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FAQs

Find answers to frequently asked questions about accounts, products and services

 
 
 

General FAQs

What is the credit union’s routing number?
Members Choice’s routing number is: 313083196. Also known as the Transit or ABA number, this number can be found on the bottom left of your credit union checks and at the bottom of each page of our web site. Members Choice only has one routing number for all account debits and credits. 

Members Choice does accept all incoming domestic and international wires, however, does not have a swift code. See Incoming wire instructions (PDF).

Do you participate in Shared Branching with other credit unions?
Yes! Shared Branching is a network of 5,000+ credit unions who service each other's members. Simply present your Members Choice Credit Union Account/Member number and a valid government or state issued ID at any Shared Branch location and you can make deposits, withdrawals or loan payments. Policies and procedures differ at each location. Visit our locator page to find a shared branch or ATM near you.

Where can I find my member number?
Your account number is the 13 digit number found just after the routing number on your checks, or in your account details tab in Online Banking. Your member number will be the 5-, 6- or 7-digit number to the right of the zeros in that account number.  Or Contact Member Services at 281.398.9900 / 800.753.2428 for assistance. To complete any electronic transactions such as ACH or eChecks, the account number must include the complete 13 digits.

How can I sign up for Direct Deposit?
To sign up for Direct Deposit, please contact your employer's payroll department. You will need to provide them with the routing number 313083196 and your 13 digit account number. If your employer requires documentation for initial set-up, you may provide them with a voided check or download the Direct Deposit Instructions Form (PDF).

Where can I get a copy of your Annual Report?
The current Annual Report can be found in the Financials section of our web site. Or you may request one be mailed to you by calling 281.398.9900.

How long are checks held?
Hold times on deposited checks are determined at the time of presentment and are based on the individual deposit. The length of the hold will be listed just above the deposit on your account summary. 
Is my account information available 24-hours a day?
You may access your account 24/7 via Online Banking, Mobile Banking and the Audio Response system. You may also speak to a live representative by calling 281.398.9900. Please be advised that when calling outside of regular business hours, live representatives have limited account access.

Is my money insured at the Credit Union?
Yes, your savings are federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government, the National Credit Union Administration, a U.S. Government Agency. The $250,000 in coverage applies to each share owner, per insured credit union, for each account ownership category. 
Your Money is Protected
The money you have on deposit at Members Choice Credit Union is insured by the National Credit Union Share Insurance Fund (NCUSIF), a fund backed by the federal government. Deposit Insurance is simply added peace of mind that your money is safe. Federal insurance protects the money in all of your deposit accounts. Some limits apply to how you are covered:
  • All members of federally insured credit unions are insured up to $250,000. If you have $250,000 or less on deposit, you’re covered 100 percent.
  • Retirement accounts are insured separately – in addition to your non-retirement accounts. Your money in Traditional and Roth IRAs is protected to a combined total of $250,000. If you have several IRAs at Members Choice with balances that add up to $250,000 or less, deposit insurance covers you 100 percent.
  • Depending on what type of accounts you have at Members Choice, you can potentially be covered for several hundred thousand dollars or more. Joint account owners with equal rights to an account are each insured up to $250,000.
  • Read more FAQs in the brochure titled “Your Insured Funds” (PDF). 
Can I order checks from any vendor or do I need to order from the Credit Union?
You have the option to order your checks from any check printing company. They will need your 13-digit account number located on your checks or in your account details tab in Online Banking. Or please contact us for correct account number formatting.

How do I reorder checks or check the status of a recent order?
If you have ordered checks through Members Choice previously and have the reorder form from your current box of checks, please click here to reorder checks online. Or, reorder through the Check Services widget in Online Banking.

If you have not ever ordered checks from Members Choice for your account, please call us at 281.398.9900 / 800.753.242 and a representative will assist you.

