MEMBER RESOURCE GUIDE - Members Cooperative Credit Union

Welcome to Members Cooperative Credit Union
MEMBER RESOURCE GUIDE
OUR MISSION:
To be the primary, positive
financial influence in the lives
of our members/owners.
THE STRENGTH OF ME.
TABLE OF CONTENTS
A Message From The President...............................................................1
Key Dates & Information..........................................................................2
General Account Information...................................................................3
Savings & Deposit Products......................................................................4
Checking Accounts................................................................................5-6
Consumer Loan Products......................................................................7-8
Website, Online, Mobile & Phone Banking.............................................9
Fee Schedule..........................................................................................10
YOUR MERGER SUPPORT TEAM
We’re here to help, so please contact us if you need assistance:
Phone: 218-625-8500 or 1-800-296-8871
Online: www.membersccu.org/merger
Email: memberservices@membersccu.org
IMPORTANT TO KNOW
Members Cooperative Credit Union has updated membership and account
documents that reflect the terms and conditions of your credit union membership
and accounts effective May 23, 2016. This was previously emailed
or mailed to you in your March statements.
For more information visit www.membersccu.org/agreement
or your nearest office location.
1
A MESSAGE FROM THE PRESIDENT
Welcome to Members Cooperative!
On May 23, 2016, the integration of Lake State Credit Union and Members
Cooperative Credit Union will be complete, and we’ll have much to celebrate!
You’ll notice a few changes as Lake State becomes functionally merged with
Members Cooperative, but we think you’ll be pleased with the many
improvements and enhancements the partnership brings, including new products
and options delivered with outstanding member service. You’ll still walk into your
hometown branch and be greeted by the friendly faces you’re accustomed to.
Please review the information contained in this booklet carefully. It provides a
thorough guide to important milestones in the upcoming days, and highlights any
actions you’ll need to take to update your accounts. If you have any questions,
please don’t hesitate to contact us. Stop by your favorite location or give us a call
at: 1-800-296-8871.
We’re pleased to consider you a member of our Members Cooperative family.
Thank you for your membership and support of OUR cooperative.
Appreciatively,
Tammy Heikkinen
President/CEO
2
KEY DATES AND INFORMATION
» Please Take Note of These Important Dates
MAY
EARLY
MAY
19
MAY
21-22
MAY
23
Replacement Debit & ATM Cards
Visa® debit card holders will receive replacement MasterCard® debit cards. These
will be mailed in the first week of May. Existing Visa debit cards will be valid through
Sunday, May 22, 2016. Activate your new card(s) prior to use. Your new Members
Cooperative MasterCard debit card will work as of Monday, May 23. MasterCard
debit cards are as widely accepted by merchants as Visa cards. Your new ATM cards
will also follow this process and timeline.
Last Day to Schedule/Edit Payments in Lake State’s ItsMe247 Bill Pay
You may schedule or edit payments up until 3:00pm CDT on Thursday, May 19, 2016,
at which time the Lake State Bill Pay service will be unavailable.
Temporary Service Outage
All Lake State and Members Cooperative branches, online, and mobile services will
undergo a temporary service outage from the close of business on Friday, May 20,
2016, until the start of business on Monday, May 23. During this time you will not
have access to online or mobile banking, or Saturday in-branch services.
*Please note: current Lake State Visa debit cards will be active during this time.
System Integration Complete
The system merger will be complete on Monday, May 23, 2016. Members can
begin using all Members Cooperative services, locations, and ATMs. MasterCard
debit cards, online banking, and all digital and online services will be fully functional
by Tuesday, May 24.
3
GENERAL ACCOUNT INFORMATION
» Account Number
All accounts will be renumbered in a manner that
incorporates your existing Lake State member
number. The new account numbers will be a
combination of your current member number
followed by a 3-digit “suffix” beginning with ‘00’.
The primary share account number will be your
member number followed by “000”.
