Monterey Credit Union Internet Banking Feature Changes

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1 The first change is that we are dropping the old name HomeBanking! Let s call it what it is Internet Banking. The new Internet Banking will offer new features that will enhance Monterey Credit Union s online experience for our members. The majority of features will remain available. Including the basic features: view all accounts in detail, transfer money between accounts and any associated accounts, pay bills online, view estatements and enotices, view check images, and manage your personal information. In some cases, there are changes in how these basic features operate. For your convenience, the new features, changes to features, and features no longer available are detailed below. Internet Banking New Features New Look Our new Internet Banking has a clean, modern look and feel. The site is smartly organized, and more easily navigated. Mobile Banking Now Internet Banking is really available anytime, anywhere! With your mobile device, you can access your deposit & loan accounts, perform transfers, pay bills, and more. Apple and Droid users will download apps from the App Store or the Play Store (aka Market Place). Blackberry users will download the Mobile Finance Manager app from All other devices will use their device s mobile browser that can access a micro-browser version of Internet Banking. Note: You must login with a computer first to activate mobile banking. Note: When transferring funds with Mobile Banking, a confirmation message will be displayed on the mobile device and the transfer happens immediately on the credit union host system. You will notice a slight delay in the balance refresh on the mobile device. MoneyHQ MoneyHQ is a new and exciting service that allows you to see all of your financial relationships in one place. MoneyHQ includes the following services: o Account Aggregation You can setup accounts for most (not all) other external financial institutions, credit cards, investment accounts, etc. Money HQ allows you to view your entire financial portfolio from one login to Internet Banking. To transfer funds to or from these external accounts will require you to set them up in External Transfers (see Inter-Bank Transfers). o Inter-Bank Transfers You will be able to transfer funds between your MontereyCU accounts and an account at an external U.S.-based financial institution that accepts deposits. You will have to first set up the external account in External Transfers. The external account(s) you set up for inter-bank transfers are separate from those you set up for Account Aggregation. Your first 5 inter-bank transfers in a month are free, each transfer over 5 during a month will incur $2.00 fee. Inter-bank transfers are completed via the Automated Clearing House (ACH) system. Transfers will take approximately three business-days to complete. The external financial institution may charge a fee for an inter-bank transfer. 1 of 6

2 o Next-Day Inter-Bank Transfers You can expedite your inter-bank transfers to be made the next business-day. This service will incur an $8.95 fee (per transfer). o Personal Financial Management You will be able to keep track of your spending and create financial budgets. This service currently only recognizes bill pay transactions. However, it is evolving and will soon be expanded to recognize all financial transactions that occur on your MontereyCU accounts. Member Self-Registration and Password Reset with our old system, you had to request a PIN and wait for a mailer to be delivered by the U.S. Postal Service. With the new system you will be able to register for Internet Banking yourself and begin using the system immediately. Additionally, if you have forgotten your password, you will be able to reset your password without having to call the credit union. o NOTE Success of the Self-Registration and Password Reset processes is dependent upon entering your personal and account information exactly as it is on file with the credit union. If you encounter problems, contact our 24 x 7 Customer Care at (877) Account Alerts You can set up account alerts for your MontereyCU accounts to be sent to the address on file with MontereyCU. The types of alerts include: o Balance Alerts you receive a daily or weekly with the account s current balance o High and Low Balance Alerts you receive an when the balance of your account reaches the threshold you specify. o Deposit Alerts you receive an when a deposit is greater than the dollar amount you specify. o Withdrawal Alerts - you receive an when a withdrawal is greater than the dollar amount you specify. Expedited Bill Payment You can expedite a bill payment in the event a bill slipped your mind and you need to make a payment immediately. The fee for an expedited bill payment is $9.95 per payment. The bill payment will be posted the same day if the payment is submitted before 12:00PM (Noon) Pacific on normal business days. Otherwise the payment will be posted the next business day. More Secure & Streamlined Security Measures The mandated strong authentication for online banking systems did make the old system secure but difficult to access. The new Internet Banking uses different information to authenticate you and your computer or mobile device. The authentication process is a product from one of the largest online security companies in the world. Once you complete the registration process, you will find that access to the new Internet Banking will be much less difficult and even more secure! More Stable The new site is even more stable, and weaknesses have been corrected. Use of the Internet browser s back button will no longer cancel a session and you will be notified before your session times out. 2 of 6

