August 18, 2022

5 Common Questions About Your Interior Federal Account After Retirement

Many of our members assume they have to close their accounts due to retiring from the Department. Read on to find out why keeping your membership active—even from a distance–is a really wise choice.

Question 1: I am retiring and won’t be involved with the Department of the Interior anymore; doesn’t that make me ineligible?

Answer: Absolutely Not!! With Interior Federal, once a member ALWAYS a member. You were eligible when you joined, and that is all that matters. We can support members from birth throughout their lifetime–even through retirement. See how here.

Question 2: Once I am retired, I won’t be coming into the building anymore, how will I access my funds here at the credit union?

Answer: You have SO. MANY. OPTIONS! We want banking to be easy for you, wherever you are in the state, country, or world. Here are 3 ways to have access to your funds:

  1. Digital Banking: We have an online banking portal and a mobile app that are accessible to anyone with internet access and a membership with us. Both are simple to use and are filled with features like checking your credit score & report, monitoring your debit/credit cards, moving money, and more. You can keep your direct deposit, retirement and social security deposits coming to the Credit Union. Pay your bills through our bill pay service online or set up direct debit with your creditors.  If you prefer, you can still pay by check.  There is also a money management tool to assist you with savings projections, managing your accounts from a central location, and more. We do our best to make sure these options are user friendly, but if you ever have a question, please call our contact center at 800.914.8619.
  2. Funds Transfers: In our digital banking platforms, you can transfer your money between people, accounts, and banks. Whether you pay friends for an evening out to dinner or make a payment on a loan, you have options with us. We offer: wires, regular funds transfers (in-bound and out-bound), external loan payments, and  Zelle® (transfer money to/from another person).
  3. Shared Branches and ATMs: We have over 95,000 ATMs nationwide for you to withdraw cash using your debit card from locations like CVS®, Walgreens™, WaWa®, Costco™, 7-11 and more. Use a shared branch when you value the in-person experience of banking. To find an ATM or branch near you, use our locator tool and type in your zip code.

Question 3: I haven’t seen any products specific to retirees, do you offer anything that can assist me?

Answer: Yes. When we say “member for life,” we mean it. Our retired members are equally as important as our child members. No matter where you live, move, or stage of life, there are specific products and services that would be of interest.

  • Nationally Competitive Loan and Certificate Rates
  • Unbiased, FREE Wealth Advisor Consultation
  • IRAs (including Coverdell Education Savings and Health Savings Accounts)
  • Exclusive discounts on:
    • Travel like airline tickets, rental cars, and hotels
    • Plays, shows, concerts, and the like
    • Home, auto, and life insurance
    • Norton Life Lock identity theft protection- there are so many scams out there, use our member discount to stay protected.

Question 4: I like the personal banking experience with local financial institutions, how can I get that if I live away from your branches?

Answer: We know how important finances can be and having a personal relationship with your institution is essential. At Interior Federal, you are not just a number. We offer multiple ways for out-of-state members to reach us, like:

  • Secure chat/email through Digital Banking. Rest assured that you can contact us in a secure manner and there won’t be eaves droppers reading your private information.
  • Phone calls. We know it’s not always convenient to pick up the phone, but when you need to talk to a representative, we are there for you. We have a 24-hour call center where you will speak to a REAL person to assist you. Plus, get the ultimate convenience by calling us from your couch or out and about!
  • Shared Branches. We have over 5,400 shared branches throughout the country, and many are local credit unions! Instead of switching your accounts whenever you move, keep your account with Interior Federal and utilize in person services at a shared branch. Complete transactions, make payments, order checks, and more (you can do all of that from digital banking, too 😊)

Question 5: How can I leave money for my kids and grandkids if something happens?

Answer:  Making sure that your funds are well-distributed is extremely important. In addition to a beneficiary named on every account, we have a variety of account options to consider:

  • Trust Accounts. Your assets will be distributed the way you see fit.  And, your assets are protected from probate and estate taxes.  Your deposit is insured up to $250,000 by NCUA.  This is separate from the $250,000 of insurance on regular non-trust accounts, and a separate $250,000 of insurance for your IRAs.  Learn more about NCUSIF Share Insurance.
  • Custodial Accounts. This is a great way for parents or legal guardians to set aside funds for a minor child.  The custodian may convert the account to a regular account prior to the age of majority.
  • Kids Accounts. We have accounts for kids, teens, and young adults, where savings and certificates can be funded for their future.  Establish an account with insurance up to $250,000 on this account, too.

For us, retirement is just another phase of life that we want to be Your Natural Resource through the transition.  Keep your account active to avoid any inactivity fees by using your account for deposits, withdrawals, and moving money.  No need to switch banks, consolidate accounts, or worry about local access.  With the pandemic, most people are not physically going to a branch anymore.  Stay safe and do banking from the comfort of your home—wherever that is!

Related Content:  Learn How We Save Our Average Member $2500/Year


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