Where are your ATMs located?
In addition to our Members Choice branch locations, Members Choice members may have access to over 55,000+ surcharge free Allpoint Network ATMs worldwide. Find an ATM location near you.

Do you offer electronic statements?
Members Choice offers free eStatements via Online Banking. To sign-up, please contact us for assistance at 281.398.9900.
 
 
 
 

More Frequently Asked Questions

Can I send a wire transfer to another financial institution online?
A Wire Transfer Form (PDF) is required to process a wire transfer via Members Choice. This request may be sent via fax to 281.754.5046, or email to memberservices@mccu.com, or through a secure message in Online Banking.

Members Choice cut-off times for outgoing wire requests are 1:00 p.m. for International Wires and 3:30 p.m. for Domestic Wires. If not submitting a wire transfer request in person, please allow ample time as further verification and processing is needed.

Where can I find incoming wire transfer instructions?
Members Choice accepts all incoming domestic and international wires. We do not have a swift code. You will need to provide the sending financial institution with the routing number (313083196) and your 13-digit account number. Get the Wire Transfer Instructions (PDF).

Which Members Choice branches have coin machines?
The Katy Freeway branch location offers coin machine services. There is a 4% fee for members and a 9% fee for non-members.

Does the credit union offer member discounts?
One of the perks of being a credit union member is taking advantage of program discounts. These can be found on the Member Discounts page.

How do I become a member?
Thank you for your interest in joining Members Choice! Members must live, work, attend school or worship in our field of membership, which encompasses the Katy, West Houston and Cy-Fair areas. View zip codes for our qualifying field of membership. You may also join if you have a family member that is currently a member, or, if you are an employee of one of our Partner Companies. If you have been a member in the past, you may rejoin.

We invite you to join now online, or join in person by visiting one of our branch locations.

What is the fee for a Money Order?
Money Orders are ideal payment options when you need to pay for something by check but are not able to use a personal check. For some large purchases, merchants may prefer a money order instead of a personal check. Money orders must be pre-paid, which means payment to the merchant is guaranteed. Members Choice offers Money Orders up to the amount of $1,000, and does not offer International Money Orders. Stop by a Members Choice branch near you to get started. The fee for a Money Order can be found on our Fee Schedule (PDF).

What is the fee for Check Cashing?
There is no fee for members to cash checks through their own checking account pending the funds availability. If member has only savings, less than $300.00 on deposit and no loan or checking, the associated fee for Check Cashing can be found on our Fee Schedule (PDF).

What is the fee to Stop Payment?
The fee for a Stop Payment can be found on our Fee Schedule (PDF). Please be advised that at least 3 business days are needed to stop future ACHs (electronic funds transfer).

Do you offer notary services?
All Members Choice branches offer Notary Services during regular business hours. The fee for Notary Services can be found on our Fee Schedule (PDF).
 
How can I get a copy of my account statement?
You can retrieve a free copy of your account eStatement through Online Banking. If you are not set up for eStatements, please contact Member Services at 281.398.9900 or toll free 800.753.2428, or stop by one of our branches.

What is a form 1099 INT and when should I receive it?
This is a form provided to you for interest earned over $10.00 in the previous tax year. You should receive your form by January 31st of each year.

What are your CD rates and terms?
We offer Certificates of Deposit in a variety of terms, from 3 months to 60 months, as well as Jumbo CDs. Learn more about CDs.
 
Can I open a Savings or Checking Account online?
Yes, Current Members Choice members, you can “Quick Apply” for a new checking or savings account in online banking or your mobile app. Login, and click on the “Quick Apply” widget in the main navigation to get started (you may need to click on the “More” button to view). 

If you are not yet a member, you may start the account opening process online. Join now online
 
What services are available via Telephone Banking/Audio Response System?
Members Choice offers balance inquiries, transfers and check-by-mail withdrawals via Audio Response System. Please call 281.398.9900 or toll free 800.753.2428, and select option 2. Note: your account information is required for the audio response system.

