Conversion Guidebook

Transcription

1 Conversion Guidebook Important information about changes to account terms and services for customers of Valley National Bank

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3 Table of Contents Welcome to Century Bank 1 Deposit Accounts 2 Personal Checking Accounts 3 Personal Savings and Money Market Accounts 3 Business Checking Accounts 4 Business Savings and Money Market Accounts 4 Certificates of Deposit 5 Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) 5 FDIC Insurance 5 Debit and ATM Cards 6 Interest on Deposit Accounts 8 Bank Statements, estatements 9 Overdraft Protection Services 10 Direct Deposit and Automated Clearing House (ACH) Transactions 10 Online Banking 11 Online Bill Payment 12 Telephone Banking 13 Night Drop Services 13 Bank by Mail Services 13 Loan Accounts 14 Credit Cards 15 Safe Deposit Box 15 Merchant Services 16 Notary Services 16 Medallion Guarantee Services 16 Fee Schedule 17 Contact Information, Locations, and Hours of Operation 19 Key Dates and Times to Remember 20

4 Welcome to Century Bank In this Guidebook, you will find details about the conversion including important changes to accounts and services, as well as key dates to remember. Please review this important and time sensitive information. You may want to keep this guidebook for reference. If you have any questions, please contact us at or (toll free), or your local Española Office at You may also stop by any of our convenient locations. We know you have a choice in where you bank, and we truly appreciate your business! 1

5 Deposit Accounts Your account number(s) on your deposit account(s) including Checking, Savings, Certificates of Deposit, Individual Retirement Accounts, Health Savings Accounts and Money Market accounts will not change as a result of this conversion.* We will honor all outstanding Valley National Bank checks, automatic debits, Point of Sale transactions (POS), automatic payments and/or preauthorized transactions after the conversion date, provided you have sufficient funds in your Century Bank account at the time of the presentment. We will also continue to accept credits and deposits by Automated Clearing House (ACH), Direct Deposit including Social Security, in-person, bank-by-mail, etc., as normal. A Notification of Change (NOC) will be sent electronically by Century Bank to Automated Clearing House (ACH) originators that initiate electronic debits or credits to/from your Valley National Bank Account. This NOC will advise the ACH originator to update their records with Century Bank s routing number. If you have any questions related to Direct Deposit or automated payments, please contact us at You may continue to use your Valley National Bank checks. Century Bank s Routing and Transit Number is: Effective February 16, 2015, please use this number when setting up ACH payments, Direct Deposits, ordering checks and sending or receiving wire transfers. *In the unlikely event that there is a duplication of account numbers on the Century Bank system, you will be notified of any changes to your account numbers. 2

6 Your Valley National Bank deposit account will be converted to a Century Bank product with the system conversion on February 16, The fees, interest rate, terms and conditions will change. We will send you a new Truth In Savings Account Disclosure, along with other important disclosures, that will explain the complete features and benefits of your new account type. Please review this documentation upon receipt and contact us if you have any questions. All applicable monthly maintenance fees and paper statement fees will be waived until April 1, Personal Checking Accounts If Your Valley National Bank Account Was: Your New Century Bank Account will Be: DDA Checking (Personal) Viva Free Checking (Personal) Century Checking Value Checking Value Plus Checking (Personal) Century Interest Checking 1 Vantage 50 Checking Vantage Premium Checking (Personal) Century Platinum Checking 1 Personal Savings and Money Market Accounts If Your Valley National Bank Account Was: Your New Century Bank Account will Be: Vida Savings Personal High Performance Savings 1 Vista Savings Minor Savings 1 Money Market Investment Account Venture Money Market Savings Personal High Performance Money Market 1 Health Savings Account (HSA) Health Savings Account (HSA) 1,2 1. Interest bearing account. Interest rates subject to change without notice. 2. HSAs are set up on the Century Bank system as personal checking accounts. Features include the ability to write checks and make purchases with a debit card. Contributions and distributions must be made in accordance with IRS regulations and limits. 3

