Putnam Federal Credit Union

Information may not be reliable

Hudson Valley Federal Credit Union

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Welcome Putnam Federal Credit Union Members. We are Happy to Have You Join Our Credit Union.

Important Information Regarding Putnam Federal Credit Union’s Merger with HVFCU.

As of July 1, 2010, Putnam Federal Credit Union has merged with Hudson Valley Federal Credit Union (HVFCU). The Board of Directors at both credit unions approved the merger. As part of the merger, your membership automatically transfers to HVFCU, so there’s no need to open new accounts.
The former Putnam Federal Credit Union offices in Carmel, at 1995 Route 6, and in Brewster, at the Brewster Towne Centre on Route 22, are now HVFCU branches. The Carmel and Brewster offices are open from 8:30 a.m. to 5:30 p.m. Monday – Friday and Saturday from 8:30 a.m. to 12:00 p.m. We do not anticipate changing these hours in 2010.
Online Banking Access & Other Helpful Links
Below are several links that will aid you through the transition from Putnam Federal Credit Union membership to HVFCU membership. You can continue to use the Putnam account links below that you previously accessed via the Putnam Federal Credit Union website.

Online Banking & Bill Payment Access
Important Conversion Information for PayTraxx Users

Putnam Audio Response (PAR) Transaction Codes

Approximately August 6th, a conversion guide will be sent to you outlining any changes to your accounts. We’ll post a copy of the conversion guide on this page once it is sent.

HVFCU issues and mails ATM and Visa Check Cards for use following conversion.
HVFCU issues and mails new membership numbers.

System conversion begins. PFCU account and loan numbers convert to HVFCU format.
No teller transactions conducted on Putnam system in Carmel and Brewster branches after 12 noon.
PFCU account access limited to PFCU ATMs, network ATMs, and Visa Check Card transactions.
Carmel and Brewster branches remain open.
Transactions for accounts on HVFCU system available.
PFCU Internet Banking and Bill Pay unavailable after 8 am.

Carmel and Brewster branches remain open. Transactions for accounts on HVFCU system available.

Dividends earned through August are posted for all accounts.

Conversion complete. New HVFCU account numbers available.
Enroll in Internet Banking at any HVFCU branch or through the Information Center at the phone numbers listed below to view your accounts online; or ask for a list of your accounts.
Access your accounts at any HVFCU branch or ATM using your HVFCU ATM or Visa Check Card.
Phone number changes to 845.463.3011/out of area 800.468.3011.

Putnam Federal Credit Union Phone Numbers
Putnam members can still contact us until September 1, 2010 using the phone numbers you have always used:

If you need to report a lost or stolen ATM/debit card, please call 800.554.8969.

Below is a Q & A regarding the merger. Click a specific question to display its answer. If you have additional questions about this merger, please send an email to merger@hvfcu.org. We’ll post the questions and answers in this area for others to view.
What was the asset size Putnam Federal Credit Union at the time of the merger?
Putnam Federal Credit Union had assets of about $51 million.
How many members did Putnam Federal Credit Union have at the time of the merger?

At the time of merger, how many members of Putnam Federal Credit Union were members of HVFCU?

What is the reason for the merger between Putnam Federal Credit Union and HVFCU?
Increasingly, members of Putnam Federal Credit Union were looking for financial services that the credit union could not afford to provide. For this reason, the Board of Directors of Putnam Federal Credit Union concluded to merge with HVFCU. In many cases, HVFCU’s rates are better than the rates offered by Putnam Federal Credit Union. At HVFCU we offer a wider array of financial services and an extensive branch, online, and ATM network.
When did the merger become effective?
The merger became effective on July 1, 2010.
Why weren’t the members of Putnam Federal Credit Union allowed to vote on the merger, or at least advise the membership of the impending merge?
Once the Boards of Directors of each credit union evaluated the feasibility of the merger, an application seeking permission to move forward with the merger was sent to the National Credit Union Administration (NCUA). NCUA approved the merger application in late June and stated that a vote of the membership was not necessary. NCUA also requested that the merger go into effect on July 1. As soon as permission to merge was received, the plans were communicated to Putnam Federal Credit Union members.
What happened to the Putnam Federal Credit Union name after the merger?
Putnam Federal Credit Union’s name no longer exists. The credit union is now known as Hudson Valley Federal Credit Union.
How many offices did Putnam Federal Credit Union have?
The credit union had two offices, located in Carmel and Brewster. These offices are now HVFCU branches. In addition, Putnam Federal Credit Union members now have access to all HVFCU branches.
What happened to the current employees of Putnam Federal Credit Union?
The majority of current Putnam Federal Credit Union employees, including all branch employees, will continue to provide services to our members. Human Resources will continue to work with any employee affected by the merger throughout conversion to find a suitable position.
What happened to the Board of Directors of Putnam Federal Credit Union?
Putnam Federal Credit Union’s Board of Directors no longer exists.
Was there an adjustment in the par value of shares after the merger?
There was not an adjustment to the par value. The par value for Putnam Federal Credit Union was $5. The par value for HVFCU is $5.
Were there any changes relative to the share insurance of members’ accounts?
There were no changes relative to the insurance of members’ accounts. Accounts at both credit unions were/are federally insured by the National Credit Union Administration (NCUA) up to $250,000. Putnam Federal Credit Union members who also are members of HVFCU need to be aware that their accounts are separately insured by NCUA even if the combined amount exceeds the maximum insurance coverage allowed ($250,000). This extended coverage will continue for up to six months after the merger for savings accounts. In the case of certificate accounts, members will be covered until the earliest maturity date after the six-month period.
Upon conversion, what will happen to my accounts?
Your accounts will transition to our data processing systems effective September 1, 2010. Putnam Federal Credit Union accounts will convert to the equivalent of Hudson Valley Federal Credit Union accounts. For example, a Putnam Federal Credit Union Savings Account will convert to our credit union’s S1 Savings Account. A Putnam Federal Credit Union Checking Account will convert to our S9 checking account.
Upon conversion, what will happen to my loans?
Your existing loans will not change. For example, the rate structure, due dates, terms etc. will remain the same. However, most of Putnam Federal Credit Union loans are under an “open end” plan, meaning you (the borrower) doe not have to sign any documents for new additional loans under the plan. These borrowers will no longer be able to apply for new loans under their plan. All new loans will be Hudson Valley Federal Credit Union products and granted under our terms and conditions.
Upon conversion, what will happen to my credit cards?
Credit cards will be rebranded and reissued after the September 1 2010, data conversion. Your rate, term, and conditions will remain the same. If you would like an HVFCU platinum credit card, you will have to apply for the card to determine if you qualify for it.
Upon conversion, what will happen to my Visa Check Card and/or ATM card?
Visa Check Cards and ATM cards will be rebranded and reissued after the merger. You should receive these cards in mid to late August.
Upon conversion, what will happen to my Credit Life and Disability insurance?
Hudson Valley Federal Credit Union will honor the loan insurance policies in effect until such time that the loan is paid or upon the death of the borrower. It is recommended that you review your policies. There may be life insurance on the loan that would apply in this case.
What products are available to members of Putnam Federal Credit Union upon the merger?

