What is single login you ask? Well, instead of having to remember usernames and passwords for each account that you are an owner of, when you log in to the new system you’ll automatically see all accounts that you are a primary or joint owner on. Instead of the system generating a new login per account, it now generates one login for each member. This makes managing your finances a breeze since you can conveniently access all of your accounts in one place. The graphic below will help show you how it works:
Now, some of you may be thinking “well, wait a minute, I don’t want the joint owner on my account to see my account activity”. Or maybe you are a joint owner on your kids accounts or another relative or family member, but you don’t necessarily access that account or need to see any of the account activity. This could also affect anyone that may share their login with others (though we don’t recommend this) now that the login is not specific to one account. If this new feature worries you for any of these reasons, let’s talk about some of the options you may have to make this an easy and comfortable transition. First, let’s go over a few different types of account relationships to help you decide what’s right for you.
Primary Account Owner
This individual is an owner of an account and qualifies for credit union membership.
If an account only has one owner, it is referred to as an Individual Account.
If an account has more than one owner, only one person is the primary, the others are considered joint owners (see description below).
Joint Account Owner
A secondary account owner that is authorized and able to act for any other account owner regarding transactions and other account matters.
Any owner on the account, primary or joint, may withdraw or transfer funds, or stop payment on items without consent of the other owner(s).
A beneficiary is the person designated on an account to receive the funds when the account owner dies. This person is designated by account owner(s) and does not have the ability to view or initialize any transactions on the account.
It’s important to note that the Primary Account Owner and Joint Account Owner have the same ability to view and transact on behalf of the account (depending on account type). Also keep in mind that any credit cards and loans associated with an account will also be viewable by all account owners.
If you have designated someone as a joint owner on your account so that they receive the contents of the account should something happen to you, then you should change that person to a beneficiary instead. You are designating them to receive the contents of your account, but without having access to the account itself.
If you do not want the joint owner of your account to be able to see your account, and don’t want to designate them as a beneficiary, your next option is to take them off of the account. Please note that both the primary and joint member need to sign off in order for this to take place. If the account in question does not have any open loans or credit card balances, you may also close the account and open a new one without the joint member. This can be done by visiting any of our branches.
If you do not want to change the ownership of your accounts, the new system will also allow you to hide the accounts that you don’t want to see. This can be done in your Account Preferences tab.
If any of this applies to you and you’d like to discuss your specific accounts, please feel free to give us a call at (808) 930-1400 or toll free at (800) 216-2666.
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