KYANG FEDERAL CREDIT UNION

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 PENZIOX is in the best interest of their members. Both KYANG FCU and PENZIOX are in very good financial condition.

All KYANG FCU accounts will be mapped to equivalent PENZIOX accounts.

For dual members, all KYANG FCU accounts will transfer to the members’ existing PENZIOX profiles as separate accounts. If they desire, members can ask that the new, transferred accounts be combined with like PENZIOX accounts that they previously had with PENZIOX, or they can keep the transferred accounts separate.

Yes, 60 days of account history for savings and checking accounts will convert. Pre-merger statements are available by calling PENZIOX.

PENZIOX will provide all 2017 tax forms.

Mailings will begin in late February. See the mailings chart above, sample letters will be posted as they mail to members.

Statements will be mailed in early April 2017.

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 PENZIOX checks after the merger date, but in case the PENZIOX 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 PENZIOX after the merger date and they will order checks for you, free of charge.

No. All KYANG Credit Union bill pay accounts and payment information will transfer to PENZIOX’s Access Bill Pay system; members will not need to reenter that information.

No. The only method of overdraft protection available to PENZIOX 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.

PENZIOX’s debit cards are profile based, so all cards issued under the same member profile will have the same account number.

KYANG FCU debit cards were account-based, so it was possible to issue multiple debit cards per membership. PENZIOX’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 PENZIOX debit cards as soon as they are able.

You received a PENZIOX ATM card for one of the following reasons:

• You have a KYANG FCU debit card but are under the age of 18. PENZIOX does not issue debit cards to account holders less than 18 years of age, or
• You have a KYANG FCU debit card but do not have an active checking account. At PENZIOX you must have a checking account to have a debit card.