FAQs

IRA Contribution Limits

Qualifying IRA owners may contribute up to $7,000 to a Traditional or Roth IRA for tax year 2024, and IRA owners age 50 or older can contribute an additional $1,000. (2023 contributions limits were $6,500 for both Traditional and Roth IRAs. The catch-up contribution for those age 50 or older can contribute an additional $1,000. Contributions for 2023 may be made through April, 15, 2024 tax deadline.) The contribution limit on Coverdell Education Savings Accounts remain at $2,000 for tax year 2024.

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Liberty FCU offers three types of IRAs:

Coverdell Education Savings Account

Formerly called an education IRA, the Coverdell Education Savings Account is a tax-deferred account created by the U.S. Government to assist families in funding educational expenses for beneficiaries under the age of 18.

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Liberty FCU offers three types of IRAs:

Roth IRA

An individual retirement plan that bears many similarities to the Traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawal.

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Liberty FCU offers three types of IRAs:

Traditional IRA

An individual retirement account (IRA) that allows individuals to pretax income, up to specific annual limits, toward investments that can grow tax-deferred. Individual taxpayers are allowed to contribute 100% of compensation up to a maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors.

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Liberty FCU offers three types of IRAs:

Money Market Rates

Rates accurate as of June 26, 2024

Tiers	Dividend Rate	APY^	Minimum Balance #
$1,000 - $9,999	0.15%	0.15%	$1,000
$10,000 - $24,999	0.20%	0.20%	$10,000
$25,000 - $49,999	0.30%	0.30%	$25,000
$50,000 - $99,999	0.30%	0.30%	$50,000
$100,000 and above	0.30%	0.30%	$100,000

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Money Market Rates

How do I add my external accounts?

If you bank with a well-known financial institution, you can set up account transfers instantly by providing your online banking credentials when asked. If you are unable to locate your financial institution, simply add the external account and complete the micro deposit process.

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Payment Center

What are external transfers?

External transfers allow you to transfer funds between accounts you own at different financial institutions.

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Payment Center

How do security questions work with Pay a Person?

When using Pay a Person, you will set up a security question and answer for your recipient to answer the first time you perform a transaction together. The answer to the security question is space sensitive. For example, if you write “NewYork” without spaces and the recipient writes “New York” with spaces, the security question would be invalid. A limited number of attempts are available before the transaction is cancelled automatically—so be sure to communicate directly with your intended recipient.

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Payment Center

What is Pay a Person?

Pay a Person is a free service that allows you to pay anyone with a bank account in the US. All you need is their email address or a mobile phone number to get started.

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Payment Center

Why is the address of my payee not displayed?

If your payee is paid electronically, the mailing address of the payee will not be displayed.

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Payment Center

Can I place a stop payment on a bill pay payment?

You can place a stop payment for paper checks by calling Liberty FCU at 1-800-800-9271, option 2.

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Payment Center

Where can I see check payment images?

Check copies are available after the payee presents the check for payment and it clears successfully. You can review check images in your account history in online and mobile banking.

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Payment Center

Checking Rates

Rates accurate as of January 1, 2025

Types	Minimum to Open	# of Debit Transactions	Dividend	APY^	Min Bal to Earn Dividend
Vertical Checking*	$25	15+	3.445%	3.50%	N/A
Platinum Rewards Checking**	$25	15+	0.005%	0.005%	$500
Business Dividend Checking	$100	N/A	0.005%	0.005%	$1,000
Classic Checking	$25	N/A	0.005%	0.005%	$500
Classic Debit Checking	$25	N/A	0.005%	0.005%	$500
Health Savings Checking	N/A	N/A	1.99%	2.01%	$500
Investor Checking	$25	N/A	tiered dividends based on account balance
$1,000 - $9,999	-	-	0.10%	0.10%	$1,000
$10,000 - $24,999	-	-	0.15%	0.15%	$10,000
$25,000 - $49,999	-	-	0.25%	0.25%	$25,000
$50,000 or more	-	-	0.25%	0.25%	$50,000

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Checking Rates

How is interest calculated on balance transfers?

Interest paid on a balance transfer is calculated from the date of the balance transfer, much like a cash advance. This means even if you pay in full, you may see interest owed for your balance transfer if you are outside of the six-month introductory period.

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Transfer and Save

If I transfer a balance from another credit card, will you automatically close that card?

No, it is up to you to close the account(s) from which you transfer a balance, if you choose.

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Transfer and Save

How long does it take for a balance transfer to be processed?

Balance transfers can take up to three weeks to complete. It’s important to continue monitoring and making payments on your other card account(s) until you confirm the balance transfer is complete.

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Transfer and Save

What information do I need to transfer a balance?

The information needed to transfer a balance can be found on a recent statement of the account from which you are transferring. Please be prepared to provide the following to make the process as smooth as possible:

Liberty FCU credit card number
Card issuer name
Card issuer payment address
Amount to transfer
Issuer account number
Card issuer phone number

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Transfer and Save

How do I request a balance transfer?

When you are applying for a new credit card, you will have balance transfer options available during the application process. You can also complete this online form, contact our Lending Call Center at (800) 800-9271, Option 1, or visit any Liberty FCU location!

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Transfer and Save

Fill Out an Identity Theft Report

If you are a victim of identity theft, consider filing an identity theft report with the Federal Trade Commission at identitytheft.gov.

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Victim Support

Pull Free Credit Report

Consider obtaining a free copy of your credit report at www.annualcreditreport.com or by calling 1-877-322-8228. You can check your credit report to make sure there are not fraudulently opened accounts or loans in your name. If there are fraudulently opened accounts or loans on your credit report, you can dispute these with the four major credit bureaus using the contact information provided above.

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Victim Support

Enhance Security for Accounts

Add a code word to your Liberty Federal Credit Union (Liberty FCU) account(s). Do not share your code word with others.

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Victim Support

Identity Protection Pin (IP PIN)

Consider applying for an Identity Protection Pin (IP PIN) with the Internal Revenue Service (IRS) to prevent someone else from fraudulently filing for a tax refund using your name or Social Security Number. You can find more information about an IP PIN on the IRS website at irs.gov.

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Victim Support

Place a Credit Freeze or Fraud Alert

Placing a Credit Freeze or Fraud Alert on your credit reports with the credit bureaus listed below by visiting their websites or over the phone by using the contact information below:

TransUnion
www.transunion.com
Disputes: 833-395-6941
Fraud Alert line: 800-680-7289
Credit Freeze line: 888-909-8872

Experian
www.experian.com
Fraud or ID Theft line: 1-888-397-3742

Equifax
www.equifax.com
Disputes: 866-349-5191
Fraud Alert line: 888-836-6351
Security Freeze line: 888-298-0045

Innovis
www.innovis.com
1-800-540-2505

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Victim Support

Sweepstakes and IRS Scams

If you've been informed of a sweepstakes or lottery you've won, but have never entered a lottery or sweepstakes please inform the credit union before sending any funds or cashing any checks associated with the winnings.

The IRS collects from individuals via phone, mail, etc. Be sure to check with the IRS directly (from a phone number you've retrieved online) to make sure you owe funds to them before sending anyone any funds.

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Tips to Stay Safe

Online Safety

Do not open emails or click on links from people you do not know. This will prevent others from downloading malware or viruses on your PC.

Make sure personally know the person/people you interact with online. Many times fraudsters will replicate one of your friends on Facebook or other social media accounts and tricks you into believing they are someone they're not. Many times they will form relationships with their victims in order to convince them to send them money or cash fraudulent checks.

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Tips to Stay Safe