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News Releases | April 06, 2009

IMPORTANT: Major System Upgrade. Temporary Disruption to Member Services.

Austin, TEXAS — April 6, 2009 — University Federal Credit Union (UFCU) will conduct a system upgrade from 7 PM, Friday, May 8, through Monday, May 11, 2009

Things To Know About The System Upgrade

  • All UFCU branches will be closed Saturday through Monday, May 9-11, 2009. Branches will re-open for business 8 AM, Tuesday, May 12.
  • Online Banking and Phone Banking will be unavailable beginning 7 PM, Friday, May 8. Service will resume 8 AM, Tuesday, May 12.
  • No UFCU business can be conducted at National or Texas Credit Union Shared Branch Outlets from 7 PM, Friday, May 8, through Monday, May 11.
  • UFCU's Call Center will be available for general questions about the system upgrade on Saturday, May 9, and Monday, May 11, but no transactions can be posted until 8 AM, Tuesday, May 12.
  • UFCU ATM Cards, VISA® Debit/Check Cards, and Credit Cards will continue to function normally.
  • UFCU ATMs will be unavailable 7 PM, Friday, May 8, through Monday, May 11, 2009. Members may use Alliance of Austin Credit Unions ATMs without service fees during the system upgrade. Your UFCU card also will function normally at other non-UFCU ATM locations, however service charges may apply.
  • eDeposits (an Online Banking feature for depositing checks into your UFCU account from home) will be unavailable beginning 10 PM, Tuesday, April 28. Service will resume 8 AM, Tuesday, May 12.
  • Bill Pay will be unavailable beginning 10 PM, Wednesday, May 6. You will not have access to view, add, delete or modify any payments. Service will resume 8 AM, Tuesday, May 12.
  • UFCU will accept loan applications through the Call Center however loan funding transactions will be unavailable until 8 AM, Tuesday, May 12.
  • UFCU Branches, Call Center, Online Banking, eDeposits, Bill Pay, Phone Banking and ATMs will be reactivated for normal business 8 AM, Tuesday, May 12.

We have planned and prepared for this system upgrade for more than a year and are excited about improving and enhancing our products, services and functionality to serve you better in the future.

As a small token of our appreciation for your patience during the system upgrade, we will be waiving monthly deposit account service fees during the month of May.


General Account Information

Account Numbers

The system upgrade will convert all UFCU account numbers to 10-digit account numbers. If your current UFCU account number contains fewer than 10 digits, zeros will be added to the beginning of your account number.

Current Account Number Post-System Upgrade Account Number
10 digits....1234567899 10 digits....1234567899
  9 digits......123456789 10 digits....0123456789
  8 digits........12345678 10 digits....0012345678
  7 digits..........1234567 10 digits....0001234567

Share IDs

The system upgrade will convert account suffixes to four-digit Share IDs.

Account Type Current Account Suffix Post-System Upgrade Share ID
Savings 0 0000
Special Savings 1 0010
Money Market 7 0070
Checking 8 0080

Certificate of Deposit account numbers will convert to four-digit Share IDs. Certificate Share IDs will begin with 4000, Web Certificate Share IDs will begin with 6000 and IRA Certificate Share IDs will begin with 2000.

Account Type Current CD Account Number Post-System Upgrade CD Account Number
1st Certificate (CD) 123456789-12344 0123456789-4000
2nd Certificate (CD) 123456789-12345 0123456789-4001
1st Web Certificate 123456789-57899 0123456789-6000
2nd Web Certificate 123456789-57810 0123456789-6001
1st IRA Certificate 123456789-34567 0123456789-2000
2nd IRA Certificate 123456789-34568 0123456789-2001

Direct Deposits, Automatic Payments, and Transfers

Direct deposits (including payroll deposits, Social Security, Supplemental Security Income (SSI) benefits, or other regular deposits) and existing automatic payments to or from any of your UFCU accounts WILL NOT be affected by the system upgrade and will continue to be processed as usual. You will not need to contact any businesses that withdraw or deposit funds from or into your UFCU account. In addition, automatic transfers between your respective UFCU accounts (ex: from your UFCU Checking account to your UFCU Savings account) WILL NOT be affected.

Mid-May Dividend Posting

On May 8, 2009, dividends will be posted to your qualifying accounts. Dividends then will resume posting at the end of each month.


Checks

After the system upgrade, the MICR line on your checks will include a 13-digit number.

You can continue to use your current checks after the system upgrade. YOU WILL NOT NEED TO ORDER CHECKS until you deplete your current supply.


Online Banking

  • Online Banking will be unavailable beginning 7 PM, Friday, May 8. Service will resume 8 AM, Tuesday, May 12.
  • eDeposits will be unavailable beginning 10 PM, Tuesday, April 28. Service will resume 8 AM, Tuesday, May 12.

