FAQs

Learn more about our accounts, services and policies.

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How do you make the best financial decisions? At Purdue Federal, we believe it starts with good, solid information. That's why we've created easy-to-follow FAQs on topics our members often want to know more about. If we haven't provided all the answers you're looking for, please feel free to contact us directly.

Accounts

When you open your account you are technically purchasing a share of the credit union. This share is your membership share deposit of $5. With this, you are a member-owner of the credit union and are able to participate in credit union decisions.

Checks of $225 or more will have a hold on them. This is for your protection against fraud and fraudulent payers. Checks of less than $225 may also be held for various reasons.

This is usually the information your employer would need for direct deposit. If you requested that information, it can be located on the form. If you have checks, this information is located at the bottom of the check. If you just opened an account, this information should be on your account information card. The routing number is located at the bottom of every page of our website and digital banking. You can also find you account number in digital banking. If you are unable to find what you are looking for, please call or visit your favorite branch.

Yes. Check and cash deposits made at ATMs have a three-day hold placed on them unless you are a Diamond Status member. This is also true for mobile check deposit. Please refer to our Guide to Member Services for full details.

If there is unusual activity on your account, immediately contact Purdue Federal Credit Union. You my do this by calling us at 765.497.3328 or toll free at 800.627.3328 or by visiting a branch.

Yes. There is a $5 minimum deposit to open your savings account. This is your share of the credit union. If you close your account for any reason, you will get this amount back.

Additionally, there is a $25 minimum opening deposit for checking accounts.

See our Rate Sheet and Truth in Savings for complete details.

In order to open an HSA, you must be covered by a High Deductible Health Plan (HDHP) — high deductible considered to be at least $1,400 annually for an individual and $2,800 or more annually for a family. You cannot be claimed as a dependant on anyone's tax return and cannot be entitled to benefits under Medicare.

Once you open an HSA, you may contribute up to $3,600 per individual and $7,200 per family per year. "Catch-up" contributions are available for account holders age 55 or older. See Rate sheet for details.

Branch Services

Yes. The annual fee is taken directly from your share account.

The contents of your safe deposit box are NOT insured against loss by the credit union or NCUA. You may document the contents and request insurance through your homeowner's policy or other special policy with their insurance company.

If there are no safe deposit box vacancies in the credit union, you may ask to be placed on a waiting list until one is available.

This method of automatically collecting the annual fee provides a convenient and efficient means for renewing your Rental Agreement. You will receive a notice of the charge and will have the charge listed on your account statement.

Only two keys will open the lock on your safe deposit box, and both keys are given to you. The credit union does not keep an extra key.

If one key is lost or stolen, you will forfeit the key deposit, but we can rekey your box if one key is provided.

Each time you wish to enter your safe deposit box, you must present your photo ID and sign an admission form. You are required to have your key. The credit union does not keep an extra copy.

Your safe deposit box is kept behind a locked door only accessible by an employee key. All our safe deposit boxes are dual-keyed; therefore, without our key and your key, your safe deposit box cannot be opened (except by force).

You and anyone who has signed the Safe Deposit Box Lease Agreement are allowed.

Upon the death of a Purdue Federal safe deposit box owner, if applicable, the joint owner of the safe deposit box will have access. If there is not a joint owner on the safe deposit box, only a person authorized to represent the Estate may enter the box. They will be asked to take an inventory of all the safe deposit box contents for tax reporting purposes.

Boxes with items remaining unclaimed three years after the expiration of the last paid rental will be turned over to the Indiana Attorney General's office.

Card Services

Debit and credit card compromises occur when unauthorized individuals gain access to your payment card information. This typically means that it’s likely after using your card with a merchant, your card number, expiration date and PIN may have been manually or electronically captured for the purpose of creating a functional counterfeit payment card.

No. It only means that your debit or credit card information has potentially been compromised. Your payment card may be replaced as a cautionary measure. We monitor your account 24/7 for fraud, but we also recommend that you review your account and report any suspicious or unauthorized transaction to us immediately. Digital banking is a great way to monitor your account activity, and you won’t need to wait for a monthly statement. Plus, all Purdue Federal Visa debit and credit cardholders are automatically enrolled in fraud alert via phone call and text message.

Purdue Federal is notified by Visa^® and our card processor of compromises. We take every compromise seriously. In each case, we evaluate the need to reissue new debit or credit cards to affected members, and then take the appropriate action.^12.e

Our card processor and Visa notify us of potentially compromised payment cards. We will notify you and possibly replace your card to help prevent fraudulent purchases.

No one can predict when their debit or credit card will be compromised. We strongly urge our members to engage in online and mobile banking practices to increase overall awareness of the available balances in their accounts. If there is ever a transaction you do not recognize, please contact us immediately and we will be glad to assist you.