Are there any service fees for using Telephone Banking?
Telephone Banking/Audio Response system is a free service offered to Members Choice members.

Does the credit union offer Roth IRAs?

How much am I able to contribute to my HSA?
Members Choice does not offer Health Savings Accounts.

How do I order savings bonds?
Members Choice does not service or sell savings bonds, however, you may purchase them online at SavingsBonds.gov.
How do I open a business account?
To open a business account at Members Choice, please visit one of our locations as further review of documents is needed. Learn more about the features of our Business Checking Account.

Do you offer business loans?
While Members Choice doesn't offer commercial or SBA loans, we can provide personal loans to sole proprietors for business purposes. Reach out to the business solutions team for more information

Where do I login to Business Bill Pay?
The Business Bill Pay login/enroll link is located under the Business Services section of our website. It can be found by clicking on the Business Services tab, then on Business Bill Pay, then scrolling to the bottom of the page. Login to Business Bill Pay.
 
What is the monthly fee for Business Bill Payment?
Personal Bill Pay is a free service offered to Members Choice members. Business Bill Pay is a free service for the first two months, as well as subsequent months when less than 15 payments are made in a month. The fee for Bill Pay Payments over 15 can be found on our Fee Schedule (PDF).
How can I activate my debit card?
To activate your Members Choice Debit Mastercard, please call 1.833.246.9309.

How do I report a lost or stolen debit card?
To report a lost or stolen Debit Mastercard, please call 281.398.9900 or 800.753.2428 immediately; option 6, then option 1. We also recommend that you review your account for any unauthorized transactions and to contact us for any further steps that may need to be taken. To confirm transactions or disable your card, please call 1.855.997.7286. 

Can I change the Personal Identification Number (PIN) on my Debit Mastercard?
Please contact Member Services at 281.398.9900 or toll free 800.753.2428, or stop by any of our branches for assistance with your Debit Mastercard PIN.

What is my Personal Identification Number (PIN)?
Your PIN is confidential and only known by you. If you have forgotten your PIN, we will be glad to send you a new one. Please contact Member Services at 281.398.9900 or toll free 800.753.2428, or stop by any of our branches.

Why doesn't my debit card work?
Several reasons can cause your debit card to stop working: incorrect Personal Identification Number; damage to magnetic strip; expired card; balance is below requested amount; loan is more than 11 days past due; Mastercard may have blocked the transaction if not properly verified (855.997.7286); Mastercard may have a block on the card until a charge can be verified (Fraud line is 833.246.9309). For further assistance call Member Services at 281.398.9900 or toll free 800.753.2428.

What do I need to know about when traveling with my debit card?
Your Members Choice debit card is accepted worldwide, however, for peace of mind, we have some tips to share about traveling with your Members Choice debit card. Click here for important information about traveling with your Members Choice Debit Mastercard.

What is an EMV Chip card?
Your debit card features an embedded chip that improves security every time you make a purchase at a chip-enabled terminal. The new chip technology creates a unique code for each transaction that is difficult to duplicate, reducing the risk of fraudulent charges on your account. Use your card by inserting into the chip-enabled slot until you see the authorization approved message, then remove.

What if a merchant doesn’t have a chip-enabled terminal? Will my EMV chip card still work?
Yes. If the terminal is not chip-enabled, you will need to swipe your card’s magnetic stripe, like you would with your old card. Online purchases still work the same way they did with your old card too.

Does my chip card work at the ATM?
Yes. Use your chip card at the exact same merchants you do now by inserting the card into card terminals that are chip-enabled or swiping your card at merchant locations that have not yet switched to chip-enabled card terminals. You can also use your card as you did before for online payments, telephone payments and at ATMs.

More questions concerning your EMV Chip Card?
Feel free to contact our member service department and they'll be glad to assist you!
What type of credit cards do you offer?
Members Choice offers offers a variety of personal credit card options. Several cards offer rewards, such as the Signature Visa with 2X Bonus Rewards points, and the Choice Cash Visa with Cash Rebates on purchases.

