How will my statement change?
You will receive monthly paper statements for all of your banking services. Per the IBMSECU Fee Schedule, a monthly fee of $1.00 is charged for paper statements. This fee is always waived if you are 62 or older and will be waived for all former MSB customers regardless of age for 6 months starting July 31, 2017.
You may also sign up for IBMSECU Online Banking and enroll in eStatements to receive your statement online at no cost.
How will I make my deposits and loan payments?
You can make deposits and payments at your former MSB branch as usual. and you may now also make payments at any one of the IBMSECU branches near you. You can also use the transfer feature in Online Banking (contact us if you need assistance), or mail deposits or loan payments to IBMSECU, P.O. Box 5090, Boca Raton, FL 33431.
What about my Direct Deposit, Payroll Deduction, ACH and/or Automatic Payments?
All your electronic credits and debits will be posted as normal even after the system conversion. We kindly ask that you start using your new account information for all new authorizations after July 31, 2017.
Your new IBMSECU Membership number was listed on the letter you should have received. Your 12-digit Check ID will be at the bottom of your new checks. Your new Credit Union ABA/Routing & Transit number is 267077627. IBMSECU checking account information can always be found in Online Banking in the details section for each account.
Will I receive checks or a new ATM/Debit Card?
Your Checks: You can continue to use your Mackinac Bank checks until they run out. When you are ready to get new checks, IBMSECU will provide one box at no cost. If you print your own checks with check writing software, you will need to update the name to IBMSECU and the Routing # to 267077627.
Your ATM Card: If you had a Mackinac Bank ATM Card, you should have received a new IBMSECU Visa Debit Card. Your old Mackinac Bank ATM card is no longer valid. After receiving your new card, you will need to activate it with a PIN based transaction at any ATM or at a merchant convenient to you. Once activated, your new IBMSECU Visa Debit Card will be accepted at any ATM or merchant that displays the CU24, Interlink, Plus or VISA logos.
Do Members have to pay for checks when they need a new box?
Anyone who is 62 years of age or older with direct deposit does not have to pay for checks (one free box per order). This is referred to as VIP Checking and the system automatically qualifies members for this benefit.
Everyone who is under 62 years of age will pay for checks after they receive the free box mentioned in the question above.
Will the transition affect the titling of an MSB customer’s accounts? What about their trust, beneficiaries, and/or the POA named on MSB accounts?
MSB accounts will move over as is without any changes.
If I refer a friend who is not an immediate family member and doesn’t live in a county that has an IBMSECU branch, can that person join the CU?
IBMSECU has hundreds of SEGs (Select Employer Groups) that qualify someone for membership. Eligibility is also extended to those who live, work, worship, or go to school in one of our approved counties. With all of these paths to membership, we can often find a way for them to join.
Will our passbooks on our passbook savings accounts be going away?
Yes. Passbook accounts will be converted to an S1 Membership account at IBMSECU. Starting July 31, 2017, passbooks will no longer be updated/recreated. Monthly statements will be sent for these accounts and account transactions can be viewed online
Will copies of checks and statements be accessible online?
Yes. Going forward IBMSECU statements will be available online (up to 24 months in a PDF document). Check copies are viewable online for the last 12 months by clicking on the line item inside the account history (not in the statements). MSB statement and/or check copies prior to July 31, 2017 will need to be requested (fees might apply).
What fees will be waived for MSB customers and for how long?
Non-punitive fees will be waived for six months starting July 31, 2017. Punitive fees will not be waived (e.g. NSF and overdraft fees).
Is there a way to avoid the $1.90 fee that is charged to S50 MyDefense and S55 Grand Checking accounts?
You will not be charged the $1.90 fee for 6 months starting July 31, 2017. After that time, the $1.90 fee can be avoided by switching to our S58 MyWallet Checking account. Before you make the switch, remember that ID Theft and Credit Monitoring benefits are included with the S50 and S55 checking accounts.
How do I access Online and Mobile Banking?
You are now able to use IBMSECU’s Online and Mobile Banking system. First you will need to register as a new user and accept the user agreement in IBMSECU’s Online Banking system.
Once the Online Banking registration process has been completed you will be able to download the Mobile Banking smartphone apps for Android or iPhone. If you had been using MSB’s now-disabled online banking, your login was not carried over into the IBMSECU system.
What is a CO-OP shared branch? How does it work?
CO-OP Shared Branching is a network of different credit unions who process deposits, loan payments, and withdrawals with certain restrictions for Guest Members from other credit unions. The goal is to provide a more convenient branch network to members of credit unions that participate in the network. As a member of the CO-OP Shared Branching network, IBMSECU employees are able to perform basic transactions for members of other credit unions, and IBMSECU members can visit other credit unions within the network. Always keep in mind that different check holds and withdrawal amounts may apply by credit union.
Why do I need to opt into membership at the CU?
Since your account is converting from a bank to a credit union, you must proactively opt in for membership in IBMSECU.
What if I don’t opt in?
Your account will still be accessible, but you will not be able to take advantage of all the benefits that come with being a Member. If you never opt in, we will only refund your deposits if you ask us to close your accounts.