Welcome to SchoolsFirst Federal Credit Union

Transcription

1 Welcome to SchoolsFirst Federal Credit Union This guide will help you understand how your All Valley FCU accounts will be transitioning over to SchoolsFirst FCU. In the coming weeks, look for a guide on how to access your account. On your new statements or online, you will see the new names of your products as listed in this guide. If you have any questions, please contact one of our Member Service Representatives at The Credit Union has been like a good friend; it s an institution I can trust. I manage my money wisely, but I ve always said it s the best place to save. Helen Sands The Sands/Martyr Family Four generations of Membership since 1982 Savings Accounts If you had an All Valley FCU Regular Share All Purpose Savings Summer Savings Christmas Club Adventure Club IRA (Traditional & Roth) Money Market Educational IRA You now have a SchoolsFirst FCU Primary Savings 1 Secondary Share 1 Summer Saver 1,2,3 My Club 1,4 JV/Varsity Club 1,5 Accumulation IRA 1 Liquid Advantage Money Market 1,6 12-Month Coverdell Education Savings Account (ESA) 7 Share Certificates All Valley FCU share certificates will retain the current rate and term. Regular Certificate IRA Certificate (Traditional & Roth) Educational IRA Certificate Regular Certificate IRA Certificate 12-Month Coverdell Education Savings Account (ESA) 7 More information about all of our products and services, including current rates, can be found at: Call Click schoolsfirstfcu.org/allvalley Visit a branch

2 Checking Accounts If you had an All Valley FCU Regular Share Draft Checking Account, you will now have Free Checking. If you had a Diamond Money Market Checking Account, you will now have Investment Checking. Free Checking 8 No monthly fee No minimum balance ATM or Debit MasterCard Fee-Free unlimited ATM withdrawals at 27,000 SchoolsFirst FCU and CO-OP Network ATMs nationwide 24/7 access to online banking, mobile and text banking, and TellerPhone 9 ealerts and edeposit Investment Checking 1,10 Earns dividends ATM or Debit MasterCard Fee-Free unlimited ATM withdrawals at 27,000 SchoolsFirst FCU and CO-OP Network ATMs nationwide Six free out-of-network ATM withdrawals per month 24/7 access to online banking, mobile and text banking and TellerPhone 9 ealerts and edeposit No monthly fee if qualifying criteria is met If you would like more information about Free or investment checking, please call us, visit a branch or log into our website to learn more. How long can I use my All Valley FCU checks? You may use your All Valley FCU checks until August 18, After this date, please use your new SchoolsFirst FCU checks. Will I get new SchoolsFirst FCU checks for my Free Checking account? Yes, you will be able to order a free box of basic checks (up to $12.55 in value). You can also choose from a selection of designer checks for an additional cost. To order your free box of basic checks, log into the website or call the Member Contact Center after May 20. You may still use your All Valley FCU checks until August 18, Will my account history transfer over? No. For account history prior to the transition of your account to SchoolsFirst FCU, please refer to your All Valley FCU account statements. Going forward, you can access your SchoolsFirst FCU account history through our website or TellerPhone, our automated phone system (available 24/7). What happens with my automatic transactions? Your direct deposits will continue uninterrupted; you will need to update any automatic withdrawals such as gym membership fees or insurance payments that may be set up using your Debit or Credit Card number with your new Debit or Credit Card information. What will happen to my Courtesy Pay? If you have Courtesy Pay, this service will no longer be available to you, effective May 17, 2013, as SchoolsFirst FCU does not offer this option. If you are an existing participant in Courtesy Pay, you will be pre-approved for a $300 Overdraft Protection Loan, which gives you the flexibility of advancing from a line of credit to cover a check or other debit from your checking account when sufficient funds are not available. Please contact us if you wish to accept this offer. When will I get a new ATM or Debit Card? New ATM and Debit MasterCard cards will automatically be issued to Members who currently have them the week of May 6. If you do not receive a new replacement card by May 15, please contact us. Please note: your new card cannot be activated or used until May 20. A new automatically generated PIN number for your card will be mailed separately, approximately two days after your card. To change your PIN, visit any branch location beginning May 20.

