Frequently Asked Questions

Your questions, answered

We’ve collected some of the most frequently asked questions about our products and services, and grouped them by topic to make it easier for you to access the information you need to make informed financial decisions.

 

Find a question by topic:
Banking | Loans | Home Loans & Realty | Business Solutions | Investments | Insurance

 

BANKING

FAQ FAQs

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LOANS

FAQ FAQs

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HOME LOANS & REALTY

FAQ FAQs

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BUSINESS SOLUTIONS

FAQ FAQs

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INVESTMENTS

FAQ FAQs

  • Are my funds with RBFCU Investments Group insured by the National Credit Union Administration (NCUA)?

    No, funds invested through RBFCU Investments Group are not insured by NCUA. Depending on the type of investments within a personal portfolio, your funds may be insured by other agencies.

  • Are there any fees for my consultation with RBFCU Investments Group?

    Your initial consultation meeting with an RBFCU Investments Group financial advisor is at no-cost, no-obligation. Should you later decide to move forward with a financial advisor’s investment recommendation, any cost and/or fees would be disclosed at that time. RBFCU Investments Group offers services to both RBFCU members and non-members.

  • Are there fees to meet with an advisor?

    You can schedule an initial consultation with an advisor at no cost and no obligation to you.

  • Are there fees to use your Wealth Management service?
    You can schedule an initial consultation with a member of our Wealth Management group at no cost and no obligation to you.

    In the future, management costs may apply depending on the Wealth Management services you choose. 
  • Are your RBFCU Investments Group professionals certified?

    Our financial advisors are experienced professionals with many years of work in the retirement and investment fields. The majority of our advisors are Certified Retirement Planning Counselors (CRPC), and several of them have additional certifications and experience in specific areas like teacher retirement, insurance services and tax planning.

  • Can an RBFCU Investments Group financial advisor help me with creating a household budget?

    While RBFCU Investments Group doesn’t offer personal household budgeting, RBFCU regularly offers a seminar called Credit When Credit is Due, a class covering budgeting, lending, credit reports and investment options. Check our Seminars page for upcoming financial education programs.

  • Can I access my RBFCU Investments Group account through rbfcu.org?

    Yes, a snapshot of your RBFCU Investments Group account is available through RBFCU online banking. To view this summary, log in to your online banking account, then choose the “Investments” tab. If you’re using the RBFCU Mobile app, you can choose the “Investments” button on the main menu.

    If it’s your first time to access this information, you’ll need to set up your access credentials. This page provides a summary of your account only. If you wish to make changes to different investment services you have with RBFCU Investments Group, you’ll need to log in to your CUNA Brokerage Services Inc account or contact your RBFCU Investments Group financial advisor.

  • Can I choose my RBFCU Investments Group financial advisor?

    Specific RBFCU Investments Group financial advisors are available in certain areas, so your advisor may be dependent on where you live or the branch that is most convenient for you.

    If you are seeking an advisor with specific expertise (like teacher retirement), please let us know and we can connect you with resources to manage those aspects of your financial portfolio.

  • Can I meet with an RBFCU Investments Group financial advisor after-hours?

    Typically, advisors are available to meet during the hours that our branch locations are open. If you have specific needs regarding your meeting times, please schedule an appointment and add your availability in the comments.

  • Can I meet with an RBFCU Investments Group financial advisor at my local branch?

    Each RBFCU Investments Group financial advisor serves a specific area and these advisors are available to meet with you and assist with your financial needs and planning. If you are ready to meet with an investment professional, schedule an appointment and indicate your area or branch.

  • Can I meet with an RBFCU Wealth Management Advisor at my local branch?

    Each RBFCU Wealth Management Advisor serves a specific area and these advisors are available to meet with you and assist with your financial needs and planning. If you are ready to meet with an investment professional, schedule an appointment and indicate your area or branch.

  • Do you offer Roadside Assistance?

    Yes. Roadside Assistance can be purchased through RBFCU Investments Group. Click here for more information on Roadside Assistance.

    RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Trust services available through MEMBERS Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker-dealer in all fifty states of the United States of America.

  • Does your Wealth Management group offer legal services?

    Trust services are available through an affiliate program. If you are interested in establishing a trust, please indicate in the comments when scheduling your appointment with your RBFCU Investments Group financial advisor.

  • How long will it take for an RBFCU Investments Group representative to contact me?

    Once a request has been made to meet with an RBFCU Investments Group financial advisor, we will contact you within two business days to schedule an initial meeting and learn more about your goals.

  • How many years of experience do the advisors have?
    Our team of advisors are experienced professionals with more than 50 years combined experience in the financial planning industry. 
  • I received a letter from a partner of RBFCU Investments Group. Should I trust it?

    RBFCU Investments Group has partnered with various companies to offer you a broad array of products and services to enhance your life. If you are unsure about the validity of a letter you received, please contact us at 1-888-294-0202 prior to taking action.

  • Is RBFCU Investments Group part of RBFCU?

    RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Financial advisors are RBFCU employees.

    RBFCU Investments Group Advisors are registered representatives of CUNA Brokerage Services, Inc.

    Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Trust services available through MEMBERS Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker-dealer in all fifty states of the United States of America.

  • What are the duties of the trustee?

    The trustee of the trust is a fiduciary, someone who owes a special duty of loyalty to the beneficiaries. The trustee must act in the best interests of the beneficiaries at all times. For example, the trustee must preserve, protect and invest the trust assets for the benefit of the beneficiaries. The trustee must also keep complete and accurate records, exercise reasonable care and skill when managing the trust, prudently invest the trust assets, and avoid mixing trust assets with any other assets, especially his or her own. A trustee lacking specialized knowledge can hire professionals such as attorneys, accountants, brokers, and bankers if it is wise to do so. However, the trustee can’t merely delegate responsibilities to someone else.

    Although many of the trustee’s duties are established by state law, others are defined by the trust document. If you are the trust grantor, you can help determine some of these duties when you set up the trust.

  • What financial planning services does RBFCU Investments Group offer?

    RBFCU Investments Group offers a wide variety of investment planning services, including:

    • Retirement planning
    • Comprehensive financial guidance
    • Estate planning
    • Financial and insurance planning
    • Wealth management
    • Charitable giving strategies
    • Education funding
    • Long term care insurance
    • Tax-advantaged investment planning
    • Wealth preservation
  • What is the difference between a living will and a living trust?

    These two very important estate planning devices are quite different from each other but serve similar purposes. A living will lets you manage your health-care decisions in case you become incapacitated. A living trust lets you manage your property in case you become incapacitated.

    A living will is not actually a will at all. It is a legal document that becomes effective if you become so ill or injured that you can’t make responsible health-care decisions for yourself. It lets you approve or decline certain types of medical care in advance, even if you die as a result.

    A living will is allowed only in some states. If you don’t live in one of those states, you may be able to accomplish the same goal using a durable power of attorney for health care, health-care proxy, or Do Not Resuscitate order.

    By comparison, a living trust is just what it says. It is a revocable trust you create while you are living. You transfer property to the trust, and the trust then “owns” it. You name yourself as trustee and someone else as a successor trustee. You manage the property in the trust unless you become incapacitated (or until you die), in which case your successor trustee automatically steps in to continue managing the property for you.

  • What’s the difference between an RBFCU Investments Group IRA and an RBFCU IRA?

    RBFCU Investments Group IRAs are invested in various product types including stocks, bonds, mutual funds and annuities. While an RBFCU Investments Group IRA offers you more potential for growth, it also carries some risk as products tied to the stock market can constantly change.

    RBFCU IRAs are limited to the credit union’s products including IRA savings and IRA certificates. However, RBFCU IRAs are insured separately up to $250,000 from other deposit accounts by the National Credit Union Administration (NCUA). RBFCU Investments Group IRAs are not insured by the NCUA.