7 Business Checking Accounts If Your Valley National Bank Account Was: Your New Century Bank Account will Be: DDA (Non-Personal) Viva Free Checking (Non-Personal) Business Choice NOW Checking (Non-Personal) Value Plus Checking (Non-Personal) Business Plus Interest 1 Vantage 50 Checking (Non-Personal) DDA (Non-Personal Public Funds) DDA (Public Funds) Optimum Checking 1,2 NOW (Public Funds) IOLTA Checking (Interest On Lawyers Trust Account) IOLTA Checking 1 Business Savings and Money Market Accounts If Your Valley National Bank Account Was: Your New Century Bank Account will Be: Savings (Business) Business High Performance Savings 1 Money Market Investment (Non-Personal) Venture Money Market Savings (Non-Personal) Business High Performance Money Market 1 Money Market Investment (Public Funds) Venture Money Market Savings (Public Funds) Fed Funds Savings 1,2 Venture Money Market Savings (Non-Personal Public Funds) 1. Interest bearing account. Interest rates subject to change without notice. 2. This product is not offered for new accounts. 4

8 Certificates of Deposit All Certificates of Deposit will be converted to the Century Bank system with the same terms and conditions (including interest rate, maturity date, interest payment method, penalty, etc.) until your CD renews or you enter into a new agreement with Century Bank. Certificates of Deposit will receive a maturity notice prior to the CD renewing. You will have 10 days after the maturity date to either renew the existing CD at Century Bank s current rate or select another option. Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) On November 14, 2014, a letter was mailed to Valley National Bank IRA and HSA account holders to advise you of the pending acquisition by Century Bank. As of January 16, 2015, Century Bank will be the Custodian of all open Valley National Bank IRAs and HSAs. Your account numbers will remain the same.* Your IRA and HSA accounts will continue to function and be accessible to you as normal. You may continue to make contributions/distributions on your account in accordance with IRS regulations and limits. FDIC Insurance Valley National Bank and Century Bank are both FDIC insured. If you currently have deposit accounts at both banks, your deposits from Valley National Bank will be separately insured by the FDIC for 6 months after the acquisition to allow time to restructure your accounts, if necessary. *In the unlikely event that there is a duplication of account numbers on the Century Bank system, you will be notified of any changes to your account numbers. 5

9 Debit and ATM Cards You will receive a new Century Bank VISA Debit Card before February 16, Please note, you will not be able to activate your Century Bank VISA Debit Card until 8:00 a.m. on the morning of February 16, A new PIN will arrive in a separate mailing. At 4:00 a.m. on February 16, 2015, your Valley National Bank ATM/ Debit Card will be deactivated. At that time, transactions will no longer be accepted from your Valley National Bank ATM/Debit Card. Please destroy your Valley National Bank card. IMPORTANT! Please contact any merchants (health clubs, internet service providers, utilities, etc.) that automatically charge your debit card account for services. You will need to provide these merchants with your new Century Bank VISA Debit Card number and other information for future billing. You can activate your Century Bank VISA Debit card beginning at 8:00 a.m. on February 16, Activate your card by calling Select Option 1 for English or Option 2 for Spanish and then select Option 6 for further instructions Activate your card at any Century Bank ATM by using the PIN we mailed to you OR OR Activate your card by stopping by any of Century Bank s convenient locations You may change your PIN at any Century Bank ATM using the PIN that we mailed to you, or stop by any of Century Bank s locations. A Century Bank representative will be happy to assist you. On Monday, February 16, 2015, from 9:00 a.m. to 2:00 p.m., we will have specially trained staff available to assist you at our Española location at 322 N. Riverside Drive (the current Valley National Bank location). You may also call us at with any questions or concerns. Fraud Protection is available for Century Bank VISA Debit Card holders at no cost with Fraud Center and smsguardian. For more information about these services, visit our website at Century Bank does not charge for these services; however, message and data rates may apply. Please contact your wireless provider for more details. 6

