The merger will occur on Thursday, June 1, 2017. The merger process will be completed on Friday, June 2, 2017, by converting your existing Augusta Metro accounts and products to PenFed accounts and products.
In today’s ever-changing economy, our Board of Directors evaluated strategic possibilities to assure 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. Augusta Metro FCU and PenFed are in very good financial condition.
For dual members, all Augusta Metro accounts will transfer to the members’ existing PenFed profiles as separate accounts. If they desire, members can ask that the new, transferred accounts be combined with like PenFed accounts that they previously had with PenFed, or they can keep the transferred accounts separate.
Augusta Metro FCU members may continue to use their Augusta Metro checks, even after the merger date. Each checking accountholder who ordered Augusta Metro checks in the last year will receive one free order of checks. 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 Augusta Metro checks, they will continue to be honored through the end of the year.
The only method of overdraft protection available to PenFed members is via our Overdraft Line of Credit (OLOC) account. When needed, the OLOC advances the exact amount needed to the checking account to cover an overdraft. There are no per-advance fees; the member only pays the amount of finance charge that accrues between the date of the advance and the date it is paid.
No. Augusta Metro FCU 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 June 1st they must use their new PenFed account number and routing number.
Augusta Metro FCU credit cards will convert to PenFed in July. Until then, your Augusta Metro Credit Card will continue work as it always has. Additional correspondence will be sent to members affected by this.
Yes. All fixed-rate loans will transfer to PenFed at the existing Augusta Metro rate and term. Consumer personal lines of credit will transfer at either the Augusta Metro or PenFed rate, whichever is lower.