  • Who do your RBFCU Investments Group financial advisors work for?

    Our advisors are part of the RBFCU employee team. They are committed to the credit union’s mission of helping you improve your economic well-being and quality of life. Because of this partnership, they look at your finances from a holistic perspective and seek to find options that fit your needs, rather than just looking for products that provide them the best commission.

  • Who should I name as the trustee?

    A trustee is an institution or person who is the legal owner of the property held by the trust and who is responsible for using the trust property for the benefit of the trust beneficiaries according to the terms of the trust document. The trustee can be held personally liable if those duties are breached.

    You may select one trustee or multiple trustees, depending on your needs. Who you name as trustee will depend on the type of trust you establish and your individual needs and goals.

    Generally, you want the trustee to be capable of administering the trust according to the terms of the trust document. In addition to the willingness to serve as the trustee, the person or institution selected may need to have investment experience and good record-keeping abilities. You may also want a trustee who relates well with the beneficiaries and is sensitive and flexible regarding their changing needs.

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INSURANCE

FAQ FAQs

  • Am I required to get insurance on my boat?

    Yes, full coverage insurance is required on all vehicles, including boats. For an insurance quote from our affiliate, RBFCU Insurance Agency, please visit our Auto Insurance page.

  • Am I required to get insurance on my motorcycle?

    Yes, full coverage insurance is required on all vehicles, including motorcycles. For an insurance quote from our affiliate, RBFCU Insurance Agency, please visit our Auto Insurance page.

  • Am I required to get insurance on my RV?

    Yes, full coverage insurance is required on all vehicles, including RVs. For an insurance quote from our affiliate, RBFCU Insurance Agency, please visit our Auto Insurance page.

  • As a business owner, am I required to purchase workers’ compensation insurance coverage?

    No, there is no requirement to purchase this coverage if you are a Texas business, but it can be a valuable part of your protection package.

  • Can I enroll in Medicare at any time?

    No. There are certain times of the year and specific enrollment periods, including an Initial Enrollment Period (IEP), General Enrollment Period (GEP), Open Enrollment Period and Special Enrollment Period (SEP).

  • Can I get commercial insurance for my business with RBFCU?

    Yes, our affiliate, RBFCU Insurance Agency LLC offers multiple business insurance products. For more information visit our commercial insurance page.

  • Can I make changes to my Medicare Supplement coverage?

    You can drop your policy and apply for another Medicare Supplement Plan at any time. However, after your open enrollment period ends, insurers can refuse coverage or charge you a higher premium based on your health and/or make you wait to get coverage for an existing illness.

  • Do I have to renew my Medicare Supplement Plan?

    Medicare Supplement Plans are “guaranteed renewable,” meaning the policy renews automatically from year to year as long at the premium is paid on time and you have not made any material misrepresentation on the application.

  • Do I need commercial auto insurance?

    If a vehicle is used in tasks related to the operator’s occupation, profession or business (other than commuting), a commercial policy is necessary.

  • Do you offer Roadside Assistance?

    Yes. Roadside Assistance can be purchased through RBFCU Investments Group. Click here for more information on Roadside Assistance.

    RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Trust services available through MEMBERS Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CBSI is a registered broker-dealer in all fifty states of the United States of America.

  • Do you pull my credit report to provide my insurance coverage quote?

    We do a soft credit pull that collects information without impacting your credit score. We then use information like your payment history to provide a quote.

  • Does my auto insurance cover me when I rent a car?

    If you carry physical damage coverage on any of your own vehicles, you may have coverage that extends to your rental car. If you only carry liability coverage on your personal auto policy, there would be no physical damage coverage provided to a rental car. You will need to check your vehicle’s insurance policy to see what your coverage is.

  • Does my credit score affect my insurance premium?

    Yes, but insurance premiums are affected by a number of factors, including credit score, age, claims history and others.

  • Does RBFCU Insurance Agency insure property outside Texas?

    No, not at this time.

  • How do I choose a contractor for my home repairs after a storm?

