Merger Guide

for Healthcare Credit Union Members

Merger Support

SAVINGS PRODUCTS

Membership Share

You currently have a $25.00 membership share held in your S1 Savings. Beginning May 1, 2017, the amount held for membership will be $5.00.

Special Savings

Your personalized savings accounts will remain the same after the merger.

Certificates of Deposit (CD)

The merger will not change your original terms including the Annual Percentage Yield (APY) with the exception of when dividends are paid out. On April 30, 2017 you will receive a dividend. After that posting, dividends will post at month’s end beginning May 31, 2017. Renewed CDs after May 1, 2017 will be subject to new terms and conditions.

Plus Account

These accounts will be converted to Insured Money Market Accounts that feature no minimum balance requirement and higher dividends.

Individual Retirement Account (IRA)

IRAs will remain the same after the system merger.

Health Savings Account (HSA)

HSAs will be available to members after May 1, 2017. Please contact your nearest branch to open an account and receive a HSA debit card.

Education Saving Account

The Education Savings Account will be discontinued on April 28, 2017. The balances in the Education Savings Account and the Education Contribution Account will be available for your use on May 1, 2017. You may administer the use of the funds in both accounts at your discretion. Matching contributions and Pay For Grades will continue until April 28, 2017.

Escrow Savings Account

Escrow services ceased to be available through Healthcare Credit Union as of March 1, 2017. 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. Please note this account is not restricted, and you will have access to the funds at any time.