Auto Lending
Learn more about our Auto Loans and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
An auto loan is a type of personal loan used to purchase a vehicle. The vehicle is the collateral for the loan.
A down payment is the initial amount you pay upfront towards the vehicle. While some lenders allow zero down, a higher down payment reduces monthly payments and interest costs.
An upside-down car loan means you owe more on the loan than the car is worth. This can happen later in the loan term if the car depreciates faster than you repay what you owe. This can be a serious situation if you need to sell the car or it is totaled in an accident, as you will receive less back from a buyer or insurance than you still owe on your loan.
Vendor Single Interest protects the lender if the vehicle is totaled, stolen, or the borrower defaults. It is rolled into the loan, increasing the amount financed.
Yes, you can refinance your auto loan to lower your interest rate. This makes sense if your credit score has improved or interest rates have dropped.
A simple interest auto loan calculates interest only on the remaining principal balance of the loan.
Yes, most auto loans are simple interest loans but be sure to verify this with the lender before you make application.
After you pay off your loan, the lender will release the lien on your car. You’ll receive the title, and the car is fully yours without any further payments. You can choose to sell your car or to keep driving to get the most value out of your vehicle.
bankNgo Digital Suite
Our bankNgo Digital Suite offers members the tools they need to manage their finances anywhere, anytime. Learn more >
Yes! Whenever you have pending transactions, such as a direct deposit, you will see those transactions appear as “Pending Transactions” right above your Posted Transactions, such as the various transactions for your Checking account. Pending Transactions will also appear on your Dashboard on the lower right side, directly above the “Quick Links” section. You can choose how many days of upcoming activity and types of information (Transfers/Pending Transactions/Bill Pay) you’d like to display by clicking on the small gear in this section.
You access Online Banking the same way. There is a large login box on CharterOak.org for your username and password as well as a login link on our mobile website, and we also offer new apps for iPhone and Android products, available in The App Store and Google Play as well as CharterOak.org on our Online Banking and eBanking pages. Please be sure to delete our old app before uploading our new app.
Not at all. We’re making this experience member friendly, which means you can access our improved Online Banking with your current user name and password. It’s that simple. Enter your information when we unveil our new Online Banking System and start banking digitally with great new services and benefits.
Our Online Banking is accessible in a variety of ways – from your desktop, to your laptop, tablet, or mobile device. We’ve designed our new system to be more user friendly, more convenient and more accessible from wherever you are – whether you’re at the office, on your smartphone, or using your tablet.
Charter Oak’s Online Banking is accessible from many of the most popular browsers, including Google Chrome, Microsoft Edge, Firefox and Safari. Because it’s no longer supported by Microsoft, we don’t recommend Internet Explorer as a browser.
Absolutely! Our Online Banking works with Apple mobile devices as well as Android mobile devices. We offer our new Online Banking app via The App Store for Apple devices as well as through Google Play for Android devices. There are also links available on CharterOak.org on our Online Banking and eBanking pages. Please be sure to delete our old app before uploading our new app.
Yes! With our Online Banking, members who use a biometric log in, such as a Face ID, on their mobile device are able to enable their Face ID to sign in and access their accounts. And Touch ID is also available, as well, for your convenience.
If you are logging in to the app and you forget to log out before the session times out, you will need to enter your username and password in order to log in again. This is an important security feature.
Yes you can. With our transition to our new Online Banking platform, you will have to update the URL address if your provider hasn’t already done so. Please use this address of https://my.charteroak.org to link to our Online Banking service. We also suggest that you contact your third party provider to make them aware of this new URL address for Charter Oak’s Online Banking.
Of course! We know that it’s critical to you to be able to bank whenever and wherever, so our Online Banking is available to you on your time – 24/7 and 365 days a year. Whether you’re checking your balances from your desktop or paying a bill from your smartphone, you have round-the-clock access to Charter Oak’s new Online Banking!
You can add an external credit card to Online Banking via Account Aggregation for viewing purposes only or via our Bill Pay feature if you wish to make payments on the credit card. As a reminder, please do not add a credit card via the “Add an External Account” option that is found under the Transfer/Payment widget.
No worries – there is option for “Forgot Username” or “Forgot Password” on the login screen. You simply click on the option that applies to you and follow the steps so you can log in and enjoy your online banking experience!
