• General FAQs
• Mortgage FAQs
• Digital Services FAQs

General FAQs

What kind of loans do you offer?

We offer a variety of loans for many different needs. Schedule a Virtual Lending Appointment to discuss with an expert to see what product is right for you!

What is an Overdraft Line of Credit?

An Overdraft Line of Credit automatically funds checking accounts to help avoid costly overdraft charges.

What is the Eagle Line of Credit?

Our Eagle Line of Credit is designed specifically for Pioneer Valley Credit Union members and gives the ability to borrow up to $25,000 to consolidate debt into one payment, take a vacation and more. Give us a call at (413) 730-4152 or apply online.

How do I apply for a loan?

Apply online or give us a call at (413) 730-4152 . Schedule a Virtual Appointment to speak with an expert about Pioneer Valley Credit Union's many Loan products and services.

Can I apply for a loan even though I am not a member?

Membership comes with benefits and great privileges, however, you do not need to be a member to apply. Give us a call at (413) 730-4152 or apply online today!

How do I refinance my current car loan?

Apply online, schedule a Virtual Appointment or give us a call at (413) 730-4152.

What are your current loan rates?

View Rates

Can I skip a loan payment?

We offer Skip-A-Pay to members in the month of December. Restrictions apply**.

Do home equity loans and line of credits have closing costs?

There are no closing costs on a home equity line of credit if your loan is paid off. For home equity loans, you are more than welcome to pay down the loan penalty free. For more information, click here.

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Mortgage FAQs

Are there prepayment penalties?

Pioneer Valley Credit Union does not have prepayment penalties.

Do you offer First Time Home Buyer Programs?

Yes, give our Lending Team a call today to find out more at (413) 730-4152 or schedule a Virtual Appointment.

Do you offer Prequalification?

Yes, give our Lending Team a call today to get prequalified at (413) 730-4152 or schedule a Virtual Appointment. Easily get started online.

What is an FHA mortgage?

FHA loans have extremely accommodative credit score requirements. Our Lending Team works with scores as low as 580 that require just a 3.5% down payment. Conventional mortgages can be had with just a 3% down payment, though a 620 credit score is needed. FHA stands for Federal Housing Administration, a government agency that insures the mortgage loans to help low- and moderate-income borrowers achieve the dream of homeownership. They are commonly utilized by first-time home buyers, but available to just about anyone, unlike VA loans, which are reserved for veterans and active duty military only.

How large of a mortgage can I afford?

Consider home values, how much income and what monthly liabilities are, savings account amounts and what a down payment will be in order to come up with a loan amount. From there, calculate debt-to-income ratio, which is very important in terms of qualifying for a mortgage.

It is an involved process, so it’s tough to just estimate what you can afford, or provide a quick calculation. There’s also a level of comfort to consider. Schedule a Virtual Appointment to discuss your options or get started online.

How quickly can I get a mortgage?

Typically, it can take 30 to 45 days for a typical residential mortgage transaction. However, in some cases, the process may take up to 60 days or longer.

What is a prequalification?

A prequalification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a prequalification is based on unverified information provided and does not include a credit check or any documentation, and is therefore not a firm guarantee of a loan.

View our Talk to Tony video on Prequalification for more information.

What is an escrow account?

When obtaining a mortgage, one may be asked to put money into an escrow account to guarantee the lender that the ongoing expenses of owning the property will be handled -- specifically taxes and insurance. A lump sum will be paid into the escrow account at closing (also known as "prepaids"), and added further to each monthly mortgage payment.

Will my monthly payments change during the loan term?

Even with a fixed-rate loan, payment is likely to change over time. Property taxes and insurance expenses, upon which the escrow portion of a payment is based, tend to fluctuate. If they rise, it may be necessary for lenders to ask for a higher escrow payment.

What Are All the Costs?

All the costs of a loan include not only fees that go into the lender's pocket but also related third-party vendor fees such as:

• Appraisal
• Credit Report
• Lender’s Title Policy
• Escrow
• Owner’s Title Insurance
• Recording Fees

An estimate of these fees constitutes what is now called the Loan Estimate, which federal law requires the lender to give to the homebuyer.

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Digital Service FAQs

How to register for Online Banking

1. Go to your web browser and navigate to pvcu.org.
2. Under Online Banking, click the Register link.
   
3. You must fill in your personal information to begin registering. You will need your Member Number, last four of your Social Security Number, and your Date of Birth. You must also type ‘YES’ into the last box to accept the Online Banking Disclosure, which can be viewed by clicking the link below. After answering the questions and accepting the Online Banking Disclosure, click Start.
   
4. After entering your personal info, you will have the opportunity to set up your password. The password must meet the following criteria:
   • Case sensitive
   • Must not be the same as your account number or username
   • Must be between 7 and 20 characters long
   • Must contain at least 1 number
   • Must contain only letters, numbers and these special characters:
     !””#$%&()+,-/;ó?[\]^_`{|}*’
     
5. You will be required to set up three security questions. When logging in, you are required to answer one of these questions to further verify your identity. The answers you choose are not case sensitive, but they do require the exact spelling.
   
6. Lastly, you must create a security phrase and a security picture. This will be used to verify that you are logging into the correct account when you enter your username.
   
7. The system will take a few moments to complete your registration. When it is done, you will be automatically brought to your Online Banking home page.

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

How to reset your Online Banking Password

1. Go to your web browser and navigate to pvcu.org.
2. Under the Online Banking section, enter your username then click Login.
   
3. This will take you to a separate screen. Next to the field asking for your password, click the Forgot Password? link.
   
4. Four security questions must be answered to successfully change your password. After answering the questions, click Start.
   Note: these questions are based on the Primary Member’s information.
   
