Happy New Year and welcome to the second issue of Integration News, the newsletter designed to keep members informed of the integration of Toyota Federal Credit Union (TFCU) and Western Federal Credit Union (Western). Although there is much work to be done in integrating these two credit unions, we are excited to provide new promotions and services to TFCU members in 2008. Please continue to read Integration News, mailed in your monthly statements to keep up-to-date on the integration process.
Branch Access
Delivering on last month's promise, the following branches now have computers with TFCU operating systems installed in them. If you choose to visit any of these locations, please remember to identify yourself as a TFCU member so a Western team member can properly assist you.
Branches with TFCU Computers
- Torrance, California
1899 Western Way
(Drive-Up Teller and ATM available) - Hawthorne, California
14500 Aviation Boulevard
(Open Saturdays) - Irvine, California
4520 Barranca Parkway
(Open Saturdays)
Deposit Products
The rate alignment on Deposit Products mentioned in December's Integration News has been completed. We have highlighted just a few of the rate changes you may have noticed.
- Interest Checking has increased to .50% APY†, up from .25% APY.
- All Strategic Savings and Personal Strategy tiers are now at 1.00% APY†.
- Strategic Yield Certificate rates have increased. For instance, the 6 month certificate is currently 4.71% APY†, up from its previous 4.03% APY.
Effective February 1, 2008 we will have further alignment of Deposit Product tiers, terms and minimum balance requirements.
- Strategic Savings and Personal Strategy products will change to one tier with a minimum balance of $5.
- Strategic Market Accounts will have tiers of $2,500 to $9,999; $10,000 to $49,999; $50,000 to $99,999; and $100,000 and above.
- Strategic Yield Certificates will have tiers of $1,000 to $39,999; $40,000 to $99,999; and $100,000 and above.
- Strategic Yield Certificates will also have terms of 6, 12, 24, 36, 48 and 60 months.
Soon to follow you will begin to notice alignment in consumer loan rates as well.
Western's 2008 Annual Meeting
Western will be holding its Annual Meeting on Wednesday, March 26, 2008 at 14500 Aviation Boulevard, Hawthorne, California promptly at 5:30 pm. The purpose of this meeting is to review Western's 2007 financial performance information and to announce the election results of your Board of Directors.
Board Members
As you may remember, during the merger announcement Western proposed having three of TFCU's officials added to Western's volunteer committees. The value these individuals provide is toensure the needs of TFCU members are always represented. Western ishappy to announce Lloyd Mistele and Carl Kurz, former TFCU Board Members, have joined the Western Board of Directors, and Ross Mainwaring is now a member of Western's Supervisory Committee.
TFCU IRA Administration
As the integration continues, accounts will gradually be transferred under Western's administration. This month all TFCU IRA administration will be changed over to Western's administration offered by CUNA Mutual Group (CMG). If you currently have a TFCU IRA, please watch your mail for a letter from Western that will further explain this change, provide you with documentation and request information from you. Please contact us if you do not receive this letter and have a TFCU IRA.
Questions and Answers
Western has received a couple of email questions to our IntegrationNews@Western.org email box regarding direct deposits. Rest assured, any direct deposits you currently have set up with TFCU will continue to be automatically deposited as previously set up.
Another question received was whether TFCU checks can continue to be used. Yes. Continue using all TFCU products, just as prior to the merger. As the integration of the two credit unions progresses, you will be provided with ample notice of changes that may impact your accounts.
Special Integration Promotions
To thank TFCU members for their support and patience these past few months, Western is currently offering the following product promotions:
- TFCU members can let their money grow in the exclusively offered 9-month Bonus Share Certificate with a highly competitive rate of 5.18% APY*, and the low minimum balance of $1,000.
- Want to kick off the New Year avoiding high-interest rate debt? We are offering a Holiday Loan to TFCU members for up to $5,000 with a rate as low as 7.49% APR**. This special loan is available through February 29, 2008, plus payments can be deferred until March 2008**!
Toyota Wins Truck of the Year!
Congratulations Toyota Princeton, Indiana and San Antonio, Texas manufacturing facilities for winning Motor Trend's Truck of the Year with the Toyota Tundra. To celebrate Western will be giving away items and a raffle for a $250 gift card inside the Princeton and San Antonio TFCU branches during the month of January. Again, congratulations Toyota!
December's Integration News Review
Missed last month's Integration News? In addition to being able to view it online at the TFCU and Western websites, here are a few highlights from last month:
- TFCU's and Western's computer systems, Online Banking and Bill Pay are currently on different systems. In the next 6 months Western will migrate onto the same system TFCU is on. After the conversion, all TFCU member information will be transferred to Western's database. The project is scheduled to be completed by late 2008.
- All TFCU current branches will remain open. Additionally, Western is working with Toyota officials to open branch locations in Ann Arbor, Michigan and Tupelo, Mississippi.
- Currently the TFCU logo and name are still being used to satisfy regulatory guidelines and to use existing printed materials. Until the integration is complete, you will continue to receive materials with either or both logos from Western and/or TFCU.
- TFCU members can continue to use TFCU plastic cards and checks.
Email Us Directly
We hope you have enjoyed this month's Integration News. If you have any questions regarding the integration, please send an email to IntegrationNews@Western.org. We may not have immediate answers to every question since many details are still being worked on, however we will respond to every email and work hard to get you the answers.
Happy New Year from Western!
† APY=Annual Percentage Yield. Rate valid December 24, 2007 and subject to change. Dividend rate and APY paid on the entire average daily balance in your account.
* Rate effective as of November 12, 2007 and is subject to change without notice during the promotional period. The APY quoted assumes dividends remain in the account until maturity. Withdrawals will be subject to penalty. Offer expires January 31, 2008. Upon maturity, the certificate will be rolled into a 12-month certificate at the then-current rate.
** Interest will accrue from the date of funding. Minimum loan amount is $500. No payments until March 2008. Refinancing existing Toyota FCU loans not available with this offer. Toyota is an equal opportunity lender. Offer expires February 29, 2008. APR = Annual Percentage Rate. Rates quoted are the lowest rates possible for qualified borrowers and include a .25% discount for Automatic Payment. Your rate may vary. Qualification is based on credit history, debt, and the ability to repay. Rate is subject to change.