Yes, you can. Within our Online Banking you can manage your transfers by clicking on the “Transfers/Payments” widget and following the steps. Our Contact Center is also available to assist you with this process by calling 860.446.8085 during our regular business hours.
You can use the feature “Hide an Account” to hide a particular account from the dashboard view and from the “Accounts” widget. You are able to view the account by clicking on “Settings” and then clicking on “Accounts.” And you can change accounts that are hidden to an unhidden status at any time.
Yes, as long as you’re an active online banking user (at least once every 90 days). If so, you can see your transaction history over the past 24 months once you’ve used our system after the initial launch period.
We realize that online Bill Pay is popular – and very convenient – for many of our members. Bill Pay is available to you, and you don’t need to make any changes or go through any sort of re-enrollment process. Simply log in to our new Online Banking and pay your bills online with the same convenience you’ve come to expect with Online Banking.
- We want to make sure that your experience with our improved Online Banking is a great one, so we’ve trained our Branch teams as well as our Contact Center representatives to be familiar with all that this new system will offer you.
- You can ask questions via the secure Message Center or call our Contact Center at 860.446.8085 during our regular business hours and one of our representatives will be happy to assist you.
Business Checking
Applications typically begin with an inquiry and representative guidance, with follow-up information provided to complete the setup process. Learn more about our Business Checking Accounts. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Premiere Business Checking includes the first 300 transactions per month free, making it cost-effective for active businesses.
No minimum balance requirement is required for Premiere Business Checking.
There is a monthly maintenance fee, but it can be waived with an average daily balance of a specific amount or if you have merchant card processing through Charter Oak’s preferred partner.
Basic Business Checking includes the first 50 transactions per month free, making it cost-effective for businesses with fewer transactional needs.
Non-Profit 501(c) Checking is a dividend-paying account specifically for qualified non-profit organizations, including charitable, religious, or educational groups.
Yes — all business checking accounts come with access to online and mobile account management tools.
Yes — many business checking accounts offer a discount on the first order of checks.
Yes — all business checking accounts include access to Charter Oak’s digital suite: online banking, mobile access, e-Statements, Bill Pay and more.
Business Lending
Applications typically involve submitting financial statements, tax returns, a personal financial statement, and other supporting documentation to assess the loan request. Learn more about our Business Lending options. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Business loans include term loans, lines of credit, SBA 504 loans, investment and commercial real estate loans and specialized financing options designed to support business growth, equipment purchases, and working capital needs.
A term loan provides a lump sum of money upfront that is repaid over a fixed period with regular payments, typically used for long-term business investments or large purchases.
A business line of credit allows you to borrow funds up to a set limit and draw on them as needed, paying interest only on the amount used, making it ideal for managing cash flow.
Eligibility depends on factors such as business credit history, revenue, time in business, collateral, and the type of loan being applied for.
Depending on the loan type and amount, collateral or a personal guarantee may be required to secure the loan.
Maintaining strong business and personal credit, providing complete financial documentation, and demonstrating cash flow and profitability can improve approval odds.
Yes — refinancing options may be available to reduce interest rates, adjust payment terms, or consolidate multiple loans.
Proceeds from a business loan are generally not considered taxable income, but interest paid may be deductible as a business expense.
Checking Accounts
Yes. Learn more about our Personal Checking accounts, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Yes — all checking accounts include access to Charter Oak’s digital suite: online banking, mobile access, e-Statements, Bill Pay and more.
Yes. Free bill pay is available with Charter Oak online banking.
Yes, checks are available with most of our checking accounts. The ComplimenTREE Checking offers free checks, while the GO Checking and Simply Checking offers the first order of checks at no cost.
Yes. Bright Future Checking is available for teens and young adults, with parental or guardian involvement, as required.
Yes. Visit EB Checking and select the option to open account. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Yes — eligible members can receive a $200 cash bonus after meeting specific conditions over the first few months of account activity. Learn More >
Yes — ATM rebates are included so you can access your cash with confidence wherever you go. Learn More >
Only one EB Checking account is allowed per qualified member number.
