Merit Bank FAQs

Welcome to the Family!


At the special Board of Directors meeting held on October 8, 2024, the Board of Directors of Merit Bank unanimously voted to proceed with the purchase of two Merit Bank branches located in Ider and Valley Head, AL by the Rainbow City, AL based Family Savings Credit Union. We appreciate the trust that you and the Merit Bank Board of Directors have placed in us, and we will work diligently to make this process as smooth as possible. We look forward to our new partnership and the opportunity to serve all of your financial needs with the exceptional service you expect and deserve.

We are thrilled to welcome our new members to the FAMILY! Please review the FAQ list below for answers to questions that may arise during the transition. Thank you for being a valued MEMBER of Family Savings Credit Union!


Who is Family Savings Credit Union and what should I expect?
Family Savings Credit Union was chartered in 1951 by a group of 7 Goodyear Tire and Rubber Company Gadsden employees who wished to offer employees and their family a lower-cost alternative to savings account and loans. Each of these employees deposited $5.25 into a share (savings) account to get the credit union started. The United Rubber Workers union hall was the first location run by a part-time union employee. From our humble beginnings, our membership increased, our loan volumes increased and employees found it easy to save and pay payments with payroll deductions. In 1958, our credit union assets rose to over one-million dollars. Our most recent milestone has been reaching $1 billion dollars in assets with over 75,000 members between branches in northeast Alabama and northwest Georgia. You should expect commitment by our employees to making your financial lives better with easier access to products and services that meet you and your family's needs. We welcome the chance to help with any credit reviews, account changes or questions or anything else that might make your financial journey successful.      
  

 

Merit Bank/FSCU Merger FAQ

 

Key Dates and Transition Timeline

  1. When will Merit Bank become FSCU? Valley Head and Ider will officially begin operating as Family Savings Credit Union branches on June 16th.

Account Access and Changes

  1. Will my account number change? Yes. You will receive your new account number in your Welcome kit. Welcome kits will be mailed the week of May 30th.

 

  1. Will the routing number change? Yes, once the transition is complete, the new routing number will be 262287195.

 

  1. Will I still have FDIC insurance? You will still have insurance, but it will transition from the FDIC to NCUA which insures up to $250,000. Additionally, Family Savings provides extended coverage for depositors, increasing the total insured amount to $1,000,000 per tax ID.

 

  1. Do I need to open a new account with FSCU? No. Your account will be automatically transitioned to FSCU. You do not need to take any action to open a new account.

 

  1. Do I need to become a member of FSCU? As part of the transition, you will automatically become a member of Family Savings Credit Union. Membership is what sets credit unions apart from banks — it means you are not just a customer; you are an owner. Becoming a member gives you access to FSCU’s full suite of products and services, voting rights, and a voice in how your credit union operates. There is no additional action required on your part — your membership will be established as your account transitions.

 

  1. Is my personal and financial information safe during transition? Yes. We take your privacy and security seriously. With privacy as one of our seven core values, all of your personal and financial information is being transferred securely and in accordance with strict data protection guidelines.

Debit Cards, Checks, and Payments

  1. What will happen to my debit card? Your Merit Bank debit card will no longer work after 5 PM on June 12. We recommend securely shredding your Merit Bank card after this date. Your new Family Savings debit card will be mailed to you June 6th and can be activated starting June 14th.

 

  1. Will I need to do anything to transfer my direct deposit or automatic payments? Yes. Once your new account is active with Family Savings, you’ll need to update your account and routing numbers with any companies or employers that send direct deposits or draft automatic payments. This ensures there is no interruption in service.

 

  1. Will I need to order new checks? Yes. If you use paper checks, you will need to order new ones with your updated Family Savings routing and account numbers. We can assist you with this during your next branch visit, or you may contact our call center at (256) 543-9530 or 1-888-311-3728. Remember, your first order is free (excludes deluxe style checks).

 

  1. Will I receive a new debit card? Yes. Merit Bank customers will receive their new Family Savings debit card by mail the week of June 6. If your card is not activated by June 16, a Family Savings employee will follow up with you by phone.

Online and Mobile Banking

  1. Will I be able to use online banking or mobile banking right away? Once your account is active on June 14 and you receive your account number, you can enroll in Family Savings Credit Union’s online and mobile banking platforms. Visit familysavingscu.com or download the FSCU mobile app to get started. You will need your new Family Savings Credit Union account number to enroll. Be sure to have your Membership Card ready.

 

  1. Will I need to re-enroll in eStatements or online bill pay? Yes. For security reasons, you will need to enroll in FSCU’s Online Banking and set up your eStatements and bill pay preferences again.

 

  1. Will my online and mobile banking credentials remain the same? No. You will need to create new login credentials when enrolling in FSCU’s online and mobile banking platforms beginning June 14.

Fees, Loans, and Products

  1. Are there any changes to fees or services? FSCU is committed to low- or no-fee banking whenever possible. You will receive a fee schedule in your Welcome Kit, and our team will be happy to walk you through any differences.

 

  1. Will my loan or mortgage change? No. Your loan terms will remain the same. The only changes will involve where you send your payments and how they are processed. You will receive additional details separately. For any collateralized loan, such as an auto or mortgage loan, we will also need updated insurance provider information to ensure our records are current and complete.

