Q. IS BCACFCU BEING BOUGHT OUT OR ACQUIRED?
A. Absolutely not. This is a partnership between two successful organizations so that we can serve you, and our community, even better. This partnership is voluntary, and the members of BCACFCU will have a vote on whether they want to merge or not.
Q. WHO IS HONOR CREDIT UNION?
A. Honor Credit Union was formed in 1934 and originally served Berrien County educators. Visit www.honorcu.com to find out more.
Q. WHAT WILL THE NAME OF THE NEW CREDIT UNION BE?
A. BCACFCU Credit Union will be changing its name to Honor Credit Union.
Q. WHERE WILL THE CORPORATE OFFICE BE LOCATED AND WILL ANY BRANCHES BE CLOSED?
A. The main office is located in Berrien Springs, Michigan. No branches will be closed.
Q. WHEN DID THE PARTNERSHIP BECOME OFFICIAL?
A. The partnership became official effective April 1, 2017.
Q. WHY DID THIS PARTNERSHIP MAKE SENSE?
A. Coming together as one organization allows us to combine resources to grow in our communities, take better care of our current members, and to bring in new members.
Q. WHY MERGE NOW?
A. This is a unique time in the history of our economy, and it has created some new opportunities for two credit unions like BCACFCU and Honor Credit Union. We’ve seen increased competition and growth within the credit union industry, and we’ve continued to see banks take a step back. This is a great opportunity to take a step forward for our members and communities.
Q. WHAT WILL HAPPEN TO THE EMPLOYEES?
A. You’ll still see the same friendly faces when you visit your local branch! A great benefit of this merger is that there is no overlap and that employee positions fit well in each organization. The team we are bringing together will enhance service to our members and communities.
Q. HOW MUCH IS THIS MERGER GOING TO COST?
A. As a combined organization, we gain substantial savings through economies of scale. For example, both credit unions currently operate on the same data processing system, which will reduce costs going forward. We will also be combining phone systems, internet banking systems, ATM networks, and more. While there are short-term costs associated with combining credit unions, in the long-term this positions us to be more efficient. It also helps us provide members with additional conveniences and enhanced products and services.
Q. WHAT’S IN IT FOR THE MEMBERS?
A. Many things! More branch locations, more products and services, and greater impact in your community. Also, the merged organization will allow two strong credit unions to join together to provide the opportunity to offer membership across the state of Michigan.
Q. WHAT IF I AM CURRENTLY A MEMBER OF BOTH HONOR AND BCACFCU?
A. You can keep both accounts, but may want to meet with a representative to combine the accounts.
Q. ARE THERE ANY IMMEDIATE CHANGES THAT WILL IMPACT MY ACCOUNTS?
A. The change to accounts will be gradual and we will communicate with you throughout the process.
Q. WILL THIS AFFECT MY SERVICE AND WILL THERE BE SERVICE INTERRUPTIONS?
A. Same great service! You will only see positive changes, including more access points with an expanded ATM network and Member Solutions Call Center accessible for extended hours. At this time we do not anticipate any service interruptions but we’ll definitely keep you informed.
Q. WILL MY ACCOUNT NUMBERS CHANGE?
A. This is still being determined. If changes are made to your account number, you will be notified in advance.
Q. WILL ONLINE BANKING & TELEPHONE BANKING WORK THE SAME AND WILL I NEED TO SET UP NEW PASSWORDS FOR PHONE OR ONLINE BANKING?
A. They will both be very similar. You may need to set up a new username and/or password. You will be notified in advance of any changes.
Q. CAN I CONTINUE TO USE THE SAME CHECKS, ATM, DEBIT AND CREDIT CARD?
A. At this time, yes. There will be changes coming in these programs as we bring systems together. You will be notified in advance of any changes.
Q. WILL MY DIRECT DEPOSIT, AUTOMATIC PAYMENTS, TRANSFERS, LOANS, SAVINGS AND INVESTMENT TRANSACTIONS CONTINUE WITHOUT INTERRUPTION?
A. Yes, nothing will change at this time. You will be notified in advance if there are any changes required in the future.
Q. WILL MY LOAN OR ACCOUNT RATES AND FEES CHANGE?
A. Rates on existing fixed-rate loans will remain the same. Through economies of scale, the combined organization is looking to provide better rates and fees for members. Any changes will be clearly communicated in advance along with any new service offerings.
Q. WHEN CAN I USE BOTH CREDIT UNIONS’ BRANCHES?
A. When the voluntary merger is approved, systems will be combined. You will be updated with our progress and notified when you will have full access to all branch locations.
Q. ARE BOTH CREDIT UNIONS FEDERALLY INSURED?
A. Yes. Both credit unions are federally insured through NCUA.
Q. IF I DON’T HAVE AUTOMATIC PAYMENTS, WHERE SHOULD I MAIL MY PAYMENTS?
A. Keep mailing your payments the same way you have been. When changes are made, you will be notified in advance.
Q. WILL THE PHONE NUMBERS OR WEBSITE CHANGE?
A. Phone numbers may change at a later date; we’ll keep you posted. The website for the combined organization will be: www.honorcu.com.Go to main navigation