Welcome, Milestone members -- and thank you for choosing Alabama Credit Union!
On September 25, 2012, the Milestone Credit Union members present at a special meeting voted to merge their credit union with Alabama Credit Union. The merger will occur on January 31, 2013. We will post information, forms, FAQs, and updates about the merger here. Please feel free to contact Milestone Credit Union at 205.849.0497, Alabama Credit Union's Member Care Center at 888.817.2002, or e-mail to our special Milestone Merger mailbox with questions. We'll be glad to hear from you!
We'll be posting more information soon, and likely several times per week as we get closer to the Jan. 31 merger date. Please bookmark this page and check back often. (Note: Alabama Credit Union's updated Web site will launch during October. Please update your bookmark when that occurs.)
This package of information has been mailed to each member of Milestone Credit Union. We understand it's an overwhelming amount of information, so we invite you to contact Alabama Credit Union's Member Care Center at 888.817.2002 so that we may answer your questions about the January 31, 2013 merger into Alabama Credit Union: Milestone Compliance Mailing
We also provide this checklist brochure to assist you in tracking your account(s), checks, cards and log-ins: Milestone Compliance Checklist
- When did members first learn about this?
- When was the membership meeting to vote on the merger proposal?
- What will my new account number be?
- When will I receive my ACU Debit Card or checks?
- Will my Milestone Checks continue to work after February 1?
- Will my Milestone Debit Card continue to work after February 1?
- What about my automatic deductions/drafts? Will they still post?
- Will I still be able to use Telecount? Will my PIN change?
- What will my new routing number be?
- Will I be able to use Milestone's Home Banking after February 1?
- When will I receive my new ACU VISA Credit Card?
- What will be my Overdraft Limit?
- I had multiple checking accounts with Milestone. Why do I now have multiple membership accounts? How is this different from Milestone?
- Where are Alabama Credit Union's locations?
- What changes will occur with my share/savings account?
- Will my loan payments or rate change?
- What about my Loanliner Open End Plan?
- What about my vehicle title and auto insurance?
- What changes will happen with my IRA?
- How will my checking account change? What about my checks?
- What about my Christmas Club account?
- What about my Money Market account?
- What actually happens to my Milestone Credit Union account?
- How do my Life Savings, Loan Protection, and/or Credit Disability Insurance benefits change?
- Do I have to sign new signature cards for my new Alabama Credit Union account(s)?
- What about the joint owners and beneficiaries on my account(s)?
- So ... what else do I need to know?
When did members first learn about this?
In a mailing sent Sept. 7 to all Milestone members. Prior to that, Milestone's board of directors conducted extensive due diligence to select a merger partner that would best serve the growing needs of Milestone CU's members.
When was the membership meeting to vote on the merger proposal?
Tuesday, Sept. 25, at Fairfield Inn & Suites, Fultondale. Alabama CU representatives presented a proposal and plan for merger. Milestone members voted 82-to-1 in favor of the merger. The merger will occur on January 31, 2013.
What will my new account number be?
- If your member number at Milestone was 4 digits (XXXX) it will now be 600XXXX.
- If your member number at Milestone was 5 digits (XXXXX) it will now be 60XXXXX.
- If your member number at Milestone was 6 digits (XXXXXX) it will be 6XXXXXX.
- Finally, if your member number at Milestone was 7 digits long already, then your account number did not change.
- When will I receive my ACU Debit Card or checks? ACU mailed out debit cards on Jan. 28th to the home address on file at Milestone. The first box of checks for Milestone members have also been ordered that week. Members should expect to receive them between Feb 4- 15th. If you have not received them by Feb 15th please contact ACU.
- Will my Milestone Checks continue to work after February 1? Yes, ACU is absorbing Milestone’s routing information so any Milestone checks will be honored until the end of February 2013. If you have not received your ACU checks by Feb. 15th please contact ACU. Alabama Credit Union is providing the first box of checks for FREE and they will be mailed to the home address on file at Milestone.
- Will my Milestone Debit Card continue to work after February 1? Yes, your Milestone debit card will continue to work with some restrictions after Feb. 1st. After Feb. 1st your Milestone debit card will have a $500 per day transaction limit and a $250 per day ATM limit. To avoid this restriction please visit our Valleydale, Fultondale, or Main office to receive an ACU debit card. These branches have the equipment to instantly issue a debit card.