What is the minimum payment on my credit card?
Please see the Minimum Payment section of the Cardmember Agreement (PDF) for details.

How do I report a lost or stolen credit card?
To report a lost or stolen Visa Credit Card, please call 800.449.7728 immediately. We also recommend that you review your account through the “Card Services” widget in Online Banking.
Do you offer Mobile Banking?
Members Choice offers free Mobile Banking access to check account balances, view transaction history, transfer funds and find branch and ATM locations. These features may be accessed via your web browser or by downloading the app available to iOS and Android devices from the Apple App or Google Play stores here:
In general, Mobile Deposit is available for personal and business account holders, who:
  • Are in good standing
  • Consumers must have an active account that has been open at least 30 days.
  • Business accounts must have an active account that has been open at least 60 days.
  • Have an active Online Banking username and password.
How do I sign up for mobile deposit?
Mobile Deposit is a free service and included in your MCCU mobile app. Simply download the mobile app for Members Choice Credit Union. It’s available for all iOS and Android devices.

Is depositing my check with a mobile device safe?
Yes. The link between your mobile device and our Mobile Deposit site uses SSL and 256-bit encryption technology, the industry standard, to ensure your deposits are transmitted safely and securely. Your scanned check is secure and protected through this link.

When will my deposit be processed?
Members Choice Credit Union’s funds availability policy applies to mobile deposits. $100 of the deposit is immediately available with the remaining amount on hold for up to three days. If a deposit is made after 2:00 CST, the deposit will be processed the next business day (Saturday, Sunday and holidays are excluded). If there are issues with the quality of image, the amount, payees, endorsements, etc. we may notify you that your deposit is reversed pending submission of a new deposit.

What are the limits for Mobile Deposit?
  • Personal Accounts
    • Three items per day
    • $2,000 daily deposit limit
    • $5,000 monthly deposit limit
  • Business Accounts
    • Five items per day
    • $5,000 daily deposit limit
    • 100 items per month
    • $20,000 monthly deposit limit
 
What accounts can mobile deposits be made to?
Any deposit account can accept mobile deposits except Certificates of Deposit or Individual Retirement Accounts.

What are some tips for using mobile deposit?
Endorse your check just as if you are bringing it to a branch. Image quality is key to successfully making a mobile deposit. Be in a well-lit area, avoid casting shadows and be willing to retake an image if your device’s camera isn’t focusing properly. The quality of the check also plays a part. All four corners must appear in the photo. You will immediately receive a message if another photo needs to be taken.

What if my check doesn't have very legible handwriting?
If the mobile deposit system is unable to read the check information, an error message will display. In that case, you may deposit the check at a branch or by mail.

My check was written more than six months ago. Can I still deposit it?
No. The check is considered "stale-dated." You should request to have the person who issued the check reissue it with a current date.

I have a check made payable to someone else. Can I deposit it into my account?
No. This is considered a third-party check. Only checks made payable to the account holder(s) are accepted.

What do I do with the check after it's been deposited via mobile deposit?
We recommend that you store your original check in a safe place for up to 30 days. Do not write VOID across the front of it or destroy it until after this period. Be sure the check is not rescanned or deposited elsewhere unless Members Choice specifically instructs you otherwise.
How do I change my Online Banking Username or Password?
If you do not remember your login credentials, select “Forgot Username” or “Forgot Password” from the main Online Banking login page.

If you are logged in, go to your profile in the upper-right corner and select “Settings” from the dropdown menu. Then select the security tab to change either your username or password.
 
Can I transfer funds between my accounts via Online Banking?
You may transfer between all Savings, Checking and Money Market accounts and loans within and between your memberships. Should you not see one of your accounts, please contact member services at 281.398.9900 or toll free 800.753.2428 for assistance. Transfers from or to your Members Choice account from other financial institutions are also available via Online Banking. This service requires a set-up process that may take 3-5 business days to establish.
 
