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Landmark Credit Union - Fairfield, Pell City, and Moody, Alabama

Welcome to Landmark Credit Union

Online Banking Unavailable Starting at 3pm CT on Monday 5/28/2021

Due to the impending merger with WinSouth Credit Union, Landmark Credit Union's online banking will be unavailable starting at 3pm CT on Monday 5/28/2021. Members can register for WinSouth's online and mobile banking platform with the following link beginning in the afternoon on 6/3/2021. https://ob.winsouthcu.com/User/AccessSignup/Start

 

Dear Landmark Credit Union Member,

As you know, Landmark Credit Union legally merged with WinSouth Credit Union on January 1, 2021, and has been operating as a division of WinSouth since that time. As of June 3, 2021, the core systems that Landmark and WinSouth run will be merged, and the two institutions will officially operate as one credit union under the name of WinSouth Credit Union. As a result of the system merger, there will be some changes to your existing Landmark account that we wanted to make you aware of. We have summarized all of the relevant changes below, and we have also included in this mailing all of WinSouth’s relevant account disclosures for your review. Please take the time to review these documents at your leisure.

Par Value

The current par value (i.e. the balance you are required to keep in your membership account) at Landmark is $20. WinSouth’s par value is $25. In order to make up this difference, WinSouth will be depositing an additional $5 in your membership savings account, which WinSouth refers to as the Prime Share. The extra $5 belongs to you, but the par value deposit of $25 must be maintained in order to avoid any par value fees (see enclosed Fee Schedule).

Account Number Changes

All Landmark account numbers will change when the Landmark accounts are officially merged with WinSouth on June 3, 2021. Until that time, you will operate under your existing Landmark account number. Your new WinSouth account number can be calculated by using the formula and examples below.

Formula: Your new base account number will be seven digits, beginning with a 5 and containing as many padding zeros as is necessary to bring your current Landmark account number to seven digits.

Examples:
Current Landmark Account Number = 123456, New Account Number = 5123456
Current Landmark Account Number = 12345, New Account Number = 5012345
Current Landmark Account Number = 1234, New Account Number = 5001234
Current Landmark Account Number = 123, New Account Number = 5000123

These account number changes will have implications for any transactions that post to your account automatically, such as payroll and Social Security deposits, or withdrawals for monthly bills. See the next section for more information regarding these automatic transactions.

MICR Number Changes

Your MICR number is the full account number that appears at the bottom of your checks. Landmark currently uses a 12 digit MICR number. WinSouth uses a 13 digit MICR number. You can calculate your new WinSouth MICR number by using the formula and examples below.

Formula: 1 + 2 digit share suffix + padding zeros + base account number

Examples:
New WinSouth Account Number = 5123456 + Checking Account Suffix = 71, New MICR Number = 1710005123456

New WinSouth Account Number = 5012345 + Savings Account Suffix = 62, New MICR Number = 1620005012345

You will have approximately one year to update your routing and account number with any group that automatically posts transactions to your account, such as payroll and Social Security deposits, or withdrawals for monthly bills. Until that time, these transactions will continue to post as normal. Once the Federal Reserve removes the old Landmark routing number from use, transactions that are using the old routing number will no longer clear your account. Consequently, you should work with the groups that post automatically to your account as soon after June 3, 2021 as possible to have the routing and MICR number updated for those transactions.

WinSouth’s routing number is 262284415. You will need to provide the groups who post transactions automatically to your account with WinSouth’s routing number and your new MICR number.

Checks

You will NOT need to order new checks as a result of the merger. You can continue to use your existing checks until you run out. Once you run out, your new checks will be issued under WinSouth’s routing number and your new WinSouth MICR number.

Online Banking/Mobile App/Audio Banking

Your current access to Landmark’s online banking and audio banking systems will continue until May 31, 2021. As of June 3, you will need to register your new WinSouth account number with WinSouth’s online banking and audio banking systems. To register for online banking, please visit ob.winsouthcu.com. Any bill pay items that you have established within Landmark’s online banking system will need to be reestablished within WinSouth’s online banking system. To register for audio banking, please call 1-800-728-1412. This mailer also contains instructions for how to register for online and audio banking services. If you need further assistance with online, audio, or bill pay services, please give us a call at 800-757-7302.

Additionally, WinSouth possesses a mobile app that can be downloaded to your smart device by visiting the device’s app store. This mobile app allows you to access your accounts from anywhere at any time.

Existing Automatic Transfers

Any existing automatic transfers that you have set up within your Landmark account will continue to work without interruption. For example, if you have a loan payment that is paid out of your savings account every month, it will continue to post after the merger. Overdraft transfers, likewise, will continue to function as they do today.