It usually takes seven to 10 business days to receive a new card. You will also get a mailer, which will arrive separately from the card, with your new personal identification number (PIN).

You should contact the merchant(s) immediately upon receipt of your replacement card, and provide them with the new card number and expiration date.

Not necessarily, since each member has a unique card number. If their card has also been compromised, they will receive a similar notification too.

The information encoded on your debit or credit card pertains to the card number and expiration date. Confidential information such as Social Security Numbers, checking account numbers, driver’s license numbers, addresses and dates of birth are not stored on the card.

If your card is lost or stolen, contact us immediately via digital banking, by calling 800.627.3328, or by stopping by a branch. We will block your card so it cannot be used and get you a new card.

Purdue Federal Cash Rewards is a cash back only program for our Visa credit cardholders. You can redeem credit card rewards points as instant cash back into your checking or savings account, or as a donation to Purdue for Life (formerly Purdue Alumni Association) or John Purdue Club. Rewards points earned by all credit cards on the same account will be automatically combined and available for redemption through digital banking.

Before you travel with your Purdue Federal Visa Debit or Credit Card, you should submit a travel notification with your destination, travel dates and card number(s). You can submit a travel notification through digital banking under “Card Services” or stop by your favorite branch.

EMV (developed by Europay, MasterCard and Visa), or more commonly known as chip cards, have a microchip embedded in the credit or debit card as well as a traditional magnetic stripe on the back of the card. The chip is encrypted and provides stronger security and protection against fraud. It contains the same type of information already stored in the magnetic stripe needed to authenticate, authorize and process transactions. No personal information about your account is stored on the chip card.

Every time you use your card at a chip-enabled terminal, the embedded chip generates a unique transaction code. This prevents stolen data from being fraudulently used.

Yes, Apple Pay® will work with your new chip card. However, you will need to register your new card in Apple Pay.^12.a

No additional fees apply to your new card. Your chip card will carry the same benefits as your previous card.

You can use your card at millions of places that accept Visa credit cards—at home, online and around the world. Chip technology is already used in over 130 countries around the world, including Canada, Mexico and the United Kingdom, so you'll enjoy greater acceptance when traveling internationally.

It's simple – just insert the chip portion of the card into the merchant terminal with the chip facing up, leave the card in the merchant terminal until the transaction is complete, follow the prompts, and provide your signature if requested.

You can still use your card the traditional way by swiping the magnetic stripe in the swipe section of a terminal if it permits.

Yes. In addition to the embedded chip, your new card still has a magnetic stripe on the back. This way you may continue to make purchases by swiping your card and signing the receipt at merchant locations that do not have a chip-enabled terminal.

In some countries (particularly in Europe), merchants may be more familiar with chip cards than magnetic stripe cards, but Visa requires that magnetic strip cards be accepted everywhere Visa is accepted.

Plus through Visa payWave, a contactless payment technology, your chip card also allows you to simply wave your card in front of a secure reader, letting you keep your card during the entire transaction, and making checkout faster and more convenient. Just look for the contactless symbol and the Visa logo on the checkout terminal.

In addition to a magnetic stripe and microchip embedded on your card, your Purdue Federal Visa Credit Card also allows you to pay through Visa payWave. Visa payWave is a contactless payment technology that allows you to simply wave your card in front of a secure reader, letting you keep your card during the entire transaction, and making checkout faster and more convenient.

Yes. Ensuring payment security is one of Visa’s highest priorities, and contactless payment cards are as secure as traditional cards.

Yes, all Visa cardholders, regardless of transaction type, will be protected under the Visa Zero Liability policy just as the magnetic stripe cards are today. This means you won’t be held responsible for unauthorized charges if your Visa credit card is lost, stolen or fraudulently used, online or offline.*

No. All cards are automatically enrolled in Purdue Federal Cash Rewards.

The minimum amount you can redeem is $25 or 2500 points.

To redeem your rewards points, log in to Digital Banking at purduefed.com or on the mobile banking app. From the main menu, select "Card Services" and then "Cash Rewards". Use the slider to choose how much you want to redeem and select how you would like to redeem – as a cash deposit into your checking or savings account, or as a donation to the John Purdue Club or Purdue Alumni Association.

Instantly! As long as you choose the cash back option, your money will show up in your checking or savings account as soon as you click “Submit”. If you choose instead to make a donation to the John Purdue Club or Purdue Alumni Association, your points will be deducted immediately from your account. Purdue Federal Credit Union will send a check to the John Purdue Club or Purdue Alumni Association in your name within 30 days of your point redemption.

