Woman with Raised Arms on a Hillside Hero

Stronger Together

WE'RE BUILDING A STRONGER CREDIT UNION

We have officially merged with NEFCU, and we couldn’t be more excited about the future. Over the coming months, we will combine our staff and select the best of our systems, products, and services to offer members. We expect to be truly operating as one credit union in late 2023. Until then, it’s business as usual.

Although changes are inevitable, we are committed to minimizing the impact of change on our members with each step we take. We will update this page on a regular basis with any upcoming changes to keep you informed.

New name and brand identity

As our two organizations combine to be one united credit union, we have some big tasks ahead of us. One of our objectives in 2023 is to develop a new name and brand identity that reflects the strengths and legacies of both credit unions. We will bring the most valued characteristics, traits, and offerings to light as we clarify the new look and feel for our future.

This will take time and consideration. We expect this process to be completed by late 2023.

What's new?

We don’t have all of the details ironed out, but here are some changes we have already put into effect.

  • Lower share requirement: Your membership share (the amount you need to keep in your account to maintain membership) has been reduced from $25 to $5. As a result, you should see an increase of $20 in the available balance of your Share Savings account.
  • Reduced fees: Many of our fees have been reduced. Overdraft fees are now $14 (down from $28), incoming wire transfers are now free, domestic outgoing transfer fees have decreased by $5 (from $20 each to $15 each). The foreign outgoing wire transfer fee will be $30 each.
  • Higher debit card limit: The daily limit for debit card purchases is now $5,000 (up from $2,750).
  • Scholarship opportunities: members can apply for scholarship opportunities as they become available. If you are an aspiring or current student of nursing, science, technology, engineering, or math, you may be eligible to win $3,000 toward your degree.
St. Johnsbury Fountain - Long Form Text

Action steps

At this point, you don’t need to take any action. Before we integrate systems later in 2023, we will communicate in advance of any changes coming or action steps needed, so you have time to prepare and keep your accounts running smoothly.

FAQs

Your convenience is a priority as we work through upcoming changes. While we don’t have answers yet for all your questions, we remain committed to communicating early about changes that will affect your accounts.

General membership

For now, the routing number will remain the same.

We are still working on these details and will provide information when it is available.

We are still working on these details and will provide information when it is available.

The minimum share amount (or par value) for membership is $5. Legacy members may notice an entry in their statement, notifying them of a $20 addition to their available balance. This is due to the change in par value from $25 to $5.

Branches and ATMs

Until we have combined our systems, you should continue to use the branches you have always used. Once we are fully operating as one organization, in late 2023, you will be able to conduct transactions at all legacy VSECU and NEFCU branches.

For now, VSECU business hours will remain the same.

Yes, you can! Because NEFCU is part of the CO-OP Network of ATMs, you can use any of their ATMs fee-free.

Accounts and services

Until we have integrated our systems, in late 2023, your legacy VSECU and NEFCU accounts will continue to operate separately.

Funds will continue to be covered by NCUA up to $250,000. Federal insurance may cover more than this amount if your accounts are set up correctly. If you are concerned about this, do not worry. You have until June 30, 2023, to reorganize your accounts. You can speak to a member service consultant if you need help with this.  You can learn more about NCUA insurance here.

Yes, we recommend ordering enough checks to get you through to at least September 2023. If there are any changes to your checking account, we will notify you in advance.

You do not need to make any changes to your debit card. If a new card is required in the future, we will let you know.

We are committed to providing the best of both worlds and growing our product offerings through the integration process. We will communicate in advance if there are any changes to our loan or deposit products.

We are still working on these details and will provide information when it is available.

Rates, fees, and other charges

We are selecting the best rate options for our members. You can find the most up-to-date rates here, and any changes in rates and fees are disclosed here.

We are still working on this detail and will provide more information when we know more.

If you are a member in good standing at either of the credit unions, you will maintain your membership status.

Merger

The merger is official as of January 1, 2023 but we are operating separately until we have fully integrated our systems. This will take several months. We expect to be truly operating as a unified credit union by late 2023.

Both credit unions will continue to operate under their respective brand names—VSECU and NEFCU—until a new name is identified and created for the combined credit union later in 2023. Until then, members will conduct business with VSECU, now a division of New England Federal Credit Union.

Current members will automatically become members of the combined credit union. Non-members can join the credit union by meeting membership eligibility criteria.

 

John Dwyer is the CEO of the unified credit union and Rob Miller is President. There will be balanced board representation from both legacy credit unions.