3 More Information - o The new system will retain transactions online for 120 days twice as long as with the old system. o Transaction information can be sorted by date, amount, or description. o You have greater control over how many transactions appear if you have a large number of transactions, you enjoy faster display times. o Pending transfers and future bill payments are clearly displayed in the Online Activity section - making account management simpler and easier. Online Tutorials Video tutorials and detailed help documentation are available to assist you in learning how to navigate the new site and make the most out of the new features in the new Internet Banking. 24x7 Member Support Since Internet Banking is a service used by members 24x7, it makes sense to implement support for Internet Banking 24x7. The new Internet Banking has a dedicated toll-free phone number for Customer Care, (877) Customer Care only addresses issues with Internet Banking and the services within Internet Banking. If you have a question about a different banking issue, you should call MontereyCU Member Services at (831) , Monday through Friday, 9:30AM to 5:00PM, or send us a Contact Us from montereycu.com. Secure, In-session Messaging The new Internet Banking system has an in-session messaging system that is much improved over the old system. It allows you to communicate securely with the credit union s Member Services staff. It also provides a method to inform you about other actions on your accounts such as security information changes, address changes, confirmations of starting services like Mobile Banking, etc. Features that Work Differently Initial Login Due to a number of different factors, including a more robust authentication process, the number of accounts, and volume of transactions, each time you login to Internet Banking the system will take longer to login than you may be accustomed. However, once you are logged in, the navigation is much quicker. Member-to-Member Transfers With the new system, there are two methods to transfer funds to another member s account: 1) set up an transfer-only association between your account and the other member s account or 2) you can set up that other member as a bill pay payee. Note: Existing associations between accounts will continue to work on the new system without any additional action. o If you have the need to frequently transfer to another member s account, you can have the credit union set up an association between your account and that other member s MCU 3 of 6

4 account. Transfers are one-way to the associated account, and the associated account will not be able to see your accounts. o You could set up the account to which you wish to transfer funds as a Bill Pay payee. You could then transfer funds by scheduling a bill payment to that payee. However, the transfer would take a number of days to complete. Bill Pay The great news is that all bill pay merchants and scheduled payments will be migrated to the new system automatically. However, there will be a couple of key differences in how Bill Pay will work on the new system: Bill Pay Debit Retries Current System If you had insufficient funds at the time a payment was scheduled, the current Bill Pay system would try to debit your account for three consecutive business days. If the payment was not completed at the end of those three days, the payment was not made. New System Bill Pay debit events for which there are insufficient funds will attempt to debit your account two consecutive business days. However, if you have overdraft available on your account, the transaction will transfer the necessary funds to cover the bill payment debit based on the payment account s overdraft settings. If you are eligible for Privilege Pay, the debit may be covered by Privilege Pay. OVERDRAFTING and USE OF PRIVILEGE PAY WILL INCUR FEES Please review account balances and overdraft settings for Bill Pay accounts to ensure that you do not have unanticipated overdraft events. Bill Pay Recurring Payments You could set up a recurring payment without an end date. All recurring bill payments must have an end date. You will have to set an end date that is appropriate for your recurring bill payment. When the end-date approaches for a particular payment, you will receive both an and insession notification. Quicken & Quickbooks The new Internet Banking will allow you to set up your Quicken & Quickbooks software to connect directly with your MontereyCU accounts. See the following table for operational changes to this process: Quicken & Quickbooks Current System You could choose to either download information directly into Quicken via One Step Update / Online Services or download a file from New System Only One Step Update / Online Services will be supported for Quicken. There is no change to Quickbooks. 4 of 6

5 HomeBanking to import into Quicken. Quickbooks only works using Online Services Quicken & Quickbooks History Quicken was limited to a 60 day transaction window. However Monterey Credit Union could, by special arrangement, expand that range (fee-based). Quicken will now support a download window of 120 days. Monterey Credit Union will be unable to you in obtaining transaction data from outside that 120 day window. Instructions to migrate your Quicken relationship are available at Balance Refresh Due to system architecture, your account balance will refresh only at login and logout. For example, when you perform a transfer, you will see that the Available Balance will refresh, but not the Current Balance. When you log out, the Current Balance will refresh. Account Details This is where you will find all the information you need for all of your Monterey Credit Union accounts, including: o Current interest rate for savings and certificate of deposits o Finance Charges and Late Fees for loans o Next Due Date, Payment Amount, & Payoff Amount for loans o Account Nicknames many members have had nicknames associated with their accounts. The nicknames on your credit union accounts will not be recognized by the new Internet Banking system until you reapply those nicknames. A Step-by-Step procedure will be available explaining how to do this. o Tax Information the current and previous year s interest is now available by viewing the Account Details for the specific account. There will no longer be a specific Tax Information screen. Of course, interest information is available on your member statements and you will receive appropriate tax forms each January for the previous tax year. Check-to-Self this feature does not exist in Internet Banking. You may call the credit union to request a check to be mailed to you or you may set yourself up as a Bill Pay payee and send yourself a check with a Bill Payment. The Bill Pay method will take approximately 5 business days for the check to arrive. 5 of 6

6 Change of Address you will now be provided with a secure form that you will use when you have to change your address. The form will be accessed by clicking on Secure Forms in the Quick Links section on each page of the Internet Banking system. Once submitted, the form will be forwarded to CU staff who will then change your address. Per MontereyCU policies, the CU staff will perform further authentication for this type of request. Monthly Maintenance our Internet Banking vendor has a monthly maintenance window the third Tuesday each month between 11:00PM and 2:00AM Pacific. This time is used to ensure all systems are up-to-date with security patches and system upgrades. During this window Internet Banking will be unavailable. Current Features No Longer Available Direct Deposit button A specific page displaying direct deposits will no longer be available. You will be able to sort by transaction description to view transactions by type. Transfer Memo Customized notes to describe transfers between your MCU accounts are no longer available. 6 of 6