Transition Guide for Midwest Credit Union Members

Transcription

1 Transition Guide for Midwest Credit Union Members

2 On June 1, 2018, your Midwest Credit Union account(s) will automatically convert to St. Louis Community Credit Union account(s). We want to ensure your transition is a smooth one. Please read through this guide so you are aware of what to expect, the existing services that will require your attention and all the new services that will be available to you. MEMBERSHIP NUMBER Most Midwest Credit Union (MCU) members will be able to continue using the same membership number. Those who will be assigned a new number will receive their new account information and instructions prior to the first week of May. BRANCHES & ATMS On June 1, 2018, the MCU Flower Valley location will reopen as St. Louis Community Credit Union (SLCCU). In addition (effective June 1, 2018), you can also do your banking at any of the 15 St. Louis Community Credit Union offices in the St. Louis area, as well as visit any participating Shared Branch locations. For a listing of our branches, hours, ATMs and information about our Shared Branches, please visit and click on Locations at the top of the home page. CHECKING Your existing MCU checking account will automatically convert to an SLCCU Value (Bronze) Checking Account. With this, you can enjoy: No minimum balance No minimum deposit to open No monthly maintenance fee Unlimited check-writing privileges and free check copies in Online Banking You may elect to change your checking account any time after June 1, 2018 by calling us at or visiting one of our branches. To find out more about our account options, please visit and click Accounts. Checks: You can continue to use your existing books of checks. 2

3 OVERDRAFT PROTECTION & COURTESY PAY PRIVILEGE Our Bronze Checking Account currently does not offer Overdraft Protection from our Savings account. If you currently have a Courtesy Pay Privilege limit with your MCU checking account, you will be provided a $400 Overdraft Privilege limit on your Bronze Checking Account. Otherwise the limit will be $50. To learn helpful tips about how to avoid overdraft fees and how to use the service wisely, please visit our website at Additionally, you will no longer receive paper notices for Non-Sufficient Funds (NSF) or Courtesy Pay items and fees. You will have the ability to set up text alerts and notifications to help monitor your account activity through Online Banking. It is easy and free to use! If you would like to explore other checking account options offered at SLCCU, please contact us at CHRISTMAS CLUB/SUB-SAVINGS ACCOUNTS If you currently have an MCU Christmas Club Account, we will transfer your funds to an SLCCU Holiday Club on June 1, SLCCU will disburse funds penalty free in early November. Please see the SLCCU fee schedule for early withdrawal fees related to this account. Unfortunately, SLCCU does not offer secondary or sub-savings accounts. If you currently have a subsavings account, aside from the Christmas Club Account, the funds will automatically transfer to your Primary Savings account as of June 1, MONEY MARKET ACCOUNT Your current Money Market Account will be transferred to SLCCU s Daily Interest Investment Account. Please visit for more details and a listing of current rates. CERTIFICATES/INDIVIDUAL RETIREMENT ACCOUNTS (IRA) All MCU Certificate/IRA certificate rates and terms will remain the same until maturity. Upon maturity, they will renew at the same term, but at SLCCU s current rate. Please visit for current certificate rates. DIRECT DEPOSITS & AUTOMATIC PAYMENTS FROM CHECKING* If your account number remains the same, your direct deposits and automatic payments (such as your payroll, Social Security benefits, gym memberships, etc.) will continue without interruption. All payroll deductions currently in place will continue to happen as scheduled. *You will be notified separately if your account number will be changing and will be provided instructions related to direct deposits and automatic payments. SLCCU s Routing Number is CHANGE IN TERMS & FEE SCHEDULE Beginning June 1, 2018, your SLCCU membership account terms and schedule of fees will change. You will be mailed a packet in the upcoming weeks which includes a new Account Agreement brochure and Fee Schedule. Please review the documents carefully and retain this information for your records. 3

4 ATM & DEBIT CARDS Your MCU Visa debit/atm card will be reissued as a new SLCCU Debit MasterCard. It will be mailed to you before May 20, 2018, for use starting on June 1, Your new PIN will arrive a few days after your card. Please retain this information until June 1, You will then be able to activate your card by calling or visiting an SLCCU ATM. Additionally, you can change your PIN by visiting one of our branch locations or via ATM after June 1, Unfortunately, the Flower Valley ATM will not offer the PIN change feature. After June 1, 2018, please contact merchants you have scheduled reoccurring payments with and provide your new debit card information (i.e. Netflix). You can continue using your MCU Visa debit card until June 1, Your debit card access may be limited beginning May 31, Be on the lookout for more details. LOANS & CREDIT CARDS There will be no changes to your loan terms or rates except for the following: Overdraft Protection The Overdraft Protection Line of Credit will no longer be offered as of June 1, We will be contacting you to discuss payment arrangements or other loan options. Line of Credit Your current Line of Credit will be called Ready Cash. The terms will change effective June 1, Limits will remain the same and you will be receiving a Change in Terms. Auto Loans We request you contact your insurance agent and change the lienholder from Midwest to St. Louis Community Credit Union by June 30, Also, Collateral Protection Insurance (CPI) will be added to your auto loan balance if the required full coverage insurance is dropped for any reason or St. Louis Community is not listed as the lienholder on the auto securing your loan. Credit Cards There will be no changes to your credit card rate, as your credit card program and card number will remain the same. You may continue to make payments and inquire about your credit card at the Flower Valley location. Additional Loan-Related Items If you currently pay using loan payment coupons, you will receive a new coupon book annually in the month your loan originated. If you have GAP and/or Mechanical Breakdown insurance, nothing will change. If you have Credit Life & Disability insurance on the loan, you will receive a separate communication on your policy. 4