Yes — eligible employees at Groton, CT and Quonset Point, RI locations may receive a rebate of a $475 origination fee on qualifying home loans. Learn More >
Yes — EB Checking includes access to Charter Oak’s digital suite: online banking, mobile access, e-Statements, Bill Pay and more. Learn More >
Yes. Visit Sun Checking and select the option to open account. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Yes — eligible members can receive a $200 cash bonus after meeting specific conditions over the first few months of account activity.
Yes — ATM rebates are included so you can access your cash with confidence wherever you go.
Yes — eligible Mohegan Sun employees may receive a rebate of a $475 origination fee on qualifying home loans.
Yes — SUN Checking includes access to Charter Oak’s digital suite: online banking, mobile access, e-Statements, Bill Pay and more.
Debit Card
You may stop into any Charter Oak branch location to receive an instant issue debit card. Requests can be made through a teller or member service representative. To expedite your request, call our Contact Center 860.446.8085 and request a card. If you are unable to stop into a branch during business hours, our Contact Center will have a debit card mailed to your address on file.
Call 800.992.3808 from the phone number associated with your account and you will be prompted to answer a few security questions. Once the questions are answered correctly your card will be activated.
Call 800.992.3808 from the phone number associated with your account and you will be prompted to answer a few security questions. Once the questions are answered correctly, the system will ask for a 4-digit PIN. Once accepted, the card can be used immediately
If your card is expiring there is no action required on your part to get a new one. A new card will be ordered for you automatically at the beginning of the month that your current card expires.
If you don’t recognize a charge from a merchant on your statement, please stop in to any of our branch locations and meet with a Member Service Representative to discuss it further, or please call our Contact Center at 860.446.8085 to discuss the charges.
Yes. The fee is 1.00% of each transaction in U.S dollars.
Yes. If you are traveling, please notify us so your Debit Card will work without any issues during your travels.
You can use your Debit Card as either Debit or Credit. If used as Debit, you will be required to enter your 4 digit PIN. If used as Credit, you will not have to enter a PIN but you will have to sign for the transaction.
Yes, there is a daily limit to the amount that you can use with your Debit Card. You are able to withdraw up to $500 from an ATM on a daily basis, and you can use your Debit Card in stores for up to $3,000.00 on a daily basis.
Debit/Credit Card Compromise
Card compromise means that credit/debit card information may have been obtained by unauthorized individual(s). Most compromises involve a criminal gaining unauthorized access to a merchant’s or card processor’s computer system (sometimes referred to as “hacking” into or installing “malware” to capture data on a system).
The name of the merchant or processor where the breach occurred is rarely released by Visa. In very large breaches which affect millions of cardholders, the name is usually made known to consumers by the merchant or company.
Information encoded on the card pertains strictly to the card, potentially including the card number and expiration date. Confidential information such as Social Security Numbers, driver’s license numbers, addresses and dates of birth are not stored on the Visa Card.
Not necessarily. This means that your card number could potentially be used by someone. Monitor your account and report any fraudulent activity to us immediately.
It depends on the circumstances of each compromise. In most cases, you will get a new card. If Visa determines the risk level to be low, you will simply need to monitor your account for unauthorized charges. The mailed notice you receive from us will say whether or not your card will be replaced.
Yes, a new PIN is generated and the card number is different. You will receive the PIN within 3 to 4 days after you receive the card. For security purposes the PIN is mailed separately from the card. You can change the Debit/ATM PIN at any of our branch offices. A credit card PIN can be changed at an ATM.
You can activate your new card by calling the number received with your card.
No, under these circumstances, we do not charge a card replacement fee.
You will usually receive your new card within 10 days of the compromise notice.
Your old card will continue to work for at least 10 days after the date on the compromise notice from us.
We can leave the old card open until you return and activate your new card if you call us to make these arrangements.
Contact the merchant when you have received and activated your new card and give them the new card number and expiration date. You may be able to use the merchant’s website to update this information.
Unfortunately, we have no way of stopping criminals from “hacking” into merchants computer systems. While the possibility of a card being used fraudulently is low, we recognize the inconvenience members face when this happens. We will assist you in getting fraudulent activity removed from your account.
Follow these steps:
- Contact the credit union or card processor at one of the above numbers for your type of card to report the fraud and have the card blocked.
- You will be instructed on what steps will be required to file a fraud claim.