How do I determine if a check has cleared my account?
Your account history is available by selecting the account from the dashboard after you login to Online Banking. Checks are available to view by selecting the transaction in the account history. If the front and back of your check does not populate please contact member services at 281.398.9900 or toll free 800.753.2428.
 
Can I transfer money from one Members Choice member account to another?
You may transfer from one member to another via Online Banking or Mobile Banking through the “Transfers” tab in your dashboard. Please contact member services at 281.398.9900 or toll free 800.753.2428 if you need assistance.

Who do I contact with questions or issues regarding Bill Payment processing?
Please contact Bill Pay at 888.918.7501.
 
What are the types of payments and how are they processed through the Bill Payment service?
The payments can be sent either by check or by ACH (Automated Clearing House), also known as electronic payment. This is determined by Bill Pay once the merchant verifies how they want the payment processed.
 
Who should I contact if have trouble logging into Online Banking or Mobile Banking?
We'd be glad to help troubleshoot your problem. Please contact Member Services at 291.398.9900 or 800.753.2428, or email us at memberservices@mccu.com.
What is SavvyMoney Credit Score?
SavvyMoney is a free comprehensive Credit Score program offered by Members Choice, that helps you stay on top of your credit. In your Online Banking portal, you can get your latest credit score and report, an understanding of key factors that affect the score, and can see the most up to date offers that can help reduce your interest costs. With this program, you always know where you stand with your credit and how MCCU can help save you money. The program also monitors your credit report daily and informs you by email if there are any big changes detected such as a new account being opened, a change in address or employment, a delinquency reported, or an inquiry made. Monitoring helps you keep an eye out for identity theft as well.
 
What is SavvyMoney Credit Report?
SavvyMoney Credit Report provides you all the information you would find on your credit file including a list of open loans, accounts and credit inquiries. You will also be able to see details on your payment history, credit utilization and public records that show up on your account. When you check your credit report, there will be no impact to your score.
 
Is there a fee?
No. SavvyMoney is entirely free and no credit card information is required to register.
 
How often is my credit score updated?
As long as you an online banking user, your credit score will be updated every month and displayed in your online banking screen. You can manually refresh your score by clicking “refresh score” as often as you like.
 
How does the SavvyMoney Credit Score differ from other credit scoring offerings?
SavvyMoney pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide you a better picture of your credit health.
 
Why do credit scores differ?
There are three major credit-reporting bureaus — Equifax, Experian and Transunion — and two scoring models — FICO or VantageScore — that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 factors of a credit report may be taken into account when calculating a score, and each model may weigh credit factors differently; so, no scoring model is completely identical. No matter what credit bureau or credit scoring model is used, consumers do fall into specific credit ranges: Excellent 781–850, Good 661-780, Fair 601-660, Unfavorable 501-600, Bad Below 500.
 
Will Members choice use the SavvyMoney Credit Score to make loan decisions?
No, we will still use our own lending criteria for a decision on a loan. The SavvyMoney credit score and report is merely for your information. It is designed to be an educational tool for you. We are still required to follow our lending policy for loan approval, which requires an Equifax credit report to be pulled by Underwriting.
 
Will SavvyMoney share my credit score with Members Choice?
No, your SavvyMoney Credit Score is a free service to help you understand your credit health; how you make improvements in your score and the ways you can save money on your loans with Members Choice Credit Union.
 
I see product offerings; does this mean I am pre-approved?
No. The products that you see are considered “pre-qualification” products, which means based on your SavvyMoney credit score; you could possibly be eligible for the products. You must still fall within our lending guidelines to be approved (e.g. appropriate debt-to-income, appropriate loan purpose, etc.).
 
How does SavvyMoney Credit Score keep my financial information secure?
SavvyMoney uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.
 
