Merger FAQs for Midwest Carpenters and Millwrights Federal Credit Union (MCMFCU) Members
Why is Midwest Carpenters and Millwrights Federal Credit Union (MCMFCU) pursuing a merger with Credit Union 1?
We want to bring our members the best value as a primary financial institution and provide the necessary products and services to help them reach their financial goals. Credit Union 1 offers the technology and systems that address our members’ needs. Additionally, CU1’s strong core values give the leadership team and board of directors confidence that our membership will experience a much-needed upgrade in quality of service, which is a challenge in this current economic climate. 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, 2023.
How will MCMFCU 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.
We understand the pride that comes with banking with MCMFCU and there are many ways MCMFCU's identity will be preserved after the merger. Credit Union 1 will expand our Board of Directors to include a seat for a MCMFCU board member. Member-facing staff will continue to serve carpenters in the ways MCMFCU always has, and the branch will keep its unique atmosphere that represents carpenter service.
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?
The reason our two credit unions are pursuing this merger is to better serve MCMFCU members. 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?
MCMFCU’s field of membership will be incorporated with Credit Union 1’s field of membership after the proposed merger effective date December 31, 2023.
Will the MCMFCU branch in Hobart remain open?
Once member approval is received to merge with Credit Union 1, it has been proposed to keep the branch in Hobart open upon the proposed merger effective date December 31, 2023. Credit Union 1 has 15 branches in Illinois, Indiana, Nevada, and Georgia. 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 MCMFCU’s branch. We cannot begin integrating the operations of the two credit unions until after the proposed merger effective date of December 31, 2023. MCMFCU’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, 2023, 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, 2023.
Will the routing number change?
MCMFCU will retain our current routing number for the time being. After the proposed merger effective date of December 31, 2023, and the conversion of systems occurs, you will then use your Credit Union 1 account number and routing number for automatic debits or credits.
Will my online/mobile banking change?
You will continue to use MCMFCU’s online/mobile banking until the proposed merger effective date December 31, 2023. 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 MCMFCU’s debit card. MCMFCU 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 MCMFCU’s account information until the proposed merger effective date December 31, 2023. 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 MCMFCU accounts change?
Until the proposed merger effective date December 31, 2023, 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 MCMFCU at (800) 543-5785 or visit www.mcmfcu.com.