MAKING THE SWITCH
Q. What steps do I need to take to switch financial institutions?
A. We've made it easy for you to switch your accounts to ILWU Credit Union with these six easy steps:
1. Stop using your old bank account, start utlizing ILWU Credit Union
• Leave enough funds in your previous account(s) to cover any outstanding checks or automatic payments.
2. Open a Checking Account with ILWU Credit Union
· To open an account, make sure you have the items listed below:
o Two forms of ID (Driver’s License, TWIC Card, Passport or Government-issued ID)
o $6: $1 one-time membership fee and $5 which is the initial deposit for your Savings Account and your share in the company
For existing members: the $6 does not apply and only one from of ID is required.
3. Redirect your automatic payments such as:
• Utilities: Electric, gas, water, phone/cell phone
• Internet service, cable TV, satellite
• Credit cards
• Online billing or Bill Pay
• Direct Deposits
• Anything that comes in or out of your account
4. Don’t forget to switch your Direct Deposit(s)
• PMA members: complete the PMA Direct Deposit Form and you’re set. Keep in mind that the process can take up to 30 days.
• Non-PMA members: complete a Direct Deposit Authorization form and provide that to your employer. Keep in mind that the switch may take up to 30 days so plan accordingly.
• For Social Security Customers: switch your Social Security direct deposits by calling 800-772-1213 or using their website www.socialsecurity.gov
5. Close your old bank account(s)
• Ensure that all checks and transactions have cleared before you close the account
• Contact your previous bank to close your old bank account
6. Additional options to explore:
· Refinance your auto loan at ILWU Credit Union.
· Refinance your mortgage loan at ILWU Credit Union.
· Tap into your home’s equity with one of ILWU Credit Union’s home equity services.
Q. Can I switch my account to ILWU Credit Union immediately?
A. Once you make a deposit to your ILWUCU account and the deposited amount clears (usually within a day or two), you can access your funds by visiting our office. Once you obtain your official ILWUCU debit card or ATM card, your funds will be accessible through our ATMs and the CO-OP ATM network which has 28,000 ATMs nationwide.
Q. When can I close my old bank account?
A. First, make sure all your outstanding checks, automatic withdrawals (like Bill Pay items) and deposits clear. Second, move any excess funds from your old account to your ILWUCU account. Once these two steps are complete, close your old bank account.
Q. Can I close more than one old bank account?
A. Yes you can! We will assist you through the entire transfer process (Steps 1 – 6 mentioned above). Just make sure you have the necessary bank statements and information when you visit us. We’ll handle the rest.
Q. What if I need a form or letter to assist with the transfer or closing of an old account?
A. We provide all the necessary forms and letters to send to your financial institution(s).
Q. What is the cost for Direct Deposit?
A. We don’t like fees. Direct Deposit along with a variety of our products/services is free.
Q. What type of funds can I deposit into my account via Direct Deposit?
A. Most people use Direct Deposit for their paycheck, but you can also deposit various types of benefits such as Social Security investment dividends.
Q. Can I have more than one Direct Deposit assigned to my account?
A. Yes you can. Just complete a Direct Deposit Authorization Form for each Direct Deposit that you would like to initiate.
Q. When will my Direct Deposit with ILWUCU begin?
A. As a general rule, it takes up to two pay periods (or 30 days) to establish a Direct Deposit with an employer.
Q. How can I verify my Direct Deposit request has been processed?
A. You can verify your Direct Deposit set-up or transfer by reviewing your ILWU Credit Union account. You can do this online, through your printed statement or via phone through our Member Services team.
ONLINE AND MOBILE BANKING
Q. How do I sign up for Online Banking?
A. Visit this site and fill in the required information to sign up for Online Banking. If you have any issues, contact our Member Services team at (310) 834-6411. You can also visit us. We have secure computers in our office so that you may register and set-up your online account with the help from our staff.
Q. What is the cost for Online Banking?
A. Online Banking is completely free and automatically included in your Checking and/or Savings Account.
Q. Is the ILWUCU Online Banking site mobile-friendly?
A. Yes it is. You can handle all your online banking needs through your smartphone. If you have any suggestions for us regarding our online and mobile banking, feel free to let us know. We encourage comments and suggestions.
BILL PAY and Automatic Bill Payments
Q. What is an automatic bill payment?
A. Automatic bill payment is a convenient and efficient way of paying various types of companies (cell phone carrier, utilities, credit card, insurance, etc.) for services or products provided. On the date your payment is due, funds are withdrawn from your account and sent electronically to the authorized companies.
Q. How do I set up a new automatic bill payment?
A. We can help you set-up or transfer an automatic bill payment. All we require is a list of bills you need to pay. We suggest bringing your bills and statements for reference. You can also set-up automatic bill payments through ILWUCU Online Banking, under the Recurring Payments option.
Q. When will my automatic bill payment start?
A. It takes two billing cycles (or 30 days) to establish an automatic bill payment. Please plan any interim payments accordingly while your requests are processed.
Q. Who do I call if I have questions?
A. If you have any questions regarding the switch process, please call and speak to one of our ILWU Credit Union team members. We’ll be happy to assist you. Contact us at:
1134 N. Avalon Blvd.
Wilmington, CA 90744
Wilmington, CA 90744