Tuesday, March 11th - 7:10 AM
By switching to MTEFCU, you become a member and part owner of your credit union. Unlike banks, credit unions are run by a board of volunteers and the members share ownership. Furthermore, Credit Unions are community based, not-for-profit organizations with a focus on serving members instead of maximizing profit. This often allows us to offer great services at competing or even lower rates than our banking counterparts. Here’s how simply it is to switch:
1. Open your MTEFCU account
Stop in to open your account. Make a note of your account number and routing number.
2. Stop using your old accounts
Let all your checks clear. This could take up to 10 days. Destroy any unused checks, Debit/ATM cards and deposit slips.
3. Change direct deposits
Fill out the Direct Deposit Authorization form in our Switch Kit and give it to your employer, the Social Security Administration, or your retirement plan. Include a new deposit slip or voided check.
4. Change automatic payments
Fill out the Automatic Payment Transfer form in our Switch Kit to change all automatic withdrawals or automated payment services. Don’t forget about debit card automatic payments made online.
5. Close your old accounts:
Fill out the Account Closure Request from in our Switch Kit and send it to your previous financial institution. Your old bank will send a check to your new MTEFCU account if you have a remaining balance after all your checks clear. It’s as simple as that!