FAQs

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group. Call 704.969.6700 or 800.462.4421 to see if you are eligible to join Sharonview.

Offering Sharonview Federal Credit Union membership is a no-cost, easily administered employee benefit that reaps multiple rewards. Credit union membership is a highly desired benefit among employees. By offering Sharonview Federal Credit Union as a benefit, you not only show your employees that you care about their financial well-being, you also give your employees more choices in their financial endeavors. For more information, email us at benefit@sharonview.org.

Sharonview is proud to be a not-for-profit organization that puts all funds not used for operating expenses back into the credit union in the form of no, or low fees, higher savings rates, and lower loan rates. All member/owners of Sharonview have a voice and a say. We are a truly unique financial institution. As a full-service financial institution, we can compete with most financial venues and offer excellent service as well. In addition, once your employee joins Sharonview, their family members are also eligible for membership. For more information email us at benefit@sharonview.org.

1. Email us at benefit@sharonview.org, or call 704.969.6700 or 800.462.4421, and request an information packet.
2. In the information packet, you'll find a sample request letter, as well as a company profile and service agreement. Once these forms have been completed and returned to Sharonview, they are sent first to our Board of Directors and then on to NCUA (our federal governing agency) for final approval.
3. Once an approval has been given, representatives from Sharonview will come to your business to share the benefit of the credit union with employees. This final step makes it easy and convenient for your employees to take advantage of gathering information and asking questions.

Regulation D (Reg D) is a federal regulation with which all financial institutions, including Sharonview, must comply.

Federal Regulation D limits the number of transfers or withdrawals from a Share (Savings), IRA or Money Market Account, to a total of six per month. After making more than six of these transactions during a month, a fee will be assessed.

Any combination of the following transactions count towards your six (6) transfer limit per calendar month:

1. Any transfer from your savings or money market accounts to any other Sharonview account that is made through any of the following services.
   • Fax
   • Online and Mobile Banking
   • Telephone Banking
   • Overdraft transfer to checking
   • Financial Solutions Center
   • Automatic withdrawal
   • Wires
   • Checks clearing on a Money Market
2. Any pre-authorized automatic withdrawals, and any check from your savings or money market account

Transactions that do not count towards your six (6) transfer limit include:

• In person withdrawals
• ATM withdrawals
• Transfers to a Sharonview loan product
• Deposits

Making more than six (6) transactions from this account in one calendar month will result in a $20 fee per transaction over six.

Limit your Reg D transactions by:

• Switching direct deposit to your checking account.
• Switching ACHs to withdraw from a checking instead of savings.
• Making withdrawals at the ATM or a branch.
• Planning ahead and make one large transfer instead of several small transfers.

If you have any questions, please contact us at 800-462-4421.

Sharonview's routing and transit number is 253075303. You will find this number on the bottom of your checks. The first set of numbers listed is our routing number.

Yes. All savings accounts are insured to at least $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.

Choose from the following methods: 

• Through your Online Banking account, under the Additional Services menu.
• Visit your local Sharonview branch and place a stop payment.
• Call Sharonview for assistance at 704.969.6700 in Charlotte, NC, or 800.462.4421.
• Use our automated telephone service at 704.969.6700 in Charlotte, NC, or 800.462.4421.
• Fill out the Stop Payment Form and send it to us

Contact our Financial Solutions Center at 704.969.6700 in Charlotte, NC, or 800.462.4421 weekdays from 8:00 am - 6:00 pm EST. To report lost or stolen debit and credit cards after hours, use Magic One, our automated telephone service at 704.969.6700 and follow the menu prompt.

Yes, Sharonview does offer a free financial counseling service for members.

You can reorder checks online, through Magic One or at your local branch.

There are many things you can do to help protect yourself from fraud, such as changing your account passwords frequently, signing up for eStatements, and immediately reporting suspicious behavior on your accounts. For more suggestions, visit our Security Center.

It's Sharonview's 24-hour, 7 day-a-week automated telephone service. Access Magic One by calling 704.969.6700 (Charlotte, NC area) or 800.462.4421 (toll-free). Members can:

• Access account information, check balances, inquire about cleared checks, and get information about taxes and IRAs.
• Conduct financial transactions such as transferring of funds, quick withdrawal by check, loan payments, cross account transactions, and loan advances to share accounts can be conducted.
• Re-order checks, request a copy of cleared checks and statement copies, and request a stop payment.
• Check deposit rates, loan rates, branch hours, and product information.

You can view up to three years of cleared checks through eStatements with Online Banking. You may also request a copy of a cancelled check through Magic One or at your local branch.

