Welcome to. Account Transition Guide. Your action is needed. Please call , Ext.744 before March 31, 2012

Transcription

1 Welcome to Account Transition Guide Your action is needed. Please call , Ext.744 before March 31, 2012 Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

2 Table of Contents CEO s Welcome... Pg. 1 Important Changes... Pg. 2 Account Transition Chart... Pg. 3 Direct Deposit Form... Pg. 4 Corning Credit Union Current Rates... Pg. 5 Corning Credit Union Consumer Account Fee Schedule... Pg. 6 Credit Union Rates Disclosures... Pg. 7 To begin your transition Call , ext. 744; Monday Thursday, 9:00 a.m. 7:00 p.m. and Friday, 9:00 a.m. 5:00 p.m. The call will take minutes, depending on your account structure.

3 January 23, 2012 Dear Members: Welcome to Corning Credit Union! As you learned last month, Corning Federal Credit Union and American Community Federal Credit Union have merged as of January 1, 2012, and we couldn t be more excited to welcome you to the CCU family. This guide includes important information that will help you transition your membership to CCU. It also explains important changes that may affect your account. Please take time to read this guide carefully, and feel free to contact us if we can be of any assistance during this transition. In order to ensure that your banking experience with us during this process remains smooth and seamless, please note that: We are now ready to begin transitioning ACFCU member accounts to Corning Credit Union s systems. We will continue transitioning accounts from now until March 31, 2012, and CCU representatives are readily available to assist. All you need to do is call us at , ext. 744 to easily transition your account by phone. Your existing ACFCU products and services will not change until you complete your account transition or until March 31, 2012 (whichever comes sooner). When you do choose to transition your account, you will receive a new member number, checks, and plastic cards at no cost to you. Members who utilize ACFCU s Virtual Branch can continue to do so until their accounts are transitioned and they are enrolled in CCU s ebranch. When you navigate to you will arrive at a customized page for ACFCU members, which will include a Virtual Branch link. This page will be discontinued after March 31, and you will automatically be redirected to Corning Credit Union s website. After transitioning your account, you may begin to use CCU s Greencastle branch location and full-service ATM in addition to the Chambersburg branch. Visit for a full list of ATM locations, including surcharge-free ATM networks. We are excited to help introduce you to our many competitive products and services and we look forward to helping you through this transition. If you have any questions regarding this change, or when you are ready to begin transitioning your account, please contact us at , ext Sincerely, Gary Grinnell President & CEO 1

4 Important Changes Please note these additional important changes. Mailed Payments After your account is transitioned, please make payments at either of our Franklin County branches or mail payments to: Corning Credit Union One Credit Union Plaza P.O. Box 1450 Corning, NY ACFCU Master Card payments should continue to be mailed to the address shown on your statement. Electronic Withdrawals and Direct Deposit Changes After your account is transitioned, you will need to change any electronic withdrawals or direct deposits you already have in place. Please see page 4 of this guide for a form that a CCU representative can help you to complete and give to your employer or the Social Security Administration. Chambersburg Drive-Thru Hours Effective February 1, 2012, we will no longer be offering Saturday drive-thru hours at the Chambersburg branch. However, CCU members have 24-hour account access through our ebranch online banking service and can even deposit checks electronically through Online Deposits*. In addition, we will be adding a full-service ATM at the Chambersburg branch in the next few months. CCU s ebranch Please note that if you sign up for CCU s online banking service, it is real-time online banking. Any transactions you complete during your ebranch session will be reflected on your account immediately. Membership eligibility required. *We need to receive your checks within 7 calendar days of your online transaction or your deposit may be reversed. 2

5 Account Transition Chart The chart below compares ACFCU and CCU accounts and describes differences between both. If an item is not listed on this chart, you can expect no change from the way your ACFCU account works today. All account changes will be effective after March 31, Corning Credit Union Returned Draft for Insufficient Funds $25.00 $30.00 Stop Payment $20.00 $20.00 More than 5 ATM Transactions per Month (each time used) CCU ATMs free Non-CCU ATMs first 4 withdrawals free, each additional withdrawal, transfer or inquiry - $1.00 American Community Federal Credit Union $1.00 Credit Union Drafts $5.00 $2.00 Enhanced Overdraw Protection $25.00 Service not available Automatic share transfer to cover check, check card, or ACH pre-authorized payment transaction Check deposited or cashed (drawn on another financial institution and returned unpaid the first time) $3.00 $5.00 $15.00 $30.00 Inactivity fee (per quarter) $10.00 $5.00 Certificate Minimum Balance Requirement to Open Certificate Money Market Accounts $1,000 $500 Dividend Tiers $2,500 - $24,999 $25,000 - $99,999 $100,000 - $249,999 $250,000 and over $250 minimum deposit/ withdrawal $2,500 minimum balance to earn dividends Minimum Share Balance to Earn Dividends $5.00 $100 Dividend Frequency for Certificate Accounts Certificate Penalty Dividend Frequency for non-certificate Accounts Compounded monthly or dividend transfer options Certificate penalty based on the term of the certificate and the amount withdrawn. See Member Services Disclosures Compounded monthly Invalid Address Fee $3.00 month $0.00 Dividend Tiers $2,500 - $9,999 $10,000 - $49,999 $50,000 - $99,999 $100,000 - $124,999 $125,000 and over $0 minimum deposit/ withdrawal $2,500 minimum balance to earn dividends Compounded quarterly 90 Days Dividend Compounded quarterly 3