If Members Choice does not use SavvyMoney Credit Score to make loan decisions, why do we offer it?
SavvyMoney Credit Score can help you manage your credit, so when it comes time to borrow for a big-ticket purchase — like buying a home, car or paying for college — you have a clear picture of your credit health and can qualify for the lowest possible interest rate. You will also see offers on how you can save money on your new and existing loans with Members Choice Credit Union.
 
What if I have credit history or poor credit and do not pre-qualify for any products?
If you have no credit history and/or a low credit score, you will be shown educational articles or credit builder loans.
 
What if the information provided by SavvyMoney Credit Score appears to be wrong or inaccurate?
The SavvyMoney Credit Score makes its best effort to show you the most relevant information from your credit report. If you think that some of the information is wrong or inaccurate, we encourage you to take advantage of obtaining free credit reports from www.annualcreditreport.com, and then pursuing with each bureau individually. Each bureau has its own process for correcting inaccurate information, but every user can “File a Dispute” by clicking on the “Dispute” link within their SavvyMoney Credit Report. However, The Federal Trade Commission website offers step-by-step instructions on how to contact the bureaus and correct errors.
 
There is a section on the site that features both Members Choice product offers and financial education articles. Why am I seeing this?
Based on your SavvyMoney Credit Score information, you may receive Members Choice Credit Union offers on products that may be of interest to you. In most cases, these offers may have lower interest rates than the products you already have. The educational articles, written by the SavvyMoney team, are designed to provide helpful tips on how you can manage credit and debt wisely.
 
Will accessing SavvyMoney Credit Score ‘ping’ my credit and potentially lower my credit score?
No. Checking SavvyMoney Credit Score is a “soft inquiry,” which does not affect your credit score. Lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.
 
Does SavvyMoney offer credit report monitoring as well?
Yes. When you pull your credit score successfully the first time, you are automatically enrolled into credit monitoring. Your file is scanned daily for key changes, and an alert is sent when a significant change is detected. TransUnion will provide the following monitoring alerts:
  • An account has been included in bankruptcy.
  • An account is reported as delinquent.
  • A fraud alert has been placed on the credit file.
  • A previously derogatory account is now current.
  • A new account has been opened.
  • An account in your name shows a different address.
  • An account in your name listed a new employer.
  • A new inquiry on the credit file.
  • A new public record has been reported.
 
How do I change my address or other personal information?
If you access the SavvyMoney program through your online banking, you have to do nothing! Your email address will automatically update in SavvyMoney when you update it in online banking. However, we always encourage you to inform us of any contact information updates.
 
Can I cancel SavvyMoney?
Yes. You can cancel at any time by clicking your name in upper right corner and selecting Profile>Membership>Cancel.   
Is there a grace period on my consumer loan payment?
Members Choice considers all loans late if they are paid after their due date, but as a member, you will not receive a late fee until after the grace periods below: 
  • Secured (any collateral – auto, truck, RV, etc.) and Signature loans: 10 days
  • Credit Card: 0 days
  • Mortgages: 15 days
  • Home Equities: 10 days
How do I qualify for a loan or credit card?
You simply need to be a Members Choice member to apply for either a loan or credit card. We will review your credit history and verify income as part of the loan process.

Can I make my loan payment by phone?
Members Choice can process loan payments via transfer from within the membership, from other Members Choice Accounts, via debit card, or ACH from another institution. Loan payments may also be conducted at a Members Choice or Shared Branching location.
 
How do I apply for a loan?
Members Choice offers several ways to apply for loans. You can login to Online Banking (username and password are required), 281.398.9900 or toll free 800.753.2428. You may also visit any of our branches for more information.
 
Do you offer payday loans?
We do not offer payday loans at this time.

Can I make a payment on my Members Choice loan from another financial institution?
Recurring loan payments can be set-up to pay your loan monthly via Online Banking, in a branch or by contacting us by phone or written request. To set-up your payments via Online Banking, login to Online Banking and select “Transfers” to schedule a one-time or recurring payment. These payments can take 3 to 5 business days after initial enrollment verification.

