Selective Merger Q & A
Welcome to Tri-Co!
As the merger draw near, Tri-Co is posting important information for Selective Insurance employees so that everyone involved is kept as informed as possible.
Did You Know?
- On Friday, October 1, Selective Federal Credit Union in Branchville will be closed for the merger process. On Sunday, October 3, 2010 Selective Credit Union and Tri-Co Federal Credit Union will become one credit union. On that same day, Tri-Co’s Call Center will be available to you from 10 AM to 1 PM at 1-888-391-7991. The credit union will reopen as Tri-Co on Monday, October 4.
- Selective Credit Union members will soon receive two mailings describing the Selective and Tri-Co Credit Unions’ merging process. The first mailing, an over-sized post card, tells you what to expect and what will remain the same. A few days later, you will receive a second mailing, a self-mail brochure, which describes what improvements and credit union service enhancements are coming your way with the merger.
Important Facts:
- After the merger, your Branchville/Selective office will still be there with the same hours of operation and ATM access!
- After the merger, you will still have access to a debit card, but it will change from Visa to MasterCard DebitCard. Your new card and pin number will arrive at your home separately before October 2.
- Watch for the date of a special Merger Seminar that will answer all of your Merger questions and review the contents of both mailers you have received!
- Watch your mail for important and exciting changes that are coming your way after the October 3 merger!
- Reap benefits of the merger right now! Go to your very own site at selective.jointrico.com, answer a few questions so that the people at Tri-Co get to know you better and receive your choice of a Dunkin’ Donuts gift card or a coupon for the Selective cafeteria in Branchville!
- Due to the merger, all Selective FCU Holiday Clubs will be paid out on September 30, 2010. Current club participants will be notified as they normally are, and new club participants may open Holiday Clubs at any time, for any amount.
- After the merger, you get Free Home Banking – all Selective members automatically get it! And Free Bill Payer! Just go to www.tricofcu.com and click on Home Banking. Click on Bill Payer and enroll without charge!
- Did you know? Tri-Co pays interest monthly on all interest-bearing accounts.
- Did you know? You will have access to Overdraft Protection with your checking account that is linked to your savings account or Money Market account or a personal line of credit. Best of all you will have access to Courtesy Pay!
- After the merger, if you need a check mailed to you, you may still call the Branchville credit union office, if that what you are used to doing. And remember, Federal insurance on your deposits to at least $250,000 is still in effect!
- Don’t forget, Sunday, October 3, 2010 Selective Federal Credit Union and Tri-Co Federal Credit Union will become one credit union. On that same Sunday, October 3, Tri-Co’s Call Center will be available to you from 10 AM to 1 PM at 1-888-391-7991. Selective Federal Credit Union will reopen as Tri-Co on Monday, October 4.
FAQ
As Tri-Co representatives have been meeting and greeting Selective FCU members prior to the merger, a number of questions have come up. Those questions and the answers are listed here for your benefit and convenience. As other questions are asked, they will be added to the list.
Q. Did Selective members approve the merger?
A. Yes. It was approved by vote on July 15.
Q. When will the merger be official?
A. The merger will be official after the systems conversion on October 1.
Q. Will I still be able to get monthly paper statements?
A. Although Tri-Co recommends e-statements; yes, you may have paper statements.
Q. Does Tri-Co offer me telephone access to my accounts if I am away on vacation?
A. Absolutely. Telephone banking is very popular with Tri-Co members.
Q. What about my existing Debit Card?
A. It will become a MasterCard CheckCard.
Q. What happens to my existing checks?
A. Continue to use them and then reorder new Tri-Co checks. Routing number will change to the Tri-Co routing number.
Q. Will there still be a branch on our campus?
A. Yes. At its present location.
Q. Will the hours be the same?
A. Yes. The hours will remain the same.
Q. Who do I contact if I have questions?
A. You may call our hot line at 1-888-391-7991, talk to a person in your Selective Branch, or contact anyone in our Augusta Office.
Q. How long will the transition period take?
A. Probably until October or December. However, you may begin using Tri-Co products and services immediately.
Q. What are the current rates at Tri-Co?
A. Just check our out current rates while you are here at our web site.
Q. Will Tri-Co notify vendors with automatic ACH withdrawals or will the employee have to notify the vendor?
A. ACH should automatically be rerouted to Tri-Co in most instances.
Q. Can we receive cash?
A. Yes. Tri-Co is installing a state-of-the-art Kiosk in the Selective Branch. It dispenses money (free of charge to members), takes deposits, takes loan applications, dispenses checks, etc. The Kiosk will dispense up to $500 per day, per member.
Q. What will happen to your current loans? Will they just roll over?
A. Yes. They will simply roll over as Tri-Co loans.
Q. Direct Deposits? Will they automatically roll over or is there any new paper work that the member needs to sign with Tri-Co?
A. They will automatically roll into Tri-Co. There is nothing you need to do.
Q. Where do I mail a loan payment to if I don’t have direct deposit?
A. You may mail your loan payment to the same location you are now mailing it.
Q. Will CD’s automatically roll over into Tri-Co?
A. Yes
Q. Will I have to reapply for a line of credit with Tri-Co?
A. No
Q. Can we still mail deposits to the Branchville location from remote locations?
A. Yes
Q. Explain who will be eligible to join the new credit union?
A. Tri-Co’s charter contains a broader interpretation of family than that of Selective FCU. All of your family members are eligible to join Tri-Co, including immediate family as well as brothers, sisters, mothers, fathers, aunts, uncles and cousins, etc.
Q. Will I have to enroll in online banking or is this done automatically?
A. Even though it is free, you must enroll in Home Banking @ Tri-Co. You may enroll on line, here at our web site. It would be advisable to wait until after the Systems Conversion on October 1 to do this, however. The system would not recognize you as a Tri-Co member before then.
Q. Does Tri-Co offer investment services and financial planning services?
A. Yes. Tri-Co offers financial planning and investment services through its national partner CUNA Mutual Group (Credit Union National Association). Financial planning services are free to members and without obligation.
