Two powerful forces. Now one super human credit union. MERGER GUIDE

Transcription

Two powerful forces. Now one super human credit union. MERGER GUIDE
WELCOME GUIDE
MERGER GUIDE
Two powerful forces. Now one super human credit union.
Dear valued member,
On behalf of the entire BCU team, welcome to your credit union…again!
We’re truly honored with Target CU’s decision to join forces with BCU and we’re thrilled for the opportunity to serve you, your
family and your fellow Team Members as Target Credit Union, a Division of BCU. In the coming years, we hope to win your
loyalty and trust as an exclusive resource for valuable financial products & information, state-of-the-art tools & account access,
and world-class service quality.
At the end of business, November 30, 2011, we’ll take our first step together as all account information migrates from the
current Target CU systems over to the new BCU systems. While we’re making every possible effort to make this transition as
simple and painless as possible, there are important changes we want you to be aware of. This guide will answer many of the
top-of-mind questions you have about the transfer and how it will impact you, your accounts and your credit union services.
Starting December 1, 2011, you’ll have the opportunity to enjoy expanded account access made possible by added Target
CU branch locations, Online Banking, Mobile Banking from your smartphone, and a 24/7 bilingual call center. In addition, your
credit union now participates in a shared branching network and a greater number of national ATM networks, giving you more
access wherever you may be. Also on December 1st, you’ll have access to a broad array of product and service offerings. To
help introduce you to some of what’s available and to underscore our commitment, we’re making available exclusive merger
special offers, which are outlined later in this guide. We encourage you to take full advantage!
As your Credit Union, it’s not just our job to help make your financial life a little easier, it’s our passion. We appreciate your
patience during this short transitional period, and look forward to any opportunity we may be given to serve your future
needs and to prove to you that We’ve Got Your Back.
Sincerely,
Mike Valentine
President and CEO
BCU
Important stuff everyone should know...
6. ONLINE BANKING ACCESS: If you are currently enrolled in
Target CU’s Online Banking, you will need to complete a simple online re-enrollment process the first time you access your
account starting December 1st. Reference the Online Banking
section of this merger guide on page 10 for additional details.
While there is a lot of information in this merger guide, there are
some key points that everyone needs to know. So what better way
to kick this off, than to start with our TOP TEN…
1. GENERAL: Target CU will merge with BCU as of November
30, 2011 and will conduct business under the brand name
Target Credit Union, A Division of BCU beginning December 1,
2011. There will be changes to your accounts as a result of the
merger. This merger guide and the enclosed Deposit Account
Agreement from BCU will cover all of the details.
7. ONLINE BILL PAY: If you currently use Online Bill Pay, your
payments scheduled through November 30, 2011 will be paid. All
payments currently scheduled for December 1st and beyond will
need to be rescheduled after December 1st. Unfortunately, payee detail will not be automatically imported into the new system
and you will have to set them up again starting December 1st.
2. MEMBER & ACCOUNT NUMBERS: All Target CU member &
account numbers will change. Yep, that includes all deposit
account numbers, loan account numbers, and debit card numbers. In mid-November, you will receive a separate Account
Notification in the mail that will include your new member
number and share account numbers and other important details
regarding your new account(s). So be on the lookout!
8. INFORMATION ONLINE: Both before and after the merger
date you can continue to access your accounts and other useful
information by visiting TargetCU.org. However, starting
December 1st the Web site will have a new look and functionality. In the meantime, you can check out BCU.org for more
information on BCU accounts and services that will be available
beginning December 1, 2011.
3. PREAUTHORIZED TRANSACTIONS: Preauthorized transactions on your Target CU deposit account(s), such as insurance
premium payments or utilities, will continue for 90 days after the
merger date. They will be thereafter rejected unless you notify
these companies of your new Credit Union account information.
To help you facilitate this change, you will receive your Account
Notification and a special form letter that can be sent to these
companies so you may conveniently continue your automatic
payments.
9. MOBILE ACCOUNT ACCESS: One of the many benefits of
this merger with BCU is expanded account access including
the introduction of Mobile Banking to all members starting on
December 1st. Check out page 5 of this merger guide for all of
the details!