Can I refinance my car with Members Choice?
Yes, Members Choice offers competitive rates and refinance options for new and pre-owned autos. If you currently have your auto loan with MCCU, the fee for refinancing a current MCCU auto loan can be found on our Fee Schedule (PDF).

Is there a pre-payment penalty on auto loans?
Members Choice does not charge a penalty for paying off auto loans before the scheduled payoff date.

What are the insurance requirements for an auto loan?
Full coverage insurance is required for all vehicles financed with Members Choice. Maximum $1,000 deductible. Members Choice Credit Union needs to be shown as lien holder on the vehicle.

Can I apply for an auto loan if I haven't found the car I want yet?
You can apply for an auto loan and receive a pre-approval if you are still in the process of looking for your new vehicle. You can start the auto loan application process online, or visit one of our branches to talk to a loan officer in person.

How long does it take to receive my vehicle title once I pay off my auto loan?
The State of Texas has converted all vehicle titles to eTitles. Ten (10) days after the vehicle has been paid off with Members Choice, you will receive a letter in the mail with instructions on how to proceed and how to transfer the title into your name with the Texas Department of Motor Vehicles. After you have submitted your request to the Texas Department of Motor Vehicles (TX DMV), you should receive your title in 21 days.
Can I apply for a loan before I find a property to purchase?
Yes, applying for a mortgage loan before you find a home may be the best thing you could do.  When you apply in advance, you are issued a pre-approval letter subject to you finding your new home. You can use the pre-approval letter to assure your real estate agent that you are a qualified buyer and that you are looking in the right price range to fit your budget.  Having been pre-approved for a mortgage may also give more weight on any offer you make.
 
How much equity do I have available in my home to borrow against?
In order to calculate how much lendable equity you have available in your home, you must start with the value of your home.

For example:  Your home is worth approximately $250,000, you would multiply that by 80%, which in this case would give you $200,000.  Then, subtract your current 1st lien mortgage to give you the available amount to borrow. In this case, say your first mortgage balance is $150,000, then you would have $50,000 available to borrow.
 
Are there fees charged or any other obligations if I complete the online application?
There is not a fee to complete an online application for any of our loan products. 
If you are applying for a Mortgage (Purchase or Refinance), at the time the Loan Officer pulls your credit report to begin the pre-approval/loan process, a non-refundable fee of $55.00 is collected.
 
If you are applying for a Home Equity or Home Improvement loan, the credit report fee not applicable
There is no obligation to complete the mortgage or equity process once an application is completed.

How do you decide what documentation is needed from me to process my loan?
The Loan Officer will do an interview with you and analyze your completed application, your credit report and an automated underwriting system to determine what documents are needed from you. During the processing and underwriting part of your loan file, other documentation may be required in order to prepare your loan for final approval.
 
Will MCCU consider my overtime, commission, or bonus income when evaluating my application?
In order for bonus, overtime or commission income to be considered, you must be able to show a history of receiving it for the previous 2 years and it must be likely to continue for the next 3 years.  Your Loan Officer will request copies of W-2 statements for the previous two years and your most recent 30 days pay stubs to verify overtime and bonus income. If more than 25% of your income is commission earnings, we will need to obtain copies of your most recent 2 years signed tax returns to calculate the amount that can be considered as income.
 
If I have income that is not reported on my tax returns, can it be considered?
Typically, only income listed on your tax returns can be considered when you apply for a mortgage. 
 
What is a credit score and how does it affect my application?
Your credit score is one of the pieces of information used to evaluate your application.  Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments.

A credit score is a compilation of all this information converted into a number that helps a lender determine the likelihood that you will repay the loan you have applied for on schedule.  Your credit score is calculated by the credit bureau, not by MCCU. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be an effective way of determining credit worthiness.

