Proposed Merger Updates

Welcome to Credit Union 1!

Live Life Federal Credit Union (LLFCU) Board of Directors are meeting to discuss a proposed merger with Credit Union 1 (CU1). Thank you for taking the time to learn more about CU1 and what we can offer you as potential future members.

This merger will ensure that LLFCU members have access to the quality products and services needed to succeed financially. Credit Union 1 offers modern technology, dedication to member service, and competitive everyday banking products that will help members reach their unique financial goals. 

All LLFCU members will have the opportunity to vote on the merger at a Special Meeting, scheduled to be held August 15, 2024, with the proposed legal merger date of December 31, 2024. 

At this time, no changes will be made to your accounts or the methods you use to access your accounts. If the merger is approved by the membership, a conversion and consolidation of LLFCU’s and CU1’s core processing systems will take place. Prior to that date, Credit Union 1 will send you detailed information by mail explaining the conversion process and how this will affect your membership and access to your accounts.

Important Dates

  • Special Meeting: August 15, 2024
  • Proposed Legal Merge Date: December 31, 2024
  • Proposed Conversion Date: January 31, 2025

 

Merger FAQs for LLFCU Members

Why is Live Life Federal Credit Union (LLFCU) pursuing a merger with Credit Union 1?
LLFCU 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 LLFCU 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 December 31, 2024.

 

How will LLFCU 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. LLFCU 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? 
LLFCU’s field of membership will be incorporated with Credit Union 1’s field of membership after the proposed merger effective date December 31, 2024.

 

Will the LLCU​ branch in Fraser, MI, remain open? 
Once member approval is received to merge with Credit Union 1, it has been proposed to keep the branch in Fraser open upon the proposed merger effective date December 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 network and CO-OP surcharge-free ATM network.

 

Can I use Credit Union 1 branches now? 
You can continue to use LLFCU’s branch. We cannot begin integrating the operations of the two credit unions until after the proposed merger effective date of December 31, 2024. LLFCU’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 December 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 30,000 CO-OP 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 December 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 December 31, 2024. 

 

Will my online/mobile banking change? 
You will continue to use LLFCU’s online/mobile banking until the proposed merger effective date December 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 LLFCU’s debit card. LLFCU 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 LLFCU’s account information until the proposed merger effective date December 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 LLFCU accounts change? 
Until the proposed merger effective date December 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.

Credit Cards | Credit Union 1 offers an array of credit card options with competitive rates and exciting rewards. More information will be provided after the proposed merger effective date of December 31, 2024. 

 

What if I have additional questions? 
We are here to answer your questions! Don’t hesitate to contact LLFCU at 586.268.3720.

 

Credit Union 1 is celebrating 65 years of helping individuals, families and communities reach their financial goals.
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