In today’s ever-changing economy, the Board of Directors evaluated strategic possibilities to ensure that KYANG members will continue to receive the full range of products and services they deserve. After considering alternatives, the KYANG FCU Board determined that a merger with PenFed is in the best interest of their members. Both KYANG FCU and PenFed are in very good financial condition.
For dual members, all KYANG FCU 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.
KYANG FCU members may continue to use their KYANG checks, even after the merger date. Each checking accountholder who ordered KYANG FCU 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 KYANG FCU checks, they will continue to be honored for at least six months after the merger date. 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.
No. The only method of overdraft protection available to PenFed members is via our Thrifty Credit Service (TCS) account, which is a line of credit. When needed, the TCS 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 off.
KYANG FCU debit cards were account-based, so it was possible to issue multiple debit cards per membership. PenFed’s debit cards are profile-based, so we’re only able to issue one debit card per membership.
KYANG FCU debit cards will remain active for use through close of business on Sunday, April 23, 2017. However, please encourage members to activate and begin using their PenFed debit cards as soon as they are able.