10. DIRECT DEPOSIT: If you are a Target team member
and have direct deposit into your existing Target CU deposit
account(s), we’re working with Target Corporation to continue
this service. If you are NOT a Target team member and have direct deposit into your existing Target CU accounts, you will need
to notify your employer of your new Credit Union account information. The information necessary to facilitate this change will be
mailed to you in mid-November with your Account Notification.
4. CHECKS: If you currently have checks to access your deposit
accounts or loan accounts, you will receive an updated supply
in the mail near the merger date. Your old checks will continue to
work for 6 months after the merger date.
5. ATM/DEBIT CARD: If you have a Target CU ATM card or Debit
Card today, you will receive a new Visa® Debit Card reflecting your new account number in the mail prior the merger date.
Instructions on how to activate your new Visa Debit Card and
how to choose a new PIN number will accompany your new card.
The new Visa Debit Card can be used for both ATM transactions
AND point-of-sale purchases. It is important to note that on
December 1st your new card will begin working and your old card
will cease to work. There will be no overlapping period of activation.
For questions about the merger or your new accounts,
call the Merger Hotline: (855) 433-8855.
For information regarding your existing
Target CU accounts, call (800) 328-6655.
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An alliance for
the good of all member-kind.
(That means you.)
Have you wondered what it would be like to have a financial guardian angel?
Not the winged, haloed variety, but someone who puts your financial needs first in
everything they do. Someone who’ll do cartwheels—or headstands or even a little
tap dancing—to get you the best possible loan rates. Someone who’d rather walk on
burning coals than see you pay an unnecessary credit card or ATM fee. Of course
this person will make sure you’ve got access to your finances 24/7. Because they
understand that a lot of life happens outside of business hours. And what if they did
it all with a smile and a sense of humor? And an appreciation of the fact that member
is just another word for person? And sometimes people want to talk about their kids
more than the rates on 60-month CDs. Of course, when that conversation circles
back to those rates, you can be sure they’ll get you a good one. Well, you can stop
wondering. Because you’re a member of BCU now. That means We’ve Got Your
Back. It’s who we are. It’s what we do. And it’s our privilege to be able to do it for you.
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Banker’s hours?
Leave those to bankers.
We’ve got you covered 24/7.
No matter where you are, your Credit Union is all around you. On your phone. Through your laptop. At ATMs. Even at good old fashioned branches. That’s what we mean when we say 360 Banking. It’s about convenience, access, and control. And what it means
to you is that your finances are at your fingertips anytime, anyplace thanks to:
Online and Mobile Banking
Access your Credit Union accounts online 24/7, freely and securely
at TargetCU.org and start using our free iPhone® or Android™
app. View your balance or transaction history from the palm
of your hand with Mobile Banking through a Web-enabled cell
phone. Refer to page 10 for more details.
Expanded HQ Branch Network in 2012
• A new branch at Target Plaza North will replace the current
office.
• A full-time branch is scheduled to open at
Target Northern Campus.
• A new branch will open at City Center.
Shared Branching
Brand new for Target CU Members, shared branching will give
you access to over 6,000 nationwide locations.
Huge Network of Surcharge-Free Network ATMs
Enjoy access to over 70,000 surcharge-free network ATMs
nationwide and in Puerto Rico, including the ATMs located in
all Target stores, HQ, and Distribution Center locations. Find
any of our branches, shared branches or surcharge-free ATMs
by using the Find ATM and Branches link located in the upper
right hand corner of the new homepage TargetCU.org.
Live Call Center
Get 24/7 help with any of your banking needs, even holidays and
weekends, by calling our bilingual call center at (855) 433-8855.
24-Hour Telephone Banking (Telephone Teller)
You will have free 24/7 access to information about your personal share accounts, loan accounts and also transfer funds
between accounts by calling (800) 944-8143. Your new PIN
will be the first four digits of your social security number.
