This process involves the merging of another credit union into your own. It entails consolidating membership data files, third party vendors, credit union processes, and training the merging employees. Planning this process is much like a conversion where the first step with CU*Answers is securing your date. This is dependent upon the CU*Answers conversion schedule and the first available dates based off that schedule. Reaching out to request your date is extremely important as conversion dates can fill up quickly. No commitments can be made until all third party vendors have been identified and provided to CU*Answers on the merger form within our Merger Guide.
Mergers – Manual or Automated?
There are two options for your merger process. The decision will generally be based off the size of the merging membership. See our Merger Guide for the breakdown of each options to find which would be best for your project.
The average time for the merger process, once dates have been secured and your first core data test files are received, is typically 6 months. You will want to contact your vendors as soon as possible as they likely have their own required lead times.
Products, Vendors, and Fees
The credit unions will want to hold an internal discovery session to review the merging credit union’s products, vendor, and fee schedule. Questions the team should be thinking about, but not limited to, are: Are we going to offer this product post-data merger? What fees will be updated due to the merging credit union’s fee schedule, if any? These questions will help as your Conversion Coordinator begins the process of mapping the merging credit unions products to your credit union.
Merger Marketing Material
Marketing for your merger is an important step to keep your members notified of any updates/changes they will experience with the merger. Visit our Conversion Marketing Materials page to find Merger Mailers from prior credit union mergers. Use this to get ideas for your materials or make these your own. Remember all materials must be reviewed by your Conversion Coordinator for accuracy before print/publishing.
Ready to move forward with your merger project? Complete your merger information at the back of the Merge Guide and return it to us!
Heather French Scott Collins
VP Client Interactions EVP National Sales and Marketplace Relationships
(800) 327-3478 x253 (800) 327-3478 x183