The merger will occur on Thursday, June 1, 2017. The merger process will be completed on Friday, June 2, 2017, by converting your existing Suntide 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. Suntide FCU and PenFed are in very good financial condition.
For dual members, all Suntide 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.
Suntide FCU members may continue to use their Suntide checks, even after the merger date. Each checking accountholder who ordered Suntide 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 Suntide 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. Suntide 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.