Surcharge-Free ATMs
®
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Account Conversions
g
Share Savings
g
Regular Savings
Holiday Savings
g
Holiday Club
Money Market Checking
g
Money Market
Money Market Savings
g
Money Market
IRA Savings
g
IRA Money Market
Total eChecking
g
Checking with Rewards
Basic Checking
g
Checking with Rewards
The general provisions for your new BCU savings, checking,
certificate and money market accounts are described on page
7. You may also reference the enclosed Deposit Account Agreement for additional details.
PLEASE NOTE: Any automatic deposits to your Target CU Holiday Savings Account will automatically transfer to your Holiday
Club account. The total amount deposited into your Holiday Club
Account, plus dividends, is automatically transferred to your
checking or savings account on November 1st of each year.
General Info for All Share Accounts
clearly delineates transactional accounts from savings
accounts. To comply, the Credit Union will, in early 2012,
begin enforcing the excessive withdrawal fee of $10 for each
qualifying transaction withdrawal in excess of six (6) per
calendar month. Please note: ATM withdrawals are unlimited, and are NOT counted in your six (6) per calendar
month. If your account activity puts you at risk of incurring
such a fee, please contact your nearest branch or the Merger
Hotline to discuss opening a checking account, which has
no transfer or withdrawal limitations. Both you and the Credit
Union are better served avoiding this fee.
Account number changes
All Target CU member and share account numbers will
change on December 1st. In November, you will receive in
the mail an Account Notification which will include all your
new account numbers just prior to the transfer.
Dividend rates and annual percentage yields
Dividend rates and annual percentage yields (APYs) are
published at TargetCU.org and will be available at your local
branch. Specific dividend rate information on your account
will be provided prior to opening an interest-bearing account,
and reflected on your monthly statement. For additional information refer to the enclosed Deposit Account Agreement.
Your account statement
Please note that your statement will have a different appearance and may be received on a different day. Those
members enrolled in Target CU eStatements will receive a
paper statement in the mail for month-end November 2011
and will have to re-enroll for eStatements after December 1,
2011. Once you sign up for your new eStatements, you will
receive an email notification each month that your electronic
statement is ready to view online.
Preauthorized transactions
Preauthorized transactions on your Target CU deposit account(s),
such as insurance premium payments or utilities, will continue
for 90 days after the merger date. They will be thereafter rejected
unless you notify these companies of your new Credit Union account information.
Money Market Accounts
Direct deposit
If you are a Target team member and have direct deposit
into your existing Target CU deposit account(s), we're working with Target Corporation to continue this service. If you
are NOT a Target team member and have direct deposit into
your existing Target CU accounts, you will need to notify your
employer of your new Credit Union account information. The
information necessary to facilitate this change will be mailed
to you in mid-November with your Account Notification.
Balance-tiered dividend rate structure
Similar to your Target CU money market accounts, BCU money
markets pay dividends that are tiered based on your average
daily balance. Below is a breakdown of the BCU tiers.
$0 - $999.99
$1,000 - $9,999.99
$10,000 – $24,999.99
$25,000 - $99,999.99
$100,000+
Overdraft protection transfers
Your new account will continue to include overdraft protection
transfers from a checking or savings account if you currently
have this service at Target CU. This service will transfer available funds in your share accounts to cover overdrafts in other
share accounts. This service and Overdraft Privilege (see
page 8) are NOT mutually exclusive. Therefore, your overdraft
protection transfer can kick in prior to incurring an Overdraft
Privilege fee.
Visit TargetCU.org for the current money market rates.
New checks (checking or money market)
All Target CU checking account holders will receive an initial
order of free checks in the mail close to the merger date.
Please begin using your new checks when you receive them
and destroy any remaining old Target CU checks at that time.
Old checks will be honored if cashed within six months of
the merger date, after which they will be returned “Account
Closed”.
Excessive withdrawal fee
Federal Reserve Regulation D limits the total number of withdrawals allowed from savings or money market accounts. The
purpose of this regulation is to make sure the Credit Union
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Checking Accounts
Checking with Rewards features
Your new Checking with Rewards account requires no minimum balance and rewards you with CURewards® points for
your debit card signature-based purchases. Other checking
accounts that reward relationship and transaction activity
with competitive dividend rates are also available. Here’s a
rundown of some of the Checking with Rewards key account
features:
• BCU does not offer an ATM-only card. Therefore all
Target CU ATM cards will be replaced with a Visa® Debit Card. This card may still be used at an ATM, and may be used for point-of-sale transactions as well.