Sharonview will not charge members a fee for using any ATM. The other Financial Institution may charge a fee for the use of their machines. Locate more than 30,000 fee-free ATMs now.

Use a secure form in Online Banking, visiting your local branch or fax your new address information to 704.969.6721, with your signature for verification.

Your employer's Human Resource or Payroll Department initiates Direct Deposit. Once you fill out the form provided by your employer and submit it, it may take a couple of pay cycles to see the Direct Deposit take effect. You will need Sharonview's Routing and Transit number: 253075303

Use this application. You will need your member number and Magic One PIN.

Log in to your Online Banking account and click Products and Services from the Additional Services menu. Simply click on eStatements and you can access up to three years statement history, including check images and general tax information.

If you are already an Online Banking user, simply go to the App Store℠ or Google Play™ and search for Sharonview. Then, download the free Sharonview app on your mobile device. If you are not an Online Banking user, you must first enroll. Then, after successfully logging in to Online Banking one time, you may follow the directions above to download the mobile app.

There are 3 ways to transfer funds to Sharonview from another financial institution.

What loans can members pay with this option?
- All loans except credit cards and external mortgages

How much is the fee?
- External Accounts (using routing/account numbers): FREE
- Debit Cards: $7.00

What debit cards are accepted?
- Visa, MasterCard, Discover

What is the maximum payment amount?
- $5,000.00

How long does it take to process a payment?
- Allow 3 business days for payment to post

What is the cutoff time for a payment to be processed (not posted) the same day?
- 3:00 P.M. EST

Can recurring payments be setup?
- Yes, using external accounts (routing/account numbers)
- Recurring payments are NOT allowed for debit cards

Can recurring payments be modified or cancelled?
- There are options to Cancel Next Payment or Cancel Series
- There are no options to modify a recurring payment. The recurring payment will need to be cancelled and setup again.

Is payment history available?
- Yes, 90 days of history is available
- History can be viewed in both online banking and mobile app
   o Online Banking: Move Money – Loan Payment – Scheduled Loan Payments
   o Mobile App: More – Pay Loan – Processed Loan Payments

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Yes

Any licensed repair facility. For major engine or transmission concerns we recommend the vehicle’s dealership or Aamco transmissions.

Plans are available based on the year and mileage of your vehicle. You can purchase coverage on vehicles with up to 125,000 miles on the odometer (not all makes and models are eligible for coverage).

No, tires and normal maintenance (ex. oil changes) are not covered.

No, exhaust manifolds and mufflers are not covered, and are part of maintenance items; however, intake manifolds are covered.

When the part has ceased to perform the function for which it was intended.

When the repair of the component is an authorized repair, the fluids will be replaced as part of the repair.

The repair facility determines the repair and obtains a pre-authorization number. Once the repair is completed, the charges are billed to an IWS corporate credit card.

IWS pays the repair facility with a corporate credit card and the repair facility is paid at retail repair facility listed rates. You are responsible for any deductible and (sales tax if applicable) and non- covered repairs.

As an IWS member, the member service and claims department will work with the repair facility to resolve any issues. Eliminating any need, concern, stress, or frustration for our IWS members, IWS works directly with the repair facility to resolution.

Yes, an IWS VSA has nation-wide protection for your vehicle whether you are in-state or traveling out-of-state.

IWS’ VSA will reimburse you for any travel expense (food & lodging) up to $300 and car rental up to 10 days/$500.

IWS keeps the deductibles at a low cost to service our existing clients and to be competitive in the market place and service new potential members.

IWS will reimburse you for car rentals for up to 10/days or $500 dollars in total. IWS maintains a direct bill relationship with Enterprise Rent A Car, but the decision on which car rental company to use is yours.

Yes, our service reimburses for towing up to $100 with a covered repair.

There are two options available to you:

1. 1. If you trade the car in you can call us and receive a pro-rated refund for the unused portion of the remaining months/years. For example: you trade the car in during the second year (23rd month) of a four year plan, your refund will be pro-rated based on the approx. 25 months of the remaining months.
   2. If you sell the vehicle to an individual, the VSA can be transferred to the person who is purchasing the car for a small fee of $40.00.

Your automobile insurance covers bumpers; bumpers are external to your vehicle and not covered. IWS Named Exclusion coverage is our most comprehensive service plan; it covers eligible vehicles almost entirely. Our Named Exclusion plan covers every mechanical, electrical, and electronics failure. The reason this coverage is called Named Exclusion is that there are too many parts/components to list. Examples of listed exclusions; any required maintenance by the manufacturer, any pre-existing condition, any aftermarket products not installed by the manufacturer, and external items (body parts) that are covered by your automobile insurance, such as bumpers, glass, hood, fenders, door panels, etc.