Dividend Rates

For all Landmark time deposits (e.g. Certificates and IRAs), the rate and term will merge as they currently exist at Landmark. Once the current term has expired, the certificates and IRAs will renew at the then current WinSouth rate for the term associated with each individual certificate or IRA. Please review the enclosed Truth-in-Savings for Certificates document. This document includes current rates and terms related to time deposits.

For non-time deposits (e.g. Savings, Club Accounts, etc.), the current balance will merge with the current WinSouth rates. These rates may be higher or lower than the existing Landmark rate depending on the product type. Please review the attached Truth-in-Savings document. This document includes current rates and terms related to non-time deposits.

Open-End Loans

Landmark offers a variety of open-end loans, whereby funds become available as the member pays down the loan balance. These funds can be used over and over again as long as the loan’s balance has been paid below the initial loan amount.

Once the merger occurs on June 3, 2021, these open-end loans will no longer operate in an open-ended fashion. These loans will convert to closed-end loans where the balance is paid back in installments over time per the loan agreements that were signed when the loans were booked. This means that members will no longer be able to advance funds from these loans after June 3, 2021.

The following Landmark loan types will be affected by this change
● Open-End Personal Loans
● Open-End Share Secured Loans
● Open-End Certificate Secured Loans

WinSouth does, however, offer credit cards that operate in a fashion very similar to that of the current open-end Landmark loans. The key difference is that a credit card allows you to use the funds via your card anywhere VISA is accepted rather than having to advance or transfer funds between accounts to gain access to the funds. If you would like to apply for a WinSouth credit card, please visit our website at winsouthcu.com, call us at 1-800-757-7302, or visit any branch office.

Landmark Services During Merger Weekend

All Landmark branches will be closed from May 31, 2021 to June 2, 2021 while the system merger is taking place. During this time Landmark’s website, as well as online and audio banking systems will be discontinued. Shared branching services for Landmark accounts will also be unavailable at other service center locations.

Debit cards will continue to work as normal during the merger period. ATM withdrawals will also function as normal, but balance inquiries and transfers at the ATM will be declined.

As of June 3, 2021, you will need to register for WinSouth’s online and audio banking systems with your new WinSouth account number (see section above titled “Online Banking/Mobile App/Audio Banking”).

When using a service center outlet on or after June 3, 2021, you will need to reference WinSouth Credit Union rather than Landmark Credit Union, and provide them with your new WinSouth account number.

Night drop deposits made between May 31, 2021 and June 2, 2021 will be processed on June 3, 2021.

Debit Cards

You will receive a new WinSouth debit card in May of 2021. This card can be activated and used on June 3, 2021. Until then, you will continue to use your Landmark debit card as normal. The Landmark card will no longer work as of June 3, 2021.

Account Statements

You will receive a Landmark statement for all account activity through May 31, 2021. This final Landmark statement will come to you via regular mail even if you typically access your statements electronically as Landmark’s online banking system will become permanently unavailable on June 1st. You will receive your first WinSouth statement at the beginning of July for June’s account activity. If you receive e-statements, your first WinSouth statement will be available via WinSouth’s online banking platform at the beginning of July.

WinSouth charges a $3 per month statement fee for members between the ages of 19 and 50 who receive their statements in a paper format. Members younger than 19 and older than 50 are exempt from the fee. If you are between the ages of 19 and 50, we would encourage you to sign up for e-statements in order to avoid this fee (see enclosed Fee Schedule).
___________________

We are so excited to welcome you to the WinSouth family. We understand that change can be uncomfortable initially, but we will be here to help you with any questions or concerns that may arise regarding the account changes that have been covered in this document. Feel free to call us or come by any of the offices to discuss any topics that you need help with. We hope that you enjoy the additional products and services that we offer (see enclosed Services At A Glance brochure). The current Landmark branches will continue to be staffed by the same employees that you have come to know and trust, and WinSouth’s Call Center is available to help you via phone with any questions you might have.

Our website also contains a wealth of information regarding the products and services that we offer. Thank you for trusting us with your banking needs. We promise to be the best financial partner we possibly can, and we can’t wait to celebrate life’s wins with you and your family.

Please note that the terms and conditions of your services with the credit union will be amended, effective June 1, 2021. As of that day, the following disclosures (terms and conditions) will apply to your account(s):

Membership Disclosure Booklet;
Truth in Savings;
Truth in Savings (for Certificate accounts); Fee Schedule;
iTalk Instructions;
Online Banking Instructions; and
Service at a Glance Brochure.

All of these disclosures are enclosed with this mailing. Continued use of your account confirms your agreement to the changes.

Sincerely,

WinSouth Credit Union Management Team

 

AMERICAN SHARE INSURANCE

Your Insured Funds

ASI insures each and every account of an individual member up to $250,000 without limitation as to the number of accounts held.

