We’re excited to share our membership overwhelmingly supported the change to become a Federal Multiple Common Bond Chartered Credit Union. This change marks a major step forward for our credit union, allowing us to serve a broader community while continuing to honor our roots and mission. We’re confident this new direction is in the best interests of all member-owners and internal-owner employees and appreciate your support. We’ll keep you informed as work progresses towards our planned conversion on April 1. For now, please join us in celebrating this exciting new chapter for our credit union community!
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Why are we making this change?
This change to a Federal Multiple Common Bond Chartered Credit Union will allow us to better serve our members and expand our membership outside of our current communities. This will also support our goals for growth, allowing us to reinvest in our members. Including everything from relationship centers to technology upgrades to ensure a top-tier member experience for everyone.
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Is the financial security of the credit union in jeopardy?
No, this is not because the credit union is in trouble financially. In fact, we are growing and expanding. Because we are in a good position today, now is the time to make sure that our future is equally bright. This charter change will allow us to serve more members and attract new member-owners to the credit union, which is good for all of us, as it strengthens the organization.
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Is the credit union being acquired?
No. We will continue to be member-owned as we have always been. Our plan is to grow and strengthen ourselves through attracting more families and businesses, both inside, and outside the communities that we serve today.
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Will my accounts still be insured?
Yes, member accounts will continue to be federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), just as they are today. This protects your savings, checking, and certificate accounts up to $250,000 per depositor, per institution.
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When was the member vote and when will the conversion be finalized?
- A letter, notice and ballot were sent on 2/9 to all eligible members who are primary on their savings account and age 18 or over.
- All ballots were returned and counted by our auditing firm, Firley, Moran, Freer & Eassa, CPA,P.C. on February 23 at 5:15 p.m. Once tabulation was finished, the votes were forwarded to Superintendent of Financial Services of the State of New York within two days of the meeting, in compliance with New York Banking Law § 487.
- The conversion will occur 4/1/26.
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Who received a ballot?
New York state advises that all primary members be sent a ballot to their last known address regardless of do not mail opt out, loan or account status or bankruptcy filing.
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Why is this happening now?
This change to a Federal Multiple Common Bond Chartered Credit Union will allow us to better serve our members and community by expanding who can join, keeping fees low, and maximizing flexibility, all while continuing to offer the friendly service and advanced technology you’ve come to expect. This decision supports our goals for growth and will position us better to serve the community, but also, in general, this is good timing because we are financially strong.
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Who made this decision?
Our all-volunteer Board of Directors and Key Leadership Team approved this decision and are confident that this new direction is in the best interests of all member-owners and internal-owner employees because it supports the strategic goals of the organization to grow and reach more hard-working individuals and families with our promise of member-owned banking.
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Why should members support this charter conversion?
This change enables us to grow and expand outside our existing footprint, serve more people, keep our fees low and achieve greater efficiency — all without changing the products and services members expect from us.
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What is the difference between a State and Federal Charter?
In most states, credit unions have a choice of operating with a state or federal charter. Members of a federal credit union have the same rights as those of a state credit union. Federal credit unions have only one primary regulator and insurer, the National Credit Union Administration (NCUA). State Credit Unions (SCUs) with federal share insurance are subject to regulation and examination by both their state regulator and the NCUA. Federally regulated credit unions have more flexibility with respect to field of membership, supporting growth. All federal credit unions have federal insurance coverage on their member share accounts, backed by the full faith and credit of the U.S. government. Most state credit unions have this coverage as well. Your Northern savings, checking, and certificate accounts will continue to be federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), just as they are today, for up to $250,000 per depositor, per institution.
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What is the American Consumer Council (ACC)?
The ACC is a non-profit membership organization founded in 1987 dedicated to consumer advocacy and financial education. They support America’s economic growth by encouraging the sale and use of safe, reliable products and services to consumers. The ACC serves nearly 450,000 members and is proud to partner with non-profit credit unions across the nation to help their members take advantage of these benefits. You can join the ACC today, learn more here.
Our charter will allow members of the ACC to join our cooperative, so geography is no longer a concern for those who live outside our current communities. We will offer complimentary membership to the Council so existing and new members can take advantage of their many benefits, including access to free financial education.
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How will the credit union change? How will my accounts, credit and debit cards, service, access and checks be impacted by this change?
- Member-owners will experience no changes in the financial products they have.
- Your account numbers will not change.
- Your online and mobile banking login will not change.
- Automatic payments will continue without interruption.
- Your checks will still be valid.
- All of our relationship center locations will remain open.
- We will update verbiage on legal documents after approval with no disruption in our ability to serve you.
- The charter change does not affect the eligibility or experience of any current member.
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How will future members be eligible to join the Credit Union?
- Individuals can join through you, please refer members of your immediate family as they are eligible because of your relationship!
- Many individuals that live in the communities we currently serve will continue to be eligible based on where they live and/or work.
- We partner with various businesses, called Select Employer Groups or SEGs, and the employees of those businesses are eligible to join.
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Plus, there is a new way to join:
Perhaps the most exciting and biggest change is that our new charter will allow members of the American Consumer Council (ACC) to join our cooperative, so geography is no longer a concern for those who live outside our current communities. We will offer complimentary membership to all new and existing members so they can take advantage of their many benefits, including access to free financial education.