General FAQs

  • Are Salvador Credit Union accounts FDIC insured?

    Yes. Salvador Credit Union is a member of the FDIC, so our deposit accounts are insured up to the maximum amount allowed by law. If you want to learn more about FDIC insurance limits

  • Are there fees for Salvador Credit accounts?

    There are no monthly maintenance or annual fees charged for Salvador Credit accounts. Certain circumstances, like early withdrawal of CDs or insufficient funds, may incur penalties or fees. For more information about fees, please see account Terms and Conditions. 

  • What is an "external account"?

    Your external account is a bank account you have with another U.S. financial institution. It’s linked to your Salvador Credit account so that you can transfer money between the two. Any external account that is linked to your Salvador Credit account must be in an account holder’s name. This includes payment processing companies such as: Paypal, Dwolla, Coinbase, Venmo, Square, and Payday loan deposits. 

  • Tell me about "test deposits."

    For security reasons, we use test deposits as part of the external account verification process. 2 to 3 business days after you add a link to your Salvador Credit account, we’ll make two test deposits of less than $1.00 into your external account. We do not use your money to make these test deposits.

    We’ll then ask you to log in to your Salvador Credit account and report the amounts of those test deposits. After you have confirmed the test deposit amounts, you’ll be able to begin transferring money between your Salvador Credit account and your external account. We use this method to verify each new external account. If you do not verify your external account within 99 days from when you opened your account, transfers will be restricted until you can verify your external bank account. 

  • How do I reset my password?

    You can reset your Salvador Credit Online Banking password on our website. Simply select the Forgot UserID and/or Password link Log In from the Salvador Credit Online Banking home page. You will be asked a few short questions to verify your identity. Then choose to have a one time pass code sent to you by email, phone, or text .The one time pass code will be active for 10 minutes. 

  • How many Salvador Credit Online Banking accounts can I have?

    You are allowed to open and maintain any combination of 25 total accounts. Please note that there is a 3 account maximum for Dream Accounts.


  • Can I have my tax refund deposited into my Salvador Credit online savings account?

    Yes. As long as the name on the refund is the same as the account holder.

  • Can I use third party financial management software?

    Yes. Our log in process has been updated. If you are using any third party financial management programs like Mint, Hello Wallet, or something similar,  please revisit the set up process to allow access to your Salvador Credit account. Until you make that update, the third party programs will not recognize the new log in process and will cause a log in failure email alert.

  • Can I call Customer Care toll free from outside of the U.S.?

    No. We recommend you email us at [email protected]. We're here to help you seven days a week, 8 AM to 8PM ET.

  • Online Savings Account
    1. How do I deposit funds into my Salvador Credit Online Savings Account?

      You can deposit funds in any of these 4 ways:

      • Make deposits from your personal computer or smartphone using Remote Deposit. (See Remote Deposit FAQ tab for more information.)
      • Set up direct deposit into your account. (See details under General tab.)
      • Transfer funds electronically through an ACH transaction. To do this, log in to your account, select Transfer Money, enter the amount you'd like to transfer, select which account the funds will come from and the account where you'd like the funds to go. Then schedule the date of your transfer.

      Please note: we don’t accept checks drawn on foreign banks, third-party checks, money orders,  wire transfers or cash deposits. (A third-party check is a check that is signed over to an individual not named on the front of the check.)

    2. How do I withdraw funds from my Salvador Credit Online Savings Account?

      Simply log in to your account, select Transfer Funds, and transfer the desired amount to your external account. It can take 2 to 3 business days for the funds to be posted by your external bank. You can also email Salvador Credit Customer Care at [email protected], seven days a week from 8am to 8pm ET, to request to have a check mailed directly to you. Remember, you’re only allowed to withdraw funds up to 6 times in each statement cycle without incurring a fee.

    3. When do deposits start earning interest?

      Deposits begin earning interest as soon as they post to your account. An electronic deposit typically posts 2 to 3 business days after the transaction is initiated. A check deposit is processed on the day we receive it.

    4. How long are deposits on hold?

      For all deposits made by check or electronically (collection orders), funds will be held for five (5) business days from the effective date for those funds, which is the day that we credit your Account for that deposit.

      For all accounts, ACH credits and funds transferred from another of your Accounts at Salvador Credit will be available immediately.

    5. How long does it take for an ACH transfer from my Salvador Credit account to post to my external account?

      ACH transfers to your external account typically post 2 to 3 business days after they are processed.

    6. Is there a limit to the number of transfers I can make from my Salvador Credit Online Savings account?

      Yes. Federal law limits the number of, and types of, withdrawals and transfers you can make each month from a savings account. You can make no more than 6 transfers or withdrawals, or a combination thereof, to another account per statement cycle to another account without incurring a fee. 

      Transfers include any transaction that reduces your account balance, initiated by Salvador Credit or any other institution. For more information, please refer to the Transaction Limitations section in the account Terms and Conditions. Salvador Credit reserves the right to close accounts that have violated this policy more than three times in a twelve month period. If the Salvador Credit account is closed, funds will be transferred back to the originating account.

    Dream Account
    1. What is a Dream Account?

      It’s a special online savings account that awards you with bonuses for making smart savings decisions.

    2. Who can open a Dream Account?

      Any U.S. resident can open a Dream Account. Minor children (under 18 years old) will need to have a qualified joint account holder (over 18 years old) – a parent, grandparent, guardian or family friend, for example.