5 INTERNAL FUND TRANSFERS/PAYROLL DEDUCTION All of your internal fund transfers/payroll deductions will be moved as part of the transition to SLCCU. ONLINE BANKING As part of the transition, MCU s online banking services will be discontinued and converted to SLCCU s Online Banking Services. Fortunately, you will have access to a more robust online banking platform, estatements and a Mobile Banking app. Unfortunately, you will need to re-enroll in Online Banking. Access to Online Banking through MCU s website (browser access) will continue to be available through May 31, You can begin to enroll in SLCCU s Online Banking platform as early as 10 a.m. on June 1, You can access our step-by-step guide to Online Banking and Mobile Banking at In order to enroll, your banking ID is your account number and your initial Online Banking Security Code is the last four (4) digits of the primary account holder s Social Security number. MCU Bill Pay will be unavailable starting on May 31, Any payments scheduled on or before May 31, 2018, will be paid. Payments scheduled with the date of June 1, 2018, or beyond will be cancelled. Payees set up in MCU Bill Pay will automatically transfer to your SLCCU Bill Pay. Once you enroll in SLCCU s Online Banking, you will be able to view your merchants by clicking on the Bill Pay tab at the top of the screen. Additionally, you will now be able to access your account information via SLCCU s Mobile App. You can find out more and download the Mobile Banking app for your type of smartphone on our website at Or, you can also go directly to your device s app store and search for St. Louis Community Credit Union. TELEPHONE BANKING Effective June 1, 2018, SLCCU s MAX 24-Hour Phone Teller service will be available to you. Your initial login is your member number and the access code is the last 4 digits of your Social Security number. Upon successfully signing in for the first time, you will be prompted to change your access code. Call or and select option 1 for direct access to SLCCU s telephone banking system. ACCOUNT STATEMENTS All MCU members will receive a paper statement for the period ending May 31, If you are currently enrolled for electronic statements, you will be required to re-enroll for estatements once your account is transferred to SLCCU. In addition, your MCU estatement history will no longer be available after May 31, Please be sure to print or download your estatement history before May 31, 2018, to ensure you have access to those records. Please refer to SLCCU s Fee Schedule for information on the cost of paper statements. 5

6 DEPOSIT INSURANCE Your funds will continue to be protected by federal deposit insurance provided through the National Credit Union Share Insurance Fund (NCUSIF), a division of the National Credit Union Administration and backed by the full faith and credit of the United States Government. Also, SLCCU is proud to offer an additional $250,000 of private deposit insurance through Excess Share Insurance (ESI). STAY INFORMED! Check out our web page at for all of the necessary resources you will need to help with the transition. We re happy you re with us! Federally insured by NCUA. 6

7 Next Steps For You Below is a checklist designed to help you navigate the overall transition into the St. Louis Community Credit Union (SLCCU) family. THINGS TO DO BEFORE JUNE 1, 2018 Make sure you have received your updated account number from SLCCU (if applicable). Have your current contact information on file with Midwest Credit Union (address, phone numbers, address, etc.). Get your records together so that you can easily enroll in St. Louis Community Credit Union (SLCCU) Online Banking. Keep records of: Scheduled and recurring funds transfers for Online Banking Current statements, as well as check copies Cancel any bill payments scheduled for June 1, 2018, and afterward. You will need to reschedule them in SLCCU Bill Pay. THINGS TO DO AFTER JUNE 1, 2018 Activate your new SLCCU MasterCard. Sign up for SLCCU Online Banking through SLCCU: Go to and click the Enroll Now button on the left side of the page, or you can go directly to Sign up for estatements in Online Banking. Reschedule any recurring or scheduled transfers. Enroll in Bill Pay via Online Banking: Review any automatic payments you may have; make sure they are transferred into Bill Pay. Provide new account info for: Direct deposits Automatic ACH Payments Download our Mobile App from the App Store on your iphone or Google Play on your Android phone. Just search for St. Louis Community Credit Union. For more information, please contact Midwest Credit Union directly by calling or visiting the Flower Valley Shopping Center location in Florissant V1 7