Accounts Access and Settings

At Freedom, the security and privacy of your financial information is a top priority. In addition to adhering to many industry standard security protocols, we take additional steps to protect member accounts from unauthorized phone access. Freedom requires all members to designate a custom password that can be verified if you call us. This is an added layer of authentication we use to keep you safe. Your password can be any combination of letters and/or numbers and is not case sensitive. This password will be verified anytime you work with a representative over the phone. For assistance setting or resetting your phone password, please contact us at 1-800-440-4120 or visit any branch location for assistance.

*A phone password is NOT the password you use to unlock your phone unless you set it up to be the same.

Any Account Owner may add beneficiaries to a membership. When adding beneficiaries, the following information is required: SSN, Name, Date of Birth, and contact information for each beneficiary such as phone number and address. To add beneficiaries to your membership, please contact us at 1-800-440-4120 or visit a branch location for assistance.

If you are already enrolled in eStatements, log into Online/Mobile Banking and click on any of your share accounts or loans. Select the DOCUMENTS tile. Once the statement portal launches, click on “Account Statements” to select and view the statement of your choice. Statements are in an easy use, PDF format and may be printed or saved. Statements are stored for 12 months. If you are not currently enrolled in eStatements, follow the enrollment instructions. Your first eStatement is available in the first month following your registration.

A signature is required for all address changes. We have many convenient options available to process this type of account maintenance. Please contact us at 1-800-440-4120 or visit a branch location for assistance.

Checking Accounts

You may open a high-interest Empower Checking account by using our convenient online application portal. Alternatively, you may contact us directly at 1-800-440-4120 or visit any branch location for additional assistance.

You may open a new checking account by using our convenient online application portal. Alternatively, you may contact us directly at 1-800-440-4120 or visit any branch location for additional assistance.

Freedom’s high-interest Empower Checking is a free checking account that allows you to earn 3.00% APY on balances up to $10,000 with no maintenance or monthly fees. To qualify, opt-in to receiving Electronic Statements (e-Statements) and complete a minimum of 15 qualifying Point-of-Sale (POS) purchase transactions per month using your Freedom Federal Credit Union debit card. For more information, see our Empower Checking resource page for full details and disclosures.

You may order checks by contacting us directly at 1-800-440-4120 or visiting any branch location.

Courtesy Pay

Your overdraft balance should be repaid within 30 days of overdrawing your account. If your overdraft balance can not be repaid before then, please reach out to our Member Solutions department by calling 1-800-440-4120 option 4 for further assistance.

If you have established overdraft protection transfers out of another Freedom account, that will act as your first line of defense for any transaction that may clear when funds are not available in your checking account. If funds are not available in the account we have been directed to transfer from, the Courtesy Pay coverage you have selected will kick in. Any applicable fees for overdraft transfer or Courtesy Pay can be found on Freedom’s Schedule of Service Charges.

To inquire about qualification for Courtesy Pay coverage, please contact us at 1-800-440-4120 or visit any branch location.

To make changes to your Courtesy Pay coverage, please contact us at 1-800-440-4120 or visit any branch location.

Courtesy Pay is an optional overdraft tolerance service to cover transactions when there is not enough money in your account. Standard Courtesy Pay coverage comes with your account to cover checks and other transactions using your checking account number such as automatic bill payments by ACH. You may also opt IN to have Freedom cover ATM transactions and everyday debit purchases or you may opt OUT of Courtesy Pay altogether and ask Freedom NOT to pay any of your overdrafts. Freedom charges a fee of $35.00 each time it pays an overdraft with Courtesy Pay. There is no limit on fees accumulated for overdrawing your account.

Freedom does not guarantee that it will always authorize and pay any type of transaction. If Freedom does not authorize and pay an overdraft, your transaction will be declined. To make changes to your Courtesy Pay coverage, please contact us at 1-800-440-4120 or visit any branch location.

To add Courtesy Pay to your account, you may complete and sign a Courtesy Pay Opt In Form. Your completed form can be submitted to any of our branch locations, mailed to:  Freedom Federal Credit Union
P.O. Box 1545 Bel Air MD 21014, or emailed to [email protected]

Deposits and ACH

For check holds where the total amount deposited is $5,525.00 or less, funds are typically released within 2 business days of the date of deposit. If you deposited your check at a branch, your hold release date(s) will be printed on the receipt for your transaction. If your check was deposited via an alternate method or if the total amount exceeded $5,525.00, the availability of your funds may be delayed longer than 2 business days. Please refer to the Funds Availability Policy for more details on deposit holds.

ACH stands for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers. Also known as direct payments. ACH payments are a way to transfer money between accounts without using cash, checks, credit cards, or wire transfers.

To set up ACH payments or deposits, you will need your Freedom routing number and full account number. Freedom’s routing number is 255077299. Your account number, as required for setting up any electronic deposit or withdrawal can be found in the Details section of the share account in Online/Mobile Banking. Your routing and account number for your checking account can also be found on the bottom of your printed checks.

