Welcome Northern Energy Members!
Hello Again Northern Energy Federal Credit Union (NEFCU) members: On March 9th , your membership voted to Merge Northern Energy Federal Credit Union into Minnesota Valley Federal Credit Union (MVFCU). Both Credit Unions have been working behind the scenes for months now to make this as smooth a transition as possible for you, the member-owner. You may already know Minnesota Valley Federal Credit Union and below are a few answers to questions you might have at this point. Naturally, feel free to contact any time with any question. We fully realize that merging is a big decision and change. You have a long wonderful history as your own credit union.
Who is Minnesota Valley Federal Credit Union?
We were chartered in 1934 as Mankato Teachers Credit Union. We are a financially strong, high-tech and forward-thinking cooperative with over 16,400 members, 39 employees, assets of $260 million, deposits of $233 million, in-house loans of $109 million, additional serviced mortgage loans of $190 million and $26 million of member owned capital. Today we serve Blue Earth, Nicollet, Le Sueur and Waseca counties and have applied to NCUA to also serve Brown and Watonwan. We currently have 2 full-service branch locations and 1 administrative building in Mankato, MN. We often think about adding traditional branches but with easy-to-use and highly reliable technology today we likewise ponder if that is the best use of member’s money and capital. We never forget it belongs to you!
What’s included with my membership at Minnesota Valley Federal Credit Union?
NEFCU members will have access to additional resources, services and products to meet your financial needs. And we’re always looking to add more. Right away you’ll have added branches, including over 5,500 Shared Branch locations across the U.S., surcharge free ATM access not only at our 2 locations but the MoneyPass Network with more than 30,000 ATM’s. Plus a well-developed online presence and mobile app for banking on the go. You can deposit checks with your smart phone, or at our Mankato ATM’s. We also offer consistently attractive deposit and loan rates matched by low or no fees and high quality service. We’re one of the leading mortgage lenders in the area and we provide services to many small businesses, too.
Will the merger affect my family, friends and coworkers membership eligibility?
Everyone who is a member of NEFCU becomes a member of MVFCU. After you become a member, your immediate family members can join no matter where they live. Others may join if they live, work, worship, attend school, volunteer in or have a business or association in our multi-county field of membership.
Will my member number change?
Your member number will be very similar to the one you’re used to using now, with the addition of 4 or 5 digits in the front. So if your current member number is 1234, after the merger, your member number will be 39221234 and the front 3922 will be the same four numbers for all member of NEFCU.
Will I have to set up my automatic payments or direct deposits again including Bill Pay?
We are actively working with NEFCU’s ACH and Bill Pay provider to minimize the work that you have to do to make sure there are no interruptions and limited involvement by you to make this as easy as possible. Eventually, it is likely you will need to update some of your payees with your new account and routing number (MVFCU R&T number is 291981255).
Will my checks and debit card from NEFCU still work?
After the merger is complete, your checks will still clear your new account. However, it is better if you order new checks and the first box from us is free. Debit card wise you will need to begin using your MVFCU debit card post-merger on 4/1/2022.
Will the rates on my accounts/loans change?
Minnesota Valley Federal Credit Union will honor any rate you currently have on your CD’s and loans. Any other variable rate savings account or checking account rates will be changed to match our current rate sheet. To view our current rate sheet and fee schedule, please visit www.mnvalleyfcu.coop.
What about online banking?
Post-merger you will need to log in and set up online banking and the mobile app which is very user friendly. CLICK HERE to access our online banking web page. If you have issues our staff would be happy to walk you through the login process.
What if you want to research a transaction from the past?
No worries as we’ll keep your core data processor running for at least six months post-merger.
What if I have more questions?
We would welcome any questions you might have. We’ll help every step of the way. You can pay us a visit, call us toll free at 800-247-0522, email us at firstname.lastname@example.org or chat with one of our friendly staff members via our website, www.mnvalleyfcu.coop Thank you NEFCU members (and former members of St. James Public Schools FCU and Mico Employees CU), board, supervisory committee and staff. It’s a pleasure working with you folks and we welcome you to our credit union family.
How will my loan payment be made?
Your loan payment will be made the same way it was through Northern Energy. You should not need to make any changes. However, if you do, a staff member from MVFCU will reach out to you.
If you had a Northern Energy FCU Checking Account:
A debit card was ordered 3/21/22. If you have questions on the functionality of this card, please let us know. If you don’t need this card, please feel free to cut it up. Your Northern Energy Checks will continue to work. If you would like MVFCU checks, please let us know and we will be happy to order them for you.
PIN Number: If you plan to use this card at an ATM, you will want to establish the PIN by calling the number on the sticker on the front of the card. Please know you must call from the phone number on file. If we do not have a phone number on file, you will need to call MVFCU and we can add that.
If you were already a member with MVFCU:
To ensure the smoothest possible transfer of your Northern Energy Account, you will receive a separate account for Northern Energy. If you would like to combine these two accounts, please email email@example.com or call 507-387-3055 and our staff will be happy to assist.