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Please note:
601 Branch lobby hours have changed, effective 9/15/2008. The 601 Branch lobby will now be open 9 am - 5 pm.
If you have questions about the upcoming merger of EW #601 CU with the U of I Employees Credit Union, please send an email to ew601FAQ@uiecu.org or call 217-278-6866.
To view the letter that was sent out in June from the EW #601 CU Board, click here.
To view the Welcome letter sent out from the credit union, click here.
To view the letter regarding your Checking account, click here.
To view the letter regarding your Loan, click here.
Q & A – EW #601 CU merger
Why are we merging?
It is increasingly difficult for small financial institutions to deal with regulatory burdens and compete with the wide range of financial service providers in the market.
What benefits does UIECU offer?
UIECU is able to offer a complete menu of financial services, investments, and loans as well as 3 additional locations in Champaign and Urbana.
When will the merger take place?
July 1, 2008
When will the members of EW #601 vote on the merger?
There will be a membership meeting at 5:00 pm on Friday, June 27th and those members present will vote at that time. Members were also given an opportunity to vote by proxy.
When will UIECU members vote on the merger?
It is not necessary for UIECU members to vote since UIECU is the continuing credit union. The UIECU Board of Directors voted in favor of the merger.
If the merger is approved, when will we be able to use the other UIECU locations to conduct our business?
Accounts will not be available to EW #601 CU members on July 1st so their accounts can be transferred over. Beginning July 2nd they can use any of UIECU’s locations.
Where are all of the locations?
First Street Branch Five Points Branch
2201 S. First St. 206 E. University Ave.
Champaign Urbana
Lobby hours Lobby hours
Weekdays 9 am – 5:30 pm Weekdays 9 am – 5:30 pm
Saturdays 9 am – noon
Drive up hours Drive up hours
Weekdays 7 am – 7 pm Weekdays 7 am – 7 pm
Saturdays 9 am – 3 pm Saturdays 7 am – 5 pm
Illini Union Branch 601 Branch
1401 W. Green St. 3301 N. Boardwalk Dr.
Urbana Champaign
Lobby hours Lobby hours
Weekdays 9 am – 5 pm Weekdays 9 am – 5 pm
Are the ATMS free & where are they located?
Transactions at UIECU ATMs are surcharge and transaction fee free at the following locations:
Alice Campbell Alumni Center
Beckman Institute
CRCE
528 E. Green St (24 hour)
Illini Union
Illini Union Bookstore
Illinois Street Residence Hall
Johnstowne Centre (24 hour)
First Street Drive-Up (24 hour)
Five Points Drive-Up (24 hour)
I Hotel & Conference Center
Will my account number change? If so, what will it be?
Your account number will change, but your existing account number will be incorporated into your new number to help make the transition easier. You should be receiving your new number in the mail shortly after July 1st, or we can look it up for you at any of our locations.
If I have accounts at UIECU and EW # 601 CU will they be combined?
Accounts transferred from EW #601 CU will be separate from existing UIECU accounts. Members may choose to combine their accounts under one account or keep them separate.
Will the 601 office close?
Members will still be able to use the current office at the IBEW #601 building.
What kind of checking account will my current account be converted to?
All EW #601 CU checking accounts will be converted to share draft checking accounts. Share draft accounts have no minimum balance requirement, no monthly fee, and no per check fees. They can be converted to any other UIECU checking accounts on request.
Will I get new checks?
New checks will be sent out after July 1st to all checking account holders.
When will my new checks arrive?
You should expect to receive your new checks in the mail by July 10, 2008.
Can I select the style of check I would like?
All checking account holders will receive one free box of the standard UIECU logo checks. Other check options are available from Liberty check printers. Visit one of our branches to review check design options or go online to www.uiecu.org and click on Account Access, then Re-order Checks.
Will there be a charge for checks?
All checking account holders will receive one free box of the standard UIECU logo checks.
What if I just bought new checks for my EW #601 account?
