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IU Credit Union System Conversion Information

We appreciate your membership in the IU Credit Union and the trust you have placed in us. Since 1956, our purpose has centered on excellent member service, quality products and services, and competitive rates and fees. To enhance efficiency and meet the long-term growth objectives of the Credit Union, we converted to a new system. The core system, which stores and processes all data and transactions, was converted the weekend of September 29, 2012.

System Conversion FAQs

1. Will my member account numbers change?
No, member account numbers will not change. This means checks, debit cards, credit cards, and any electronic deposits or withdrawals you have set up will not be affected. There will be a few changes to the "sub" numbering format. For example, consumer checking sub 1 will change to 0051 post conversion.

Share Type Current Suffix New Share ID
Membership Savings (New Name) 1 1
All Other Savings Accounts 2 & Up 2 & Up
Consumer Checking 1 & Up 51 & Up
Business Checking 1 & Up 76 & Up
Regular Certificates 19 & Up 200 & Up
IRA and Coverdell Education Savings 1 & Up 300 & Up
Traditional IRA Certificates 1 & Up 400 & Up
Roth IRA Certificates 1 & Up 500 & Up
Coverdell Certificates 1 & Up 600 & Up
     
Loan Type Old Suffix New Loan ID
Personal, Home Equity & Vehicle Loans 1 & Up 1 & Up
Business Loans 1 & Up 1 & Up

 

2. Are there things that will not change?
Yes. Your existing checks, electronic deposits and payments, and automatic transfers will continue to be processed without interruption. You will not need to reorder checks or inform any company/merchant of this change.

 

3. Will Bill Pay payments, ACH deposits & ACH withdrawals still occur?
Yes, anything scheduled will occur on the date you have set up.

However, if you need to modify or cancel a bill pay that is scheduled to be paid during our down time or you need to reschedule a payment that needs to be processed on October 1, please do so before 6:00 pm ET on Friday, September 28.

 

4. Will I need to order new checks?
No. Your check information will remain the same.

 

5. Will I need to get new debit or credit cards and PINs?
No. All debit cards and credit cards and their PINs will remain the same. You will be able to use your credit card without interruption during the conversion. You will be able to use your debit card up to the following daily limits during the conversion:
$300 for ATM transactions
$500 for retail purchases

 

6. Will Online Banking change again?
No, Online Banking was converted in October of 2011. The upcoming conversion is independent of the home banking system, so you will not need to change your current User ID and Password.

 

7. Will there be changes to the Bank-by-Phone service?
Yes. It will be upgraded as part of the computer system conversion. When calling Bank-by-Phone, you will hear new prompts that will be easier to follow and quicker to access. You will be able to use your current Bank-by-Phone PIN.

 

8. Will my account history in Online Banking be transferred to the new system?
No. However, you will be able to access your Online Banking account history in other ways. You can:

a. Sign up for e-Statements—Enroll through Online Banking > eServices tab.

If you are already enrolled in eStatements, you will continue to have access to all archived eStatements after the conversion.

b. Activate FinanceWorks—FinanceWorks, a free service within Online Banking, aggregates your account histories at IU Credit Union and other financial institutions of your choice.

If you are already using this service, you will retain your account histories after the conversion.

c. Export history—You can download your history within Online Banking to a spreadsheet or money management software. Simply click on "Export" from the "Account Access" tab.

d. Visit a branch—Account history printouts may be obtained at any of our branch locations.

 

9. Will my statements remain the same?
Our existing format will be retained as much as possible; however, some transaction descriptions will change.

 

10. Will my loan due dates be affected by the conversion?
All existing loans will convert with their current due date. Example: If your loan is due December 1, 2012, this is the date that will be converted.

Beginning October 1, loan due dates will not advance more than one month in the future. Any amount in addition to the regular payment amount will be applied towards your principal, but the due date will not advance.

 

11. Will Overdraft Privilege (ODP) be affected by the conversion?
Your ODP limit and opt-in level will not change. However, the ODP fee will now post at the same time that the transaction is posted to your account instead of at the end of the day. This means that the fee(s) will reduce your limit immediately.

 

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