• General FAQs
• Mortgage FAQs
• Digital Services FAQs

General FAQs

What kind of loans do you offer?

We offer a variety of loans for many different needs. Email our loans team to discuss with an expert to see what product is right for you!

What is an Overdraft Line of Credit?

An Overdraft Line of Credit automatically funds checking accounts to help avoid costly overdraft charges.

What is the Eagle Line of Credit?

Our Eagle Line of Credit is designed specifically for Pioneer Valley Credit Union members and gives the ability to borrow up to $25,000 to consolidate debt into one payment, take a vacation and more. Give us a call at (413) 730-4152 or apply online.

How do I apply for a loan?

Apply online or give us a call at (413) 730-4152 .

Can I apply for a loan even though I am not a member?

Membership comes with benefits and great privileges, however, you do not need to be a member to apply. Give us a call at (413) 730-4152 or apply online today!

How do I refinance my current car loan?

Apply online, or give us a call at (413) 730-4152.

What are your current loan rates?

View Rates

Can I skip a loan payment?

We offer Skip-A-Pay to members in the month of December. Restrictions apply**.

Do home equity loans and line of credits have closing costs?

There are no closing costs on a home equity line of credit if your loan is paid off. For home equity loans, you are more than welcome to pay down the loan penalty free. For more information, click here.

---

Mortgage FAQs

Are there prepayment penalties?

Pioneer Valley Credit Union does not have prepayment penalties.

Do you offer First Time Home Buyer Programs?

Yes, give our Lending Team a call today to find out more at (413) 730-4152 

Do you offer Prequalification?

Yes, give our Lending Team a call today to get prequalified at (413) 730-4152 Easily get started online.

What is an FHA mortgage?

FHA loans have extremely accommodative credit score requirements. Our Lending Team works with scores as low as 580 that require just a 3.5% down payment. Conventional mortgages can be had with just a 3% down payment, though a 620 credit score is needed. FHA stands for Federal Housing Administration, a government agency that insures the mortgage loans to help low- and moderate-income borrowers achieve the dream of homeownership. They are commonly utilized by first-time home buyers, but available to just about anyone, unlike VA loans, which are reserved for veterans and active duty military only.

How large of a mortgage can I afford?

Consider home values, how much income and what monthly liabilities are, savings account amounts and what a down payment will be in order to come up with a loan amount. From there, calculate debt-to-income ratio, which is very important in terms of qualifying for a mortgage.

It is an involved process, so it’s tough to just estimate what you can afford, or provide a quick calculation. There’s also a level of comfort to consider, get started online.

How quickly can I get a mortgage?

Typically, it can take 30 to 45 days for a typical residential mortgage transaction. However, in some cases, the process may take up to 60 days or longer.

What is a prequalification?

A prequalification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a prequalification is based on unverified information provided and does not include a credit check or any documentation, and is therefore not a firm guarantee of a loan.

View our Talk to Tony video on Prequalification for more information.

What is an escrow account?

When obtaining a mortgage, one may be asked to put money into an escrow account to guarantee the lender that the ongoing expenses of owning the property will be handled -- specifically taxes and insurance. A lump sum will be paid into the escrow account at closing (also known as "prepaids"), and added further to each monthly mortgage payment.

Will my monthly payments change during the loan term?

Even with a fixed-rate loan, payment is likely to change over time. Property taxes and insurance expenses, upon which the escrow portion of a payment is based, tend to fluctuate. If they rise, it may be necessary for lenders to ask for a higher escrow payment.

What Are All the Costs?

All the costs of a loan include not only fees that go into the lender's pocket but also related third-party vendor fees such as:

• Appraisal
• Credit Report
• Lender’s Title Policy
• Escrow
• Owner’s Title Insurance
• Recording Fees

An estimate of these fees constitutes what is now called the Loan Estimate, which federal law requires the lender to give to the homebuyer.

---

Digital Service FAQs

How to access our Digital Banking Application

•  iOS users: Search for Pioneer Valley Credit Union
•  Android users: Search the Google Play Store for Pioneer Valley Credit Union       
•  Desktop users: Access the new web portal by visiting pvcu.org and clicking Online Banking Login

First Time Sign in:

Your username credentials will remain the same. You will be prompted to update your password.