10 In addition to using Century Bank ATMs, you will be able to use the MoneyPass ATM Network. Century Bank has an agreement with the MoneyPass ATM Network to allow our customers to use any MoneyPass ATM machine without incurring a Foreign ATM Service Charge from the owner of the ATM. The MoneyPass network offers tens of thousands of service charge-free ATMs throughout the United States. A complete listing of MoneyPass ATM locations and directions is available at or you may download the MoneyPass application to your smartphone. As always, when you use your Century Bank VISA Debit Card at a Century Bank ATM, we will NOT assess a service charge for the transaction. In addition, you have the option of receiving cash back without a service charge at many retail merchants (including grocery stores) when you make a purchase with your debit card. Your new Century Bank VISA Debit Card comes with the following limits: POS Purchase Limit ATM Cash Withdrawal Limit $1,000 per day* $500 per day If you need to temporarily increase these limits, please call us at during regular business hours. *If you had a Valley National Bank ATM Card, your new card can only be used to make ATM withdrawals as outlined above. 7

11 Interest on Deposit Accounts You may check our current interest rates from our website From the home page click on the link for Site Map, then click on the link for Rates. If you would prefer, you can call us toll free at or visit your local branch for current rates. Fixed Interest Rate: A fixed interest rate will be paid on Certificates of Deposit according to your current Valley National Bank CD terms and conditions, until your CD renews or you enter into a new agreement with Century Bank. Certificates of Deposit will receive a maturity notice prior to the CD renewing. You will have 10 days after the maturity date to either renew the existing CD at Century Bank s current rate or select another option. Payment of Interest: Interest on checking and money market accounts will be compounded daily and credited to your account on the last day of each monthly statement cycle. Interest on savings accounts will be compounded daily and paid quarterly. Variable Interest Rate: Century Bank pays a variable interest rate on Checking, Savings and Money Market accounts. The Annual Percentage Yield (APY) and interest rate are subject to change at any time and are set by Century Bank. If you are seeking a fixed rate of return, Century Bank offers Certificates of Deposit (CDs) to meet your financial needs. 8

12 Bank Statements, estatements You will receive a final statement from Valley National Bank with your deposit account activity through January 16, All accrued interest will be credited to your account at that time. Another special statement will be produced at the end of business on February 13, 2015, prior to converting all Valley National Bank deposit accounts to the operating system of Century Bank. If you currently receive estatements you will be prompted to accept the estatement agreement the first time you log in to your Century Bank Online Account. If you have Valley National Bank estatements, you may want to download or print them for your records before February 12, 2015 as they will not be available online after conversion. Your first Century Bank statement date following the February 13, 2015 system conversion will be as follows: If you currently receive your statement on the 15th, 20th, or 31st, you will continue to receive your statement at the same time of the month. If you have a savings account and it normally cycles on the 7th, your statement cycle will change to the 29th. If you have electronic transactions, your savings statement will cycle each month on the 29th. If you do not have electronic transactions, your statement will cycle quarterly. If you receive an e-statement, your statement will cycle on the 15th for personal accounts and at month-end for business accounts. 9

13 Overdraft Protection Services If you have overdraft protection that transfers funds from a designated deposit account to cover overdrafts in another designated account, this service will continue as before. On the Century Bank system, funds will be transferred in increments of $50. A $10 fee will be assessed for each completed transfer. If you have a Ready Reserve Line of Credit set-up for overdraft protection, your overdraft line of credit will be transferred to Century Bank and will continue to function in the same manner. There will be no changes to the interest rate or terms on your line of credit as a result of this conversion. If you have Overdraft Privilege at Valley National Bank, you will have overdraft protection at Century Bank through our Bounce Protection program. Your Bounce Protection limit will be based on the type of checking account you have at Century Bank. You will receive a brochure to explain the features of this program in a separate mailing. If you do not currently have Overdraft Privilege at Valley National Bank and you would like more information about Bounce Protection, please contact us after February 13, Direct Deposit and Automated Clearing House (ACH) Transactions Century Bank will initiate the required changes necessary to redirect most automatic payments and Direct Deposits, including Social Security, to Century Bank. Effective at 9:00 a.m. on Tuesday, February 17, 2015, the new routing and transit number on your Century Bank account(s) will be To ensure there is no disruption in your Direct Deposits or automatic payments, please check your account activity and bank statements to verify that your deposits and payments have transferred over correctly. If you encounter any problems with your Direct Deposits or automatic payments, please call Century Bank at , toll free at , or visit your local branch. 10