3 Credit Cards If you had a Visa Classic or Premium Visa, you will now have either a Visa Gold or Visa Platinum, depending on your credit agreement. If you had a Visa Classic Secured, you will now have a Share-Secured Visa. When will my replacement card arrive? New credit cards will automatically be issued to Members who currently have them the week of May 6. If you do not receive a new replacement card by May 15, please contact us. Please note: your new card cannot be activated or used until May 20. Will my rates change? Yes. The SchoolsFirst FCU credit card program offers a variety of competitive credit cards with low rates. You should have received a letter in March that detailed your new rates and terms. Are Members pre-conversion balances grandfathered in at their current fixed rate? If I don t like my new terms and decide to close my card, will I have to reapply for a new credit card? Yes. If you choose to close your All Valley FCU Credit Card, you would need to reapply if you wish to open a SchoolsFirst FCU Credit Card in the future. How are my Visa credit card payments applied? Your payment is applied first to any fees and finance charges due, then to your balance due. Any payment made in excess of the minimum required payment due is applied to balances with the highest rate first, and then to other balances in descending rate order. The payment application process is in compliance with federal regulation. Yes, pre-conversion balances will remain at their current All Valley FCU fixed rate. In addition to our Gold and Platinum Visas, we offer several different types of credit cards that have been designed to fit your needs: School Employee Visa 11 Highly competitive rate Interest-only summer payment options 12 Skip-A-Payment 13 Opportunity to lower your rate with 12 months of on time payments Up to 1% cash back on purchases, deposited to your Summer Saver 14 No annual, balance transfer, cash advance, or overlimit fees Rewards Visa No annual fee No balance transfer or cash advance fees Earn points on purchases for travel, gift cards, or cash back If you would like more information about these other credit cards, please call us, visit a branch or log into our website to learn more. Call Click schoolsfirstfcu.org/allvalley Visit a branch

4 Loans All auto, motorcycle and RV loans will transition over with the same name, rate and terms as you had before. If you had a Home Equity Line of Credit (HELOC), you will receive a separate letter regarding your loan. Other loans will transition with the same rates and terms, but will be named differently on your statement. If you had an All Valley FCU New or Used Auto Loan New or Used Motorcycle Loan Signature, Career Enhancement or Holiday Loan New/Used RV Loan (boat and watercraft) Share Secured Loan Overdraft Protection Loan Line of Credit Loan Fresh Start Loan You now have a SchoolsFirst FCU New or Used Auto Loan New or Used Motorcycle Loan Personal Loan New/Used RV Loan (boat and watercraft) Share Loan Overdraft Protection Loan Line of Credit Loan Workout Loan How should I make my loan payments? Beginning May 20, you can make your payments at any branch, online, or mail your payment to: SchoolsFirst FCU, PO Box11547, Santa Ana, CA We offer a complete line of loan products and services designed to fit your needs, including these loans just for school employees: Computer Loan A low-interest loan to help school employees purchase a new computer or software. Classroom Supplies Loan A no-interest loan to help teachers purchase classroom supplies. 15 Uniform Loan A no-interest loan to help classified school employees purchase uniforms and other supplies for your job. 16 School Employee Mortgage Program Designed with unique benefits to help school employees purchase or refinance a home. We also offer a complete line of financial products and services, including: Retirement, investments and insurance Whatever your financial goals, we can help you develop a plan to get you there. Auto purchasing Through our auto buying services, we can help you find the right car at the right price. Home buying With our Home Advantage program, we can help you find and purchase the home of your dreams and help you save with a real estate rebate program and discounted services. Federally Insured by NCUA

