Meadows/Consumers Merger FAQ’s
Why are Meadows and Consumers merging?
Combining the two credit unions together help reduce costs and gain economies of scale. This also combines the talent pool of the organizations, so we can take the best practices from one another to make a better organization. The lower operating costs will enable the combined credit union to better compete when it comes to investing in secure, easy-to use technologies for our Members, improved pricing on deposits and loans, and charging less and fewer fees.
How will this benefit me as a Member?
The merger would provide several key benefits to members. MCU Members will realize a much larger Service Center (Branch) network with locations in: Gurnee, Mundelein, Round Lake Beach, North Waukegan, Northbrook, Palatine, Schaumburg and Volo. In addition to a larger Service Center network, MCU Members will realize higher rates on dividends, lower rates on loans and additional programs and services. In fact, an average Member will save over $340* per year by being an active Member with Consumers as compared to MCU!
When does the merger take effect?
The legal date of the merger will be December 1, 2017. (Although account conversions will not happen until later in 2018.)
Will the Meadows CU branch location remain open?
Yes. The current Meadows branch in Palatine will remain and be available to the combined membership. You will be able to work with the MCU staff using the current contact information:
2401 Plum Grove Rd.
Palatine IL 60067
847-342-9300 (toll free 800-662-2772)
Does this mean I can use any Consumers branch?
Eventually Meadows Credit Union members will be able to visit any Consumers branch to conduct all transactions and apply for loans, accounts, etc. Until that date is announced, Meadows Credit Union members can only use Consumer branches as a Shared Branch – which means teller line transactions of deposits, withdrawals and loan payments.
Can Consumer Members use the Meadows Credit Union Branch?
Eventually Consumer members will be able to visit the Meadows Branch at 2401 Plum Grove Rd., Palatine, to conduct all transactions and apply for loans, accounts, etc. Until that date is announced, Consumer members can only use the Meadows Branch as a Shared Branch – which means teller line transactions of deposits, withdrawals and loan payments.
When will my accounts be moved to Consumers?
A date has yet to be determined but is forecasted to occur later in 2018. Until then, Meadows Credit Union members will continue to use their same checks, credit card, debit card, mobile/online banking. Later in 2018, Meadows members will receive communication regarding the conversion of accounts to Consumers Credit Union.
Will my account number(s) change?
In nearly all cases your account numbers will stay the same. Once both organizations begin vetting the data, we may determine there is an overlap with specific account numbers. If this were to occur, affected members would be notified well in advance of account number changes and would be provided personal assistance to update accounts.
* Based on lower interest on loans and higher dividends on shares. $340 annually is based on dividends of a $6,828 average checking balance while qualifying for 3.09% APY each month, receiving $1.50 in ATM refunds, loan interest savings on an $18,000 used car loan and additional Visa® rewards with the Signature Cash Back card of $100 monthly spend in the 2% cash back category and $400 monthly spend in the 1% category.