Merger Guide

for Healthcare Credit Union Members

Merger Support

CONSUMER LOANS

This section will address any specific changes to each consumer loan product. General changes include:

PAYMENT ADDRESS

Update the payment address to:
PO Box 1111 Ogden, UT 84402-9961.

CREDIT REPORT

Beginning May 2017, loans currently open with Healthcare Credit Union will display on your credit report as “Loan Transferred to Another Lender” and show a loan balance of zero. Beginning in June a new trade line will be created for the loan and display Goldenwest Credit Union as the lender, the current balance, and related reporting data. This change will not have an impact on your credit score.

Auto Loans/Recreational Vehicle

Your auto and RV loans will continue with the same terms. Note the updated payment address.

If you currently have GAP coverage on your loan, it will continue with no change.

Update your insurance: Contact your insurance agent/ company and request a change in the Loss Payee to: Goldenwest Credit Union. PO BOX 1111 Ogden, UT 84402.

Personal Line of Credit/Overdraft Loans

Note the following changes to your personal line of credit and overdraft loans.

If you have an Extend-A-Loan Line of Credit, the interest rate will change from 16.5% to 15.9%. Your payment calculation will change from $20 per $100 to 2.5% of the balance or $25, whichever is greater. The due date for your loan payment will move from the 28th to the 25th of each month. Your loan will become subject to a late fee (5% of the overdue payment amount) and will be assessed on the 15th day of the delinquent payment date.

If you have an Overdraft Loan, your payment calculation will change from $20 per $100 to 2.5% of the balance or $25, whichever is greater. The due date for your loan payment will move from the 28th to the 25th of each month. Your loan will become subject to a late fee (5% of the overdue payment amount), and will be assessed on the 15th day of the delinquent payment date.

Note the updated payment address:
Goldenwest Credit Union. PO BOX 1111 Ogden, UT 84402.

Home Equity Loan

Your Home Equity Loan will continue with the same terms. Note the updated payment address.

Update your insurance: Contact your insurance agent/ company and request a change in the Loss Payee to:
Goldenwest Credit Union. PO BOX 1111 Ogden, UT 84402.

Signature Loans

Your signature loans will continue with the same terms. Note the updated payment address.

CD and Share Secured Loans

Your secure loans will continue with the same terms. Note the updated payment address.

Mortgage Loans

Healthcare Credit Union is in the process of transferring your mortgage loan to our merger partner, Goldenwest Credit Union. With the transfer of your loan, escrow services for your mortgage will no longer be available through the Credit Union.

You should continue making monthly payments on your mortgage. We recommend you continue making monthly deposits to your Escrow Savings Account, or set-up direct deposit to your Escrow Savings Account, for future insurance and property tax payments. This account is not restricted, and you will have access to the funds at any time.

As of March 1, 2017, you will be responsible to personally pay the required tax and insurance premium to the appropriate parties in a timely manner.

If managing your own escrow payments is not a viable solution for you, Goldenwest Credit Union can make arrangements to transfer your mortgage loan to a thirdparty service provider. There will be a one-time transfer fee of approximately $125 for this service.

Should you have questions about the merger pertaining to your mortgage and escrow account, contact Amber Barnett in the Goldenwest Mortgage Department at abarnett@gwcu.org or 801-337-8315.

Mortgages held by Healthcare Credit Union will continue with the same terms. Note the updated payment address.

Contact your insurance agent/company and request a change in the Loss Payee to:
Goldenwest Credit Union, Its Successor and/or Assigns.
PO BOX 1111 Ogden, UT 84402

IMPORTANT TO KNOW

New payment address:
PO Box 1111; Ogden, UT 84402-9961