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Conversion FAQ

Everything you need to know about our big project.

On Monday, March 1 Velocity upgraded to a new processing core — the primary computer system that manages almost every transaction we conduct for members. We’ve been sending messages (letters, emails, postcards, newsletter articles) since October of 2020, so we are confident (oh, please, oh, please) that this change wasn’t a surprise.

Now that the conversion is complete, there are a few things you’ll need to know and a couple of things you’ll need to do:

First, your main member number will not change; however, if you had multiple member numbers, your oldest number should have survived (unless you told us otherwise).

All previous communication regarding the core conversion, including the letter explaining new account numbers, can be found at bottom below FAQs.

Skip to Member Communications

General Questions

Why did Velocity convert to a new core processing system?

We updated 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.

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

Yes, your current PIN for your cards will still work with your new account numbers. There should be no change required.

Did Velocity's routing number change after the upgrade?

No. Our routing number will continue to be 314977133.

What about QuickBooks, Quicken or Mint software users?

Everything you need to know, including links to specific conversion instructions for each program, can be found here: www.velocitycu.com/intuit.

Revised Account Numbers

Will my member number change?

Your main member number will not change; however if you currently have multiple member numbers, they will be collapsed into one primary member number. Earlier this year, we sent a letter giving you the option to choose. If you did not respond, we used the oldest number.

See detailed communication at bottom of page entitled:   Feb. 22, 2021 – “Upcoming Changes to Your Account”

Will my account number(s) change? 

Yes, the numbers used to identify your specific checking, savings, loan and certificate account numbers will be different. The new account numbers will be visible in online banking effective March 2, and on your new statements available in April.

The letters and decimal points will disappear from account numbers (no more S1, S9; or other S-types, L-types or I-types). This should not impact existing direct deposits or recurring payments on checking accounts. The new account numbers will be a digit sequence from 5 to 13 digits long. 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.

See detailed communication at bottom of page entitled:   Feb. 22, 2021 – “Upcoming Changes to Your Account”

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.

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 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. Also, you can see your new account numbers on your statements beginning in April.

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 app?

No, you will not need to download a new app, 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–including JOINT- will appear and be VISIBLE 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 set up 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 and 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 log in?

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.

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 and mobile banking in the same manner?

You can continue to make loan payments through online & mobile banking using the standard funds transfer functionality.  Additionally, for certain loans you will have access to a more flexible 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.

Regarding Bill Pay: Will my payees, history and scheduled bill payments still be available after the upgrade?

Yes, all of these items will continue to be available after March 1.

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, voice-banking users will need to re-enroll in the service with their new complete 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

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, Feb. 26. Once the new system comes online, transactions and balances will update.

Member Communications

Feb. 22, 2021 – Major Upgrade Coming (postcard)

Feb. 22, 2021 – Upcoming Changes to Your Account

On March 1, 2021, Velocity will upgrade to a new core processing system — the main computer system that manages almost every transaction we conduct for members — so we can continue to provide you with safe, secure products and services now, and deliver the latest innovations in the future.

Member Numbers
Member numbers will (generally) remain the same. Those individuals who currently have multiple member numbers were sent a letter in October 2020 and given the option to choose from their existing member numbers. If you did not respond, your oldest member number will be used.

Member Number versus Account Number
Every member now will have only one member number. ALL account numbers (savings, checking, auto loan, etc.) you have with us will be associated with your single member number. Each account will have its own account number.

The changes will include new account numbers for all loans and some deposit accounts. NEW ACCOUNT NUMBERS WILL BE AVAILABLE TO BE VIEWED IN ONLINE BANKING starting March 2 within the account tiles. (See below) THEY CAN ALSO BE VIEWED ON YOUR APRIL 1 STATEMENTS. Continue reading to learn about
this important change.

Savings Account

Checking Accounts
Your checking ID will not change and will now be considered your account number instead of using the S-types, such as S7 or S9. Since your checking ID will remain the same, any current direct deposits or automated (ACH) transactions will not be affected. Checks and debit cards will also not change. You can find your checking account number at the bottom of your printed checks, as well as in online banking (beginning March 2).

Loan Accounts
Loan numbers are changing from using L-types to a 13-digit number. Letters were sent to members in December and January notifying them of their new loan number. Please update your automated (ACH) loan payments with the new number to avoid any interruption in payments.

Deposit Accounts
All deposit accounts other than checking accounts will now have a 13-digit number. S-types will no longer be used.

