Frequently Asked Questions Regarding the LEBCO Merger
Q. Can I keep a joint owner on my checking account only?
A. No. Belco requires that joint owners be listed on all accounts owned by the primary, excluding certain accounts like loans and IRAs. If you had several savings accounts and a checking account at LEBCO and had a joint owner ONLY on the checking account, that will change at Belco. The joint owner MUST be listed on all of the applicable accounts. Depending on the circumstance, the joint owner may be required to submit a membership application. Please visit any of our branch offices or call our Sales Center at 1-800-642-4482 for additional information.
Q: What is the conversion schedule?
A: The LEBCO office will close at 5:00 PM on Thursday, June 30th, 2011, and will reopen at 10:00 AM on Tuesday, July 5th as the Lebanon branch of Belco Community Credit Union. The branch will be closed on Friday, July 1, 2011, so that we can properly transition all account data. The branch will also be closed for the holiday on Monday, July 4, 2011.
Q: Will the current branch or employees change after the merger?
A: No. The current branch at 1232 S. Fifth Ave. will remain and all current employees will remain after the merger. Branch hours will also remain the same until further notice, though we are researching the option of Saturday hours in the near future.
Q: Will my account number be changing?
A: Your account number will remain the same, but will now be preceded by the digits '33.' If your account number is less than six digits, the 33 will be followed by a sufficient number of zeros to ensure the account number is six digits long. For example, if your LEBCO account number is 2136, this will become 332136 after the merger. Account number 546 will become 330546.
Q: Can I continue to use my LEBCO-issued checks?
A: Yes. Continue to use your LEBCO-issued checks until you receive your free replacement supply of Belco checks in late July. If you wish to order specialty checks, you may do so for a nominal cost. Call or visit any branch for details.
Q: When should I stop using my LEBCO checks?
A: You should stop using your supply of LEBCO checks as soon as you receive your Belco checks in mid July. We will be able to process LEBCO checks for a brief period of time, but the sooner you switch over, the better. Please note that after August 31, we will no longer be able to clear LEBCO checks.
Q: What kind of checks will I receive?
A: We will provide you, at no cost, Belco logo checks imprinted with your name and address. If you wish to order specialty checks, you may do so for a nominal cost. Call or visit any branch for details.
Q: What happens if I have Direct Deposit?
A: Your existing direct deposit will continue as usual. You may provide your employer with Belco's Routing/ABA# of 231380997 and your updated account number; however, Belco will be sending electronic updates on your behalf. Any new direct deposit arrangements should be set up using Routing/ABA# 231380997 (as opposed to 231381983) and your assigned Belco account number.
Q: What happens to any ACH payments or transfers?
A: Your existing ACH payments and transfers will continue as usual. You may provide the company with Belco's Routing/ABA# of 231380997 and your updated account number; however, Belco will be sending electronic updates on your behalf. Any new ACH payments and transfers that you establish should be set up using Routing/ABA# 231380997 (as opposed to 231381983) and your assigned Belco account number.
Q: Will the telephone number remain the same?
A: Yes. Current staff will continue to serve you in the same manner that you are accustomed to. In addition, the toll-free number of 1-800-642-4482 is available extended hours and is staffed by a full complement of employees. In addition, you can apply for a loan 24 hours a day utilizing the toll-free number.
Q: Will I still continue to receive paper statements?
A: Yes. Members who utilized checking accounts and Visa cards will receive monthly statements. Others will receive quarterly statements. Belco does offer free electronic statements, which are the most timely and secure way to receive your statements. Any representative can enroll you in this free service, or you can enroll yourself once you've logged into Belco's Internet Banking system.
Q: Will I receive a new Visa Debit Card?
A: Yes. Your LEBCO Visa Debit Card can be used until June 30, 2011. Prior to this date, you will receive your new Belco Visa Debit Card. Be sure to sign and activate your card upon receipt, but please note that your new card cannot be used before July 1, 2011.
Q: Will my PIN on my Visa Debit Card stay the same?
A: Unfortunately, LEBCO's card issuer would not provide Belco with your current PIN due to security concerns; therefore, new PINs will be sent to you in separate mailers.
Q: Will I receive a new Visa Credit Card?
A: Yes. Your LEBCO Visa Credit Card can be used until June 30, 2011. Prior to this date, you will receive your new Belco Visa Credit Card. Be sure to sign and activate your card upon receipt, but please note that your new card cannot be used before July 1, 2011.
Q. Will I continue to receive a separate Visa Credit Card statement?
A. No. Belco uses a combined statement product where your Visa Credit Card statement and your other deposit and loan accounts statement are combined. The Visa portion of your statement will be shown first, with all the required disclosures and notices.
Q. When are my credit card and Home Equity Line of Credit (HELOC) payments due?
A. Credit card payments are due on the 25th of every month. Unlike LEBCO, Belco requires at least a minimum payment to be made every month in which there is an outstanding balance.
HELOC payments are due on the 27th of every month. Unlike LEBCO, Belco requires at least a minimum payment to be made every month in which there is an outstanding balance.
Q. I see an odd transaction in my savings account on my first statement? What is this? [applies only to members with loans]
A. When you receive your first statement, you may see a balance in your savings account that is deposited and then immediately withdrawn that is equal to the balance of your loan. You may safely ignore this transaction. It is simply a required part of the process of booking your loans to Belco’s system.