EXAMPLE
Current
New Primary Share
Member Number
Account Number
12345
12345000
If you are enrolling in online banking for the first
time, you will need to use your new primary share
account number to do so. Enroll online at:
www.membersccu.org
» Routing Number
The current Lake State routing number: 291975245
will remain active indefinitely and will be tied to
Members Cooperative’s routing number. At your
convenience, please begin updating accounts by
using the Members Cooperative routing number:
291973454.
» Internet Banking Automatic
Payments/Transfers
Automatic payments set up through your Lake State
internet banking will automatically be redirected
to your Members Cooperative internet banking
account beginning Monday, May 23, 2016.
» Direct Deposit/Automatic ACH
Account Withdrawals
Most direct deposits and automatic payments
tied to your former Lake State accounts will
automatically be redirected to your Members
Cooperative accounts beginning Monday, May 23,
2016. In the case of automatic payments that we
anticipate may not redirect, we will contact you
in advance by mail to arrange redirection of your
payments. After May 23, we encourage you to
begin updating your direct deposit and automatic
payment payees with your new Members
Cooperative account number.
» Statements
You will receive two paper statements for May. The
first will be a paper statement (regardless of your
typical delivery preference) that will include Lake
State account information up to and including
May 22, 2016 (statement date range:
May 1-22, 2016). The second statement will
include Members Cooperative account information
for the remainder of the month (statement date
range: May 23-31, 2016). You can reference this
statement to note your new account number, if
necessary.
4
SAVINGS & DEPOSIT PRODUCTS
Your Lake State savings and deposit accounts,
including business accounts, will be matched
over to similar savings and deposit products with
Members Cooperative.
» Share Savings
Your Lake State primary savings account will
convert to a Members Cooperative share savings
account and will earn the current Members
Cooperative savings rate. Please see rate sheets,
previously sent, for more information.
» Savings & Deposit Products
• Personal Savings
• Holiday Savings
• Emergency Fund Savings
• Youth Savings
• Money Market
• Health Savings
• Certificates (Share & IRA)
• Retirement IRA Savings
• Education IRA Savings
» Certificates of Deposit
(Share & IRA)
Your Lake State certificates will continue at the
current rate and term until maturity. Certificates
will auto-renew for similar term lengths and
available rates. You will receive information thirty
days prior to the maturity date of the CD.
» Individual Retirement
Account (IRA)
The system merger will not affect individual
retirement accounts (IRAs). Rates, fees and all
other terms and conditions of your IRA account
agreement apply.
MERGER SUPPORT
218-625-8500
OR
1-800-296-8871
www.membersccu.org/merger
memberservices@membersccu.org
5
CHECKING ACCOUNTS
Beginning Monday, May 23, 2016, your checking
account will automatically convert to a Members
Cooperative Preferred Checking account. We
also offer EcoChoice™ Checking – a great,
environmentally friendly option for earning cash
back on qualifying purchases.
Visit www.membersccu.org/checking for details on
our checking account products.
» EcoChoice™ Checking
EcoChoice is an environmentally friendly, paperless
checking account. Members can earn $.10 per
signature-based debit card transaction of $20 or
more, up to $25 per month and $300 per year.
Your first eight (8) paper checks each month clear
for free*.
EcoChoice offers:
• Free online banking
• Free bill pay for active users
• Dividends on maintained balances over $2,500
• No-fee MasterCard® debit cards
To enroll in EcoChoice Checking or another
checking product after conversion, stop by your
nearest location or call: 1-800-296-8871.
* Each check cleared thereafter is charged $1.
» Paper Checks
You may continue to use your Lake State checks
and deposit slips until you exhaust your current
supply. To order new checks, stop by your nearest
location or call: 1-800-296-8871. If you are
ordering new checks from an outside source,
please check with a Members Cooperative
employee or call customer service to confirm
updated check information before ordering.
» Business Checking Accounts
Beginning Monday, May 23, 2016, your Lake State
business checking account will automatically
convert to Members Cooperative Business
Checking. To learn more about additional Business
Checking options, visit www.membersccu.org/
BusinessProducts. You can also reach our Business
Services Department at: 218-625-8890.