14 Online Banking On January 16, 2015, Valley National Bank s website activity including online banking access, will be redirected to Century Bank s website. There will be a special page dedicated to former Valley National Bank customers, which will include log in access to your current Valley National Bank Online Banking account. Valley National Bank Online access will be available until 4:00 p.m. on February 12, You may schedule transfers and bill payments as normal until this time. If you have Valley National Bank estatements, you may want to download or print them for your records before February 12, 2015 as they will not be available online after conversion. After 4:00 p.m., the online banking system will be in view only mode until the morning of February 16, In view only mode, you will not be able to generate payments or make account transfers using online banking. On Monday, February 16, 2015, you will be able to log in to online banking with your current User ID at Your User ID will not change unless it is a duplicate of one of our current users. In the unlikely event that this occurs, a representative from Century Bank will contact you. Century Bank will create a new Online Banking Account for you and transfer account information from your Valley National Bank Online Banking account to your new Century Bank Online Banking account. The first time you log in to your account after conversion you will be required to set up a new password for your Century Bank Online Banking Account. Century Bank uses a secure password authentication process. Your temporary password will be the last four digits of your Social Security Number. You will be required to accept the Online Banking Agreement, choose a watermark and set up multi-factor Security Questions. Any scheduled bill payments or transfers will convert; however, we recommend that you verify they are set up correctly. You will be able to view transaction history immediately. Check and deposit images converted from Valley National Bank will be available at a later date. If you are a current Valley National Bank Business Online user, you will receive additional information from Century Bank prior to the conversion date of February 13, 2015 detailing your online access. 11

15 Online Bill Payment Your Bill Payment payees, scheduled payments and recurring payments will be converted to your new Century Bank Online Banking account. Up to two years of Bill Payment history will be converted. On February 16, 2015 you may access your Bill Payments by logging in to your new Century Bank Online Banking account and accessing the Bill Payment tab. After accessing your Online Banking Accounts, please review your Bill Payment payees and type of payment. Every effort will be made to convert electronic payees to electronic payments. Some electronic payees may be converted to checks. Bill Payment checks are drawn on your deposit account and will be deducted from your account when the check is presented for payment provided there are sufficient funds. Electronic bill payments are debited from your account on the day of the requested payment date. Bill Payments are processed twice daily: at 1:00 a.m. and 11:00 a.m. each business day. Bill Payments scheduled for a weekend or holiday will be processed the prior business day. 12

16 Telephone Banking Customers using the Dial-A-Bank system will automatically be set up on Century Bank s Telephone Banking system. Initially, to access account information, users will be required to set up a new PIN within 10 days after conversion on February 16, You may establish a new PIN by entering your account number and your full Social Security Number. If you do not access and establish a new PIN within the first 10 days after the conversion, your access will become inactive. You may access Telephone Banking by calling or you may call during business hours to establish Telephone Banking at Night Drop Services Night Drop Services will continue uninterrupted. After January 16, 2015, we will contact you to obtain a new Century Bank Night Drop Services contract. Bank by Mail Services After February 16, 2015 customers using Bank by Mail services should begin mailing deposits to: Century Bank PO Box 1507 Santa Fe, NM For your protection, never send cash by mail. 13

17 Loan Accounts There will be no changes to the interest rate or terms on your loan as a result of this conversion. Your account number will not change.* Effective January 16, 2015, please note the new address for making payments on your loan: In Person: By Mail: By ACH: By Wire Transfer: At your local Española Branch or any Century Bank location Century Bank Attn: Loan Operations PO Box 1507, Santa Fe, NM Century Bank Routing # Loan Account Number Century Bank Routing # Loan Account Number While you may continue to use your Valley National Bank issued coupons for payments, Century Bank will begin sending you a monthly billing statement for your loan payments. If you have any questions about your loan accounts, please feel free to contact: Dan Maes, VP or Valerie Fernandez-Martinez, VP 322 N. Riverside Drive, Española, NM Certain loan accounts were not acquired by Century Bank. Century Bank will notify all loan customers that have been acquired in a separate mailing about details concerning their loans. Loan customers that were not acquired will be notified by VNB Assets Corporation about details concerning their loans. VNB Assets Corporation (VNBAC) was formed to retain certain loans not purchased by Century Bank in the transaction with Valley National Bank. VNBAC is not a bank. VNBAC will be sending out letters on or about December 31, 2014 to all customers that have loans that will be transferred to VNBAC on January 16, That letter will contain information regarding where to mail payments, and contact information should you have any questions regarding your loan. *In the unlikely event that there is a duplication of account numbers on the Century Bank system, you will be notified of any changes to your account numbers. 14