Member's AccountsASI Deposit Insurance
Savings/Regular Share$250,000
Checking/Share Draft$250,000
Money Market$250,000
CD/Share Certificate #1$250,000
CD/Share Certificate #2$250,000
Holiday Account

$250,000

IRA$250,000

Total Insured$1,750,000
For example, 20 account types = $5,000,000 of coverage to one member.

 

  • No credit union member has ever lost money in any ASI-insured credit union account.
  • ASI is a private deposit insurer founded in 1974 and is owned by its insured credit unions. Currently, over 1.2 million members belong to credit unions insured by ASI.
  • ASI's insured credit unions generally have little or no investments in mortgage-backed securities, nor do credit unions buy the types of exotic investments that have been associated with the failures of some of the nation's largest investment firms, banks and thrifts during recent years. ASI's insured credit unions hold little or no sub-prime mortgages, as confirmed by our numerous on-site field examinations.
  • ASI's equity ratio is greater than that reported by federal deposit insurance funds.
  • A majority of ASI's assets are held in cash and US government-guaranteed bonds and US Treasuries. ASI does not hold the types of investments that plagued many financial institutions and investment firms in recent years.
  • ASI's only business is to provide deposit insurance to credit unions... and only credit unions. ASI is selective as to who it insures. Not all credit unions that apply for coverage are accepted due to ASI's strict underwriting standards. ASI-insured credit unions are examined regularly.
  • ASI is licensed and dual regulated by the Ohio Department of Insurance and the Ohio Department of Commerce.
  • ASI has always been and continues to be in good standing with the various insurance departments and regulators in all states of operation.
  • ASI's financial statements are audited annually by an independent CPA firm.
  • ASI is not assigned an insurance industry rating by A.M. Best due to ASI's structure as a mutual share guaranty corporation as opposed to a traditional insurance company. Financial data and other information are supplied to rating services for their review and analysis.

 

Landmark Credit Primary & Excess Deposit Insurance

ASI & ESI

Landmark Credit Union is pleased to provide each of your depository accounts with $250,000 of protection through American Share Insurance (ASI), the nation's largest private insurer of credit union savings.

Also the Board of Director's of Landmark has chosen to acquire additional coverage from Excess Share Insurance Corporation (ESI) for account balances exceeding $250,000.This extended level of protection provides an additional $250,000, meaning that each reported account in this credit union is protected up to $500,000 the highest limit of savings protection available to credit union members.

$250,000 Additional Coverage

There is no limit to the number of accounts you may have with Landmark and still maintain this extra measure of protection.Excess coverage is specifically designed to free you from concern about the nature and extent of insurance on your savings account balances.

About ASI-ESI

ASI is a credit union-owned, mutual share guaranty corporation and has insured savings of credit union members since 1974.ASI is the largest non-federal insurer of deposits.

ASI operates as a business partner with your credit union to assure that member needs are met in a safe and sound manner.It routinely monitors and examines your credit union and, as a licensed share guaranty corporation, is subject to an annual statutory examination by the Ohio Division of Financial Institutions.

ASI's primary share insurance program is available only to state-chartered credit unions, whereas both federally and state-chartered credit unions may apply for excess share insurance.

Excess Share Insurance Corporation is a property and casualty insurance company solely owned by American Share Insurance, licensed by the Ohio Department of Insurance, and is approved to operate in Alabama by the department of insurance.

Excess coverage is particularly unique to the credit union industry.Only credit unions meeting the highest standards are eligible for this extended protection.This insurance can be terminated by either the credit union or by ESI; however, you must be notified in writing of any change in the insured status of your accounts.

More Information

If you are uncertain about either the nature or the amount of your savings insurance protection, please contact us.You are also welcome to contact either ASI or ESI directly.

5656 Frantz Road, Dublin, Ohio 43017

614.764.1900 Fax 614.764.1493

800.521.6342

www.americanshare.com

www.excessshare.com

mail@americanshare.com

 

American Share Insurance is

not a federal or state government agency.

Members' accounts are not insured or guaranteed by any

government or government sponsored agency.

 

This institution is not federally insured.


Mission Statement

The Mission of Landmark Credit Union as a member owned non-profit organization, is to provide competitive financial and related services of the highest quality to its members in a manner consistent with sound business practices. Our goal is to become a full service family financial center on which members can rely for all their financial needs.



Landmark Membership

Who Can Join?

All persons living, working, attending church or school in the Cities and Communities west of I-65 in Jefferson County and all of St. Clair and Talladega Counties - Alabama.

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MAIN OFFICE

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Fairfield, AL 35064
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Pell City, AL 35125
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