The following is a list of products and services available at Hudson Valley Federal Credit Union. The products in italics are new to members of Putnam Federal Credit Union.

Online account and membership opening
CU Alerts – online account reminders

Insurances through Insurance Agency of the Hudson Valley

ScoreCard Reward Points
Investment Services through HVFCU Financial Services

What will happen between July 1st and the system conversion on August 31st?
During the period from July 1, 2010, through August 31, 2010, we will be running both Putnam Federal Credit Union and Hudson Valley Federal Credit Union systems. The Putnam Federal Credit Union systems will remain available during that time so that members who want to process transactions on their existing Putnam Federal Credit Union accounts will be able to do so.
What if a new member wants to join Hudson Valley Federal Credit Union at either the Carmel or Brewster branches?
There will be trained HVFCU staff and computers with HVFCU systems in both branches to accommodate new members. All new memberships will be processed on HVFCU systems.
What if a business wants to join Hudson Valley Federal Credit Union?
New business members can join via an HVFCU branch, including the Carmel and Brewster branches.
How do I apply for a new loan or open a new account?
All new loans and new accounts will be processed through the HVFCU system. Members can go to any HVFCU branch, including Carmel and Brewster.
How do I make a deposit or withdrawal from a Putnam Federal Credit Union account?
Putnam Federal Credit Union accounts can be accessed through Putnam Federal Credit Union ATMs, at the Carmel and Brewster branches and through Putnam Federal Credit Union’s internet banking and audio response systems. Withdrawals also can be made through HVFCU ATMs.
Are there accounts offered by Putnam Federal Credit Union that are not offered by Hudson Valley Federal Credit Union? If so, what will happen to those accounts as of September 1st?
Putnam Federal Credit Union offers Tax Club and Vacation Club accounts. For members with those accounts, they will be converted to Hudson Valley Federal Credit Union savings accounts with the system conversion on September 1, 2010.
Are there other services offered by Putnam Federal Credit Union that Hudson Valley Federal Credit Union does not offer?
Putnam Federal Credit Union offers American Express gift checks. Those will no longer be offered after September 1, 2010. After September 1, 2010, any member who requests an American Express Gift Check will be offered a Hudson Valley Federal Credit Union Visa Gift Card.
Can Putnam Federal Credit Union members conduct their business at HVFCU branches/Information Center during the merger transition period?
No. Any Putnam Federal Credit Union business will need to be conducted at the Carmel or Brewster branch, or via Putnam Federal Credit Union’s internet banking, bill pay, and audio response systems. However, you can access your accounts for withdrawals via HVFCU ATMs.
When will I need new checks for my checking account? Will HVFCU cover the cost of new checks?
If you open a new checking account between July 1 and September 1, the account will be opened on the HVFCU system and checks will be ordered at no cost to you. After September 1, your Putnam Federal Credit Union checks will be cleared automatically through HVFCU so new checks will not be necessary.
For payroll deposit, will my payments still be posted to my Putnam Federal Credit Union account or do I need new account/routing numbers to give my employer?
If you currently have direct deposit going into your account at Putnam Federal Credit Union from your employer, your information will transfer over automatically to your new HVFCU account. However, we recommend that you give your employer your new HVFCU account number to ensure there are not any issues.
Are Putnam County residents eligible for Hudson Valley Federal Credit Union membership?
Yes, as of July 1, 2010, all Putnam County residents are eligible for membership.

If you have questions about this merger, please send an email to merger@hvfcu.org. We’ll post the questions and answers in this area for others to view.

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