Deposits can be made using Freedom’s Mobile Check Deposit functionality, at any of our branch locations, or at any Freedom branch ATM or night drop. Find a branch or ATM location.

General

For current rates, please visit Freedom’s rates page or contact us at 1-800-440-4120.

To process a wire transfer, please visit any branch location before 3pm on the day you wish to wire funds. If you are unable to visit a branch, please contact us at 1-800-440-4120 for more options.

Freedom charges a fee for paper statement processing and delivery with exceptions for members under 18 and over 70. We highly encourage enrollment in electronic statement delivery (eStatements) to avoid a paper statement fee. For more information on how to register for E-statements, please see our eStatement registration resource or contact us at 1-800-440-4120 for assistance.

If you are enrolled to receive Electronic Statements (eStatements), you will be able to access your 1099-INT in Online Banking. First, log in to Online Banking and click on any share or loan account, then click the documents tile to get to the eStatements portal. Once you are in the eStatement portal, choose tax forms from the drop down to view and/or print your document. If you are not registered for eStatements, your 1099-INT form will be mailed to the mailing address we have on file for your account.

In general, each member is insured up to $250,000 in coverage for their accounts. If you have multiple accounts with Freedom, you may utilize a free Share Insurance Coverage Calculator provided by the National Credit Union Association (NCUA) to determine the estimated coverage across all of your accounts.

Freedom’s routing number is 255077299. Your account number, as required for setting up any electronic deposit or withdrawal, can be found in the Details section of the share account in Online/Mobile Banking. Your routing and account number for your checking account can also be found on the bottom of your printed checks.

High Interest Checking

You may open a high-interest Empower Checking account by using our convenient online application portal. Alternatively, you may contact us directly at 1-800-440-4120 or visit any branch location for additional assistance.

Freedom’s high-interest Empower Checking is a free checking account that allows you to earn 3.00% APY on balances up to $10,000 with no maintenance or monthly fees. To qualify, opt-in to receiving Electronic Statements (e-Statements) and complete a minimum of 15 qualifying Point-of-Sale (POS) purchase transactions per month using your Freedom Federal Credit Union debit card. For more information, see our Empower Checking resource page for full details and disclosures.

Minor Accounts

Freedom’s Youth Checking account is available to individuals age 16 and up with a parent or guardian as joint owner.  Youth Savings accounts are available at any age with identification.

Freedom offers a variety of youth account options from birth to age 18. A custodial account allows someone over the age of 18 to control assets on behalf of the minor. These accounts are governed by state UTMA/UGMA laws. Additional types of youth accounts allow some of our younger members to have access to their money as they learn to manage their account. For more details, please see our Youth Accounts page.

You may open a savings account for a minor by using our convenient online application portal. Alternatively, you may contact us at 1-800-440-4120 or visit any branch location for additional assistance.

Retirement Savings

If you have a Traditional IRA, you are required to begin withdrawing your Required Minimum Distribution (RMD) by age 72. If you have a Roth IRA, there is no Required Minimum Distribution.

A Freedom representative would be happy to assist you with completing a rollover of your qualified pension fund, thrift plan, or retirement benefit into your Freedom IRA. Please consult a qualified tax advisor before you proceed. When you are ready to initiate your rollover, please contact us at 1-800-440-4120 or visit a branch location for assistance. You may also find additional information on our IRA resource page.

Freedom has options to help you save for retirement including IRA savings, share certificates, and money market accounts. For more information on opening a Traditional or Roth IRA, please contact us at 1-800-440-4120 or visit a branch location for assistance.

Savings Accounts

A Share Certificate at your credit union works the same way as a certificate of deposit (CD) at a commercial bank, paying interest on a lump sum for a fixed period of time. Certificates differ from regular savings accounts because the money must remain on deposit, untouched for the entirety of the term to avoid penalty fees or lost interest. Typically, a Share Certificate will have higher dividend rates than regular, more liquid savings accounts.

To provide redemption instructions for your maturing CD, please contact us at 1-800-440-4120 or visit any branch location.

For all certificates, the amount of the early withdrawal penalty is based on the term of your account. For additional information regarding the penalty schedule, please refer to our Truth In Savings – Certificate Accounts disclosure.

You may open a new savings account by using our convenient online application portal. Alternatively, you may contact us directly at 1-800-440-4120 or visit any branch location for additional assistance.

In general, credits are posted to your account as they are received. There may be times when a hold is necessary. Please refer to the Funds Availability Policy for more details on deposit holds.

Checks are posted daily, when Freedom receives the file from the Federal Reserve. Checks are debited from an account in the order contained in the file. ACH payments are paid throughout the day in order of receipt. ATM and other PIN Based transactions are typically debited immediately, but some merchants may submit for payment at a later time.

Signature-based debit card transactions place an authorization hold on funds. This hold can be the same or different than the actual transaction amount. The transaction is cleared in the order received throughout the day as the merchants submit for payment. For additional details on transaction clearing, please refer to the Membership and Account Agreement.

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