• Personal Identification Number (PIN) – During the card activa-
tion process, you will be prompted to select a new PIN.
• You can begin to use this new Debit Card on December 1, 2011.
• No minimum balance or monthly fee
• Five FREE non-BCU ATM transactions per month, plus unlimited transactions at BCU ATMs.
• FREE Online Bill Pay
• Unlimited check writing
• FREE account notifications with Account Alerts
• FREE Mobile Banking NEW!
• Free Visa® Debit Card which earns travel and
merchandise rewards with the CURewards Program NEW!
• Your old Target CU ATM or Debit Card will no longer work on or after December 1, 2011. However, any outstanding Debit Card transactions from your Target CU account will post to your new account until December 31, 2011.
Overdraft Privilege (checking or money market)
For those members who qualify, you are now eligible to participate in Overdraft Privilege – an optional account feature that
covers overdrafts up to a set amount for a fee. When a check,
ACH, Debit Card or ATM withdrawal exceeds your balance by
more than $5, Overdraft Privilege instructs BCU to honor the
transaction for a $29 fee. This saves you the embarrassment,
inconvenience and cost that accompanies a returned check or
denied transaction. For details and terms, please refer to the
separate enclosed Overdraft Privilege information.
Automatic payments made with your Debit Card
If you have automatic payments, such as your monthly phone
bill charged to your Target CU Debit Card number, you will
need to notify these companies to stop using your old Target
CU Debit card number and provide them with your new Visa
Debit Card number.
ATM and Visa® Debit Cards
If you have a Target CU ATM Card or Debit Card, watch for
a separate mailing with your new Visa Debit Card shortly
before November 30, 2011. Your new card will feature the
design shown below and will have a new card number.
• Card activation – When
you receive your new Visa Debit Card, you will need to activate it as instructed.
• We are working with Target Corporation to ensure your new
Debit Card can be used to receive your 10% Team Member Discount in Target stores. While it is our hope that there be no discount interruption, eligibility for the discount may not be available immediately on December 1, 2011.
Certificate Accounts
Payment of dividends, rates and terms
Your existing Certificate dividend rate and terms will NOT
CHANGE as a result of the merger. They will remain
unchanged until the maturity date or renewal date after
November 30, 2011. Dividends will be deposited to your certificate balance monthly.
Automatically renewing certificates
Certificates will renew on the maturity date at the prevailing
dividend rate being paid at the time of renewal
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will be considered part of the principal balance and cannot be
withdrawn without incurring a penalty.
Branch location – visit TargetCU.org or Mobile Banking to search for branch locations near your work or home.
NOTE: You will receive a renewal notice 45 calendar days
prior to the renewal date of your Certificate.
• By contacting the Merger Hotline – call (855) 433-8855.
• Through Online Banking or Mobile Banking –
visit TargetCU.org.
Partial withdrawals
Partial withdrawals are allowed before a certificate’s maturity
date. However, penalties will be imposed for early withdrawals. Dividends paid during the term of the Certificate may be
withdrawn at any time without penalty.
Payments made by Electronic Funds Transfer (EFT)
If you currently make your loan payments through EFT, this
service will continue for the first 90 days after the merger
date. They will be thereafter rejected unless you notify these
companies of your new Credit Union account information.
Prior to the merger date, you will receive instructions on how
to update any incoming or outgoing EFT payments.
Loans and Lines of Credit
The general provisions for your new BCU Loans and
Lines of Credit are described below.
Recurring payment transfers
If you currently have recurring payment transfers setup, you
will need to reestablish these transfers after December 1st.
Loan terms
The rate and terms of your loans will remain the same as they
are today until you pay off the loan or refinance, except as
noted under Home Equities.
Home Equity Loans
Payment due dates
Your loan payment due date(s) will remain the same.
Home Equity Line Of Credit statement
This service will continue. Your monthly loan payment amount
will be included with your BCU statement. Simply call the
Merger Hotline at (855) 433-8855 if you have any questions
after you receive your first statement.
