Stc-U Auto Insurance Checks: What's The Deal?

STCU requires borrowers to provide proof of insurance within 30 days of purchasing a vehicle. This proof of insurance is not the same as the insurance card issued by your insurance company. It is the legal documentation required by your STCU loan agreement to show that you have fully insured your vehicle against theft or damage. If you do not provide proof of insurance, STCU will purchase insurance for you, which will likely be more expensive than if you had secured your own insurance.

If you have financed your car, the lender will make the check out to you and the lienholder. The insurance checks are not valid until both parties endorse it to prove that the money will pay for the repairs.

STCU's requirements for proof of insurance

STCU requires proof of insurance for your vehicle. This is to ensure that your vehicle is fully insured against theft or damage. As the vehicle owner, it is your responsibility to provide this proof of insurance to the credit union. This is different from the proof of insurance you are required to show to state patrol or other authorities if stopped.

• The proof of insurance must be provided within 30 days of purchasing the vehicle.
• It must be the legal documentation that shows your vehicle is fully insured against theft or damage.
• It must come from your insurance agent or insurance company.
• It must include evidence that STCU is the lienholder/loss payee.
• It must include proof that you have purchased comprehensive and collision coverage, with deductibles of $1,000 or less, on the vehicle.
• It must include evidence that your vehicle, as collateral against the loan, is exactly as listed on your loan document.
• It must include your policy number, policy period, and the insurance provider's name.

You can submit your proof of insurance to STCU in several ways, including online, by mail, or by asking your insurance agent to provide it on your behalf.

Failing to provide proof of insurance within the 30-day deadline will result in STCU purchasing insurance for your vehicle at a premium that is typically more expensive than what you could purchase yourself. Therefore, it is in your best interest to secure your own insurance and provide proof of it to STCU in a timely manner.

How to submit proof of insurance to STCU

As the vehicle owner, it is your responsibility to provide "proof of insurance" to STCU. This is different from the proof of insurance card that drivers are required to show to state patrol or other authorities if stopped.

Proof of insurance is the legal documentation required by your STCU loan agreement to show that you have fully insured your vehicle against theft or damage. It must come from your insurance agent or insurance company.

You should have received a "MyLoanInsurance" welcome letter, noting that under the terms of your STCU loan, your vehicle must be fully insured within 30 days after it was purchased. After 30 days, you must provide insurance on the vehicle with no lapse in coverage or risk violating your loan agreement.

To avoid the high cost of insurance that STCU is forced to buy for you, there are several options for submitting your proof of insurance:

• Ask your insurance agent to provide proof of insurance immediately. A reliable agent can typically provide proof of insurance in a week or less. They can use the STCU website and the reference number and personal identification number (PIN) from your welcome letter to submit the proof of insurance. Simply click on the purple "Submit Insurance" button.
• Submit your proof of insurance online. After clicking on the purple "Submit Insurance" button, you will be asked for the reference number and personal identification number (PIN) found in your "MyLoanInsurance" welcome letter. Your PIN is valid for 90 days. If you do not have your letter, call (866) 600-8767.
• Ask your agent to email your declaration page to [email protected]. Accepted file formats include PDF, PNG, TIF, or JPG.
• Ask your agent to fax your declaration page to (877) 401-2172.
• If there is enough time, mail a copy of your declaration page to STCU, P.O. Box 924515, Fort Worth, TX 76124.

A declaration page proves to STCU that your vehicle is fully insured against theft or damage. It includes:

• Evidence that STCU is the lienholder/loss payee.
• Proof that you have purchased comprehensive and collision coverage, with deductibles of $1,000 or less, on the vehicle.
• Evidence that your vehicle, as collateral against the loan, is exactly as listed on your loan document.
• Your policy number, policy period, and the insurance provider's name.

What to do if STCU purchases insurance for you

If STCU has purchased insurance for you, you will be required to pay for this insurance policy, also known as "lender-placed insurance" or "collateral protection insurance". This insurance is purchased by STCU when you fail to provide proof of insurance within 30 days of purchasing your vehicle.