18 Credit Cards Credit cards obtained from Valley National Bank and underwritten by The Independent Bankers Bank (TIB) will be transferred to Century Bank and will also be underwritten by TIB. Your credit card will continue to function as normal with the same account number, credit limit, interest rate, terms and conditions, etc. Shortly after January 16, 2015, TIB will send credit card account holders a new credit card with the Century Bank logo. Safe Deposit Box You can continue to access your safe deposit box as usual during regular lobby hours. For 2015, your payment will remain the same. For 2016, your payment will be converted to an auto debit from your Century Bank account. Current rates are listed below. Safe Deposit Box Description Valley National Bank Annual Rental Fee Century Bank Annual Rental Fee 3x5 $20.00 $ x5 $25.00 $ x10 $30.00 $ x10 $50.00 $ x10 $ $ Please note: If you have a Century Platinum checking account, you are eligible for a 3 x 5 Safe Deposit Box with no annual fee (based on availability). 15

19 Merchant Services Merchant Services will continue uninterrupted after January 16, If your Merchant Services Contract was through Valley National Bank, a Century Bank Representative will contact you about available credit card processing options through Century Bank. Notary Services Notary Services will continue to be available for Century Bank customers. Medallion Guarantee Services Medallion Guarantee Services will continue to be available for Century Bank customers by appointment only. Please call to schedule an appointment at our Española Branch. 16

20 Fee Schedule Below you will find Century Bank s fee schedule. This fee schedule will be in effect for former Valley National Bank customers beginning on February 16, Account balance assistance/account research Per hour, 1 hour minimum $25.00 Copy of check $3.00 Account closed within first 90 days $25.00 Bad address/return mail (per month) $10.00 Balance inquiry Request through bank employee Online or Telephone Banking ATM and Debit Card transactions at Century Bank ATMs $5.00 No charge No charge MoneyPass ATM cash withdrawals $2.00 All other ATM cash withdrawals $2.00 Balance inquiry at non-century ATMs $1.00 Replacement card $12.00/$50.00 rush Check printing Cost varies by style Check cashing or exchange of an on-us check for an Official Check for non-account holders (each item) $10.00 Collection items Incoming and outgoing (plus any fees assesses by the correspondent bank) $20.00 Coin counting Account holder Non-account holder ($5 minimum) No charge 10% of total Deposit correction $3.00 Dormant account (one year without customer activity, monthly fee) $10.00 Dual signature review (monthly fee) $25.00 Electronic banking services Online Banking Bill Payment estatement (monthly statement via ) Mobile Banking Telephone Banking Excess Activity Fees Savings Account Money Market Deposit Account Foreign Items Currency Exchange Canadian checks payable in US Dollars (per item) No charge No charge* No charge No charge No charge $5.00 $5.00 $25.00 $5.00 * For business customers, the first 10 online Bill Payments each statement cycle are provided at no charge. Each additional Bill Payment during the statement cycle will be charged $