- Contact the merchant that charged your account and let them know that the charge was fraudulent. In any case, we will need the merchant name, name of person you talked to, date you contacted the merchant, date and amount of fraudulent charge, merchant’s response to you, and any other details that would assist our investigation.
Home Equity Loan / HELOC
Start by gathering financial documents, checking your credit, determining your budget, and contacting a lender to discuss loan options and begin the application process. Learn more about our Home Equity loans, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
A home equity loan is a lump-sum loan secured by the equity in your home, typically with a fixed interest rate and fixed repayment schedule.
A HELOC is a revolving line of credit secured by your home’s equity, allowing you to borrow as needed up to a credit limit, with variable interest rates and flexible repayment options.
Eligibility depends on factors such as your credit score, income, existing mortgage balance, home value, and equity available in your property.
Since these loans are secured by your home, failure to make payments can result in foreclosure. Variable rates on HELOCs can also increase repayment amounts.
Interest rates vary based on loan type, creditworthiness, loan-to-value ratio, and current market conditions.
Yes — early repayment is generally allowed, though some loans may include prepayment penalties.
It may be possible to have multiple home equity products, but combining borrowing is subject to lender limits and the available equity in your home.
Interest may be tax-deductible if used for qualified home improvements, subject to IRS rules. Consult a tax advisor for guidance.
A decline in home value may reduce available equity, affect borrowing limits, and impact on your ability to refinance or access additional funds.
You can manage your account through online banking, track balances and payments, schedule payments, and monitor available credit for HELOCs.
Home Mortgage
Start by gathering financial documents, checking your credit, determining your budget, and contacting a lender to discuss loan options and begin the application process. Learn more about our New Mortgage lending, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Mortgage loans include fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA, USDA, non-owner occupied, and jumbo loans, each tailored to different borrower needs and financial situations.
A fixed-rate mortgage has a constant interest rate for the entire loan term, providing predictable monthly payments over 15, 20, or 30 years.
An ARM has an interest rate that can change periodically after an initial fixed period, which may result in higher or lower monthly payments over time.
A VA loan is a mortgage backed by the Department of Veterans Affairs, available to eligible veterans, active-duty service members, and certain surviving spouses, often requiring no down payment.
A jumbo loan is a mortgage that exceeds conforming loan limits set by Fannie Mae and Freddie Mac, typically used to finance higher-priced homes.
Applying for a mortgage usually involves completing an application, providing financial documents such as income verification, tax returns, credit history, and property information for underwriting.
PMI is insurance that protects the lender if you have a conventional loan with less than 20% down payment, and it may be required until sufficient equity is built.
Yes — refinancing allows you to replace your current mortgage with a new loan, often to reduce interest rates, lower monthly payments, or change loan terms.
Pre-qualification is an initial assessment based on self-reported financial information, while pre-approval involves verification by the lender and carries more weight when making offers.
Consider your financial situation, long-term plans, risk tolerance, down payment, monthly budget, and whether a fixed or adjustable rate aligns with your goals.
Home Refinance
Applying involves submitting financial documentation, property information, and a current mortgage statement so the lender can evaluate your loan options. Learn more about our Home Refinancing, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
Mortgage refinancing is the process of replacing your existing mortgage with a new loan, typically to reduce interest rates, lower monthly payments, change the loan term, or access home equity.
Common types include rate-and-term refinancing, cash-out refinancing, and cash-in refinancing, each serving different financial goals.
Rate-and-term refinancing replaces your existing mortgage with a new loan that has a lower interest rate or different loan terms without taking out additional cash.
Eligibility depends on factors such as credit score, income, debt-to-income ratio, equity in the home, and the lender’s refinancing requirements.
Some mortgages include prepayment penalties; check your current loan terms to see if a fee applies when refinancing.
Yes — homeowners can refinance multiple times, but each refinancing involves new costs and requires lender approval.
Applying for refinancing may cause a temporary dip in your credit score due to a hard credit inquiry, but timely payments on the new loan can positively impact your score over time.
Consider your financial goals, current interest rates, loan terms, closing costs, and long-term savings potential when selecting a refinancing option.
Start by reviewing your current mortgage, checking your credit, gathering financial documents, and contacting a lender to explore refinancing options and pre-approval.