IMPORTANT TO KNOW
Ordering New Checks?
Call: 1-800-296-8871
If you’re ordering from an outside
source, please contact Members
Cooperative before placing your order.
6
CHECKING ACCOUNTS (CONTINUED)
» Debit & ATM Cards
Your new Members Cooperative MasterCard®
debit card or your ATM card will be mailed to the
address on file by early May. This new card cannot
be used prior to Monday, May 23, 2016. Please
activate your new card when you receive it, but
continue to use your Lake State Visa® debit card or
ATM card through Sunday, May 22. Begin using the
new card on Monday, May 23.
During the scheduled service outage, Friday,
May 20 through Sunday, May 22, 2016, there will
be temporary restrictions placed on ATM and point
of sale limits. After Monday, May 23, the ATM limit
will be $500 per day, while the point-of-sale limit
will be $1,500 per day or your available balance,
whichever is less. For business accounts, the ATM
limit will be $500 per day and the point-of-sale
limit will be $10,000 per day or your available
balance, whichever is less.
» ATM Access
Members will have access to the MoneyPass®
ATM Network, which offers tens of thousands of
surcharge-free ATMs. All U.S. Bank™ locations,
Walmart™, and Kwik Trip™ stores are on the
MoneyPass Network.
» Automatic Debit Payments
Automatic payments from your Visa debit card
(iTunes™, Netflix™, Amazon™, etc.) will need to be
updated after Monday, May 23, 2016, with your
new MasterCard debit card information, to avoid
any interruption in service.
» Credit Cards
Your Lake State branded credit card will not be
impacted by the system integration in May.
ATM LOCATOR
Visit www.membersccu.org/atm to help you
find the most convenient surcharge-free ATM
locations in the MoneyPass network.
MoneyPass also offers a convenient
downloadable app for locating ATMs on the go!
7
CONSUMER LOAN PRODUCTS
» Credit Life, Disability &
Debt Protection
If you currently have life, disability or other debt
protection coverage on your loan(s), this coverage
will remain the same. GAP and warranty coverage
will also remain the same.
» Auto/RV/Motorcycle
Your current loans will continue with the same
terms. You may make payments:
• At your nearest office
• Through automatic payments in online banking
• Mail payments to the address below beginning Monday, May 23, 2016:
Members Cooperative Credit Union
101 14th Street
Cloquet, MN 55720
Update your insurance: Please contact your
insurance agent/provider and request a change in
the loss payee (lienholder) to:
Members Cooperative Credit Union
149 W. Highway 210
McGregor, MN 55760
» Personal Line of Credit
On Monday, May 23, 2016 your Lake State line of
credit will transition to a Members Cooperative
line of credit. Please continue to make your
payment for June as usual, with a due date of
June 10, 2016.
Effective July 1, 2016, there will be a change to
the terms of your line of credit. Please note the
following:
Payments for your account will be lowered from
6% to 4% of your outstanding balance, subject
to a minimum payment of $25 (a decrease from
the minimum payment of $30). Beginning in July,
payments will no longer be due on the 10th of
each month. Payments will be due on the 28th of
each month in which you carry a balance. This will
begin with your July 2016 payment, which will be
due by July 28, 2016.
If you have automatic payments set up for your
line of credit, this will continue, and your account
will be debited on June 10, 2016, on July 28, 2016,
and on the 28th of each month thereafter.
IMPORTANT TO KNOW
We have great rates!
Apply for a loan online, fast and easy at:
www.membersccu.org/apply
8
CONSUMER LOAN PRODUCTS (CONTINUED)
» Mortgage Loans
Mortgages held by Lake State will continue with
the same terms. Please note the updated payment
address effective May 23, 2016:
Members Cooperative Credit Union
101 14th Street
Cloquet, MN 55720
National Registry License Number #422512
Update your homeowner’s insurance: Please
contact your insurance agent/provider and request
a change in the loss payee (lienholder) to:
Members Cooperative Credit Union
215 N. 40th Ave W.
Duluth, MN 55807
» CD & Share Secured Loans
Your secured loans will continue with the same
terms. Please note the updated payment address.