6 Direct Deposit Form Electronic Withdrawals and Direct Deposit Information Member Name: Share Savings: 0 (10 digit Member Account number) Share Draft Checking # 9: (14 digit Member Account number) Share Draft Checking # 10: (14 digit Member Account number) Routing/Transit #

7 Corning Credit Union Rates* As of January 12, 2012 (Please visit our website to view the most recent rates) Regular Certificates Dividend Rate % Annual % Yield 2 Share Savings Jumbo Certificates Dividend Rate % Annual % Yield 2 Share Draft Advantage Windfall Checking Holiday Club All Purpose Account IRA Money Market Accounts 6 $2,500 to $24, $25,000 to $99, $100,000 to $249, $250,000 and over Transfer Certificates 3 Month Month Month Month Month Month Month Month Compounding Certificates 3 Month Month Month Month Month Month Month Month *See rate disclosures on Pg. 7 5

8 Corning Credit Union Consumer Account Fee Schedule As of January 1, 2012 Share (Savings) & Share Draft (Checking) Accounts Starter checks... Free Temporary checks - 8 checks... $2.00 Foreign check processing fee (additional Federal charges do apply, dependent upon check type)... $5.00 Cashier s checks... $5.00* Visa Gift Card... $3.00 Money Order... $2.00 Stop payment request for paper check, ACH pre-authorized payment, or Bill Pay paper check... $20.00 Imaged copy of check... $2.50 Original check... $6.00 Check protest... $20.00 Insufficient funds... $25.00 Enhanced overdraw protection... $25.00 Automatic share transfer to cover check, check card, or ACH pre-authorized payment transaction... $3.00 Advantage Account below minimum balance (per month)... $5.00 Account/Statement balancing (per hour)... $20.00 Account/Transaction research (per hour)... $20.00 Statement copies: First... Free Each additional copy... $2.50 Cashier s check copy... $2.50 Check by phone for loan payment... $10.00 Check deposited or cashed (drawn on another financial institution) and returned unpaid the first time... $15.00 Bank Wire... $20.00 Garnishment processing... $50.00 ATM, credit, or check card replacement - Overnight 2 nd Day... $30.00 Inactivity fee (per quarter)... $10.00 Loan subordination fee... $ Invalid address fee (per month - Effective 2/29/12)... $3.00 Automated Teller Machines (ATMs) Transactions at non-ccu ATMs: First 4 withdrawals per member number per month... Free** Each additional withdrawal... $1.00 Each transfer or inquiry... $1.00 ebranch Bill Pay Service Bill Pay Expedited Electronic Payments... $2.00 Bill Pay Expedited Check Payments... $18.00 *When applicable **Other ATM operators or automated transfer networks may impose a fee for transactions initiated at ATMs that Corning Federal Credit Union does not operate. 6

9 1 Jumbo Certificates have a $100,000 minimum daily balance requirement to remain open, maintain the account, and to obtain and maintain the Annual Percentage Yield disclosed. 2 Annual Percentage Yield for Compounding Certificate accounts assumes that dividends will remain on deposit until maturity. Withdrawal of dividends paid will reduce the actual earnings. Annual Percentage Yield for Transfer Certificates will be calculated based on the assumption that you will not elect to have your dividends transferred each month to another share or IRA and that dividends will not compound during the term of the Certificate Account. If your dividends are transferred each month, your actual yield may be greater than the disclosed Annual Percentage Yield due to compounding in the other account. For Transfer Certificates, dividends cannot remain on account and monthly payout of dividends is mandatory. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. 3 Dividends are paid on any day when the balance in the account at the end of the day is $4000 or more. 4 Dividends are paid on any day on balances up to and including $20,000, provided criteria outlined in the Member Services Guide are met. 5 Maximum Individual IRA contribution is $5000/year with an additional $1000/year contribution allowed if 50 years or older. 6 The dividend rate on Money Market Accounts is paid on the entire balance in the account as of close of business for that day. Money Market Accounts are subject to all the same terms and conditions as those described for Share Savings Accounts in the Member Services Guide with the exception of the following terms: The minimum deposit or withdrawal is $250, unless done by allocation. Money Market Accounts do not earn a dividend any day the balance falls below $2500 as of end of business for that day. Your savings are federally insured to at least $250,000 by the National Credit Union Administration, a U.S. Government Agency. Dividends are paid monthly. Please contact us at or if you have questions. 7

10 About Corning Federal Credit Union CCU was founded in 1936 with the goal of helping Corning Glass Works employees with their financial needs. We started with 42 members and $420 in assets. Throughout the years, we ve opened offices in North Carolina and Pennsylvania, in addition to the 10 offices in the Corning/Elmira, New York area. We now serve more than 80,000 members all over the world, with assets under management of $1.5 billion. We have also expanded our field of membership to include more than 1,000 employer groups and associations, as well as businesses. Our Safety and Soundness For more than a quarter of a century, CCU has experienced strong, safe, and continued growth through a total commitment to serving our members. CCU has been recognized as one of the strongest financial institutions in the country. We continue to receive top ratings from independent financial rating companies and our independent auditing firm for financial strength, safety, soundness, liquidity, and overall management.