HSA Accounts
You can open a HSA if you meet eligibility requirements and are enrolled in a qualifying HDHP. Learn more about our Health Savings Accounts, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
A Health Savings Account (HSA) is a tax-advantaged savings account designed to help you save and pay for qualified medical expenses, while allowing funds to grow over time.
Yes. You, your employer, or anyone else can contribute to your HSA, as long as total contributions do not exceed annual IRS limits and you meet the eligibility requirements
Contribution limits are set by the IRS and depend on whether you have self-only or family HDHP coverage. Limits may change annually.
Yes. A HSA belongs to you and stays with you regardless of job changes, insurance changes, or retirement.
Some HSAs offer investment options once a certain balance threshold is met, allowing funds to potentially grow beyond standard savings rates.
There is no monthly maintenance fee or transactional limit fee on Health Savings Accounts.
In many cases, contribution amounts can be adjusted during the year, especially if your coverage or employment status changes,but total contributions must still remain within IRS limits
You may utilize online banking or voice activated self service by phone to view balances, track expenses, and manage contributions.
Savings & Money Market Accounts
Learn more about our Personal Savings accounts, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
This account is available to members ages 14 through 28. Once you turn 29, the account may remain open.
Yes. All savings accounts include access to Charter Oak’s digital suite: online banking, mobile access, e-Statements, Bill Pay and more.
Whether you’re using online banking on a desktop, mobile device or our voice activated self service by phone, tracking progress is made easy by viewing balances, transactions, and account activity anytime.
Yes. Savings options such as Bright Future Savings are designed specifically for younger members, with appropriate guidelines.
Learn more about our Money Market accounts, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
A money market account is a deposit account that typically offers higher dividends than a regular savings account while still providing convenient access to funds.
Yes. Money market accounts allow access to funds, though there may be limits on the number of withdrawals or transfers per month.
Some transactions may be limited per statement cycle, particularly certain types of electronic withdrawals, depending on account terms.
Some money market accounts may offer limited check-writing or transfer capabilities, depending on the account features.
Money market accounts are a good option for individuals who want higher returns than traditional savings while maintaining access to their funds.
Yes. They are commonly used for short- to medium-term savings goals such as upcoming purchases or planned expenses.
Yes. Money market accounts can generally be opened as joint accounts, depending on eligibility requirements.
Share Certificates / IRAs
Learn more about our Share Certificates, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
When you open a Share Certificate, you deposit money for a set term. In exchange, you receive a fixed annual percentage yield (APY), earning dividends until the certificate matures.
Most Share Certificates require a minimum balance of $1,000 to open.
Yes. Share Certificates earn interest (dividends) throughout the entire length of the term based on the APY you locked in at account opening.
If you withdraw funds before the certificate matures, you may incur a penalty that reduces your earned dividends and, at times, the original amount of deposit.
Yes — some Share Certificates are eligible to be held within an Individual Retirement Account.
Choose a term based on your financial goals and when you need access to the funds.
No — certificates can be opened with or without online banking, though online access makes it easier to monitor balances and maturity dates.
Yes. CD laddering involves spreading funds into multiple certificates with staggered maturities to balance liquidity and yield.
Learn more about our IRAs, select your option and apply online. You may always speak with a representative during our normal business hours by calling 860 446-8085 or visiting one of our convenient branch locations.
You can choose from Traditional IRAs, Roth IRAs, and SEP IRAs, each offering different tax advantages and contribution rules to support retirement savings.
A Traditional IRA may allow tax-deductible contributions, with earnings growing tax-deferred until withdrawals begin in retirement.
A Roth IRA is funded with after-tax dollars, but qualified withdrawals — including earnings — are generally tax-free in retirement
A SEP IRA is designed for self-employed individuals and small business owners and typically allows higher contribution limits than Traditional or Roth IRAs.
IRA funds can be deposited to a savings IRA, money market IRA, or certificate IRA.
An IRA certificate allows you to lock in a fixed dividend rate for a specific term, helping provide predictable growth for retirement funds.
Yes, as long as your total combined contributions do not exceed annual IRS limits and you meet the eligibility requirements.
Yes. IRA deposits are federally insured by the NCUA up to applicable limits.