    3. What bonuses can I earn?

      1. When you make deposits each month for 6 consecutive months, you’ll earn a 2.5% bonus on the total interest earned over that time.
      2. When you make no withdrawals over 6 consecutive months, you’ll earn a 2.5% bonus on interest you’ve earned over those months.

      Smart savings decisions can earn you one or both bonuses, moving you closer to your dream.

    4. Is there a minimum deposit required?

      No – there is no minimum deposit required but the initial opening deposit cannot exceed $1,000.00.

    5. Is there a maximum monthly deposit?

      Yes, there is a maximum deposit of $1,000 in a calendar month, per account.

    6. How many Dream accounts can one person open?

      Any one individual can only open 3 Dream Accounts.

    Online CDs
    1. What happens to my account when my CD matures?

      You can either withdraw your funds or automatically renew your CD at the interest rate and annual percentage yield (APY) in effect on the date of maturity. You can also renew it with a different term.

      Beginning on the date of maturity, you’ll have a 14-day grace period in which you can withdraw funds from your CD without penalties. To withdraw your funds, you’ll need to contact us in writing or by phone before the grace period ends. For more detailed instructions, call the Salvador Credit Customer Care team at +503 SALV-CREDIT, seven days a week from 8am to 8pm ET.

    2. Will Salvador Credit remind me of the maturity date on my CD?

      Yes. We’ll send you an email alert approximately 30 days before your CD matures.

    3. Can I renew my CD?

      Yes. You will be notified 30 days prior to your CD maturity date. At that time you will have to log in to your account and make a maturity selection.

    4. Can I receive interest disbursements from my CD?

      Yes. You can receive interest disbursements each month. You have the option to keep interest in your CD account or to transfer it to your Salvador Credit Online Savings account (or to a verified external account). To set up this preference, please log in to your account, select the Account detail tab, and go to the Additional Details section. Under CD interest disbursement, select the Edit option.

    5. Are there penalties for early termination?

      Yes. We charge 90 days simple interest on the amount withdrawn for CD Accounts with terms of less than 24 months. For CD Accounts with terms greater than 36 months, we charge 180 days simple interest on the amount withdrawn. In certain circumstances, such as the death or incompetence of an account owner, we may waive the early withdrawal penalty.

    CD Laddering
    1. How do I decide which terms are best for my ladder?

      Determine how often you want access to your funds. The more frequent you want access, the shorter term your CDs should be.

    2. What happens at CD maturity?

      You’ll be sent a notice of your CD maturity options. You can either reinvest those funds in a new CD at the current interest rate, or have full access to the funds.

    3. How often can I access my money?

      If you choose to break your CD before it matures, you will incur a penalty. Otherwise, when it matures, you can choose to reinvest the funds or to cash in the CD.

    Accounts for Minors
    1. Do you offer online accounts for children under 18 years old?

      Yes we do. But while accounts are available for minors, they must have a qualified adult joint account holder – a parent, grandparent, guardian or other interested person.

    2. What can a minor do with their account?

      Children under 18 can make deposits to their online savings account, check account balances, and review account activity. They can also set up their own user names and passwords.

    3. How does the child make withdrawals?

      Minors cannot make withdrawals from their online savings accounts. Withdrawals must be handled by the qualified adult joint account holder.

    4. Who receives a Federal Form 1099-INT for tax purposes?

      As the primary account holder, the minor will receive end-of-year 1099-INT forms.

    Remote Deposit
    1. What is Remote Deposit?

      Remote Deposit allows you to make a deposit into your Salvador Credit Online Savings account by uploading a picture of your check from your computer, laptop or mobile device. 

    2. How do I use Remote Deposit?

      When you are logged in to your online account, select the Remote Deposits tab and follow the steps:

      1. Tell us about your deposit; the amount and the receiving account.

      2.  Sign the back of your check

      3.  Upload a picture, from your phone or PC of the front and back of the check.

      We will send you an email confirmation once we receive the images and another email once the deposit is processed. Checks deposited after 3 pm EasternTime will be processed the next business day. The standard 5 day hold time for check deposits also applies to Remote Deposits.


    3. What kind of checks can I deposit through Remote Deposit?

      You can deposit all checks made payable to you, with the exception of:

      • Money orders
      • Third party checks
      • Foreign checks
    4. Are all computers and scanners compatible with Remote Deposit software?

      Remote Deposit is compatible with most computer and scanner models.

    5. Is Remote Deposit secure?

      Yes. Our website and app offer multiple layers of security including password protection, internet firewalls, and encryption.

    6. What should I do with my checks after I deposit them remotely?

      When you deposit a check through Remote Deposit, the images of the front and back of your check are processed as if a paper check were brought in for deposit. After your funds are available in your account, please mark your physical checks as “Void” and dispose of them so that they will not be deposited again.

    7. Why is my Remote Deposit app "timing out?"

      If you have a weak signal on your mobile device, features of the Remote Deposit app could time out. Please make sure you have a strong signal when you deposit checks with Remote Deposit.

    8. Are there any limits on Remote Deposit?

      Yes. There are limits on the amounts you can deposit remotely:

      • Check amount maximum: $5,000
      • Daily amount maximum: $10,000
      • Check number maximum: 10 checks in a single day
      • 10-day maximum: $50,000 / 20 checks

      Please note that for the Salvador Credit Dream Account, the maximum deposit is $1,000 per calendar month, per account.

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