FAQ - Merger with Greylock Federal Credit Union
Last Updated 7/30/21
REASON FOR MERGER
Why are you merging?
In today’s economic and regulatory environment, it’s becoming cost prohibitive for smaller credit unions, like us, to stay competitive and continue to offer you the great services you deserve. We looked into a number of options and fortunately, we found a local partner in Greylock Federal Credit Union that has the size and resources to remain competitive and also has the heartfelt dedication to providing the highest quality of service that you enjoy with us today.
Upon completion of the merger, CUB Members will become Greylock Members and unlock full access to offerings including:
- 12 public branches (one is currently closed due to staffing shortages following the pandemic) and 21 local ATM locations. As a Greylock member, you’ll also enjoy over 60,000 surcharge-free ATMs and over 5,800 shared branch locations nationwide
- 24/7 Member Contact Center
- Robust online and mobile banking services
- The resources of Greylock’s Community Empowerment Center, located on Kellogg Street in Pittsfield, MA.
- A suite of Greylock’s personalized products and services for: business banking, investment & insurance.
What is the merger timeline?
The application to merge was submitted to the Massachusetts Division of Banks, the National Credit Union Association (NCUA) and the Massachusetts Share Insurance Corporation (MSIC) on May 3, 2021 proposing an effective merger date of October 1, 2021. We received regulatory approval on July 1, 2021. Following the successful Credit Union of the Berkshires member vote on September 16, we received final regulatory approval and the merger will be effective on October 1. Over the weekend of October 29-31, a system conversion will be completed allowing all CUB members to begin using any of the Greylock branches and on-line banking services. Until the conversion is completed, CUB members will continue to use the CUB location and services for all of their banking needs.
What are the details regarding the member vote?
On Thursday, September 16, 2021, members overwhelmingly voted to approve a merger with Greylock Federal Credit Union at a special meeting at 5pm at Berkshire Hills Country Club.
During the conversion, what changes should I anticipate?
Over the weekend of October 29-31, the CUB member accounts will be converted to Greylock through a system conversion. Beginning Friday, October 29 at 4pm, CUB’s electronic services such as Home Banking and Bill Pay, will no longer be available. After the conversion process is completed, members will be able to access these services by using Greylock’s Home Banking platform on November 1. Also, your CUB Debit Card access will be limited through the weekend. We encourage you to activate and begin using your Greylock Debit Card and then discontinue using the CUB Debit Card as early as Saturday afternoon, October 30.
Will the current CUB branch location remain open after the merger effective date?
No, this branch will clse on October 29th, but the nearest Greylock branch is located just 1.8 miles up the road at 71 Elm Street in Pittsfield, MA.
How long will the CUB branch remain open?
The CUB Branch will remain open until the day of the system conversions. This branch will close at 5PM on October 29th, but the nearest Greylock branch, is just 1.8 miles up the road at 71 Elm Street in Pittsfield. As we approach the October 29th Conversion date we will update this FAQ with any changes.
Will CUB Employees still be employed?
Yes, and it’s good news! The CUB staff has been offered employment at Greylock and are excited to join their new team.
Will I be able to use the other Greylock branches?
Yes. Effective November 1, CUB Members (now Greylock Members) have access to all of Greylock’s branches.
Will my account number(s) change?
Yes, (Very Important) your member number and account number(s) will change. Greylock uses 1 member number per member and a unique account number for each account you have. You will be notified of your new numbers prior to the conversion.
If you are a current member of Greylock, your CUB accounts will come over to Greylock as separate accounts with new account numbers, but they will all be listed under your current Greylock member number.
Will I receive a new debit card?
Yes. (Very Important) If you have a CUB Debit Card or a CUB ATM Card now, you will receive a new Greylock Debit Card around October 25.
How long can I use my CUB debit card?
Your CUB Debit Card access will be limited through the weekend. We encourage you to activate and begin using your Greylock Debit Card and then discontinue using the CUB Debit Card as early as Saturday afternoon, October 30.