5 s and Disclosures s and programs quoted below are effective as of 4/3/2013 and are subject to change without notice. SchoolsFirst FCU Product Minimum Balance 1 Primary Savings $5 0.10% 0.10% Secondary Share 1 $5 0.10% 0.10% 1,2 BASE Summer Saver $0 1.98% 2.00% SEMP Summer Saver 1,3 $0 2.96% 3.00% My Club 1,4 $0 0.20% 0.20% JV Club 1,5 (Ages 0-12) Varsity Club 1,5 (Ages 13-17) Liquid Advantage Money Market 1,6 1 $5 0.10% 0.10% $5 0.10% 0.10% $2,000-$24, % 0.15% $25,000-$49, % 0.20% $50,000-$99, % 0.25% $100, % 0.30% 8 Free Checking $0 N/A N/A Investment Checking 1,10 $25,000 - $99, % 0.08% $0 - $24, % 0.05% $100, % 0.10% Accumulation IRA 1 $ % 0.20% 12-Month Coverdell Education Savings Account (ESA) 7 $ % 1.75% = Annual Percentage Yield. IRA = Individual Retirement Account. The par value of one share is $5. To maintain active Membership, a Member must keep a minimum of $5 in their Primary Regular Share ID Variable rate account, subject to change daily. 2. Limit one per Membership to current school employees only. rate eligibility determined annually and effective September 1 each year. Deposit by payroll deduction or payroll direct deposit required; $25 minimum and $2,000 maximum per month. 3. Participation in School Employee Membership Package required to maintain eligibility for the SEMP Summer Saver account. Cancelling any part of the School Employee Membership Package may result in the Base Summer Saver account for the next school year. Limit one per Membership to current school employees only. rate eligibility determined annually and effective September 1 each year. Deposit by payroll deduction or payroll direct deposit required; $25 minimum and $2,000 maximum per month. 4. No minimum opening balance required. $10 early withdrawal fee for withdrawals made after the first seven days after account is opened or renewed for the next account term. 5. Minor must meet Membership eligibility requirements for JV Club (ages 0-12) and Varsity club (ages 13-17) accounts. Membership fee is covered under the family unit Membership Fee program. Minimum opening balance $5. No minimum balance to earn dividends. Limited ATM transactions based on age. 6. Minimum opening deposit $2,000. If balance decreases below $2,000, dividend rate will convert to the Investment Checking dividend rate. Limit on certain transactions. Foreign ATM fees waived through 12/31/ s are subject to change daily. Minor must be a Member or eligible for Membership. Contribution limit is $2,000 per child per year. Penalty for early withdrawal. 8. $25 minimum initial deposit waived with direct deposit setup. Unlimited check writing; Unlimited transactions at SchoolsFirst FCU and CO-OP Network ATMs; $1 fee for out-of-network transactions. Other financial institutions or merchants may charge for use of their ATM or POS terminal. Foreign ATM fees waived through 12/31/ Standard text messaging and data rates may apply. 10. $25 minimum initial deposit waived with direct deposit setup. The $6 monthly service charge is waived if you have direct deposit to your Investment Checking account monthly and a daily minimum combined share balance of $1,000; or, if you do not have a direct deposit, this account requires a daily minimum combined share balance of $2,500; or, if the Member is age 62 or over. Unlimited transactions at Schools- First FCU and CO-OP Network ATMs. Account gives you six (6) transactions per month at other ATMs with no SchoolsFirst FCU charge; $1 fee for each out-of-network transaction in excess of six. Other financial institutions or merchants may charge for use of their ATM or POS terminal. Foreign ATM fees waived through 12/31/13. Fees could reduce earnings on the account. 11. Must be a current school employee to qualify for the School Employee Visa credit card. SchoolsFirst FCU s credit card program features a range of rates based on a variety of factors, including the applicant s credit rating. As of 3/15/2013, School Employee Credit Card rates range from 7.5%-17.9% APR. s are subject to change, are variable and subject to increase after account opening. Foreign transaction fee 2% of the transaction. 12. Offered during June, July and August to qualified Members. Qualified Members will be notified; and must contact SchoolsFirst FCU to take advantage of interest-only payments. 13. Automatically offered during January billing cycle to qualified Members.