» Loan Products
Members Cooperative offers a dynamic range of
loan products, with flexible terms and competitive
rates. Please visit us at www.membersccu.org for
a listing of our current loan products and rates,
including:
• Auto Loans (new/used)
• Mortgage Loans (fixed/variable)
• Home Equity Loans
• Home Equity Line of Credit
• Unsecured Personal Loans
• Personal Line of Credit
» Unsecured Personal Loans
Your signature loans will continue with the same
terms. Please note the updated payment address.
To request a future advance, please contact your
local branch.
IMPORTANT
TO KNOW
New payment address:
Members Cooperative Credit Union
101 14th Street
Cloquet, MN 55720
9
WEBSITE, ONLINE, MOBILE & PHONE BANKING
» Website
The Lake State website will be updated on
Saturday, May 21, 2016 to redirect users to the
Members Cooperative website. This will allow
access to a full range of products and services
available to all Lake State members. The new
website address will be www.membersccu.org.
» Online Banking/Bill Pay
Lake State’s ItsMe247 will no longer be available
after Friday, May 20. Beginning Monday,
May 23, 2016 you will have access to the Members
Cooperative online banking system. Your online
banking history, payment information, and login
ID will carry over. Your password will be the last six
digits of your social security number.
Important Dates:
• Schedule or edit payments through ItsMe247 through Thursday, May 19.
•Bill pay will be unavailable between Thursday, May 19 and Monday, May 23.
• Begin setting up payments in the new Members Cooperative Bill Pay on Tuesday, May 24.
•Payments scheduled beginning Tuesday,
May 24, 2016 will be processed as scheduled.
If you did not have online banking through Lake
State, you can sign up for Member Cooperative’s
online banking at: www.membersccu.org, by
following the steps below:
•Click on ‘Register’ in the ‘Online Banking’
sign-in box on the homepage screen.
•Follow the process for registering your account(s).
» Mobile Banking
Lake State’s mobile application will no longer be
available after Friday, May 20, 2016. Beginning
Monday, May 23, please use the Members
Cooperative mobile app.
1. Download MCCU Mobile from the appropriate app store.
2. Log in to online banking to obtain login credentials*.
3.Click on ‘Account Services’ at the top of
the page.
4.Click ‘Requests’ in the left column.
5.Click ‘Mobile Banking Enrollment’.
6.Follow the prompts to complete the process.
*Note: Your login credentials will be the same for online banking and the mobile app.
» Telephone Banking
Lake State’s “TellerLine” phone banking will no
longer be available after Friday, May 20, 2016.
You can access Members Cooperative’s Audio
Response Teller at: 1-800-528-2477.
Use this QR code
to download our
mobile app for
your iOS® and
Android® devices:
10
FEE SCHEDULE
FEE SCHEDULE
Effective March 1, 2016
Other Service Fees –
applicable to all accounts
Savings Account
• Membership Share............................. $
• Low Balance (Members 19 and over with
balances below $50.00 and no other
accounts – assessed monthly............ $
5.00
1.00
Checking, EFT, Bill Pay,
Corporate Check Fees, ATM
• ATM (per transaction after 5th)........... $ 1.00
• Insufficient funds/overdraft service
(per item)....................................... $ 28.00
• ACH loan payment change................ $ 10.00
• Loan payment due date change......... $ 25.00
• ACH loan payment cancellation......... $100.00
• Stop payment (per request)............... $ 10.00
• Group stop payment.......................... $ 15.00
• Check printing.................................... Prices vary
• Check copy......................................... $ 3.00
• Business check volume
(per mth < 50 items)...................... $ 10.00
• Business check volume
(per mth > 50 items)...................... $ 20.00
• Business non-profit check volume
(per mth > 50 items)...................... $ 5.00
• Delete single stop payment................ $ 10.00
• Delete group stop payment................ $ 15.00
• Zipper bags/non-locking (first bag
free for commercial accounts)....... $ 5.00
• Zipper bags/locking............................ $ 30.00
• Foreign drafts