The cash redemption will be credited to your primary checking or savings account. You can choose which account you prefer when you redeem your points.^19.d

Rewards points have no expiration based on accrual date; however, any points remaining on an account after 48 months of no card activity (i.e. no transactions and no payments) will be forfeited.^19.d

Yes, if you are the owner on two accounts with credit cards you may combine the points from the two accounts. In order to combine your points, please call our contact center at 800.627.3328 (toll free) or 765.497.3328 before redemption.^19.d

Yes, all of the credit cards under one account number will automatically have points combined.^19.d

With the new Cash Rewards program, your rewards points are connected to your credit card account, not your physical card number, so you never lose your points or need to have them transferred – even if your card is blocked, lost or stolen.^19.d

If you return an item you will lose the points you earned when you purchased that item.^19.d

You will receive your My Member Perks Credit Card Perk Points immediately.^19.d

If you do not redeem your points before you close your account, your points will be forfeited.^19.d

Digital Banking

If you have forgotten your password, the "Forgot Password" feature will allow you to log in and change your password. To change your password, follow these steps:

Step 1: Enter the requested personal authentication information. Click "Submit".
Step 2: Complete the additional identity verification.
Step 3: Enter and confirm your new password. Click "Submit Password".

Once your password has been changed, you will receive immediate access to your online accounts. If you have questions regarding these steps, please contact Purdue Federal at 800.627.3328.

Your digital banking access may be temporary restricted due to excessive authentication attempts. Please contact Purdue Federal for assistance at 800.627.3328.

Your browser saves a copy of Web pages you access in a special folder called a cache. Sometimes an older version of the login page is still in the cache and your browser does not load the new page when you try to log in. Try emptying your cache. (See your browser help for instructions on emptying the cache or clearing the history.) Then close and reopen your browser and try logging in again.

We recommend you use a browser on our list of supported browsers to have the best possible digital banking experience.

Membership

No, you do not have to be a member to apply for a loan. If you are not a member, you must qualify for membership before receiving the loan.

My Member Perks is a program that continuously rewards you for your trust and loyalty to Purdue Federal Credit Union. Your entire relationship with the credit union qualifies you for a Bronze, Silver, Gold or Diamond Status based off the products and services you use. Each status offers a variety of perks designed for members at all stages of life. Perks include free checking, a monthly cash giveback, money saved on loan rates, and more!

There are many benefits of being a credit union member, often including lower rates and higher member satisfaction. Plus, credit unions are non-profits and are member-owned, which means we're dedicated to providing services and opportunities that benefit our members, not shareholders.

One of the best parts of being a member is Purdue Federal’s My Member Perks program. Our leadership team created this exclusive program to continuously give back to our members by financially rewarding them for their entire relationship with the credit union. It is based on many factors including years of membership and usage of all products and services. My Member Perks launched in August 2013 and has delivered more than $26 million back to members since inception.

Because we value all our members and we strive to be your trusted financial partner for life, we are thrilled to share a percentage of the credit union’s annual profits with our member-owners.

We also believe the My Member Perks program has created substantial growth for Purdue Federal. In 2018, the credit union experienced excellent growth in membership, deposits and loans—likely the result of our members and the local market responding favorably to our member giveback program.

Through our unique My Member Perks program, excellent service, competitive rates and lower fees than many other local financial institutions, word has spread that Purdue Federal is the place to belong where you have worth. We hope that your credit union is meeting your financial needs, and that you have experienced the credit union difference through My Member Perks.

Once you are a member of the credit union you are able to stay a member, regardless of your employment status.

Start by applying online, in the branch or by calling the Contact Center.
Qualify for membership through one of our Select Employee Groups (SEGs) or if you
live, work, study, or worship in LaPorte County, Indiana.
Open a savings account and deposit your $5 membership share deposit to purchase your share of the credit union.

See our Rate Sheet and Truth in Savings for complete details.

Transfers

Yes. You are able to transfer money from your Purdue Federal account to an account at another financial institution. To add an external account, click "External Accounts" under "Accounts" in the menu. Click "Add an account at another financial institution that is not listed above." Follow the instructions to add your external account.

To transfer funds, simply log in to digital banking, select "Make a Transfer" under "Transfers" in the menu, and select the Purdue Federal account you want to transfer from and the external account you want to transfer to.

²View all disclosures of our My Member Perks program here.

⁷ Please see our Rate Sheet and Truth in Savings for full terms and conditions.

^12.a Apple, the Apple logo, iPhone and iPad are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay and Touch ID are trademarks of Apple Inc.

^19.d See complete Cash Rewards Terms & Conditions for more details.

²⁸ You can view our disclosures here.