    Some contractors offering services after storms take advantage of storm victims. Texas Department of Insurance offers these tips when evaluating contractors:

    • Call your insurance company first. Your insurance company can give you advice on what repairs should cost.
    • Use trusted companies. Make sure to check their references and phone numbers.
    • Get written estimates. These should be on the company’s letterhead with clear contact information.
    • Get more than one bid. This will help you decide which offers are legitimate and which may be too high or too good to be true.
    • Do not pay for repairs up front. Good contractors will typically require a partial payment up front to get started, but your final payment should be made after the job is finished.
    • If you feel pressured or threatened, call the police.
  • How do I determine if I need full coverage or liability coverage on my vehicle?

    If your vehicle is financed, the finance company will require what is known as full coverage. This includes bodily injury, property damage, collision and comprehensive damage on your vehicle.

  • How do I get requested insurance documents to RBFCU?

    If in an area without a branch, insurance adjusters reports and contractor bids can be faxed to the Mortgage Servicing Department at 210-564-2940 or 210-637-3076 or emailed to reservicing@rbfcu.org.

    Insurance checks, after you endorse them exactly as written on the payee line, can be mailed to:

    RBFCU Mortgage Servicing Department
    P.O. Box 2097
    Universal City, TX 78148

    or overnighted to

    RBFCU Mortgage Servicing Department
    1 Randolph Brooks Parkway
    Live Oak, TX 78233

    Please put “Attention: Mortgage Servicing” on your envelope and include good contact information on your documents so your documents get to us timely and we are able to reach back out to you.

  • How do I sign up for a Medicare Supplement Plan?

    For more information on how to join, contact 1-833-291-1309.

  • How do I submit an auto insurance claim?

    Call RBFCU Insurance Agency at 1-888-564-2999. RBFCU Insurance Agency’s policy declaration page will have your insurance company’s claim number, you will be asked to supply information and documentation about the accident.

  • How do Medicare Supplement Plans and Medicare Advantage Plans work?

    Private insurance companies offer supplement plans to help cover some of the out-of-pocket expenses that original Medicare does not cover. There are 10 standardized plans, labeled Plan A, B, C, D, F, G, K, L, M, N, which are available in most states.

  • How long does it take to get my insurance quote?

    RBFCU Insurance Agency will do its best to provide a same-day quote if all required information is provided.

  • How much homeowners insurance do I need?
    You will need enough homeowners insurance to cover all loans held against your property.
  • What auto insurance coverage is required in Texas?

    The current minimum liability limits are $30,000 for each injured person, up to a total of $60,000 per accident, and $25,000 for property damage per accident. This basic coverage is called 30/60/25 coverage. Statistically, RBFCU Insurance Agency finds this coverage to be inadequate in the event of an accident or injury resulting from an accident.

  • What do I need to do if my property was damaged by the recent hurricanes?

    Notify your insurance companies immediately even if you are not near the property. If you have separate policies for homeowners, flood, and/or windstorm insurance, notify each insurance company you have a policy with. Your insurance companies will attempt to determine if the damage was from wind or water, so notifying every insurance company you have will help protect your interests. Do not wait to notify your insurance companies – the earlier the better as they will be receiving thousands of calls of property damages needing to be assessed. Notification should include any insurance company you having insuring personal property, such as autos, boats, etc., if those items were also damaged.

    When notifying your insurance companies, ask if you have any coverage for temporary living expenses. If you do have this type of coverage, make sure you know the insurance company’s requirements for obtaining these funds, such as requiring receipts.

  • What happens when I receive a check from insurance?

    RBFCU will most likely be listed as a payee on your insurance check because we have a financial interest in the property. Depending on the extent of damage to your home, we may release the funds in partial payments as the repairs are completed. Some repairs may require a licensed contractor. Please contact Mortgage Servicing at 210-945-3300 or 1-800-580-3300, select option 3, then option 2, then option 1. We will provide instructions on sending the insurance adjusters report to us, negotiating the insurance check, and the repair process.