The answer is yes, we have coverage 24 hours a day and 7 days a week.

IWS’ ability to use LKQ or re-manufactured parts is a standard clause in every extended warranty. The intent of the clause is to insure that we are accountable for repairing a vehicle not re-building it. For example if a vehicle with 99,000 miles on it has a failure and needs a new engine or transmission, the intent of the contract is not to put a new engine in it, effectively rebuilding it and extending its life another 150,000 miles. The intent is to find a “like kind and quality” engine which will repair the vehicle and permit it to function as it did just prior to the breakdown.

Remanufactured means that a rebuilder takes an OEM part and renews it, these parts can come with warranties as long as 3 year/50,000 miles down to a 12 month /12,000 mile warranty from the remanufacturer.

1. 1. To further explain, a part of like kind and quality would be one that was in a car of like mileage and age. In practice, we always attempt to find parts that are from vehicles with less mileage than the vehicle being repaired. These parts are obtained from a national parts supplier and come with a minimum 12/12 warranty from the parts supplier. Of course, it is in our best interest to find a part that will satisfactorily complete the repair as we likely still will cover the vehicle for some period after the repair and do not want to do the same repair a second time. It is not cost effective. IWS will always request new parts to be installed by the repair facility, however, if the vehicle new parts are unavailable, based on age of vehicle, manufacturer no longer supplies the part, then IWS will advise the repair facility to acquire rebuild parts. The member of IWS does not foot the bill for any repairs as long as the program covers that vehicle component.
   2. Wear and tear explained
      Wear and Tear is exclusion on all property insurance policies, including auto, home, boat, business, RV, machinery, equipment, etc. Wear and Tear is considered” the natural and inherent wear characteristics” of the property being insured. For mechanical breakdown coverage, the property is car parts. By insurance company guidelines, every component of the vehicle has a specific lifespan limit. The Lifespan is measured by time and/or mileage. Should a component fail before that limit is reached; the failure is considered covered since the component “has exceeded normal wear tolerances.” However, should a failure occur after that limit, the claim is denied for “normal wear and tear.” With many other mechanical breakdown coverage’s, certain claims can and will be denied! Unlike almost every other type of mechanical breakdown coverage, IWS's plan actually covers mechanical failure due to wear and tear!
   3. According to a warranty industry survey, approximately 25% of all “problem” claims are due to wear and tear, which is generally not covered. Most people just assume that their contracts will pay for repairs as long as the coverage is forced.
   4. It is certain that various auto parts will wear out during the time that one keeps a vehicle, regardless of how carefully the vehicle has been maintained.

Mechanical Breakdown Protection, also known as a Vehicle Service Contract or Extended Warranty, is automobile protection that extends beyond the manufacturer’s factory warranty and covers repairs of unexpected mechanical breakdowns. For the period of time the contract is in effect, you are assured that covered components of your vehicle will be repaired in the event of failure, including labor, subject to any applicable deductibles.

A mechanical breakdown protection plan buys you “Peace of Mind” for “Pennies a Day.” An MBP plan will help insure that your vehicle is kept in the best repair condition and it can save you thousands in the event of mechanical failure during the term of your coverage. Vehicles are becoming increasingly complex. Consequently, a single major repair typically can cost more than the cost of mechanical breakdown coverage.

The pricing of our extended warranty is based on mileage, age and other factors. The sooner you purchase your extended warranty, the less it will cost. As your vehicle gets older, the price for protection increases and the available terms of coverage (months/miles) decreases. You also run the risk of becoming ineligible for coverage the longer you wait. Another thing to consider is that pricing may increase over time due to increasing parts and labor prices. Lock in today’s low prices and protect yourself from tomorrow’s rising repair costs.

Yes, all vehicle service contracts come with a 60 day free look period. There is a 100% refund if cancelled during this time if no claims have been paid. After 60 days, cancellations are pro rated.

There is no waiting period and coverage is effective the day you purchase the plan.

No, repairs can be performed at any licensed repair facility of your choice in the United States and Canada.

Claims are paid by Interstate via a corporate credit card directly to the repair facility within 2 hours after they have received the final invoice.

Follow these instructions:

• Take your vehicle to a licensed repair facility in the United States.
• Give the service manager your ID card with all the plan information.
• The service manager will determine the necessary repairs and call Interstate to obtain.

You can either submit a Cancel Request Form and receive a pro-rated refund or you can transfer it to the new owner for a $50 fee. Including your warranty when you sell your vehicle make it more valuable.