- What about my automatic deductions/drafts? Will they still post? Yes, your automatic payments or draft will continue to post. We are asking members to contact the merchants to supply the new account information once you receive your checks.
- Will I still be able to use Telecount? Will my PIN change? No, the automated teller line at Milestone will be deactivated on Feb. 1st. However, you have been automatically enrolled in ACU’s Call 24. Your PIN will be the same as it was at Milestone. All you will need is your new member number. ACU’s Call 24 number is (800) 817-CALL.
- What will my new routing number be? ACU’s routing/ABA number is 262277419
- Will I be able to use Milestone's Home Banking after February 1? No, Milestone’s Home Banking will be deactivated on Feb. 1st. Please visit AlabamaCU.com to apply for ACU’s version of Home Banking called iBranch. This is a free service.
- When will I receive my new ACU VISA Credit Card? Unfortunately, Visa only allows conversion of credit cards at certain points in the year. Your new ACU credit card will be mailed to your home address in May 2013. Until then continue to use your Milestone credit card as normal.
- What will be my Overdraft Limit? Milestone CU offered Courtesy Pay with a limit of $500 per account. This will carry over after merger until the end of February. After that ACU’s system will calculate an overdraft limit based on individual account history. For most members this limit will raise.
- I had multiple checking accounts with Milestone. Why do I now have multiple membership accounts? How is this different from Milestone? Milestone’s operating system was slightly different than ACU’s. Milestone only allowed one member number per Social Security number. This resulted in members having multiple checking accounts on the same member number. ACU’s system will only allow one checking account per member number. So if you had multiple checking accounts at Milestone, you will now have multiple member numbers at ACU. This is to prevent posting errors and confusion when processing member’s automatic drafts and checks.
Where are Alabama Credit Union's locations and ATMs?
Locations and ATMs. And, here are the Credit Union Service Centers locations.
What changes will occur with my share/savings account?
Your minimum balance will remain the same at $25 (this earns dividends, of course). Alabama Credit Union provides Life Savings Insurance up to $5,000 at no additional cost to members. You will be able to conduct a limited number of electronic-type transactions on the share/savings account, as permitted by Federal regulation. Dividends are paid quarterly.
Will my loan payments or rate change?
Your loan payments and rates will remain the same after the merger. Alabama Credit Union terms and rates will apply to any loans opened after the merger. You may be eligible for new loan products at very low rates. We encourage you to contact us to discuss the options available to you after the merger, or to inquire about new loan products if you elect to move your account to Alabama Credit Union prior to the merger.
The late fee on a loan transferred to Alabama Credit Union will change to 5% of the minimum payment that is past due 10 days or more, with a minimum late fee of $5 and a maximum late fee of $50. (Milestone's $10 late fee was incurred after 10 days.)
What about my Loanliner Open End Plan?
Both Milestone Credit Union and Alabama Credit Union have discontinued multi-featured, open end lending plans due to changes in regulations governing those plans. However, we will still have a full complement of loan products including open end lines of credit. Loans which were opened under the Open End Plan with Milestone will have the same payment and interest rate after the merger. When you need to get an advance on your loan or open a new line of credit, we will provide new documents for that purpose.
What about my vehicle title and auto insurance?
If you refinance your auto loan with Alabama Credit Union prior to the Jan. 31 merger, we'll apply for a new title with Alabama Credit Union listed as lienholder and Alabama CU will pay the title transfer fee. However, if your loan is transferred on Jan. 31 as part of the merger, your title won't change. The next time you renew your collateral insurance, please provide to your insurance agent Alabama Credit Union's name and address as loss payee (P. O. Box 862998, Tuscaloosa, AL 35486). Milestone CU will no longer be the lienholder.
What changes will happen with my IRA?
Your CD or IRA rate will remain the same until it matures. After that they will renew at ACU’s current CD and IRA rates. A renewal notice is mailed 10 days before your CD or IRA matures. However, Alabama Credit Union offers more IRA options. In addition to IRA certificate of deposit accounts, you may now choose an IRA share account. Our IRA share account pays the same dividend rate as our regular share account; here are our current rates and here's more information about IRAs. Your tax deductibility will not change, and you do not have to sign new forms.
How will my checking account change?