    If your auto is financed with RBFCU, please contact RBFCU Consumer Lending at 210-945-3300 or toll-free at 1-800-580-3300, select option 3, then option 3, then option 1, then option 4.

  • What information will I need to provide for an insurance quote?

    The following personal information is needed:

    • Names of the people to be insured
    • Date(s) of birth
    • Social Security numbers and driver license numbers of all members of household
    • Address
    • Information about your vehicle(s): Year, make, model, vehicle identification number(s) (VIN)
    • Driving history: How many miles you drive per year, details on moving violations and accidents and type of coverage you’re interested in.
  • What is an insurance score?

    An insurance score is a score based on your credit history which shows your financial background and creditworthiness.

  • What should I do after filing a claim with my insurance company due to damage from the recent hurricanes?

    Your insurance company should give you a claim number. Document this claim number as you will need it throughout the process. It is also a good idea to keep detailed descriptions of the damage done to your property, including pictures. Safety is the top priority. Do not take any risks to take pictures or assess the damage of your property.

    If your real estate loan is financed with RBFCU, please contact RBFCU Mortgage Servicing at 210-945-3300 or 1-800-580-3300, select option 3, then option 2, then option 1. Our representatives will discuss what documentation we will need from insurance company and/or contractors, and what the process will be when you receive a check from your insurance company.

    If your auto is financed with RBFCU, please contact RBFCU Consumer Lending at 210-945-3300 or toll-free at 1-800-580-3300, select option 3, then option 3, then option 1, then option 4.

  • What types of incidents does homeowners insurance cover?

    A standard homeowners policy generally protects your home and your personal property from damage caused by:

    • Fires or lightning
    • Windstorms (including hurricanes and tornadoes) or hail
    • Explosions
    • Riots or civil commotions
    • Aircrafts
    • Vehicles
    • Smoke
    • Theft or vandalism (sometimes called malicious mischief)
    • Falling objects
    • Weight of ice, snow or sleet
    • Freezing of plumbing, heating, air conditioning or other household systems

    It is best to contact RBFCU Insurance Agency to determine what specific coverage your home will need.

  • What won't be covered with a Medicare Supplement Plan?

    Supplement plans cover most of the cost not paid by original Medicare. However, such plans do not cover routine vision, dental or hearing care, hearing aids or eyeglasses or private-duty nursing.

  • When can I enroll in Medicare Part A?

    You can enroll in Medicare Part A anytime after you are 64 years and 9 months or otherwise eligible for Medicare.

  • When can I enroll in Medicare Part B?

    Your Initial Enrollment Period (IEP) is your first chance to enroll in Medicare Part B. Your IEP is seven months long and includes the three months before the month you turn 65, your birthday month and the three months after your birthday month. Once you are enrolled in Medicare Part B, you are eligible to purchase a supplement plan.

  • When can I purchase a Medicare Supplement Plan?

    You can buy a Medicare Supplement Insurance Plan any time after you turn 65 and join Medicare Part B. If you enroll in a supplement during the six months after you turn 65, your medical history is not considered in setting your premium.

  • When is the Open Enrollment Period?

    Medicare Open Enrollment Period is every year between Oct. 15 and Dec. 7.

  • Who is eligible for Medicare Supplement Plans and Medicare Advantage Plans?

    When you turn 65, you will have a six-month window for a guaranteed right to enroll; however, you are required to be enrolled in Medicare Part B coverage in order to purchase a supplement plan.

  • Who needs a business owner's policy (BOP)?

    All small businesses such as retail stores, restaurants, and independent contractors typically need a BOP to safeguard against unexpected financial losses beyond general liability claims. BOP protects your small business.

  • Will a Medicare Supplement Plan cover all my out-of-pocket expenses?

    Not all plans are the same. Plans may include doctor coverage, prescription drug coverage, $0 or low co-pays, preventive care screenings at no additional cost to you, and emergency coverage at home and when traveling.

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