Loan payment coupon book
If you currently have a loan payment coupon book you will receive a new loan payment coupon book near the merger date.
You can continue to use your old coupon payment book until
the new book arrives.
Change in terms
The index used to calculate your interest rate will remain the
same. However, the timing of rate changes will be different by
one day. Prior to November 30, 2011, you will receive in the
mail an Account Notification which will include a full disclosure. Any changes to loan terms will be effective on December 1, 2011.
Account number changes
Target CU loan account numbers will change on December
1st. You will receive your new account number in the mail prior
to the merger date.
Payment mailing address
Checks should be made payable to Target Credit Union or BCU.
The new mailing address for all of your loan(s) and/or lines of
credit payments will be:
Account access
You may continue to access your Variable Home Equity
Line of Credit (HELOC) as you have through November 30,
2011. As of December 1, 2011, you can access your HELOC
through:
Target Credit Union
P.O. Box 8133
Vernon Hills, IL 60061
• In-person draws at your local branch
• Your new convenience checks
• Online or Mobile Banking
Other loan payment options
• At your Target Credit Union branch office or any Shared 9
Online Banking
You will enjoy a number of services available through Online
Banking beginning December 1, 2011.
NEW BCU Online Services
• Download transactions to Quicken
• Online Notices
• Transfers to/from Other Institutions
• Deposit Anywhere (remote deposit capture)
• Mobile Banking and free Mobile Banking apps
• Text Banking
• View Check Images
• View 36 months of transaction history
You will continue to have access to all of the Online
Banking Services you enjoy today!
• Account Alerts
• Online Bill Pay
• Check current balance
• View loan details
• eStatements
Check Images New!
Check images will be available to users of BCU’s Online
Banking at no cost. Images of checks written prior to December 1, 2011 will be available upon request. Simply call the
Merger Hotline at (855) 433-8855 or visit your nearest Target
CU branch.
Online Banking re-enrollment
You will need to complete a simple re-enrollment process
after November 30, 2011 to access Online Banking. Go to
TargetCU.org and click on “I’m accessing my accounts for the
first time.” All you will need to re-enroll is your new member
number, the last four digits of your Social Security Number
and your Drivers License number. You will be prompted to
establish a new password during the re-enrollment process.
Online access to account history
Unfortunately, your old transaction history through November
30th will be unavailable via Online Banking starting December
1st. However, you will be able to access your new transactions posted and images of checks cleared after December
1st. Moving forward you will have access to 36 months of
history. If you want to have immediate access to your old
transaction history (prior to November 30th), and do not have
copies of past statements, we suggest printing out history or
statements before November 27th. In the future, should you
need access to a statement period prior to December 2011,
you can request a copy at your branch or by calling Member
Relations at (800) 388-7000.
Online Banking blackout period
Please note, in preparation of the transfer to BCU, TargetCU
users will not have access to Online Banking or Bill Pay three
days prior to November 30, 2011. Online account access
with the new system will be restored on December 1, 2011.
Online Bill Pay re-enrollment
If you currently use Online Bill Pay, your payments scheduled
through November 30, 2011 will be paid. All payments currently scheduled for December 1st and beyond will need to
be rescheduled after December 1st. Payee detail will not be
automatically imported into the new system and you will have
to set them up again starting December 1st. If you have any
questions, please call (800) 388-7000 ext. 8412.
A Quick
And EAsy
GuidE to
onlinE BAnkinG
We encourage you to visit BCU.org and take a
look at our Online Banking Guide. It is designed
to help you answer all of your questions about
how to use Online Banking, Online Bill Pay and
other Online Services that will be available to
you beginning December 1, 2011.
General questions you may have...
also included BCU’s Deposit Account Agreement, effective
December 1, 2011, which provides you with important information such as account disclosures, terms and conditions.
The new BCU Account Agreement replaces the Target CU Account Agreement. The terms of loans you currently have with
the Credit Union will not change unless you receive written
notification from BCU. Therefore, you can still reference your
loan contracts for terms.
Is the name Target Credit Union going away?