 

  1. What happens if I have a CD (Certificate of Deposit) or an IRA? Your existing CD or IRA will transfer to Family Savings with the current rate and term intact. Upon maturity, you will have the option to renew under FSCU’s offerings.

 

  1. Will the CU offer the same products I currently have? FSCU offers a full range of financial products, including checking, savings, loans, credit cards, and more. While some products may differ, we will work with you to find the best FSCU solutions to match or exceed your current offerings.

Member Services and Support

  1. Who can I contact if I have questions about my new account? Our Member Services team is happy to help. You can reach us at (256) 543-9530.

 

  1. Can I visit other FSCU branches? Yes. Once you become a Family Savings member, you will have access to all FSCU locations across Northeast Alabama and Northwest Georgia, as well as 5,000 CO-OP Shared Branches nationwide. You will also have access to over 30,000 surcharge-free ATM machines that are part of the CO-OP ATM network. For a list of ATMs visit

https://co-opcreditunions.org/locator or download the CO-OP ATM Shared Branch Locator app on your phone.

 

  1. What if I already bank with Family Savings and Merit Bank? Will I have two accounts? Yes, but we can help consolidate your accounts after the transition if you prefer. Visit a branch or call Member Services at (256) 543-9530 for assistance.

Branch Operations

  1. Where is Family Savings headquartered? Family Savings Credit Union is headquartered in Gadsden, Alabama.

 

  1. Will the employees change? No, all employees will remain as they are.

 

  1. Will the hours change? For now, the hours will remain the same. Any future changes will be made with members in mind and will not result in a decrease in the total number of operational hours per week.

 

  1. Will there be any disruption in my banking services during this transition? Merit Bank debit cards will stop working at 5 PM on Thursday, June 12. If you need to withdraw cash from an ATM using your debit card, please do so before that time. You can also visit your local Merit Bank branch to get any cash you may need before account access ends at 12 PM on Friday, June 13. Merit Bank branches will remain open through noon on June 13, and you can access your account and withdraw funds inside the branch until that time. We strongly encourage you to withdraw the amount of funds you may need for any weekend expenses you may incur.

 

  1. Will my transaction history transfer over? No. We recommend downloading or printing any recent transaction history from your Merit Bank account prior to 5 PM on June 13 for your records. Merit Bank customers will continue to have access to eStatements for ninety (90) days following the transition.

CO-OP Network & Shared Branching

  1. What is CO-OP Shared Branching? CO-OP Shared Branching is a nationwide network of more than 5,000 credit union branches that allow members of participating credit unions to perform basic transactions as if they were at their home branch. As an FSCU member, you will be able to visit any CO-OP Shared Branch to make deposits, withdrawals, transfers, and loan payments. You will also have access to over 30,000 surcharge-free ATM machines that are part of the CO-OP ATM Network. Visit http://co-opcreditunions.org/locator or download the CO-OP ATM Shared Branch Locator app on your mobile phone for quick searches of locations of CO-OP ATMs or Shared Branches. 

General Information

  1. What is the difference between a bank and a credit union? A credit union serves its members’ financial needs just like a bank. The primary difference is that banks are for-profit and owned by shareholders, while credit unions are not-for-profit cooperatives owned by their members. The term “member” is used in credit unions instead of “customer.” Additionally, members have a vote on how the credit union is run, and decisions are made with focus on serving a specific region or communities. Credit Unions return profits back to their members in the form of higher rates on deposit accounts, lower rates on loan products and low-to-no cost checking accounts. Our board of directors are volunteers (not paid a salary for their participation) while board members (shareholders) of banks are often paid large salaries.

 

  1. Who is FSCU? Family Savings Credit Union was founded in 1951 in Gadsden, Alabama, by a group of seven Goodyear employees. We are a not-for-profit financial institution owned by our members—not shareholders. Today, FSCU proudly serves over 79,000 members and manages more than $1 billion in assets, with 15 branches across Northeast Alabama and Northwest Georgia.

Our mission is simple: Where your money grows with you and your family, and ownership allows all members to prosper. Through exceptional service and a deep commitment to our communities, we strive to improve the financial lives of our members every day.

About the Merger

  1. Why is Merit Bank merging with Family Savings Credit Union? There are currently no credit unions in the Valley Head and Ider communities. Family Savings Credit Union is expanding to provide residents with access to not-for-profit financial services that prioritize people over profits. We are passionate about financial education, and we proudly invest thousands of dollars and volunteer hours annually in schools and communities across our footprint. This expansion allows us to better serve the region and continue making a positive impact.

Important Dates to Know

  • May 30th-Family Savings will mail out Welcome Kits to Merit Bank customers including their account numbers.
  • June 6th-Family Savings will mail out debit cards.
  • June 12th at 5:00PM- Merit Bank customers will not be able to utilize their debit cards.
  • June 13th at 12:00PM- Ider and Valley Head branches will close. Customers are encouraged to withdraw enough money for any weekend expenses they may incur.
  • June 14th- Merit Bank accounts will become Family Savings accounts
  • June 16th at 8:00AM- Valley Head and Ider branches open as Family Savings branches.
  • July 11th- Last day for Merit Bank checks to be redirected/accepted. New members should order FSCU checks prior to this date. New FSCU members will receive their first box of checks free (deluxe style checks are excluded).
  • October 10th-Last for ACH debits and direct deposits to be redirected/accepted. New members should update ACH information with third parties prior to this date.