Merger FAQs for SD218 Members
Why is School District 218 (SD218) pursuing a merger with Credit Union 1?
SD218 wants to bring their members the best value as a primary financial institution and provide the necessary products and services to help you reach your financial goals. Credit Union 1 offers the technology and systems that address their members’ needs. Additionally, CU1’s strong core values give the SD218 leadership team and board of directors confidence that their membership will experience a level of quality of service comparable to which you have known. Our credit unions are like-minded, and we strongly believe that a partnership will benefit members and employees of both institutions.
Who is Credit Union 1?
Credit Union 1 has more than sixty years of experience helping families and communities reach their economic potential. And we have our eye on the next sixty years, as we continue to evolve and innovate to find new ways to offer our members high-quality, low-cost financial products and services and a modern banking experience.
CU1 was founded in 1958 with an original base membership of personnel from Chanute Air Force Base in Rantoul, Illinois. We have since grown into a billion-dollar-plus financial institution, but our priorities remain the same—helping families and communities succeed financially.
To learn more about what drives us and our commitment to diversity and inclusion, visit our About Us page.
What is the merger process and timeline?
Our regulators, the National Credit Union Administration (NCUA) and Illinois Department of Financial and Professional Regulation (IDFPR), have both approved our merger plans. With member support of the merger through the voting process, we anticipate that our first legal day as a combined organization will be October 31, 2024.
How will SD218 members benefit?
A merger will provide the resources to better serve your financial needs through industry-leading technology, new products and services, and highly competitive rates. We want to be your first choice for a primary financial institution. Nothing will change until member approval is received. This partnership will mean we can better anticipate and meet all your financial needs. SD218 members will now have access to:
- First Mortgages
- High Yield Checking
- High Yield Savings
- A Full Suite of Business Banking Options
- Instant-Issue Debit Cards for Lost or Stolen Cards
- Tap-to-Pay Debit and Credit Cards
- And much more.
Will my accounts continue to be insured?
Your accounts will continue to be federally insured just as they are today through the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the U.S. Government and managed by the National Credit Union Administration (NCUA).
Will I still receive personalized service?
One reason our two credit unions are pursuing this merger is because we feel both credit unions are like-minded, and we strongly believe that a partnership will benefit members and employees of both institutions. Credit Union 1 strives to provide premium service and you will continue to receive personalized service as you do today.
Will the merger affect membership eligibility?
SD218’s field of membership will be incorporated with Credit Union 1’s field of membership after the proposed merger effective date October 31, 2024.
Will the SD218 branch in Oak Lawn, IL, remain open?
Once member approval is received to merge with Credit Union 1, it has been proposed to keep the branch in Oak Lawn open upon the proposed merger effective date October 31, 2024. Credit Union 1 has 15 branches in Illinois, Indiana, Nevada, Georgia and Florida. In addition to CU1’s branches, members will also have access to CU1’s robust Digital Banking platform, along with access to the CO-OP shared branch and surcharge-free ATM network and the surcharge-free Allpoint ATM network.
Can I use Credit Union 1 branches now?
You can continue to use SD218’s branch. We cannot begin integrating the operations of the two credit unions until after the proposed merger effective date of October 31, 2024. SD218’s members will be notified as soon as the additional branches are connected.
Can I use Credit Union 1 ATMs now?
Credit Union 1 ATMs are available for anyone to use; however, we cannot begin integrating the operations of the two credit unions until after the proposed merger effective date of October 31, 2024, so you may incur a fee until that time. Once the merger is effective, you will have access to all Credit Union 1 ATMs at no charge along with more than 90,000 surcharge-free ATMs nationwide.
Will my account number change?
Your account number will remain the same for the time being. More information will be provided after the proposed merger effective date of October 31, 2024.
Will the routing number change?
Your routing number will remain the same for the time being. More information will be provided after the proposed merger effective date of October 31, 2024.
Will my online/mobile banking change?
You will continue to use SD218’s online/mobile banking until the proposed merger effective date October 31, 2024. Once the conversion of systems occurs, you will then use Credit Union 1’s Digital Banking platform and highly rated mobile app. Banking anytime, anywhere has never been simpler.
Will my debit card still work?
You will continue to use SD218’s debit card. SD218 members will be issued a Credit Union 1 Visa® Debit Card to use once the conversion of systems occurs.
Will my recurring transactions be affected?
You will continue to use SD218’s account information until the proposed merger effective date October 31, 2024. Once the conversion of systems occurs, you will need to notify each business of your new Credit Union 1 account number and Credit Union 1’s routing and transit number.
Will the terms of my existing SD218 accounts change?
Until the proposed merger effective date October 31, 2024, none of your account terms will change. Whether or not they will change after the proposed merger effective date depends on the type of account.
Loans | Your existing loan contract will remain in effect until the loan is paid off.
Share Certificates | The terms of your existing share certificate will remain in effect until the maturity date.
Savings & Checking | Rates and terms on these accounts are subject to change at the time of the proposed merger date. You will receive a CU1 Membership Agreement and Account Disclosures before the proposed merger date.
What if I have additional questions?
We are here to answer your questions! Don’t hesitate to contact SD218 at 708.432.8065.