No. Beginning December 1, 2011, the Credit Union will become Target Credit Union, a Division of BCU. While the name
will be slightly different, our purpose will remain the same
– serving Target team members and their families with exclusive service, information, products and consideration. While
our focus on Target is clear, BCU will be the engine behind
our offerings and technology. Therefore, you will also see the
common BCU logo on various member communications and
access points.
Where can I conduct my transactions?
In addition to the new Minneapolis locations planned for TPN,
CC and TNC, you’ll be able to bank anytime, anywhere with
BCU’s free full-service Online Banking, 24/7 call center and
telephone banking system. You’ll also have access to Mobile
Banking via your smartphone, over 70,000 surcharge-free network ATMs in the U.S. and Puerto Rico, and more than 6,000
Shared Branching locations to conduct financial transactions.
Just visit TargetCU.org or use your smartphone starting
December 1st to find the most convenient locations nearest
you – wherever you may be.
What will happen to the current Target Plaza branch and
Target Northern Campus (TNC) branch?
BCU will soon begin construction on a new branch conveniently located in Target Plaza North (TPN), not far from the
current branch location, which will remain open until the new
office is complete. BCU is also planning to add other full-service locations in 2012 including City Center (CC) and Target
Northern Campus (TNC).
Will I have a choice on the type of accounts
available to me, or will you assign them?
Your Target CU accounts will be mapped to the BCU
account(s) that most closely fit the features and benefits of
your existing Target CU account(s) as shown on page 6 of
this guide. If you determine that another account is more
appropriate, simply visit a branch or contact the Merger
Hotline at (855) 433-8855 to change your account type.
What can you tell me about BCU?
BCU is headquartered in Vernon Hills, Illinois and has served
employees of other large corporations across the United
States and Puerto Rico for over 30 years. Just like Target
CU, BCU is a not-for-profit, member-owned Credit Union that
is federally insured by the National Credit Union Association
(NCUA).
How will I be able to confirm that my accounts
transferred to BCU?
On December 1, 2011, you can call the 24-hour Telephone
Teller at (800) 944-8143 to confirm your account and balance
information or view your accounts in Online Banking after you
complete a simple online re-enrollment process. For
additional details regarding Online Banking, see page 5.
Who is eligible for membership?
Target Credit Union will remain available to all Target team
members, their families and employees of Target owned
subsidiaries. Starting December 1st, contract employees
stationed at Target facilities will be eligible to join as well.
Will the TargetCU.org Web site look different on
December 1st?
Yes. Your Credit Union’s Web site will feature a new look and
provide expanded functionality.
Does this booklet contain all of the information
relating to changes to my account?
We have tried to include all major account changes. We have
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Will any of the fees change?
Yes. Effective December 1, 2011, you will have a new fee
schedule that replaces the Target CU fee schedule. A copy of
the new fee schedule is on page 21 of the Deposit Account
Agreement enclosed. All fee changes have been highlighted
for your reference.
Will I be able to receive eStatements?
Yes. Those members enrolled for Target CU eStatements will
receive a paper statement in the mail for month-end November 2011 and will be required to re-enroll for eStatements after
December 1, 2011. Once you sign up for your new eStatements, you will receive an email notification each month that
your electronic statement is ready to view online.
Who will send me the required 2011 tax forms?
BCU will mail tax forms for accounts held between January 1,
2011 - December 31, 2011 in January 2012.
Will the outgoing wire process change?
Yes. Please stop by your local branch office or call the Merger
Hotline at (855) 433-8855 to request an outgoing wire. You
will now have the ability to make a domestic and international
wire with no minimum amount, and you will not have to fill out
the wire request form after November 30, 2011.
Will the incoming wire process change?
Yes. Starting December 1, 2011, please provide your NEW
Routing Number and MICR number for your account to the
party sending you the wire.
New ABA Routing Number: 271992400
Your MICR Number
In November, you will receive an Account Notification
which includes your new 14 digit account number.
(MICR number).
New Products & Services. This is what's
called ending on a high note.
P.O. Box 8133
Vernon Hills, Illinois 60061
TargetCU.org
(800) 388-7000
Merger Hotline
(855) 433-8855