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phifer cu merger information

The merger of Phifer Credit Union was successfully completed before opening of business on November 1, 2007. If you have any questions about your account transfer, please phone our Member Care Center at (205) 348-5944 or (888) 817-2002. To our new Phifer members: Welcome aboard! We're pleased you've selected Alabama Credit Union, and look forward to serving you and your family.

On May 20, members of Phifer Credit Union present at a special membership meeting voted unanimously to merge their credit union with Alabama Credit Union. We at Alabama Credit Union have compiled this information to assist Phifer CU members in transferring their accounts now or waiting until they are transferred on Nov. 1 at the time of merger.

Waiting for you at Alabama Credit Union are an expanded selection of convenient, competitively priced products and services, over 2,500 nationwide Credit Union Service Centers locations, and a strong commitment to personal service -- service like you've become accustomed to at Phifer CU, delivered by the many of the same folks you've come to know. To streamline the steps we'll be taking, and the information we need to share with you, we're posting updates to this page as often as needed.

Of course, you're always welcome to phone Phifer Credit Union (205.750.8200) or Alabama Credit Union's Member Care Center (888.817.2002), or e-mail us, with any question or comment. We'll be glad to hear from you!

Here's information you can print and review.

 

FAQs

  1. Where's the letter that went out in early May to all members?
  2. When is the membership meeting to vote on the merger proposal?
  3. What decisions do I have to make? What action steps are involved?
  4. How can I switch my account to Alabama Credit Union now?
  5. Can I get the account changed over while at the Phifer Credit Union office?
  6. What will my new account number be?
  7. Where will my account statement be mailed?
  8. Where are Alabama Credit Union's locations?
  9. Where will be the ATMs located at Phifer?
  10. What changes will occur with my share/savings account?
  11. Will my loan payments or rate change?
  12. What about my Loanliner Open End lending plan?
  13. What about my vehicle title and auto insurance?
  14. What changes will happen with my IRA?
  15. How will my checking account change?
  16. What about my Christmas Club account?
  17. What about my Money Market account?
  18. What actually happens to my Phifer Credit Union account?
  19. How do my Life Savings, Credit Life, and/or Credit Disabiity Insurance benefits change?
  20. Do I have to sign new signature cards for my new Alabama Credit Union account(s)?
  21. What about the joint owners and beneficiaries on my account(s)?
  22. So ... what else do I need to know?
  23. What's the timeline for all of these changes?
    See chart below that will apply if you choose to wait for your account to be transferred on Nov. 1 (information subject to change):

T I M E L I N E

Date

To be completed

More information

Now in place

New ATMs inside Phifer, Inc.

Look for the new ATMs at (1) Metals Break Room; (2) Yarn Coating Break Room; (3) Extruding Clock-in Door; and (4) Office Break Room. For the first 60 days after installation, all transactions are free. After that, transactions are free when using your Alabama Credit Union VISA ATM/Debit Card.

Prior to Sept. 17

Open new savings/checking accounts if receiving Phifer daycare payments.

Phifer will begin sending daycare payments (if you receive them) to your Alabama Credit Union account on Sept. 20. Your new account must be open, and any payment instructions changed, by Sept. 17.

NOTE: Deadline Extended!
Prior to
Oct. 5

Visit Phifer CU to update account signature cards and provide photo ID for each person on account.

Updating your account signature cards gives you an opportunity to take advantage of additional benefits and ownership/estate planning options provided by Alabama Credit Union, and helps ensure your account's access security.

Oct. 1

Compliance mailing is sent to members.

We'll send several pages of information about your new membership and account(s), including the rules that govern your account, disclosures about your privacy, account dividend and interest rates, the Expedited Funds Availability Act, Electronic Funds Transfers, Life Savings Insurance, the Loanliner Open End Lending program, and more. You do not need to take any action when you receive this mailing. Completed; here's a copy.

Prior to
Oct. 16

Stop using Phifer CU checks.

Free replacement checks will be mailed to your account address. Your new VISA ATM/Debit card will be waiting for you at Phifer CU, or at Alabama Credit Union's office where you visit to transfer your account prior to the merger. You may choose your own PIN when you visit to pick up your card.

Prior to
Oct. 16

Begin using your new account at Alabama Credit Union -- and be sure to ask us about our free Just Rewards Checking for members age 50 and older.

Why wait? Go ahead and take advantage of the new benefits waiting for you -- and, your new account number will be almost the same as your existing Phifer CU account number (we'll add an '8' in front of your existing Phifer CU account number; if you already have an Alabama CU account, it will remain in place). However, if you aleady have an Alabama CU account and wish to establish a separate one for your Phifer CU funds and loans, just give us a call so we can accommodate your request. The normal $1 membership fee is being waived for all Phifer CU members.

Prior to Nov. 1

Set up an overdraft protection strategy.