One box of checks will automatically be sent to each checking account holder. If you have additional unused boxes of checks, bring them in to any of our locations and we will replace them with UIECU logo checks at no cost to you.
If I get new checks when can I start using them?
You can and should start using your new checks as soon as they arrive. You will be notified of the final date that EW #601 CU checks will be cleared.
Can I use the rest of my EW601 Checks?
No. You can and should start using your new checks as soon as they arrive. You will be notified of the final date that EW #601 CU checks will be cleared.
Can I continue to write checks? If not, what do I do?
You can continue to write checks until your new checks arrive. When they do, please begin using the new checks and shred your old ones or bring them to any of our locations to shred for you.
Will my debit card still work?
EW # 601 currently does not offer debit cards.
Can I have a debit card?
Any member with a checking account in good standing can have a UIECU debit card.
What fees are associated with my debit card?
The normal $5 annual fee for a UIECU debit card will be waived for EW #601 CU members for the first year. There is also a $1 transaction fee for PIN-based transactions at non-UIECU ATMs and PIN-based transactions at merchants. Ask for ways to avoid these fees when you apply for a UIECU debit card.
Can I choose my own PIN for my debit card?
A random PIN will be mailed under separate cover from your debit card. If you would like to change your PIN, visit a member service representative at any of our branch locations.
How will the merge affect my payroll direct deposit?
Your direct deposit will still be automatically deposited to your new UIECU account.
Will my loan payment change?
For the remaining term of your loan, your payment and interest rate will not change.
Can I still use my existing loan payment coupons to make my loan payments?
You can still use your current loan payment coupon book or you can request a new one at any of our branch locations or by contacting our Service Center at 217-278-7700.
How do I apply for a new loan after the merger?
You can apply in person at any branch, or 24 hours a day by phone at 1-800-353-6666 or online at www.uiecu.org.
Will my certificates have the same rates and same maturity dates?
For the remaining term of your certificate, your interest rate and maturity date will not change.
When my CDs mature, what will the new terms be?
At maturity, your certificate will roll into a new certificate of the same term at the rate in effect at that time. If you would like to transfer the proceeds to your savings or checking account, please see a Member Service Representative.
How can I see my account information?
You can access your account information 24 hours a day, 7 days a week from any touch tone phone at 217-244-2131 or online at www.uiecu.org.
How can I get account information over the phone?
Touch Tone Teller is available 24 hours a day, 7 days a week for account balances and more.
How can I get account information online?
Visit our website at www.uiecu.org to log into I-Branch, UIECU’s online banking solution.
How often will I receive statements?
If you have a checking account, you will receive a monthly statement. Otherwise, you will receive a statement quarterly.
Will I earn dividends?
You will earn dividends on your regular share savings account. Share draft checking accounts do not pay dividends. If you are interested in earning dividends on your checking account, please contact a Member Service Representative to learn more about our other checking and money market account options.
Will I have different minimum balances on my accounts?
Regular share accounts have a $5 minimum balance, the same as EW #601 CU. There is no minimum balance on share draft checking accounts.
What will happen to my automatic payments for utilities, insurance, my car payment, etc.?
Payments currently set up to be automatically withdrawn from your account will continue to be withdrawn from your account.
Michelle knew all of us, what will I need to bring with me to access my accounts?
For your security and protection, you will be required to show a valid driver’s license or state issued ID card for information on your account and to make withdrawals.
What are the rules and regulations as far as ATMs, debit purchases, withdrawals, deposits, loans (grace period), and credit cards?
This information is included in our rate and fee schedule disclosures that were sent out with the welcome letters to all EW #601 CU members.
Will the new members have to sign new account agreements with our member service reps?
New members from EW #601 CU will not need to sign new account agreements for their existing accounts.
Can I still pay my Union dues from my credit union account?
UIECU will continue to collect dues from your credit union account.
Can I still pay my AFLAC premium from my credit union account?
UIECU will continue to collect AFLAC premiums from your credit union account.
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