MERGER FAQs November 1, 2016

Transcription

1 MERGER FAQs November 1, 2016 The following questions and associated answers are not all-inclusive, but can be helpful. Information will be added and/or updated periodically as the merger progresses. This information will be made available at both merging credit unions. MERGER Purpose, timing, etc. 1. Why merge? Grocers Supply Employees Credit Union s sponsoring company, Grocers Supply, will discontinue financial support after December 31, 2016 in which would close the credit union. Members can continue to receive credit union services by merging with another credit union. Texas Bay Credit Union was selected as the merging partner and will be the surviving credit union. 2. When will the merger be effective? As of December 1, 2016, both credit unions will join as one financial organization. Grocers Supply Employees Credit Union member information will be securely moved to the Texas Bay Credit Union s system. Grocers Supply Employees Credit Union members will receive new account numbers and will have access to their accounts on December 1, There will be more communications on the transition prior to the merge date. 3. Will Grocers Supply Employees Credit Union employees retain their jobs? Yes. The 3 staff members will retain their jobs after the merger. In addition to the loyal staff, Grocers Supply Employees Credit Union members will receive 150 highly talented financial professionals to serve all your financial needs. You may notice new faces in the Grocers Supply Employees Credit Union office during and after the merger. MEMBERSHIP AND ACCOUNTS New member number, changes to accounts, etc. 1. Will member accounts continue to be federally insured? Yes. Your deposits will continue to be federally insured up to $250,000 by the National Credit Union Administration (NCUA); the same governmental agency that insures your accounts today. Plus, Texas Bay Credit Union offers excess insurance to increase the amount to $500, Will my accounts be the same after the merger? Your balances will not change but your accounts will be converted to the Texas Bay Credit Union s system. Details will be provided in mailings prior to and after the merger. 1

2 3. Will my member number and account numbers change? Yes. The member account number must change to ensure no duplication of member account numbers on the post-data merge computer system. Details will be explained in a mailing and by any staff member at Texas Bay Credit Union after the merger. 4. Will rates on my deposit accounts change? Market rates on your deposit accounts will mirror Texas Bay Credit Union s deposit rates effective December 1, These rates are higher than what you currently receive. You can save more with higher deposit rates and more deposit product options at Texas Bay. Visit exasbaycu.org to view deposit rates. 5. Will the rate on my loans change? The rate you agreed to when you opened a loan account at Grocers Supply Employees Credit Union will be honored after the merger. As a member of Texas Bay Credit Union, you will have access to all products and services including competitively priced loans and credit cards. Visit TexasBayCU.org to view loan rates. 6. Where do I make my loan payments? After the merger, you can make your loan payments at any Texas Bay Credit Union branch location. If you mail your loan payments, send to Fuqua, Houston, TX My employer deducts money from my paycheck and sends to my account(s) at Grocers Supply Employees Credit Union. Will this continue? Yes. You are not required to inform your employer. We will handle it on our end and ensure your payroll deduction continues as planned. 8. Will I be able to view my account history after the merger? Although your account history will not be available after the merger, Texas Bay Credit Union offers free online banking and mobile banking with deposit capture services. These services give you access to all your accounts 24/7. A final Grocers Supply Employees Credit Union member statement will be mailed to you. The credit union will maintain secure, offline access to your Grocers Supply Employees Credit Union account history to assist you as needed. SERVICES Branches, hours of operation, contact info, etc. 1. Where is Texas Bay Credit Union s main office? The corporate office is located off I-45 South, just inside the Sam Houston Toll way Fuqua Houston, TX

3 2. Where is the Grocers Supply Employees Credit Union branch located? 3010 E Holcombe Boulevard Houston, TX How many branches does Texas Bay Credit Union offer? Texas Bay Credit Union currently has 5 branch locations and planning to add 2 more branches on the west side of Houston (Katy and Cypress) during the 1 st quarter You can find the address of all Texas Bay branches on TexasBayCU.org. 4. Will the Grocers Supply Employees Credit Union branch remain open after the merger? To continue with the transition of the merger, the branch will remain open for several months. Management will evaluate the long-term plan of the location once merger procedures have been completed. As a Texas Bay member, you will be gaining additional service channels to help with your financial transactions: 5 Texas Bay branches (plus 2 more on west side of Houston in 2017) Shared branches (closest is less than 2 miles away) Call Center: Monday-Saturday Free Online Banking (24/7) Free Mobile Banking (24/7) with Mobile Deposit Free Bill Pay Free estatements Informative website ( Online loan application Full spectrum lending Expanded loan amounts Surcharge-free ATM Network (Texas Bay owned ATMs plus CU Friendly ATM Network) FREE Checking accounts (Overdraft Protection is available) FREE Debit Cards Credit Cards Direct deposit Payroll deposit 5. Will the branch hours change after the merger? Immediately after the merger, the Grocers Supply Employees Credit Union branch location will continue the same hours of operations but may change at some point. You will be notified in advance of any changes. The hours of operations at all other Texas Bay Credit Union branches gives you more access including on Saturday. Below are hours of operations: 3