Current exchange rate plus........... $ 10.00
• Foreign insufficient funds................... $ 45.00
• Uncollected funds............................... $ 25.00
• Debit/ATM card replacement.............. $ 5.00
________________________________________
1
Members are allowed 5 free non-network ATM transactions per month
2
A $20 maximum fee per account per month for business check volume
3
Does not include VISA™ Check or EFT items
1
2,3
3
Safe Deposit Box Fees
• Annual Rental Size
2 x 5................................................... $ 20.00
• Account reconciliation (per hour)........ $ 15.00
3 x 5................................................... $ 25.00
• Account research (per hour,
5 x 5................................................... $ 45.00
first hour free)..................................... $ 15.00
4
3 x 10................................................. $ 50.00
• Dormant (per month).......................... $ 3.00
5 x 10................................................. $ 60.00
• Existing loan refinance fee................. $100.00
10 x 10............................................... $ 90.00
• Cashier’s check................................. $ 4.00
Drilling of box...................................... $270.00
• A check deposited into an account that is Replacement key (one)...................... $ 15.00
returned because the issuer’s account
has non-sufficient funds (per check,
Rental costs are automatically debited from
assessed daily)................................... $ 4.00
member accounts annually. Boxes rented during
• EFT stop payment.............................. $ 10.00
the year are prorated on an individual basis.
• Bank to bank wire (domestic)............. $ 15.00
• Bank to bank wire (international)........ $ 75.00
If long distance phone calls are
Popmoney® Fees
required......................................... $ 20.00
• To send money
• Corporate or personal check copies.. $ 3.00
Standard delivery................................ $ 0.75
• Statement printing (per month,
Next day delivery................................ $ 2.00
per copy)............................................ $ 5.00
• To request money
Fax
Standard delivery................................ $ 0.75
• First page........................................ $ 2.00
• Other services
• Each additional page....................... $ 1.00
Stop payment..................................... $ 15.00
Gift currency/check envelopes (each) $
.10
E-greeting........................................... $ 0.25
• Levy/garnishment............................... $ 25.00
Photocopies
• First page......................................... $
.50
The rates and fees appearing in this
• Each additional page....................... $
.25
schedule are accurate and effective for
• Incorrect address
accounts as of 03-01-2016. If you have any
returned mail (one time)................ $ 5.00
questions or require current rate and fee
information on your accounts, please call the
credit union at 218-625-8500 or
800-296-8871.
_____________________________________________
A dormant relationship is one where:
(i) The total held in all accounts owned by the member as of the last day of the month is less than $175.00;
(ii) Has had no transactions on any account for the past twelve
months; and
(iii) Has no active loans with the credit union
4
101 14th Street | Cloquet, MN 55720
» VISIT ONE OF OUR CONVIENIENT LOCATIONS TODAY! «
Duluth - BlueStone Office
952 Woodland Ave. #960
Duluth, MN 55803
Cloquet Office
101 14th St.
Cloquet, MN 55720
Moose Lake Office
301 Elm Ave.
Moose Lake MN 55767
North Branch Office
6241 Main St.
North Branch, MN 55056
Duluth - Miller Hill Office
605 W. Central Entrance
Duluth, MN 55811
Aitkin Office
18 1st St. NE.
Aitkin, MN 56431
Sandstone Office
406 N. Commercial
Sandstone, MN 55072
Isanti Office
210 6th Ave. NE., Suite 1
Isanti, MN 55040
Duluth - Spirit Valley Office
215 N. 40th Ave. W.
Duluth, MN 55807
McGregor Office
149 W. Highway 210
McGregor, MN 55760
Hinckley Office
210 Old Hwy. 61 S.
Hinckley, MN 55037
*Hours may vary by location.
Please visit our website for
more information.
Phone: 218-625-8500 or 1-800-296-8871
Online: www.membersccu.org/merger
Email: memberservices@membersccu.org