After The System Upgrade

  • Account Nicknames - You will need to re-establish account nicknames, if any, existing prior to the system upgrade by selecting Options, then Customize Account Names.
  • Multiple Account Access - If you currently have Multiple Account Access to other accounts for which you know the Online Banking password, you will need to re-establish your Multiple Account Access to those accounts.
  • Online Banking Password Requirements - Any new or changed Online Banking passwords cannot contain either < or >.
  • eStatement Notification - The ability to opt in for a monthly email notification when a new eStatement is available will no longer be available within Online Banking.
  • Withdraw by Check - The ability to withdraw funds by check will no longer be available within Online Banking.
  • Online Banking History - History prior to the May 12, 2009, upgrade will be unavailable within Online Banking. However, you may review your account history on your eStatements.
  • NEW: Transfer Funds To and From Other Financial Institutions - You will have the ability to transfer money to or from your accounts at other financial institutions through UFCU Online Banking.

Multi-Factor Authentication (MFA)

Multi-Factor Authentication (MFA) is a security feature that helps ensure only you can access your UFCU accounts through Online Banking. After the system upgrade, you will be prompted to enroll in UFCU's upgraded MFA when you login to Online Banking. Enrollment will require you select and answer four security questions. UFCU's upgraded MFA no longer will include your previously selected image and text phrase.

The new MFA enrollment process will take only a few minutes, with step-by-step instructions presented as you go. If you wish, you may delay your enrollment up to 30 days before you are required to enroll.

Online Banking Account Login

Visit ufcu.org to login to Online Banking. You may login using the same account number (with or without the zero(s) added to the beginning) and password you used before the upgrade.

Money® - Quicken® - QuickBooks® Users

You will continue to have the ability to download your UFCU account information into Money, Quicken or QuickBooks. For members who currently download transactions from Online Banking into Money, Quicken or QuickBooks, we recommend that, in order to secure pre-upgrade transactional history, you complete a transaction download by 5 PM, Friday, May 8.

If you do not complete a download by 5 PM, Friday, May 8, you will need to manually update Money, Quicken or QuickBooks with ALL financial transactions (deposits, withdrawals, ATM transactions, debit transactions) performed since the last time you completed a download prior to the system upgrade.


Bill Pay

Bill Pay will be FREE for all members with a UFCU Checking account after the system upgrade. Members may enroll by selecting Bill Pay within Online Banking.

  • You will temporarily lose ability to add, modify, and/or delete Bill Pay payees beginning 8 AM, Monday, May 4. Service will resume 8 AM, Tuesday, May 12.
  • You will temporarily lose ability to view, add, delete or modify any Bill Pay payments beginning 10 PM, Wednesday, May 6. Service will resume 8 AM, Tuesday, May 12.
  • Any one-time or recurring bill payments scheduled between 10 PM, Wednesday, May 6, through Monday, May 11, will not be processed until 8 AM, Tuesday, May 12. For Bill Pay payments that cannot wait until May 12, please reschedule them prior to this scheduled downtime.
  • You must read the "Enroll in Bill Pay" disclosure on your first login. Select Proceed and your current payees, history and scheduled payments will be available. You will not need to re-enter your Bill Pay information.

Loan Information

Automatic Loan Payment Transfers

Automatic loan payments transferred from your UFCU Savings or Checking account will continue to process normally after the system upgrade. Funds will be debited from the designated account and credited to your loan on the date you have specified. If funds are not available in your specified UFCU account on the scheduled automatic loan payment transfer date, the system, for up to 15 days, will check your account for adequate funds in order to post the transaction to your UFCU share secured, Line-of-Credit (LOC), signature or vehicle loan.

Share Secured Loans

Currently, payments made towards share secured loans or certificate secured loans are applied proportionately. For example, if you have a certificate secured loan secured by two certificates, payments are applied 50% to one certificate and 50% to the other certificate.

After the system upgrade, payments will be applied fully to the secured accounts in the order in which they were opened.  For example, if you have a certificate secured loan secured by two certificates, payments will be applied fully to the first certificate opened. Once the first certificate is fully released, payments will be applied to the second certificate.


Statements

In mid-May all members will receive an Account Statement. This statement will display your account balance, including dividend payments, through the close of business on May 8. After this special statement, your normal statement schedule will resume.

All statements received in June and beyond will be generated from our upgraded system and will have an improved, easier-to-read format. These enhancements will be evident on both paper statements and eStatements retrieved through Online Banking. You will continue to have access to account history on your eStatements within Online Banking after the system upgrade.