When can I begin using my Greylock debit card?
You can activate and begin using your Greylock Debit Card on Saturday afternoon, October 30. While we know this may be inconvenient, we hope that with enough notice you can be prepared to plan around these dates. We will be working diligently over the conversion weekend to minimize the outage. We will update our website www.greylock.org/cubwelcome to let you know when your new Debit Card can be used.
Will I receive a new ATM card?
No. If you currently have a CUB ATM Card, you will receive a new Greylock VISA Debit Card around October 25. Greylock offers a Debit Card to members who wish to use an ATM. A Visa Debit Card will work the same way as your ATM Card did, allowing you to withdraw money and make transactions at an ATM, but with the added benefit of being able to make purchases anyplace that accepts VISA when you have it connected to a Checking account.
How long can I use my CUB ATM card?
(Very Important) Your CUB ATM Card access will be limited through the weekend. We encourage you to activate and begin using your Greylock Debit Card and then discontinue using the CUB ATM Card as early as Saturday afternoon, October 30.
CERTIFICATES OF DEPOSIT (CDs)
Will the terms and rate of my Certificates of Deposit (CD) change? What happens when my CD matures?
Your current CD rate and maturity date will remain the same. Prior to all maturity dates, a reminder notice will be mailed to you. Greylock’s Terms and Conditions for CDs are different than CUB’s. Specifically, the minimum balance amount, penalty amount for early withdrawal and the grace period at the time of renewal. If any CUB member with a CD would like to Opt-out of the new Terms and Condition, they may do so by closing their CD, without penalty, within 60 days of the account transferring to Greylock. For more information, visit: https://www.greylock.org/save/savings/certificates.html.
I have a Holiday Club account. Does Greylock offer a Holiday Club?
Yes, Greylock offers a Holiday Club. You can make deposits throughout the year and it pays out by transferring to one of your Greylock accounts on October 1st every year. Withdrawals are not allowed on the Holiday Club accounts. Click here to learn more.
I have a Vacation Club account, does Greylock offer a Vacation Club?
At this time Greylock does not have a Vacation Club account. What this means is during the conversion, your Vacation Club account will be moved into a Greylock Share Savings Account, which will be labeled “Vacation Share.” A Share Savings account is very similar to a club account. The main difference is that you may access the funds anytime.
Does Greylock offer credit cards?
Yes, Greylock offers a variety of VISA credit cards to suit your needs. Please visit https://www.greylock.org/spend/accounts-and-cards/credit-cards.html for more information.
DIRECT DEPOSITS AND PAYROLL DEDUCTION
Will my direct deposit and automatic payment continue after the conversion?
(Very Important) You can start using your new account numbers on November 1. For any automatic deposits or automatic withdrawals that were coming into or out of your CUB account, you will need to contact the provider (employer, Social Security Administration, etc.) and give them your new account number and routing number in order for the direct deposit or automatic withdrawal to continue. The routing number for all Greylock accounts is 211885250. You will have 90 days after the conversion to notify your provider with your new account and routing numbers.
Your new account number will be mailed to you in early October. The routing number for all Greylock accounts is 211885250.
What do I need to know if I have set up automatic transfers?
Automatic transfers and loan payments that were from one CUB account to another will continue when your accounts move to Greylock. However, your automatic transfers will now occur at the end of the business day.
If you have a transfer to or from your CUB account from another institution, please refer to the “Direct Deposit” questions.
When will my last CUB statement be produced?
Your last CUB statement will be produced on October 31, 2021.
When will my first Greylock Federal Credit Union statement be produced?
- If you currently receive a monthly statement, your first Greylock Federal Credit Union statement will be produced on November 30, 2021.
- If you currently receive a quarterly statement, your first quarterly statement from Greylock Federal Credit Union will be produced on December 31, 2021.
Greylock also offers an E-Statement option. If you would like to set up E-Statements please CLICK HERE and register through online banking. You may also visit them at any of their branches or call their Contact Center at (413) 236-4000.
