i am member of valor credit union for 2 years just got letter today they are getting ready to merge into PENFED funny part is i just joined penfed few weeks ago with HP i guess this merge letter is 3 weeks late oh well nothing can b done now below is the detail from the notice on valor site good thing is accounts would be merge into penfed account if you already penfed member and so is the credit product it wont be close it will become penfed credit card so i think its better to join valor with sp and later after march that membership will become penfed membership with no HP hopefully
Frequently Asked Questions
When will the merger with PenFed Credit Union be completed?
On March 1, 2017, your Valor Credit Union membership will officially become a PenFed membership. On that date all Valor Credit Union branches will open as PenFed branches, and all new business will be completed in PenFed's systems. Then, on April 1, we will complete the merger process by converting your existing Valor accounts and products to PenFed accounts and products that are most similar to what you have now.
Why are you doing this merger?
In today's ever-changing economy, our Board of Directors evaluated strategic possibilities to ensure that you, our member, will continue to receive the full range of products and services you deserve. After considering alternatives, we determined that a merger with PenFed is in the best interest of our members. Both Valor and PenFed are in very good financial condition.
Will the Valor Credit Union branches remain open?
Yes, the Valor branches will remain open with the same employees you know so well. Branch hours will also remain the same.
Will my account stay the same?
All Valor Credit Union accounts will be mapped to equivalent PenFed accounts.
What if I already have accounts with PenFed?
For dual members, all Valor Credit Union accounts will transfer to the members' existing PenFed profiles as separate accounts. If you desire, you can ask that the new, transferred accounts be combined with like PenFed accounts that you previously had with PenFed, or you can keep the transferred accounts separate.
Will my history be available? Can I access my pre-merger statements?
Yes, 60 days of account history for savings and checking accounts will convert. Pre-merger statements will be available by calling PenFed.
What's going to happen to 2017's 1098s and 1099s?
PenFed will provide all 2017 tax forms.
When will the final March 2017 Valor Credit Union statements be mailed to members?
Statements will be mailed in early April.
Will I receive new checks at PenFed's cost or can I use my old checks? Will I receive new checks for each checking account I have?
Valor Credit Union members may continue to use their Valor checks, even after the merger date. Each checking account holder who ordered Valor Credit Union checks in the last year will receive one free order of checks mailed to them prior to the merger date. We recommend that members begin using PenFed checks after the merger date, but in case the PenFed checks haven't arrived or there are outstanding Valor Credit Union checks, they will continue to be honored through the end of the year. If you did not order checks in the last year just call PenFed after the merger date and they will order checks for you, free of charge.
Will I have to reenter my Bill Pay information?
All Valor Credit Union bill pay accounts and payment information will transfer to PenFed's Access Bill Pay system; members will not need to reenter that information.
How long will Valor Credit Union debit cards continue to work?
Valor Credit Union debit cards will remain active for use through close of business on Friday, April 21, 2017. However, we encourage members to activate and begin using their PenFed debit cards as soon after the merger date as they are able.
What happens to the Valor Checking, and Kasasa Cash, Kasasa Cash Back, Kasasa Tunes or checking accounts?
All Valor checking accounts will be mapped to PenFed's Access America Checking accounts. Details can be found here: https://www.penfed.org/Access-America-Checking/.
Do I have to change my direct deposit and allotment?
No. Valor Credit Union members' direct deposits, ACH, automated credit and debit entries, transfers, all electronic items including retirement and Social Security will be automatically redirected to PenFed during the merger process. If they set up a new direct deposit or preauthorized debit after 4/1 they must use their new PenFed account number and routing number.
Will my internal transfers remain, or do I need to set them up again?
Internal transfers will remain after the merger. PenFed will contact the members if any internal transfers cannot be converted.
When will my Valor credit card convert to PenFed?
Valor Credit Union Visa Premier Cash credit cards will convert to a PenFed credit card soon after the merger date. Until then your Valor card will continue to work as it always has.
Will PenFed honor my Valor Credit Union loan and CD rates and terms?
Yes. All fixed-rate loans and CDs will transfer to PenFed at the existing Valor rate and term. Consumer lines of credit will transfer at either the Valor or PenFed rate, whichever is lower.
Got a notice that Valor CU (formerly Tobyhanna CU) will be looking to merge with Penfed. I am already a member of Penfed and have 2 CC and LOC. Maybe those with credit products will be transferred to a Penfed CC.
Thanks for the info; I did not know this was happening. Those Valor CU members are getting an upgrade.
I got the notice in the mail today. I, like many others of us, jumped on the Tobbyhanna savings and credit card train a few years ago. Interestingly, I cannot get a PenFed CC, but it looks like I will have one afterall!
read my post the FAQ list upon demand the membership savings or checking accounts would be merged into penfed accounts if you already penfed member plus same story with credit card it would become penfed credit card so yes you are good to go
They've also merged with Miramar recently or are going to.
How many credit unions have they merged with in the past year or year and a half? I've lost count.