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Conversion FAQ

Everything you need to know about our big project.

In March 2021, Velocity is upgrading to a new processing core – the system that manages almost every transaction the credit union conducts for members – so we can continue to provide you with safe, secure products and services now, and deliver the latest innovations in the future. This investment in our technological foundation will allow us to better serve you for years to come.

We’ll post changes that will directly affect you below, so check back for the latest updates.

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General Questions

Why is Velocity converting to a new core processing system?

We’re updating our core system to ensure we can continue to provide you with safe, secure products and services now, and deliver the latest innovations in the future.

When will the core banking system upgrade occur?

The upgrade process will begin midday on Friday, Feb. 26 and will be completed on Monday morning, March 1.

Are my funds safe and secure during this process?

Yes. Your funds will remain safe and secure before, during, and after the upgrade process. As always, each account continues to be fully insured by the National Credit Union Association (NCUA) up to $250,000.

Will Velocity's routing number be the same after the upgrade?

Yes, our routing number will continue to be 314977133.

Why did you choose the weekend of Feb. 26-28 to do the upgrade?

While we know that there is never a perfect time to limit services to our members; we explored several possible dates and determined that this weekend would be the best opportunity for a successful transition with the least amount of member disruption.

Revised Account Numbers

Will my member number change?

Your member number will not change; however if you currently have multiple member numbers, they will be collapsed into one primary member number. You can choose which one is preserved, or we will use the oldest number.

Will my account number(s) be changing? 

Yes, effective March 1, 2021, the numbers used to identify your specific checking, savings, loan and certificate account numbers will be different. The letters and decimal points will disappear from account numbers to help improve speed and accuracy for transaction processing. No more S1, S9; or other S-types, L-types or I-types. The new account numbers will be a digit sequence from 5 to 13 digits long. (See sample here.) This will not impact existing direct deposits or recurring payments. Also, remember that the accounts will still have the same name and all accounts can be looked up using your member number which, in most cases, will not change.

What about my loan account numbers?

Like the account numbers (see above), your loan numbers will be different. No more letters and decimal points (e.g. L.1, L52, S12). Your loan numbers will be a 13 digit sequence. This includes any real estate loans you may have.

Will the statements look different?

Yes, your monthly/quarterly statements will look different. We think it’s a big improvement and hope you will agree. Also, letters, notices and alerts will change. Some of the content on your statements may change, as well. You will always receive statements at least quarterly on savings accounts and loans, and checking account statements at least quarterly. But the actual accounts that appear on your statements together will vary somewhat from the past.

Will my direct deposits and recurring payments continue to work?

Yes, existing direct deposits and recurring transfers will post normally after March 1. To set up new direct deposits, transfers, recurring payments and wires after March 1, you will use your revised account numbers.

Will I still be able to use my checks?

Yes, your current checks will continue to work as they do today.

Will my debit and credit cards still work with the new account number(s)?

Yes, your current debit and credit cards will continue to work as they do today.

Where do I find my revised account number(s) after March 1?

New account number(s) will be available in the online and mobile banking dashboard under the account name.

Online & Mobile Banking

Will my login ID(s) or password(s) for online/mobile banking still work?

Yes, your login ID(s) and password(s) will remain the same and provide access to all your accounts.

Will my online banking or mobile app login ID or password change?

No. Happy to report that your current login ID(s) and password(s) will remain the same and provide access to all your accounts.

Will I need to download a new mobile application?

No, you will not need to re-download the application however you may be prompted to update the version of your current app.

Will my member to member transfers setup in online banking still work after upgrade?

Yes, existing member to member transfers will remain after upgrade. However, during the conversion process any transfers scheduled for Feb. 26-28 and March 1 may be delayed until March 2.

Will online banking look different? How will that change?

Online and mobile banking should not change, HOWEVER, all of your accounts will be combined under your main member number. This means that ALL of your accounts will appear within online banking.

Will recurring transfers between my accounts continue to work?

Yes, all existing transfers will continue to work as they do today. However, during the upgrade process any transfers scheduled for Feb. 26-28 and March 1 may be delayed until March 2.

Will my transaction history for my account still be available in online banking?

Yes, 12 months of transaction history will be available for your accounts, although it will look a little different.

Will my account nicknames carry over after the upgrade?

Yes, account nicknames will carry over.

Will my account groups that I have setup in online banking still exist after the upgrade?

Yes, all existing account grouping will carry over.

Will alerts that I have created for my accounts in online & mobile banking still work?

Yes, all alerts in online & mobile banking will continue to work.

Will I see the same accounts in online and mobile banking after the upgrade as I do today when I login?