Credit scores used for mortgage loan decisioning range from around 300 to 900.  Typically, the higher your credit score, the lower the risk that your payments will not be paid as agreed.  Using your credit scores to evaluate your credit history allows MCCU to quickly and objectively evaluate your credit history when reviewing your application.  However, there are several factors considered when making a loan decision and we never evaluate an application without looking at the whole financial picture of a member.

How do I know if I need a Home Improvement loan or a Home Equity loan?
A Home Equity loan has limits that are set forth by the Texas Constitution, which only allows for 80% of the value of a home to be accessed.  As well as limits of having only one Equity loan at a time and one per year. If you have available equity in your home, you can use those funds for any purpose and a single amount is disbursed to you at closing to do as you wish. The Home Equity loan can be in 1st or 2nd lien position.

A Home Improvement loan is a loan specifically used to make improvements to your home. This type of loan requires a licensed contractor, a signed contract to complete the work and periodic disbursements. The disbursements are made out to both the homeowner(s) and the contractor to pay for work completed. A Home Improvement loan allows for up to 95% of the value of your home and can only be in 2nd lien position.
 
What terms are available for the Home Equity Loan?
MCCU has 4 terms available for the Home Equity product, each product is a fixed rate (rates available upon request).
  • 60 months, 120 months, 180 months and 240 months
    Home Equity loans can be in either 1st or 2nd lien position.
 
What terms are available for a Home Improvement loan?
MCCU has 2 terms available for the Home Improvement product, both of which are fixed rate (rates available upon request).
  • 180 months and 240 months
What mobile devices does the app work with, and where can I download them?
The Members Choice Perks app is available for iOS and Android devices. You can download the app either by texting “MCCUPERKS” to 31996* to get the link directly to your phone, or by downloading from the Apple App or Google Play stores here:
Is the app only for Members Choice Members? 
Yes, and this is just one of the benefits of being a member. These deals are exclusive to our members, and you can use either your Members Choice debit or credit card when paying to access the deal. 
 
Does it cost me anything to use the app? 
The app is completely free to download and use. We provide this for the benefit of our members. 
 
How do I access and use the deals?
Just launch the app and click on the deal. You’ll see the “Get It Now” button on each deal. Click on that button and present the deal when providing payment with your MCCU debit or credit card.  Learn more about accessing the perks via the app
 
Do I need to have Location Services on to use the app?
The app will work with either location services turned on or off, so it is your preference as a user.
 
The app works best when location services are enabled. To make sure you always get notified of great deals near you, enable “Always” in the Location Services setting. You’ll get a notification message on your device when you are near a deal. 
 
You can turn Location Services off and alerts, but this turns off alerts for all deals in the app. In that case, you’ll just need to click on the app icon anytime you want to manually check out any of your nearby deals. If notifications are off, you might want to launch the app on a regular basis to see new deals, or when you want to make a purchase in the area.
 
I want to keep Location Services on and just turn off the alerts for individual locations or merchants. How do I do that?
We understand that you may not be interested in every location or merchant in the app, and you can easily turn off any notifications individually. Launch the app, and click on the deal that you want to modify. Click on the “Alerts for this location” or “Alerts for this merchant” to turn off individual alerts.
 
How often are the deals updated in the app?
We’re updating deals all the time, so check back often. Under the menu icon in the top right, new deals are shown in the “New Perks” section.
 
How does a business get listed in the app?
If you are a local business owner in the West Houston, Cy-Fair or Katy area, you are welcome to fill out the request form for consideration as a business. There is no charge for a business to be included in the app, and if accepted, we only ask that you honor terms of your provided deal with our members. Not honoring your advertised deal will prompt deletion from the app.

If you are a Members Choice do not see one of your favorite businesses listed, you are welcome to share the app information with them, and they can request app inclusion.
 
**3 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms: slkt.io/2Zxr
 

Disclosures

If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships are subject to approval including credit approval.