Fort Worth Telco Credit Union to merge with EECU

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Merger will present wider product and service offerings to Telco members

FORT WORTH, Texas (Feb. 26, 2013)—Effective May 31, Fort Worth Telco Credit Union will merge with Fort Worth-based EECU in an effort to provide enhanced product and service offerings to the former’s 5,000 members.

“EECU has a long-standing relationship with Fort Worth Telco Credit Union and its leadership,” said Lonnie Nicholson, president and CEO of EECU. “The decision to merge seemed like a natural extension of the relationship between the two credit unions. We are excited to enhance the products, services and delivery options provided to Telco’s members.”

As one of North Texas’ largest locally owned financial institutions, EECU serves more than 167,000 people with products and services to meet their financial needs, including checking and savings accounts, credit cards, loans, insurance and investment services. In addition, the credit union offers the convenience of multiple branch locations and online and mobile banking products, not previously available to Fort Worth Telco members.

“We feel this merger will be extremely beneficial to our members as they will have access to resources not currently available to them,” said Ron Reed, Fort Worth Telco Credit Union president. “Having been our neighbor in Fort Worth for 33 years, we’re confident in EECU’s commitment to upholding the high standards of service our members are used to.”

The merger, which is already in progress and scheduled for completion on May 31, will transfer the approximately 5,000 Fort Worth Telco Credit Union member accounts, which include checking and savings deposits and loans, to EECU where they will continue to be serviced.

Fort Worth Telco Credit Union members will receive communications throughout the merger process to ensure the transition is completed smoothly and all questions are answered.

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22 thoughts on “Fort Worth Telco Credit Union to merge with EECU

  1. Currently at Telco a member can walk in and get a new car loan at 2.35% for 72 months amlost based on nothing more than the 10 previous loans I have paid perfectly with them and a current pay stub. What will be required by EECU to get the same rates Telco charged on my next car loan with EECU? An 800 credit score I do not have?

    Reply
    • Hi there! Our lending department takes into consideration your history of paying loans when evaluating a loan application, so the process will be similar to Telco’s. Our rates may change based on economic conditions, but we always offer competitive APR on our loans. You can check out our current rates at any time here.

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  2. will we still be offered the skip a month on the loan payments twice a year? if so, how will we be notified when to apply?

    Reply
    • Hi Amy! Members are able to skip a payment once each year on qualifying loans that meet the criteria for this program; however, this can actually be done any time, not just when we send out a mailer. To see if any of your loans are currently qualified, log in to Online Banking and select “Loans & Credit Cards” and click “Loan Skip-a-Payment.” You should be able to see all of your loans and it will tell you which ones currently qualify for the Skip-a-Pay program. Give us a call at 817-882-0800 if you have any questions. Thanks!

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        • Oh okay. Well, once your account is converted to EECU (after May 31), you’ll be able to sign up for Online Banking and check to see if any of your loans qualify. We also send out notices toward the end of the year to those who qualify, since we find that many of our members could use the extra money around the holidays.

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  3. Will current direct deposits into Telco CU accounts be affected? Will TELCO CU account numbers change when the merger takes effect? Will TELCO CU members have to order new checks? Should current TELCO members apply for membership at EECU? In other words, If A TELCO member does nothing, what will fall through the cracks? Thx, Lannie Walker

    Reply
    • Hi Lannie! These are great questions! Your direct deposits will continue to work through the merger. You will receive a new account number and any other information applicable to your account prior to the merger date, so keep an eye on your mailbox, and will also receive a free box of EECU checks (you may continue to use your Telco checks until you receive these). The only programs that will not automatically transfer due to differences in EECU and Telco computer systems are Online Banking and Bill Pay. You’re welcome to apply for EECU membership prior to the merger if you would like, but if not, your accounts will be automatically transferred over.

      Here are some links to resources that you should have received by mail which may answer many of your questions. If you haven’t received any communications from EECU or Telco regarding the merger, please be sure and update your account information because this may mean we don’t have your correct address. Of course, we’re always happy to answer additional questions, so you can contact us at 817-332-4131.

      EECU & Telco FAQ – Part 1
      EECU & Telco FAQ – Part 2

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  4. Will joining member requirements change? In the answer to Linda’s post, does “at this time” mean the name may change in the future to include Educational and Phone Employees Credit Union, EPECU?

    Reply
    • Hi Randy! Our membership requirements and name will remain the same. Fort Worth Telco Credit Union is simply becoming a part of EECU, so all of its members will become EECU members and will gain access to the products and services EECU offers to our members. Anyone who lives or works within our field of membership will continue to be eligible to take advantage of EECU membership.

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  5. I have a friend that is looking for the best place for his savings account. He will be purchasing a home soon and I would like to get the lowest rate on a home loan for him. Could you give me some info on home loan cost?

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  6. Will merchant account information for online bill paying be transferred automatically from the telco website to the EECU website?

    Reply
    • Hi Stuart! Because of differences between Fort Worth Telco and EECU’s online banking systems, we are unable to transfer Bill Pay merchants into EECU’s system. Telco members have the option of opening their EECU account before the merger is complete in order to ensure that no bills are missed during the transition; however, doing so will not allow your account history to transfer to EECU’s system because it would be a “new” account. If you choose to wait and allow the merger to automatically transfer your account to EECU, any automatic transfers you have scheduled will automatically be applied to your EECU account, but your Bill Pay merchants will need to be set up again. Telco members will be receiving additional information about this process soon, so keep an eye on your mailbox!

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  7. I am a Telco member, will I be able to utilize the account monitoring software like quickbooks and MINT with EECU?

    Reply
    • Hi Keith! Yes, you sure will! In fact, EECU’s Online Banking has a built-in program called FinanceWorks, developed by the same company and with many of the same features as Mint. It makes it very easy to keep track of your finances.

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  8. I have been with EECU for about ten years. And in reality it does look like the EECU members are paying in one fashion or another for this merger. You now have transfer fees for LOC transfers from lines of credit ($3.00) when initiated by the credit union starting on March 1, and increases in other fees, as well. So we are paying for this merger. For the past few years EECU has improved but we are also seeing it becoming and charging more and more fees just like a bank. One huge reason why I am not using my business account at EECU is because of unnecessary fees. I opted to use a bank business account instead. I hope I don’t have to move my personal banking somewhere else. You are going to loose more and more customers and accounts if you keep on adding fees.
    No need to act on my comment. It’s just feedback for the EECU administration.

    Reply
    • Hi Ion! We want you to know that we truly appreciate your feedback. EECU is committed to doing what’s best for members like you. The decision for EECU to merge with Fort Worth Telco Credit Union is unrelated to the recent changes in fees. EECU decided to make small raises to a few fees because of the extended period of low interest rates across the financial services industry. As a credit union, our mission is to earn money in the most beneficial manners for our members and then repurpose the money made toward returning deposit rates and service offerings for our members as well as community enrichment opportunities. Unfortunately, like other financial institutions, the decision to slightly raise some of our fees was necessary for us to continue serving our communities in this capacity, but we assure you that our primary objective remains to serve members like you in the best way possible. Thanks so much for sharing your input with us, and we will certainly keep it in mind as we continue to grow!

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    • Hi Carey! No, we will not change. The only change will be for Fort Worth Telco members, who will become EECU members when the merger is complete. This will not affect EECU’s operations or change the way we serve our members.

      Reply
    • Hi Linda! There won’t be any changes to EECU’s offerings or service. We will only be welcoming Fort Worth Telco’s members to our family at this time.

      Reply

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