SPERRY ASSOCIATES FEDERAL CREDIT UNION

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. Sperry Associates FCU and PenFed are in very good financial condition.

The Sperry Associates FCU branch will close for member services on November 30, 2020. For a complete list of ATMs and Branch locations please visit https://www.penfed.org/locations.

All Sperry Associates FCU accounts will be mapped to equivalent PenFed accounts.

For dual members, all Sperry Associates FCU accounts will transfer to the members’ existing PenFed profiles as separate accounts. If desired, members can ask that the newly transferred accounts be combined with like PenFed accounts that they previously had with PenFed, or they can keep the transferred accounts separate.

Yes, 60 days of account history for savings and checking accounts will convert. Account statements prior to the account conversion date will be available by calling PenFed but will no longer be available online.

A new PenFed Debit Card will be sent to replace your Sperry Associates FCU debit card. Your Sperry Associates debit card will continue to work until the account conversion is completed. Additional information will be included with the new PenFed Debit Card. PenFed cannot update any reoccurring authorizations to the new PenFed card number. Those merchants should be provided with the new PenFed Debit Card number in order to continue any reoccurring authorizations.

Sperry Associates FCU members may continue to use their Sperry Associates FCU checks, even after the merger date. Each checking accountholder that ordered checks in the last year will automatically receive one free order of checks. If you do not receive an order of checks by the first week of December, please contact PenFed to have a complementary order sent to you. 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 Sperry Associates checks, they will continue to be honored for 6 months after the account conversion date.

All Sperry Associates FCU bill pay accounts and payment information will transfer to PenFed's Access Bill Pay system. Members will not need to reenter that information and will receive additional details about the transition of this service in the upcoming weeks.

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.

*Actual amount of credit line will be determined in accordance to individual’s credit qualifications.

No. Sperry Associates FCU members' direct deposits, ACH, automated credit and debit entries, transfers, all electronic items including retirement and Social Security will be automatically be redirected to PenFed during the merger process. If a new direct deposit or preauthorized debit is setup after December 1st, the new PenFed account number and routing number should be used.

Internal transfers will remain after the merger. PenFed will contact members if any internal transfers cannot be converted.

Sperry Associates FCU credit cards will convert to PenFed. Additional correspondence will be sent to members affected by this change. Your Sperry Associates FCU Credit Card will continue to work as it always has during the transition period.

Yes. All loans will transfer to PenFed at the existing Sperry Associates FCU rates and terms. Certificates will transfer to PenFed at the same Sperry Associates FCU dividend rate and maturity date.

Yes, all mortgages, equity loans, and HELOCs will convert to PenFed at their existing rates and terms. Additional correspondence will be sent to members affected by this change.