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Merger Information

  

Worcester Postal Credit Union 
'A Division of AllCom Credit Union'

On April 1, 2013, Worcester Postal Credit Union officially became part of AllCom Credit Union. The core databases, products and services were integrated on July 1, 2013.  Worcester Postal members now have access to the full range of AllCom products and services.

Below is information about the merger and answers to some Frequently Asked Questions.

Who Is AllCom Credit Union?
AllCom is a dynamic, community-based financial institution located in Worcester providing savings, checking, loan and electronic services to its members.   

AllCom meets the needs of its members by providing comprehensive savings and lending products where and when they want them – in person or online.  Because they are a not-for-profit financial institution, members are offered lower interest rates on loans, competitive dividend rates on savings and low fee or no fee services. 

Founded in 1922, membership was originally limited to telephone company workers.  Today AllCom is open to everyone who lives, works or attends school in Worcester County and 22 other communities in Middlesex County.

How will the merger affect Worcester Postal Credit Union members?
Worcester Postal members will continue to have access to the same branch and the same friendly staff. All share accounts remain insured through the National Credit Union Administration (NCUA), up to $250,000. In addition, excess shares greater than $250,000 are fully insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC).

In addition, members will have access to a full suite of banking products and services, including checking accounts, mortgages and credit cards, all of which may be accessed through a variety of electronic delivery channels.  As in the past, members will continue to have a local financial partner that puts the member first and is invested in seeing Worcester and its surrounding communities prosper.

Frequently Asked Questions:

1.      Will the WPCU location close or are both locations becoming AllCom?
Both locations will remain open but the Worcester Postal office remains in a restricted area of a postal facility with no public access.  Only Postal employees and their families will be able to transact business there. All members have access to AllCom's office at 36 Park Avenue in Worcester, as well as more than 6,000 shared branching locations nationwide. To find a shared branching location, click here. 

      2.       What will happen to WPCU employees and leaders?

      All WPCU employees have been offered continued employment.  Former Chairman of the Board, Stephen Rossetti has joined the AllCom Credit Union Board of Directors.  An Advisory Committee has been created and committee members include former members of the WPCU Board of Directors: Ed Conrad, Donna Gerani, Esther Giachelli, Rick Johnston, Joe McClusky, Steve Rossetti, Dale Stafford and Paula Wilson.

 

3.      The merger became effective April 1 but why will it be completed in July?
Legally, the institutions became a single entity on April 1, 2013.  However, it takes several months to convert and combine all computer systems and accounts.

 

4.       Will there be any service disruptions with the computer conversion?

      Yes.  On Friday, June 28th the 4 East Central Street branch will close at 12:00 noon. The branch will reopen on Monday, July 1st, with normal hours and expanded product and service offerings.

 

      If you have any issues with your debit card during the weekend, please contact memberservices@allcomcu.org.

 

5.      Will my account number(s) change?

      Yes and no.  While your account number will technically change, the only difference will be a prefix of 3000 or 300.  If your WPCU account number is 999 or less, your new account number will be your existing WPCU account with 3000 in front of it.  If your WPCU account number is 1000 or greater, your new account number will be your existing WPCU account with 300 in front of it. 


For example: WPCU account 123 will become 3000123 and WPCU account 1234 will become 3001234.  And remember, our staff will be happy to look up your account number if you need assistance. 

 

6.      Will my account suffixes change?

      Your account suffix will now be called an account ID and will be a number instead of a letter as follows:

 

Account Description

WPCU Suffix

AllCom ID

Primary Savings

A

00

Additional Savings

B

63

Debit (converted to Checking)

W

71

 

Other suffixes will be converted within the following guidelines, but for more specific information concerning your account please contact the Credit Union and a member of our staff will be happy to help you:

 

Account Description

WPCU Suffix

AllCom ID

Additional Savings

C,D,E,G,K,O,P,Y

63-66

Certificates of Deposit

M,N,O,P,Q,

R,S,T,U

10-49

Loans

A,B,C,D,E,F,

G,H,I,J,K,L,P

01-19

 

7.      Will there be any changes to my debit card?

      Yes.  In order to take full advantage of the new services available to WPCU members, your W debit account will be converted to a checking account.  On or before June 24th, 2013 you should receive a new AllCom Credit Union-branded debit card and PIN.  Please activate and begin using this card on Friday, June 28th at 12:00 noon.  It is important to note that your existing WPCU debit card will not work after 12:00 noon on the 28th.  Please contact the Credit Union if you have not received your new debit card and PIN.

 

      If you have any issues with your debit card during the weekend, please contact memberservices@allcomcu.org.

     

      Members will continue to have five (5) free foreign ATM withdrawals per month; a $1.00 fee will be assessed for each withdrawal over the limit of five. Your new daily limits on the card will increase to:

 

Transaction Type

Online

Offline

ATM

$500

$150

Cardholder not Present
(i.e. internet/phone purchase)

$1,000

$300

Point of Sale

$1,500

$500

Aggregate Daily Limit

$1,500

$500

 

8.     Which ATMs will offer surcharge free access?

With your newly issued debit card, you will have access to the SUM network of surcharge-free ATMs, as well as the ability to make deposits at ATMs through the NYCE shared deposit program.  Visit www.sum-atm.com for details.

 

 

Please note: Access to AllPoint ATMs will no longer be surcharge free beginning at noon on June 28, 2013. 

 

9.     Will there be any changes to my savings account?

Yes.  Your savings account remains active and you can continue to access it as you always have.  However, dividends will be paid monthly rather than quarterly.

 

10.  Will there be any changes to my certificate of deposit (CD)?

      Current CDs will mature according to their original terms.  At maturity members will have additional options for term and dividend payment.  AllCom offers 6, 12, 24, 36, 48 and 60 month CDs and the member has the option of receiving the dividend at maturity or monthly.

 

11.  Will my statement change?

      Yes.  Your statements will come from AllCom Credit Union. Your final statement from WPCU will be for the June 30th statement cycle.  Moving forward, if you have a debit card, checking account or any electronic activity, you will receive a combined monthly statement for all of your accounts.  Otherwise, you will receive quarterly statements.

 

12.   Do I need to worry about new fees?
AllCom is committed to low or no fee service.  For a list of current fees, click here.

 

13.   What will happen to my WPCU loans?
All loans were transferred to AllCom at the time of the merger.  You can continue to make payments as you always have, with checks payable to AllCom Credit Union.

14. Is it difficult to get a loan?
If you, a family member, a friend or colleague need loan financing, we're here to help.  A lending officer reviews each loan application with care and all loan decisions are made locally.  We do our very best to support our members and their borrowing needs.  

AllCom offers a full range of loans at competitive rates and terms.  We offer loans for: 

- new and used automobiles
- new and second home mortgages
- home refinancing
- home equity and lines of credit
- personal loans

To apply
for a loan, simply fill out an application found on the Loan Products page of AllCom's website – www.allcomcu.org/asp/products/products.asp.  To have an application faxed or mailed to you, call 508-754-9980.