restrictions in place at airport and maintenance facilities may limit access to branch Service Center locations for members without local access badges.

Public access Service Centers and public access Credit Union-owned ATMs are located at the Chicago Credit Union headquarters, the Denver flight training center, the Los Angeles airport freight building, the Seattle airport and the Honolulu airport. The Service Center located in the lobby of the Oakland Maintenance Center is available to all members; however they must sign in with a security guard. Also, the Indianapolis Maintenance Center has a public access Credit Union-owned ATM, but the Service Center is not public access.

Loans & Payments

1. Will my consumer loans be immediately called due if I am involuntarily unemployed?
No! Your consumer loans will NOT be called due and payable in the event you are involuntarily unemployed. Your loan payments are due as agreed to in your loan contract. Special payment reduction programs are available for those members facing financial hardship. Contact the Credit Union for assistance.

2. What happens to my loan payment method?
Members no longer on payroll deduction will be converted to monthly coupon payment. The most convenient method of payment is by monthly transfer from your Credit Union checking or savings account.

Also, pre-authorized ACH transactions from other institutions to make your monthly payment are available. If you do not contact us to set up a payment method, we will convert your loan to monthly coupon payment. To set up automated transfer from checking or savings, contact us by phone, website or branch location.

3. Can I request lower payments on my loans if I am involuntarily unemployed?
In most instances, members may be eligible for special loan payment reduction through our Loan Repayment Program. Through this program, members who are involuntarily unemployed can elect to reduce loan payments up to 50 percent on any current, qualifying loan(s) for 6 months. In addition, members who are taking a reduction in pay can elect to reduce loan payments 10% to 30% on current, qualifying loan(s) for a maximum of 6 months. At the end of 6 months,
full scheduled payments will resume. Member must be in good standing to qualify. Due to regulatory limitations, First Mortgage loans are not eligible for payment reduction. Retro Loans, AutoEdge Loans and Home Equity Products also do not qualify. Click here for more information on our Loan Repayment Program or contact the Credit Union for assistance.

4. Will my interest rate be higher if I elect payment reduction?
No! Your current loan rate will remain in effect. Because of the reduced ayments, the final maturity of your loan will be longer than originally scheduled.

5. Does a payment reduction on my loan affect my credit?
No! We will change your scheduled monthly payment to the lower payment for 6 months. Prompt payment will ensure your credit rating remains strong.

6. Will my VISA/Line of Credit be closed?
No. However, if you request reduced payments, we will generally lower your credit limits to match your current balances. These credit limits can be raised in the future based upon your financial situation at the time of request.

7. If I am repaying my loan on ACH, will the amount change due to the payment reduction?
Yes. The required amount would change if you accept reduced payments. You must, however, notify the institution of the change. The Credit Union cannot make these changes for you.

8. Can I apply for a new loan?
Yes. We will consider all applications. Income verifications may be required in order to support the loan. If you are involuntarily unemployed and are seeking a loan, you may want to seek a co-borrower or co-signer to support the loan repayment.

Loans & Payments

1. Will my MEMBER'S CHOICETM Protection still be in force if I am not working at United?
If you elected the MEMBER'S CHOICE Protection coverage on your loan, this coverage remains in place as long as you have your loan and are current with payments. However, the unemployment protection is only available on select MEMBER'S CHOICE plans and is valid only if a member has had the loan and the protection in place for six months and has been employed for six months with the same employer. Refer to your MEMBER'S CHOICE Protection agreement for complete terms and conditions.


2. Can I add MEMBER'S CHOICE™ Protection to an existing loan?
Yes. You can add MEMBER'S CHOICE Protection at any time during the course of your loan. However, the unemployment protection available on select MEMBER'S CHOICE plans becomes valid after the loan and the protection has been in place for six months and the member has been employed for six months with the same employer. Refer to the MEMBER'S CHOICE Protection agreement for complete terms and conditions.

3. Can I include MEMBER'S CHOICE™ Protection with my new loan?
If you have been furloughed from United but are employed somewhere else and have been approved for a new loan, you are eligible for MEMBER'S CHOICE protection on your new loan. However, the unemployment protection available on select MEMBER'S CHOICE plans becomes valid after the loan and the protection has been in place for six months and the member has been employed for six months with the same employer. Refer to the MEMBER'S CHOICE Protection agreement for complete terms and conditions.

4. What if I have been involuntarily unemployed more than once?
If you are unemployed again within one year after you have returned to work, with the same or a different employer, we will consider this a continuation of the prior period of unemployment. However, if you become unemployed more than one year after you have returned to work, with the same or a different employer, we will consider it a new period of unemployment ("another protected event").

IRA Accounts and Election/Retirement Information

1. How can MEMBERS Financial Services help me?
MEMBERS Financial Services is a program provided through the Credit Union that offers members an opportunity to work with a financial advisor for no fee or obligation. A MEMBERS Financial Services advisor can help with retirement options, pension distribution and maximization, 401(k) rollovers and more.

2. Can the Credit Union provide financial advice for 401K elections and pension options?
Yes! MEMBERS Financial Services can provide 401(k) rollovers, make insurance recommendations and provide short-term medical insurance providing catastrophic coverage for six months. Call (800) 328-1935 and press option 8 to schedule an appointment or contact a representative. Representatives are available in Chicago, Denver and San Francisco.

3. If I am involuntarily unemployed, can I move my 401K into an IRA account?
Yes! A 401(k) for an involuntarily unemployed employee can be converted into a Traditional IRA only. If a member already has an IRA at the Credit Union, a direct rollover is the preferred method of transfer.

If a member does not have an IRA account, contact the Credit Union to receive an IRA Enrollment Packet. Additional IRA options are available through our MEMBERS Financial Services program.

4. If I am involuntarily unemployed, can I make a withdrawal from my IRA?
There are no tax provisions allowing a withdrawal without penalty due to loss of employment. Any withdrawal from a Traditional IRA will be considered taxable earned income and also has a 10 percent penalty assessed if the account owner is under 59.5 years. Roth IRA contributions (not earnings) can be withdrawn at any time without penalty.

Securities sold through, CUNA Brokerage Services, Inc., member NASD/SIPC, 5910 Mineral Point Road, Madison, WI 53705. Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance representatives of other companies. Similar products may be purchased from an agent or company of your choice. Not federally insured, may lose value, not underwritten or guaranteed by the Credit Union.