Added convenience and options! We offer instant-issue VISA ATM/Debit cards, many surcharge-free ATMs, 21 branch offices plus 4,900+ Credit Union Service Centers locations, free ACUiBranch online account access, a free smartphone app for secure banking, and free online Bill Pay. You can set up free "Notify Me" alerts to SMS/text or e-mail account alerts to you, and they're easy to set up. You'll earn Alabama CU Reward points for swiping your debit card at point of purchase, and you can spend the points on great merchandise items. Plus, you may conduct telephone teller inquiries and transactions using Call24, 24/7, free of charge. Ask us to set up an Overdraft Protection Line Of Credit for you, and inquire about ourACU Oops! Pay courtesy pay program for NSFs. If you're 50 or older with direct deposit, there's Just Rewards waiting for you: free checks and more! And for youngsters, we offer Teen Club checking with a VISA debit card and more -- also free.
We will order your first box of checks for you, free of charge, when you move or we move your account over to Alabama CU. And, we'll do our best to resume your check numbers in the sequence you have been using.
What about my Christmas Club account? Do you offer Vacation Clubs?
We'll set up a new Club for you each year, as long as you continue sending payroll deductions to it. It earns quarterly dividends. And, during the first week of November, we'll deposit the funds from your Christmas Club account to your checking account. We do offer other club accounts -- called special savings accounts -- and you can use them for any purpose you designate.
What about my Money Market account?
It will transfer to our Money Market account; learn more here. The minimum balance for our Money Market account is $2,500.
What actually happens to my Milestone Credit Union account?
On Jan. 31, Milestone Credit Union's books will be closed out, and final interest or dividends will be paid to your deposit accounts (share account, CDs, Christmas Club, Money Market, etc.). On Feb. 1, your accounts will be transferred to Alabama Credit Union. Your deposits will begin earning rates paid by Alabama Credit Union; here are our current rates.
How do my Life Savings, Loan Protection, and/or Credit Disability Insurance benefits change?
Milestone Credit Union provides no Life Savings Insurance benefits on share accounts for eligible members; Alabama Credit Union provides Life Savings Insurance benefits up to $5,000 on share accounts. Your Life Savings Insurance coverage will automatically begin when your account is opened or transferred. Milestone CU offered credit union-paid Loan Protection Insurance and that benefit will continue until your loan is paid in full; Alabama Credit Union offers member-paid Credit Life Insurance. Your premiums and coverage for Credit Disability Insurance on insured loans will change on Feb. 1 to the plan offered by Alabama Credit Union (through the same carrier, CUNA Mutual Insurance Group). The premiums will be added monthly to your insured loans.
Do I have to sign new signature cards for my new Alabama Credit Union account(s)?
Yes. It is in your best interest to review your account ownership and beneficiary. And, to comply with the USA Patriot Act and ensure proper access to your account, we'll need to obtain a photo ID, tax ID number and signature for each owner on each account you have with Alabama Credit Union. You may choose separate joint owners for each sub-account, or you may choose for one signature card to govern the ownership of all of your sub-accounts.
What about the joint owners and beneficiaries on my account(s)?
They'll remain the same as you had designated for your Milestone Credit Union accounts. However, we encourage you to review your account ownership and payable-upon-death beneficiary information. You should always designate a joint owner or beneficiary.
So...what else do I need to know?
We offer VISA credit cards, foreign currency, notary and signature guaranty services, Dollar Dog Kid's Clubs, Teen Club, Member Business Account packages with outstanding benefits for small businesses, consumer financial information and free financial counseling, current information about ID theft, smartphone banking (with our own app), a host of convenient technology solutions, access to MEMBERS Financial Services investments brokerage, and much more -- and we answer our phones (in person!) during business hours. Over 97% of incoming calls were handled by the first person who answered the call. Spend some time with our Web site, drop by our Valleydale or other branch, or give us a call to discuss your needs.
Most of all, you should know how pleased we are to be selected to serve Milestone CU members. It's our privilege, and we pledge to you our own brand of excellent personal service. Visit or give us a call, and find out how our commitment to extraordinary personal service really works.
This information will be updated as we approach January 31. Even though very few tasks will require your immediate attention, we encourage you to visit or contact us to learn how you may now take advantage of additional benefits available to you even before Jan. 31. Save money and time with your new Alabama Credit Union benefits -- welcome aboard!
© Copyright, 2012 Alabama Credit Union