During your first sign in attempt on any browser or device, you will be required to retrieve a verification code from an email address or mobile phone number we have on file (aka multifactor authentication).

During this process you can opt to trust the browser/device you are using to skip multifactor authentication on subsequent sign ins. 

Biometric Authentication

During your first sign in on a mobile device, you will be prompted to set up Face/Touch ID on iOS or Fingerprint on Android if available on the device. 

For assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org
246 Brookdale Dr, Springfield MA 01104

Home Page and Account Cards

How to Reset your Online Banking Password

 

Setting up Bill Pay

1. After logging in to your Digital Banking via your PC and or Mobile APP, click on the tab Move Money. On the following screen, click Pay Bills. You will be taken to a page where you will be able to register for Bill Pay.​
2. You will then be asked to set up your security questions. These questions will be asked when you attempt to log in to your Bill Pay account.
   
3. You will then be required to accept Bill Pay’s terms and conditions to use the Bill Pay service. Read the terms and conditions, then click the bubble next to “Yes, I accept the terms & conditions” and click Accept & Submit to finalize your account.
   

Setting up payees on Bill Pay

1. If this is your first time logging into Bill Pay, you will be asked to set up your first payee. If you have used Bill Pay before, you can click on the +Payee button. You are given two options: To pay a company or pay a person. Paying a company will mail a check to that company, you can select from a number of popularly used payees or enter their information manually. If your payee is a company that is popularly used, start entering their name and it may appear in the dropdown menu. Once the company has been located, you will put in your account information for that company.
   
   
2. If the company does not appear in the search, you may enter their information manually.
   
3. If you are looking to pay a family member or friend, you can select Pay a person and then send the money via email/text message, direct deposit, or check. When paying via email/text or direct deposit, the individual’s account will be paid within 1-2 business days. A check will be mailed to the individual’s financial institution and deposited within 5-7 business days.
   
4. You will then be required to input the information for the payee. If you are paying via direct deposit or check, you will be required to have the payee’s account information. If you are transferring funds to one of your accounts, this would be your information.
   
5. You will be asked to verify your identity to set up your new payee. You have the option to have a code sent via a phone call or email. The phone call or email should arrive as soon as you click Next. If you opted for a phone call, the code will be delivered once you answer the phone and say “Hello”.
   
   
6. After verifying, you should now see the payee listed under your payees on the Bill Pay home page. Type an amount for your payment under Amount and click on Pay to submit your payment. A pop-up will appear verifying your payment, once you click Submit, your payment will be submitted.
   
   

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

How to Move Money 

More Services

Share Services:

• Stop Payments
• Open Additional Accounts
• Reorder Checks
• Routing and Account Numbers
• Savings Jar

Support - Messages - Location 

Loan Payments

Card Controls

Signing up for e-Statements

Alerts and Settings

If you still require assistance, please reach out via: Phone (413) 733-2800 | email info@pvcu.org | 246 Brookdale Dr, Springfield MA 01104.

**Payments made through payroll deduction or direct deposit will be deposited into your share account while you are participating in this program. Skip-A-Payment dates will vary based on specific employer payroll cycles. Members with bi-weekly payments will skip the two scheduled payments in the month of December. Members with monthly payments will skip their scheduled December loan payment. Members with weekly payments will skip the four scheduled payments in the month of December. Skipping more than two monthly payments during the life of the loan will affect GAP coverage on vehicle loans. Skipping a payment may extend the term of your loan. Skipped payments do not extend the term of any credit insurance policy you may have obtained through the credit union as part of your loan. Interest will continue to accrue on unpaid balances through skipped payment period. There is a $30.00 fee for each loan. Mortgages, Home Equity Loans, HELOC, Holiday Loans, Student Loans, Repayment Plans and Mass Save HEAT, Credit Builder Loans, credit cards, share and CD secured loan are ineligible. Applications are subject to Pioneer Valley Credit Union’s final approval.