After the upgrade, all accounts for which you have an ownership role (primary or joint) will now be visible in online and mobile banking. In fact, they will all show up under your main member number. No more need to log in separately to view other accounts. In addition, you will see much more detail on any real estate loans you may have since they are now going to be services in our new system.

Will I be able to customize the accounts I see on my main dashboard in online & mobile banking after the upgrade?

Yes, you can hide and unhide accounts displayed on your homepage. Navigate to the Account Preferences screen under the Settings menu in online & mobile banking.

Will my statements look different in online & mobile banking after the upgrade?

As part of the core conversion, we are upgrading and improving your account statements. We will continue to deliver the same information you have come to expect. However, it will be presented in an updated format that is easier to understand. Your old statements will not change and will continue to display as they have in the past.

Will I continue to make payments to my loans in online & mobile banking in the same manner?

You can continue to make loan payments through online & mobile banking using the standard funds transfer functionality.  Additionaly, for certain loans you will have access to a more flexibile and convenient payment tool. Beginning March 2, you will be able to find the new loan payment tool in the navigation menu under “Loan Payments” in online banking.

Will my bill pay payees, bill pay history and scheduled bill payments still be available after the upgrade?

Yes, all of these items will continue to be available after March 1. (CONFIRM??)

Will online/mobile banking change or look different with the upgrade?

The overall look of online/mobile banking will not change.

Phone Banking

Will voice banking be affected by the core upgrade?

Yes, after March 1 voice-banking users will need to re-enroll in the service with their new account number(s). The function and access to voice banking will remain the same.

Business/Commercial

Are there any changes to how I log into my business accounts in online banking?

No. Your login ID(s) and password(s) will remain the same and provide access to all your accounts.

Multiple Membership Numbers

If I have multiple login ID(s) will they all continue to work after the upgrade?

Yes, with the new full relationship account view they will all take you to an identical, singleview displaying all your accounts.

If I am receiving more than one statement today because I have multiple membership, what will happen after upgrade?

Statements will still be sent separately as they are today for your existing accounts. Additional accounts you open after March 1 will combine with the statement that corresponds to your “surviving” membership.

During The Core Upgrade Process (Feb. 26-March 1, 2021)
Details to come.

Will my debit cards work over conversion weekend?

Yes, but since our main computer system will be offline for a period of time your available debit card balance might not match your actual account balance. Debit transactions will continue to authorize against the balance as of close of business on Friday, February 26. Once the new system comes online, transactions and balances will update.

Will my credit card work over conversion weeking?

Yes, your Velocity credit card will continue to work as normal during the conversion weekend.

Member Communications

September 17, 2020 - Real Estate Loan Number Changes

In conjunction with our planned core conversion, come changes to Real Estate loan account numbers. Those numbers will ultimately lose the S-12 designation and will only have a 13-digit number associated with it. (In fact, down the line, all loans will soon have a 13-digit account number.)

Real estate Loans
You may already have noticed this change with your Real Estate loan in online banking. Effective immediately, you can start making ACH payments to your Real Estate loan from a non-Velocity account using just this new 13-digit number and our routing number, 314977133.

From now through the end of February 2021, you may continue using your member number plus the S12 loan type to reference and pay your loan. However, we recommend you switch to the new account number (with no S12) before March 1, 2021 to avoid any payment complications.

To find that number, simply log in to online banking or the Velocity mobile app and view the number in the Real Estate loan account tile (see sample in graphic).

September 9, 2020 - Timing Change on Dividends Paid

We are making a minor change to the way interest is paid on savings accounts, traditional depository IRAs and depository Roth IRAs. (These are shown on your statements with account suffixes S1, S61.)

Instead of interest being paid on the first day of each quarter, the same interest amount will now be posted on the last day of the previous quarter. For example, this quarter you will see interest posted to your account effective September 30; previously this amount would have posted on October 1. Because of this change, these accounts could receive as many as five interest payments in 2020.

We are making this adjustment as part of a major data processing system change that will take place on March 1, 2021. We’re upgrading our core processing system — the software that manages almost every transaction the credit union conducts for members — so that we can continue to provide you with safe, secure products and services now, and deliver the latest innovations in the future. This investment in our technological foundation will allow us to better serve you for years to come.

We will keep you up to date, so be on the lookout for additional communication from us. There is always information at velocitycu.com, but to ensure you get the latest updates in a timely manner, please verify your contact information. You can do this by going to the “Services” tab in online banking or the Velocity app and selecting “Update Contact Info”.

You can contact us with any questions through secure chat, secure email or by calling 512.469.7000 or 800.933.2029.