If your insurance agent has recently provided proof of insurance to STCU, contact STCU immediately to cancel the insurance they purchased. However, you will still be responsible for paying all premiums applied to the time the policy insured your vehicle.

If you have not yet provided proof of insurance to STCU, it is recommended that you immediately purchase insurance from a qualified insurer to replace the policy STCU purchased for you. Ask your agent to provide proof of insurance to STCU as soon as possible. When STCU receives the proof of insurance from your agent or company, they will cancel the policy that was purchased for you. However, you will still be responsible for paying all premiums applied to the time the policy insured your vehicle.

Without proof of insurance, STCU will not cancel the policy that was purchased for you. You will be required to pay for this policy until you purchase your own vehicle insurance and provide a declaration page from your insurance company.

How to endorse a check for mobile deposit

Endorsing a check for mobile deposit is a simple process, but it's important to follow the correct steps to avoid any issues. Here's a step-by-step guide on how to endorse a check for mobile deposit:

Verify the Information on the Check:

Before depositing your check, ensure that the person who wrote the check has done so correctly. Common mistakes include account or routing number errors, scratching out errors with a pen, or writing a date older than six months. These issues may cause your bank to reject the deposit.

Find the Endorsement Area:

Locate the endorsement area on the back of the check. This is usually indicated by a box or a line with text such as "Endorse check here" or "Endorse here." This area is typically above the signature line.

Sign the Check:

Sign your name in the endorsement area, using blue or black ink. Ensure that your signature matches the signature your bank has on file. Do not sign above or below this area, as this may require a re-endorsement process.

Write a Restrictive Endorsement:

Most banks require a restrictive endorsement for mobile deposits. This could be something like "For mobile deposit only," "For deposit into checking account [Account Number] only," or "For mobile deposit at [Bank Name] only." Some banks may also provide a checkbox for mobile deposits instead of requiring a written endorsement.

Follow the Mobile App Instructions:

Open your banking app and log in to your account. Navigate to the "Deposit" or "Mobile Deposit" section and follow the instructions. You will typically need to enter the check amount, endorse the check (if you haven't already), and take clear photos of the front and back of the check. Ensure you have good lighting and a dark, solid background when taking the photos.

Check for Errors and Keep the Check:

Before submitting your deposit, double-check that all the information is correct, especially the deposit amount. It's a good idea to hold onto the check for a few days after depositing it, in case there are any issues with the deposit or if the bank needs further verification.

Mobile deposits are a convenient way to deposit checks without having to visit a bank branch or ATM. By following these steps, you can ensure that your mobile check deposit goes through smoothly.

What to do if a check is declined by STCU

If a check is declined by STCU, there are several steps you can take to address the issue. Here is a guide on what to do in such a situation:

First, it is important to remain calm and not panic. Contact STCU at (509) 326-1954 or (800) 858-3750 during regular business hours. They will help you identify the reason for the decline and guide you through the next steps. You can also use the LiveChat feature on their website during business hours to connect with a representative who can assist you.

If the issue is due to incorrect account information or a discrepancy, ensure that you provide all the necessary details, such as the check number, account number, and routing number, to STCU for further investigation. In some cases, you may need to provide additional documentation or information to resolve the issue.

If the decline was due to insufficient funds, you may need to deposit funds into your account or make alternative payment arrangements. You can use the STCU mobile app or online banking to transfer funds instantly or deposit a check, ensuring that you properly endorse the check with your signature and the phrase "STCU mobile deposit."

In case of a dispute or if you believe the decline was made in error, you can submit a dispute to STCU. Log in to your online banking and select "Dispute a Transaction" under "My Accounts." It is important to note that you must notify STCU within 60 days of the statement date to initiate a dispute.

Additionally, regularly monitoring your account activity and transactions can help you identify any discrepancies or unauthorized activity. You can enable notifications and alerts through the STCU mobile app or online banking to stay informed about your account balance, transactions, and any potential fraud.

Remember to act promptly and follow up with STCU to ensure that the issue is resolved and to prevent any further disruptions.

Frequently asked questions