All communication sent out regarding our core conversion resides at www.velocitycu.com/conversion, along with some “Frequently Asked Questions” (FAQs). To learn more about your new account numbers or to view previously sent letters, please first refer to the FAQs and communication on the website. If you need further clarification, contact us at 512.469.7000.

IMPORTANT! As part of the core conversion upgrade, all Velocity offices, branches and drive-thrus will be closed from 5pm Feb. 26 through March 1. Online and voice banking will also be unavailable at this time. Direct deposits and other electronic transactions will post normally on March 1. Credit and debit card transactions will
still be authorized but with smaller approval limits. Please plan accordingly.

Thank you for your attention to this important information.

Feb. 3, 2021 – Quickloan Line of Credit account number

Dear Member,
Velocity Credit Union is changing its internal computer systems, an enormous project that is scheduled to conclude on March 1, 2021. As part of this project, we are reviewing all of our current Quickloan Line of Credit accounts to determine if they are being used and to ensure that the financial and credit information we have on file is current.

The change to our new processing core, our primary computer system, will require the credit union to create a modern, flexible new Personal Line of Credit loan program, featuring monthly billing and a revolving loan payment feature. Unlike our current fixed-payment Quickloan, the new Personal Line of Credit offers a variable payment amount that is at least 3% of the outstanding balance. The new Personal Line of Credit will be available for loan advances through Velocity tellers and ATMs, and can be used as overdraft protection for checking accounts.

It is not possible to transfer your current Quickloan account to our new system. Therefore, we offer you the following options:

1. If you do not wish to continue having an open Line of Credit with us, no action is required. Your Quickloan credit limit will automatically be removed on Feb. 22, 2021. Any balance on your Quickloan as of 5pm on Feb. 26 will be transferred to our new computer system as a regular installment loan on March 1, 2021, at the same interest rate, due date and payment currently in effect.

2. If you wish to maintain a Line of Credit loan account with Velocity, please do one of the following:

  • Visit our online loan application at velocitycu.com/loans/personal and apply for the new Personal Line of Credit loan. This will allow us to obtain updated financial and credit information from you.
  • Or contact our Lending Contact Center by phone at 512.469.7060 or 800.933.2029 (Option 3) during normal business hours.

3. As an alternative to the Personal Line of Credit, you can apply for one of our Velocity Platinum credit cards here: velocitycu.com/credit-cards/

If you choose to submit a new Personal Line of Credit loan application (option 2, above), we will quickly process your request and notify you of the results (subject to our normal credit granting guidelines). Any required documents can be completed electronically or via mail and our staff will work with you to finalize your new Line of Credit quickly and easily without an office visit.

At Velocity Credit Union, we want to be your source for all of your borrowing needs. Our credit cards, auto loans, home equity, home improvement and personal loan programs are designed to be low-cost and consumer-friendly.

Let us know how we can help you. We appreciate your business.

Sincerely,

Dale Warnken,
Assistant Vice President, Consumer Lending

Jan. 12, 2021 – Inactive Quickloan Letter

Dear Member,
According to our records, you have not accessed your Quickloan Line of Credit account in more than 18 months. Therefore, in accordance with our normal lending procedures, the credit limit on the account will be deactivated due to inactivity effective January 19. On that date, the account will no longer be available for cash advances through any Velocity teller or ATM, and the account will not be available to provide overdraft protection for any checking account.

If you would like to obtain a new Line of Credit account with us, please do one of the following:

  • Visit our website to re-apply for the Line of Credit loan. This will allow us to obtain updated financial and credit information from you. You may apply at velocitycu.com/loans/personal.
  • Contact our Lending Contact Center by phone at 512.469.7000 or 800.933.2029. Select option “3” to apply for a loan or to ask questions.

At Velocity Credit Union, we want to be your source for all of your borrowing needs. Our credit cards, auto loans, home equity, home improvement, and personal loan programs are designed to be low-cost and consumer-friendly. Let us know how we can help you. We appreciate your business.

Sincerely,
Dale Warnken,
Assistant Vice President, Consumer Lending

Nov. 30, 2020 – New loan account number letter (non-ACH users)

Dear Member,
Exciting things are happening at Velocity. In March 2021, Velocity is upgrading to a new core processing system — the main computer system that manages almost every transaction we conduct for members — so we can continue to provide you with safe, secure products and services now, and deliver the latest innovations in the future.

We are writing today for two reasons:

1. Your loan account number is changing with the new system (see new number below).
2. We’d like to encourage you to set up your loan for automatic payments, free of cost.