6 14. Deposits will be made quarterly to Summer Saver. If Summer Saver maximum contribution limits have been reached, or if no Summer Saver Share is open, deposit will be placed in Member s Primary Share 01 (Savings). Earn cash back on purchases made within a calendar year as follows: Earn 0.25% on your first $1,000 in annual purchases; earn 0.50% on your second $1,000 in annual purchases; earn 0.75% on your third $1,000 in annual purchases; earn 1.00% on all purchases over $3,000. Cash advances, balance transfers, and returns are not eligible for cash back. 15. Limited to classroom teachers or professors (grade K or higher) with accounts in good standing who are participating in payroll direct deposit. Minimum payment $50/month. $10 application fee due at funding cannot be financed. quoted includes a 0.75% discount for automatic payment transfer from your SchoolsFirst FCU account. 16. Limited to classified school employees with accounts in good standing who are participating in payroll direct deposit. 10 month maximum term; estimated payment on a $500 loan is $50; minimum payment $25. quoted includes a 0.75% discount for automatic payment transfer from your SchoolsFirst FCU account. s and Disclosures s and programs quoted below are effective as of 4/3/2013 and are subject to change without notice. SchoolsFirst FCU Product: Regular Certificate $500 Minimum $20,000 Minimum $50,000 Minimum $100,000 Minimum (Jumbo) Term 30 Day 0.15% 0.15% 0.20% 0.20% 0.25% 0.25% 0.30% 0.30% Month 0.25% 0.25% 0.30% 0.30% 0.35% 0.35% 0.40% 0.40% Month 0.30% 0.30% 0.35% 0.35% 0.40% 0.40% 0.45% 0.45% Month 0.35% 0.35% 0.40% 0.40% 0.45% 0.45% 0.50% 0.50% Month 0.45% 0.45% 0.50% 0.50% 0.55% 0.55% 0.60% 0.60% Month 0.55% 0.55% 0.60% 0.60% 0.65% 0.65% 0.70% 0.70% Month 0.85% 0.85% 0.90% 0.90% 0.95% 0.95% 1.00% 1.00% Month 1.04% 1.05% 1.09% 1.10% 1.14% 1.15% 1.19% 1.20% 60 Month 1.34% 1.35% 1.39% 1.40% 1.44% 1.45% 1.49% 1.50% Penalty for early withdrawal. SchoolsFirst FCU Product: IRA Certificate $500 Minimum $20,000 Minimum $50,000 Minimum $100,000 Minimum (Jumbo) Term 30 Day 0.25% 0.25% 0.30% 0.30% 0.35% 0.35% 0.40% 0.40% Month 0.30% 0.30% 0.35% 0.35% 0.40% 0.40% 0.45% 0.45% Month 0.35% 0.35% 0.40% 0.40% 0.45% 0.45% 0.50% 0.50% *12-17 Month 0.40% 0.40% 0.45% 0.45% 0.50% 0.50% 0.55% 0.55% Month 0.50% 0.50% 0.55% 0.55% 0.60% 0.60% 0.65% 0.65% Month 0.60% 0.60% 0.65% 0.65% 0.70% 0.70% 0.75% 0.75% Month 0.90% 0.90% 0.95% 0.95% 1.00% 1.00% 1.04% 1.05% Month 1.09% 1.10% 1.14% 1.15% 1.19% 1.20% 1.24% 1.25% 60 Month 1.39% 1.40% 1.44% 1.45% 1.49% 1.50% 1.54% 1.55% Contributions for the current and/or prior year may be added at any time. Rollovers and deposits transferred from another plan or institution can be made during the 7 day grace period immediately following the maturity date. Penalty for early withdrawal. * Rollovers or transfers from another plan or institution may be added to the month IRA Share Certificate at any time. Federally insured by NCUA. 2