21 Health Savings Account annual administration fee $25.00 Individual Retirement Account annual administration fee $25.00 Internal funds transfer Telephone Banking or Online Banking Telephone request through bank employee Overdraft sweep transfer Legal Processing Garnishment Levy Monetary Items Foreign Currency Draft Official Check (account holders only) Stop payment order on Official Check Night Deposit Services No charge $5.00 $10.00 $75.00 $75.00 $20.00 $7.00 $35.00 No charge Overdraft fee $35.00 Returned deposit item fee $7.50 Returned item fee $35.00 Safe Deposit Boxes (contents are not FDIC insured) Box rental Box drilling Key deposit Lost Key Late payment Price varies by size Actual cost $20.00 $35.00 $15.00 Stamp Medallion Guarantee (for qualified account holders) $35.00 Statements CD-ROM format (monthly, each) CD-ROM format (annual) Check images (monthly) Copy Non-standard format (monthly, each) $25.00 $50.00 $3.00 $3.00 $3.00 Recent history printout $2.00 Stop Payment fee $35.00 Temporary Checks (per 8) $5.00 Verification of Deposit $10.00 Visa Gift Card (per card) $4.99 Wire Transfers (account holders only) Incoming Outgoing domestic Outgoing international $10.00 $25.00 $50.00 New Mexico Gross Receipts Tax at current rate may apply to the fees shown on this schedule. 18

22 Contact Information, Locations, and Hours of Operation Phone Numbers: Main: Toll Free: Española: Website Address: Española Locations and Hours of Operation*: 322 N. Riverside Drive Española, NM Española Lobby Hours (effective January 31, 2015) Monday Thursday: Friday: 9:00 a.m. to 4:00 p.m. 9:00 a.m. to 6:00 p.m. Española Drive Up Hours (effective January 31, 2015) Monday Friday: Saturday: Española ATMs 8:00 a.m. to 6:00 p.m. 8:00 a.m. to 12:00 p.m. Walk up and Drive Up ATMs available Other Locations: Santa Fe Customer Service Center 2108 Warner Avenue Santa Fe, NM De Vargas Branch 498 N. Guadalupe Santa Fe, NM Downtown Branch 100 S. Federal Place Santa Fe, NM Rodeo Road Branch 4062 Cerrillos Road Santa Fe, NM St. Michael s Branch 1790 St. Michael s Drive Santa Fe, NM Albuquerque 8220 San Pedro N.E., Suite 200 Albuquerque, NM Rio Rancho 3634 Rio Rancho Blvd, Suite 101 Rio Rancho, NM Las Cruces 141 S. Roadrunner Parkway, Suite 101 Las Cruces, NM *For Hours of Operation and ATM Services for all locations, visit 19

23 Key Dates and Times to Remember January 16, 2015 Closing date for acquisition of Valley National Bank by Century Bank. All acquired accounts in this transaction will become Century Bank accounts. Final statements cut and mailed from Valley National Bank for all deposit accounts. 5:00 p.m., Valley National Bank Website ( is disabled. Website traffic is redirected to a special page dedicated to former Valley National Bank clients at Online Banking users can still access their accounts by logging in on this page at February 12, 2015 February 13, 2015 February 14, 2015 February 16, :00 p.m., former Valley National Bank Online Banking accounts, while still accessible, will be in view only mode and cannot generate payments or make transfers until Monday, February 16, At the close of business day, the system conversion will begin for the Valley National Bank system. Statements from the Valley National Bank system will be cut and mailed for all Checking and Savings accounts. Century Bank, Española Branch, will be closed this day due to system conversion. All other locations will have normal business hours. System conversion complete. All former Valley National Bank accounts have now been converted to the Century Bank system. Century Bank s Fee Schedule goes into effect. 4:00 a.m., Valley National Bank Debit and ATM cards deactivated. 8:00 a.m., New Century Bank VISA Debit Cards can be activated by calling :00 a.m. Former Valley National Bank Online Banking customers can now log in to their converted accounts at New passwords and account authentication process must be completed. 9:00 a.m. to 2:00 p.m., the Española Branch at 322 N. Riverside Drive is open for customer assistance. The Century Bank Call Center will also be open for questions regarding the conversion and/or account information. Call , toll free at , or the Española Branch directly at February 17, :00 a.m., Century Bank Routing Number is now in effect for all Direct Deposit, wire transfers and ACH originators:

24 MyCenturyBank.com P.O. Box 1507, Santa Fe, NM toll free Santa Fe Albuquerque Rio Rancho Española Las Cruces