It appears that you do not currently have automatic payments set up for your loan. We encourage you to do so, and we have several convenient options from which to choose:

1. The best solution is Velocity Online Banking. If you already have a login to Online Banking, it is easy to register an external account at any other bank or credit union in the country* and then we’ll debit from that account to pay your Velocity loan. It’s stamp-free, cost-free, and you’ll never be late.

If you don’t have an Online Banking login, it is easy to get one using our online enrollment process. Online banking is the best channel for you to use for automatic payments, alerts, eStatements and more useful services and information. To learn  more or enroll, just go to velocitycu.com/olb.

2. Transfer from another financial institution using the new loan number we have provided to you below. This allows the other institution to send the payment* (electronically) to us. You will need to provide the new loan number below along with Velocity’s ABA Routing number: 314977133. This option is also free and  automatic.

3. Finally, you can use a third party bill payment service (like Check Free, Xpress Bill Pay, Bill.com or Quicken Bill Manager) using the new Velocity loan number. Set-up and costs vary on this option depending upon your provider.

Your new loan account number is shown in the physical letter. You can either cut it out to save, or just take a photo of it with your phone and save it for reference.

That’s it for now! We’ll keep you up to date as this process continues. Watch for additional mailings and emails from us. We will always have plenty of information on our website.

Thank you,
Member Services
Velocity Credit Union

*This process is called “ACH” and is a common practice in financial institutions.

Nov. 19, 2020 – New loan account number email (current ACH users)

Dear Member,

You should have received a letter on or around Nov. 8-11 regarding your new loan account number. Here is a brief summary:

In March 2021, Velocity is upgrading to a new processing core — the system that manages almost every transaction the credit union conducts for members. One necessary change for these improvements is that all loans have a unique 13-digit account number.

What does this mean for you? As soon as you wish, you can change your ACH (automatic) loan payments 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 LXX loan type to pay your loan. However, we recommend you switch to the new account number (with no L-type) well before then to avoid any payment complications.

Your new loan account number was printed in the letter we sent in early November. You can either cut it out to keep or take a photo of it with your phone to save for reference.

We’ll keep you up to date on this process. For the latest updates, please make sure that we have your current mailing address and email address.

To update your contact information:

  • Log into Online Banking or the Velocity mobile app
  • Click on the “Services” menu,
  • Then select “Update Contact Info”

Nov. 4, 2020 – New loan account number letter (current ACH users)

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.

One necessary change for these improvements is that all loans have a unique 13-digit account number.

What does this mean for you? As soon as you wish, you can change your ACH (automatic) loan payments 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 Lxx loan type to pay your loan. However, we recommend you switch to the new account number (with no L-type) well before then to avoid any payment complications.

Your new loan account number is shown below. You can either cut it out to save or just take a photo of it with your phone and save it for reference.

(See physical letter for details.)

That’s it for now! We’ll keep you up to date as this process continues. Watch for additional mailings and emails from us. We will always have plenty of information on our website.

For the latest updates, please make sure that we have your current mailing address and email address. To change this information, just log into Online Banking or the Velocity mobile app and select “Update Contact Info” from the “Services” menu.

Oct. 22, 2020 – Which member number would you like to keep?

We are modernizing our technology to bring you more efficient service, automated processes and a wider variety of products and services, all while maintaining the highest level of security. These improvements require some change, including everyone to have a  single member number.  Each one of your accounts (savings, checking, auto loan, etc.) will still have its own unique number, but your member number will help us link all of your products together.

Since you currently have multiple member numbers with us, we want you to have the opportunity to choose which one you would like to use when the core system change occurs. If we don’t hear back from you by November 25, 2020, we will use the member number you’ve had the longest.

Please  circle the one member number  you would like to keep. No action is required if you wish to keep your “oldest” number.

(See physical letter for details.)

After you’ve made your selection, please use the enclosed postage-paid return envelope to send this page back to us. If you prefer, you can log in to online banking and send us a secure message with the member number you’d like to keep. That’s all that needs to be done for now!

If you have questions about this, or would prefer to choose your member number by phone, you may call us Monday-Friday, 9a-5p, at 512.469.7114, and choose option 6. This option will bypass the main member support line and connect you directly with someone who will assist with this request.

We will keep you up to date as we proceed, so be on the lookout for additional communication from us. There is always information on our website, but to ensure you get the latest updates in a timely manner, please verify your contact information.

Sep. 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).

Sep. 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.