4 Lobby Hours (excluding Holcombe St. branch) Monday - Wednesday, & Friday 9:00 a.m. until 5:00 p.m. Thursday 9:00 a.m. until 6:00 p.m. Saturday 9:00 a.m. until 12:00 p.m. Drive-Thru Hours (excluding Holcombe St. branch) Monday - Friday 7:30 a.m. until 6:00 p.m. Saturday 9:00 a.m. until 1:00 p.m. Holcombe Street Branch Monday - Thursday 8:30 a.m. until 4 p.m. Friday - 8:30 a.m. until 3 p.m. Call Center Monday thru Wednesday, & Friday 9:00 a.m. until 5:00 p.m. Thursday 9:00 a.m. until 6:00 p.m. Saturday 9:00 a.m. until 12:00 p.m. 6. When can I start using a Texas Bay Credit Union branch? Following the merger on Dec. 1, 2016, you will have access to all 5 Texas Bay Credit Union branches. If you elect, you may open your Texas Bay Credit Union membership prior to the merge date to immediately take advantage of all the products and services available to you. Your Grocers Supply Employee Credit Union accounts will merge with your Texas Bay Credit Union accounts. 7. What are Shared Branches? Shared Branching is a national network of credit unions from all over the country that share facilities to give members thousands of convenient locations to perform financial transactions. Currently, there are 5,000 shared branch locations worldwide. There are approximately 50 shared branches in the Houston area. There is no cost to use the Shared Branch network. 8. Where is the nearest Shared Branch to Grocers Supply Employees Credit Union current branch location? The nearest Shared Branch is within 1.7 miles from the branch (Primeway CU in the medical center). Visit our branches webpage at TexasBayCU.org to find one near where you live. 9. What phone number do we use after the merger? Until further notified, continue to use (713) to contact the Grocers Supply Employees Credit Union branch. To contact any other branches, call (713)

5 PRODUCTS Savings, Checking, Loans, Credit Cards, Mortgages, etc. 1. Does Texas Bay Credit Union offer checking accounts? Yes. You have a choice of several FREE checking accounts. When you open any of our checking accounts, we give you a free gift. Plus, all our checking accounts include: FREE Instant Issue Debit Card FREE Online Banking FREE Bill Pay FREE Mobile Banking FREE estatements with online check images Buy back of your unused checks and debit cards from another financial institution 2. Does Texas Bay checking accounts include Overdraft Protection? Yes. You can elect to add overdraft protection to your new checking account after 30 days. 3. How do I get a debit card? You may receive a FREE instant debit card as a member of Texas Bay Credit Union. Simply visit any one of our branch locations or call us to receive in the mail. 4. Does Texas Bay Credit Union offer FREE ATMs? Yes. Your FREE Texas Bay debit card allows surcharge-free withdrawals at any Texas Bay ATMs and any ATMs within the CU Friendly ATM Network. Texas Bay is planning to expand the number of surcharge-free ATMs. 5. How do I apply for a consumer loan? Texas Bay has great loan offerings to help you chose the option that works best for you and your family. Visit a branch to obtain a FREE credit score enhancement. Our talented financial representatives will help you understand what makes up your score and how it can change. You may apply for a consumer loan at any branch location or online at TexasBayCU.org. 6. How do I sign up for online banking, bill payment, and estatement services? After the merger, contact us by phone or visit a branch to sign up for FREE online banking, bill payment, and estatements. 7. Do you have mobile banking? Yes. When you sign up for Texas Bay FREE Online Banking, you have access to download and register to use the FREE Texas Bay Mobile Banking app with check deposit. Available on both Apple and Android SmartPhones. Visit the Apple App Store or the Google Play Store. 5