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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
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.
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.
The system upgrade will convert account suffixes to four-digit Share IDs.
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.
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.
On May 8, 2009, dividends will be posted to your qualifying accounts. Dividends then will resume posting at the end of each month.
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.
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.
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 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.
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.
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.
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.