5. Enter and confirm your new password. Then click Next. The new password must meet the following criteria:
   • Case sensitive
   • Must not be the same as your account number or username
   • Must be between 7 and 20 characters long
   • Must contain at least 1 number
   • Must contain only letters, numbers and these special characters:
     !””#$%&()+,-/;ó?[\]^_`{|}*’
     
6. All set! Your new password has been confirmed, click Sign In as to sign in to your Online Banking.
   

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

Setting up Bill Pay

1. After logging in to your Online Banking via your PC, click on the tab Bill Pay. The next screen should state that a pop-up window will open. If the window does not appear, click where it says click here.
   
2. You will then be asked to set up your security questions. These questions will be asked when you attempt to log in to your Bill Pay account.
   
3. You will then be required to accept Bill Pay’s terms and conditions to use the Bill Pay service. Read the terms and conditions, then click the bubble next to “Yes, I accept the terms & conditions” and click Accept & Submit to finalize your account.
   

Setting up payees on Bill Pay

1. If this is your first time logging into Bill Pay, you will be asked to set up your first payee. If you have used Bill Pay before, you can click on the +Payee button. You are given two options: To pay a company or pay a person. Paying a company will mail a check to that company, you can select from a number of popularly used payees or enter their information manually. If your payee is a company that is popularly used, start entering their name and it may appear in the dropdown menu. Once the company has been located, you will put in your account information for that company.
   
   
2. If the company does not appear in the search, you may enter their information manually.
   
3. If you are looking to pay a family member or friend, you can select Pay a person and then send the money via email/text message, direct deposit, or check. When paying via email/text or direct deposit, the individual’s account will be paid within 1-2 business days. A check will be mailed to the individual’s financial institution and deposited within 5-7 business days.
   
4. You will then be required to input the information for the payee. If you are paying via direct deposit or check, you will be required to have the payee’s account information. If you are transferring funds to one of your accounts, this would be your information.
   
5. You will be asked to verify your identity to set up your new payee. You have the option to have a code sent via a phone call or email. The phone call or email should arrive as soon as you click Next. If you opted for a phone call, the code will be delivered once you answer the phone and say “Hello”.
   
   
6. After verifying, you should now see the payee listed under your payees on the Bill Pay home page. Type an amount for your payment under Amount and click on Pay to submit your payment. A pop-up will appear verifying your payment, once you click Submit, your payment will be submitted.
   
   

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

Setting up Mobile Banking

1. Go to your smart phone’s app store (App Store on iPhone, Play Store on Android) and search Pioneer Valley Credit Union. The app should appear in your search results as such:
     
2. Follow your app store’s prompts to download the app. Once downloaded, tap the icon on your phone’s home screen.
3. You will be brought to the app’s log in screen. You must use the same username and password that you used when you created your Online Banking profile.
   
4. If this is your first time logging in on your device, a One Time PIN will be sent to your email on file to verify your identity. You are required to enter this pin in order to register this device.
   
    
5. After entering your PIN, you are all set! You are now able to check your balance, make transfers, and deposit checks through our app.

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

How to Make a Mobile Deposit

1. Log in to the PioneerValley CU on the Go app and click on the Menu button in the top left (the button with three horizontal lines). Tap on the Mobile Deposit option to start your mobile deposit.
   
2. Tap Choose Account to choose which of your accounts you would like to make the deposit into. Afterwards, type the amount of the check that you are depositing into your account. Please note, the daily limit is $5,000 and the monthly limit is $10,000.
   
   IMPORTANT: Make sure to endorse the back of your check with your signature, and include this phrase written underneath your endorsement: “For Mobile Deposit Only To PVCU”. If you do not include this phrase, your check will be rejected and the deposit will not be made.
3. Tap Check Front to take a picture of the front of the check. Make sure that you are taking the picture in a brightly lit area and on a flat surface. The check must be within the four white corners on your screen. Tap Check Back to take a picture of the back of the check. 
4. When you are done taking the pictures of the check, tap Submit to submit your deposit. You will be asked to confirm one more time. After you have verified that the information submitted looks correct, tap Confirm to make your deposit. 

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

Signing up for e-Statements

1. First, log in to your Online Banking profile via your PC. Once logged in, click on the Documents tab.
   
2. Click on Start Process to start the process to enroll in e-statements.
   
3. Click on the e-Statement Disclosure link to read the e-Statement Disclosure. Once you have clicked on the link, a PDF file with your passcode will be sent to your email. Type this passcode into the box that says Passcode, then type YES in the Agreement box to accept the e-Statement disclosure.
   
    
4. Once signed up, you should see a message stating you are now signed up for e-statements. Click on the Documents tab again, and you will be able to access your e-statements.
   
   

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

**Payments made through payroll deduction or direct deposit will be deposited into your share account while you are participating in this program. Skip-A-Payment dates will vary based on specific employer payroll cycles. Members with bi-weekly payments will skip the two scheduled payments in the month of December. Members with monthly payments will skip their scheduled December loan payment. Members with weekly payments will skip the four scheduled payments in the month of December. Skipping more than two monthly payments during the life of the loan will affect GAP coverage on vehicle loans. Skipping a payment may extend the term of your loan. Skipped payments do not extend the term of any credit insurance policy you may have obtained through the credit union as part of your loan. Interest will continue to accrue on unpaid balances through skipped payment period. There is a $30.00 fee for each loan. Mortgages, Home Equity Loans, HELOC, Holiday Loans, Student Loans, Repayment Plans and Mass Save HEAT, Credit Builder Loans, credit cards, share and CD secured loan are ineligible. Applications are subject to Pioneer Valley Credit Union’s final approval.