ONLINE BANKING, E-STATEMENTS & BILL PAY
How will I access my Online Banking or Bill Pay after the transition to Greylock?
- If you are a current Greylock Member with Online Banking or Bill Pay, your CUB accounts will display when you log in on November 1, 2021.
- If you are not currently enrolled in Greylock’s Online Banking or Bill Pay, please visit their website, www.greylock.org and click the login button and then Enroll. These services are FREE for all Members.
(Very Important) You will no longer be able to access your CUB online banking after 4:00 pm on October 29.
If you currently use CUB Bill Pay, you will no longer be able to schedule payments through Bill Pay, access your Payees, or Bill Pay History after 4pm on October 26. We strongly encourage you to print out your Bill Pay history and Payee details prior to October 26 for your records.
If you are a current Greylock member with Online Banking or Bill Pay, your CUB accounts will display when you log in on November 1 or after. To sign up for Online Banking or Bill Pay with Greylock, please visit www.greylock.org and click Log In and then Enroll on or after November 1. Greylock’s Bill Pay service is FREE for all members.
How do I sign up for E-Statements?
- Greylock also offers an E-Statement option. If you would like to set up E-Statements please log into online banking, click on your primary share or checking account and click on “Online Statements.” This will give you the directions to register for E-Statements
- If you don’t have online banking with Greylock, you can still set up e-statements by stopping into a Greylock branch or calling (413) 236-4000 and press #1.
Will my current CUB loans convert to Greylock loans?
Yes. The terms and conditions expressed in your current loan documents, including the interest rate and payment due date, will remain the same.
How do I make my loan payments?
- If your payment is on autopay from your CUB account, this will continue.
- If you have a CUB loan with a “coupon book,” a new coupon book will be mailed to you.
- If you pay your loan automatically through another financial institution, you will need to notify them of your new Greylock Account Number and Routing Number. Greylock’s routing number is 211885250
- You may also pay your loan by:
- using debit cards from another institution outside of Greylock, by CLICKING HERE
- mailing to: Greylock Federal Credit Union, 150 West Street, Pittsfield, MA 01201
- using Greylock’s online banking, once you are enrolled and created the transfer. To enroll, please visit Greylock’s website, www.greylock.org and click the login button and then Enroll. Greylock’s Online Banking and Bill pay services are FREE for all members.
- You may also make your loan payment at any one of Greylock’s Branches. CLICK HERE for locations.
How do I contact Greylock regarding my loan?
For questions related to existing loans please call the Contact Center at 413-236-4000 or 800-207-5555.
What is Greylock’s routing number?
As a member of Greylock, will I have access to insurance discounts with the Greylock Insurance Agency?
Yes! Please call (888) 200-4445 for details or to request a quote or visit http://www.greylockinsurance.com/
Does Greylock offer investment services?
Yes! Please call (413) 236-4869 for help with your investment strategy or visit https://www.greylock.org/invest-and-protect/investment-services/greylock-investment-group.html
Where will I find Greylock branch and ATM locations?
For a complete listing of Greylock’s branch hours and locations, please visit our website at https://www.greylock.org/locations-and-atms.html or call 413-236-4000.
Will I have service prices on my account?
Please visit Greylock’s website for current rates and service prices, you may also CLICK HERE for a listing of our services and fees.
Can I still call to obtain my balance and request transfers?
Yes! Greylock offers a FREE service called “Nice Touch Plus” to assist you with telephone banking services 24/7. To sign up for this FREE service, simply visit any of Greylock’s branch locations or call the Contact Center at 413-236-4000 or 800-207-5555.
Will my shares still be insured?
Yes. As a member of Greylock the funds in your accounts are federally insured for at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Should you need more coverage we can help you organize the accounts you have to obtain additional insurance beyond the $250,000 minimum.
744 Williams Street
Pittsfield, MA 01201
Toll Free 800.443.1314