Alabama Credit Union does not conduct automatic transfers from savings to cover checking account overdrafts. We do offer two plans designed to prevent you from embarrassment over returned checks: (1) an overdraft protection line of credit, subject to credit approval; and/or, (2) a courtesy pay program that may permit you to overdraw your account until your deposit is made, subject to our regular NSF fee per item. Please ask us about setting up one or both plans.

Nov. 1

Direct deposits and payroll deductions to be converted to your new account.

Your Phifer payroll deductions and direct deposits will automatically be converted to your new Alabama Credit Union account. If you send an automatic deposit to your account from another source, please contact us to convert that deposit to your new account. These Switch Kit forms will simplify the process.

Nov. 1

Automatic debits to be converted to your new account.

The best way to do this is to provide the originator (insurance company, mortgage lender, etc.) with a voided check on your new Alabama Credit Union account. The originator of the debit may have a special form they require you to complete. Please contact originators of all automatic debits as soon as possible and ask them to update their records with your new account number. These Switch Kit forms will simplify the process.

Nov. 1

Your account(s) will be converted to Alabama Credit Union.

If you haven't already visited us to set up new options for your existing Phifer Credit Union accounts, we'll automatically convert your account(s) on this date.

At insurance policy renewal

At policy renewal, please update lienholder or loss payee information for autos, vehicles, or homes that are securing your loan(s) at Phifer CU.

If your auto, home, or other property is financed at Phifer Credit Union, please update your insurer's records with the new lienholder information. Or, just phone us with the information and we'll send a letter for you.

Nov. 1

Credit Union Service Centers access and convenient, additional ATMs now available.

After this date, you may access your account -- free of charge -- at any Credit Union Service Centers location. And, these convenient new ATMs are accessible to you, without fee, using your Alabama Credit Union VISA ATM/Debit card.

Until
Nov. 30

IRA certificates of deposit with bonus rate available.

Transfer your IRA savings account to a new bonus-rate IRA certificate of deposit. Choose any CD we offer, and we'll add 5 basis points to the regular rate. Unless you choose an IRA CD, we will transfer your funds to our IRA share/savings account, where your funds earn the same dividend rate as our regular share/savings account.

After Nov. 1

New account suffixes will be used to identify your sub-accounts at Alabama Credit Union.

Phifer CU Suffix
Type of Account
Alabama CU Suffix
00-1
Savings
00
55-1
Checking/Share Draft
50
20-1
Money Market
40
67-1, 68-1, and 70-1
CDs
70 - 79
45-1
Christmas Club
09
78-1
(Roth is 79-1)
IRAs
60 - 69
  1. Where's the letter that went out in early May to all members?
    Here (PDF document)
  2. When was the membership meeting to vote on the merger proposal?
    Sunday, May 20, at 3 p.m. in the Multi-Purpose Building at Green Acres Park. Members present voted unanimously to merger Phifer CU with Alabama CU.
  3. What decisions do I have to make? What action steps are involved?
    You should decide whether you would like to transfer your accounts now and begin enjoying the additional benefits and convenience that Alabama Credit Union provides, or wait until your accounts are transferred for you on the Nov. 1 merger date. We encourage you to transfer now; to do so, you'll need to visit with an Alabama Credit Union representative as described below. We have procedures in place with Phifer Credit Union that will streamline the process for you.
  4. How can I switch my account to Alabama Credit Union now?
    Easy! Stop by any Alabama Credit Union office, and sign up. We'll pay off any existing Phifer CU loans, and transfer your deposit accounts to Alabama Credit Union via convenient wire transfer. These Switch Kit forms simplify the process. We'll need to assist you with your payroll deduction separately -- please ask us.
  5. Can I get the account changed over while at the Phifer Credit Union office?
    Sure. We are now on site at Phifer Credit Union on Tuesdays and Wednesdays.
  6. What will my new account number be?
    We'll add an '8' in front of your existing Phifer Credit Union account number. However, if you already have an Alabama Credit Union account, you'll use the account number assigned to it. If, however, you already have an Alabama CU account and prefer to establish a separate one for your transferred Phifer CU funds and loans, please notify us so we can accommodate your request.
  7. Where will my account statement be mailed?
    Alabama Credit Union will mail account statements to the member's account address (which is usually the home address or a P.O. box). We refrain from mailing account information to addresses such as inter-office or employer addresses, etc. If you prefer not to receive an account statement at your account address, please enroll for free e-statements that enable you to view your monthly account statement online, safe and secure, exactly as it would appear if you received it in an envelope.
  8. Where are Alabama Credit Union's locations and ATMs?
    Locations and ATMs. And, here are the Credit Union Service Centers locations.
  9. Where will the ATMs be located at Phifer?
    Look for the new ATMs now in place at (1) Metals Break Room; (2) Yarn Coating Break Room; (3) Extruding Clock-in Door; and (4) Office Break Room. For the first 60 days, all transactions are free. After that, transactions are free when using your Alabama Credit Union VISA ATM/Debit Card.
  10. What changes will occur with my share/savings account?
    Your minimum balance will increase from $5 to $25 (this earns dividends, of course). Your Life Savings Insurance coverage increases from $2,000 to $5,000. 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.
  11. Will my loan payments or rate change?
    Not until you refinance or add to your loan. At that time, your interest rate and payments may change, based on the interest rate we offer that matches your credit score, etc. You can view Alabama Credit Union's range of loan rates by clicking here. 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.
  12. What about my Loanliner Open End lending plan?
    Next time you obtain a loan, we'll present new Loanliner Open End PLUS Lending Plan documents for your signature; after you've enrolled in our Loanliner plan, you may never have to sign to receive a consumer loan again! Your Phifer Credit Union Loanliner Open End Lending Plan will not be eligible for future loan advances after Nov. 1, but you may continue making payments of the same amount and at the same Annual Percentage Rate as you agreed to with Phifer Credit Union, prior to the merger.
  13. What about my vehicle title and auto insurance?
    If you refinance your auto loan with Alabama Credit Union prior to the Nov. 1 merger, we'll apply for a new title with Alabama Credit Union listed as lienholder. However, if your loan is transferred on Nov. 1 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). Phifer CU will no longer be the lienholder.
  14. What changes will happen with my IRA?
    You get more options! In addition to an IRA share account, you may now choose higher-paying IRA certificate of deposit accounts. And, until Nov. 30, you may add 5 basis points to any Alabama Credit Union IRA CD (here are current CD rates). 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.
  15. How will my checking account change?
    Added convenience and options! We offer instant-issue VISA ATM/Debit cards, many surcharge-free ATMs, 15 branch offices plus 2,500 Credit Union Service Centers locations, free ACUiBranch online account access, and free online Bill Pay (with direct deposit; only $4.95 per month without direct deposit). 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 our Overdraft Privilege courtesy pay program for NSFs. If you're 50 or older, there's Just Rewards waiting for you: free checks and more! And for youngsters, we offer boom! Money & Stuff Teen Club -- also free.
  16. 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 send you a check for the balance in your Christmas Club account. We do offer other club accounts -- called special savings accounts -- and you can use them for any purpose you designate.
  17. What about my Money Market account?
    It will transfer to our Money Market account; learn more here.
  18. What actually happens to my Phifer Credit Union account?
    On Oct. 31, Phifer 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 Nov. 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.
  19. How do my Life Savings, Credit Life, and/or Credit Disabiity Insurance benefits change?
    Phifer Credit Union provides Life Savings Insurance benefits up to $2,000 on share accounts for eligible members; Alabama Credit Union provides Life Savings Insurance benefits up to $5,000 on share accounts. Your coverage will automatically increase and your Life Savings Insurance beneficiary will remain the same. Your premiums and coverage for Credit Life Insurance and/or Credit Disability Insurance on insured loans will change on Nov. 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.
  20. 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.
  21. What about the joint owners and beneficiaries on my account(s)?
    They'll remain the same as you had designated for your Phifer 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.
  22. So ... what else do I need to know?
    We offer VISA credit cards, VISA stored value and gift cards, foreign currency, notary and signature guranty services, Dollar Dog Kid's Clubs, Member Business Account packages with outstanding benefits for small businesses, consumer financial information and free financial counseling, current information about ID theft, and much more -- and we answer our phones (in person!) during business hours. In 2006, over 93% of incoming calls were handled by the first person who answered the line.
    Most of all, you should know how pleased we are to be selected to serve Phifer employees. It's our privilege, and we pledge to you our extraordinary personal service. Visit or give us a call, and find out how we're "Listeners. Not Tellers.SM"

This information will be updated as we approach November 1. Even though very few tasks will require your immediate attention, we encourage to you visit or contact us to learn how you may now take advantage of additional benefits available to you even before Nov. 1. Save money and time with your new Alabama Credit Union benefits -- welcome aboard!
© Copyright, 2007 Alabama Credit Union

Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government. Your savings are additionally insured to $250,000 by Excess Share Insurance. To estimate your National Credit Union Share Insurance Fund coverage, use this insurance estimator or download NCUA's Your Insured Funds brochure. Alabama Credit Union does business in accordance with the Equal Credit Opportunity Act and the Federal Fair Housing Law. We are an Equal Housing Lender. Rates expressed as Annual Percentage Rate or Annual Percentage Yield; all rates and terms subject to change without notice. For complete account disclosures, ask for a copy of our Membership & Account Agreement, Reg CC (Funds Availability) and Reg E (Electronic Transfers) disclosures, Fee Schedule and Member Business Account™ Fee Schedule. Membership eligibility required. Alabama Credit Union is not responsible for content of Web sites which may be accessible via links from this site but are not operated by Alabama Credit Union, and does not represent either the third party or the member if the two enter into a transaction; privacy and security policies may differ from those practiced by Alabama Credit Union.

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