CAFCU is excited to welcome you to the family and we're here to serve all your financial needs. We have some important information to share with you as the transition from Ben Franklin Bank of Illinois to CAFCU nears completion. Please read the below important information. You can also find answers to frequently asked questions below.
Consumer Banking Online Account Access: As of 8:00 p.m. CST on October 30, 2020 online account access will no longer be available via the Ben Franklin Bank of Illinois website. On or after November 4, 2020 you may use the CAFCU login located at the top of this page to access your accounts online 24-hours a day, 7-days a week. Please plan for an alternate payment method between October 30 and November 4, or have sufficient cash withdrawn prior to October 30, 2020.
CAFCU Debit Card and checks (if applicable) will arrive the week of 10/26/20
Stop using your BFB Debit Card as of 11:59 p.m. CST on 10/30/20
Stop using your BFB checks as of 10/31/20
Start using your new CAFCU Debit Card and checks as of 11/4/20
*Note that when you log in for the first time, you will need your new CAFCU Member Number and the last four digits of the primary member's Social Security Number. You will be receiving a letter in the mail which will include your new member number.
Purchase & Acquisition Date
The acquisition is scheduled to be completed on April 30, 2020. On the closing date, when CAFCU purchases and assumes all of Ben Franklin Bank of Illinois’s loans and deposits, all customers of Ben Franklin Bank of Illinois will automatically become members of CAFCU. All new CAFCU members are required to have a share account with a balance of $5.00. For any Ben Franklin Bank of Illinois customer that does not have such a savings account, CAFCU will open and fund a non-transaction share account with a balance of $5.00. There will be no additional changes in your account structure or servicing until systems integration is completed at a later date. You will be provided a minimum of thirty (30) days prior notice of any scheduled account changes.
Deposit Insurance (FDIC and NCUA)
Ben Franklin Bank of Illinois is required by FDIC regulation 12 CFR 307.3 to inform you that the insured status of deposits at Ben Franklin Bank of Illinois, under the provisions of the Federal Deposit Insurance Act, will terminate after the sale to CAFCU is finalized. Insured deposits in Ben Franklin Bank of Illinois will continue to be insured by the FDIC, to the extent provided by law, until their insured status is terminated. Ben Franklin Bank of Illinois will not accept, and the FDIC will not insure, any new deposits or additions to existing deposits made by you after the finalization of the sale.
After the closing date, your deposits will be insured by the National Credit Union Share Insurance Fund (“NCUSIF”) and not by the FDIC. All of your current deposits will continue to be federally insured up to $250,000 for each account category through the NCUA who administers the NCUSIF. Please click here to view a chart comparing FDIC and NCUA insurance.
Watch for additional information from us as we look to provide you a seamless transition to becoming a member of CAFCU. We look forward to serving you.
Frequently Asked Questions
Membership with CAFCU provides you and your family with the tools, resources and expertise to financially succeed. Through this transaction you’ll gain access to the same products and services of a bank plus FREE unbiased financial coaching, education, member discounts and more. Ultimately, we will be able to serve you in more ways, and in ways that also enhance our commitment to our members.
We understand that you may have some questions related to the acquisition, so we’re providing answers to some of these questions.
Q: Why is Ben Franklin Bank of Illinois being acquired by CAFCU?
Ben Franklin Bank of Illinois has been committed to providing a safe and sound financial institution for its clients by maximizing stockholder value. Ben Franklin Bank of Illinois and CAFCU negotiated an outstanding transaction for its stockholders which will significantly expand the opportunities for customers, employees, and the community.
Q: How large is CAFCU and where are they located?
CAFCU is headquartered locally at 2075 Big Timber Road, Elgin, IL 60123. The credit union serves tens of thousands of members across the nation with assets in excess of $600 million. Membership is open to anyone who is employed by a Sponsor Company, is a family member of a current member, lives or works within a 25-mile radius of a CAFCU branch or is a member of The Hope Group. The credit union operates 20 branches throughout the U.S. and belongs to the CO-OP network, which provides members access to more than 60,000 surcharge-free ATMs, and 5,600 shared branch locations nationwide. For branch locations and hours, click here.
Q: Will there be changes to your staff?
Ben Franklin Bank of Illinois employees will join with CAFCU employees, sharing a commitment to deliver financial services and expertise to families and Sponsor Company employees throughout the nation. All Ben Franklin Branch locations will remain open to serve clients.
Q: Who will be the President/CEO?
Peter Paulson is the current President/CEO of CAFCU and will continue in that role.
Q: Will there be changes to the Board of Directors?
The current Board of Directors of CAFCU will remain unchanged as a result of the transaction. We thank the Board of Directors of Ben Franklin Bank of Illinois as we assume their duties.
Q: Where will the headquarters be located?
The headquarters of CAFCU will be at 2075 Big Timber Road, Elgin, IL 60123 (its current headquarters). CAFCU is proud to maintain a strong commitment to its members throughout the nation.
Q: When will I see signage begin to change at branch locations?
Branch signage will be updated after April 30, 2020.
Q: Are you planning to close any branch locations?
Ben Franklin Bank of Illinois’s branch locations will be maintained and incorporated with CAFCU’s, resulting in a network of 22 service locations throughout the nation.
Q: What’s the benefit to me related to this acquisition?
Through this transaction you’ll gain access to an expanded suite of consumer financial services, including loans, credit cards, financial education and more. As a member-owned, not-for-profit financial cooperative, CAFCU is able to offer competitive rates and great value to members every year.
Q: Will my account number change?
After the acquisition, our systems integration will require a change to account number structures. We will work to minimize any changes made to accounts. We understand that this type of change may cause disruption, so our commitment will be to make any transition as smooth as possible.
Q: How will this affect my rates and service charges/fees?
As part of our systems integration, we will review all services provided to members, including service charges, to make sure we provide consistent, low-cost access to the most innovative financial services. Deposit accounts, including certificates of deposits, loan interest rates and safe deposit boxes/fees will remain unchanged after the acquisition date.
Q: Will my deposits continue to be federally insured?
CAFCU is insured by the NCUA (National Credit Union Administration) through the NCUSIF (National Credit Union Share Insurance Fund). Your deposits will continue to be federally insured to the maximum amount available, currently, to at least $250,000 per depositor, and backed by the full faith and credit of the United States Government. Please click here to see a helpful comparison guide for reviewing differences between NCUA and FDIC insurance.
Q: What happens if I already have both a CAFCU account and a Ben Franklin Bank of Illinois account?
Following the proposed transaction, you will continue to have both accounts available for you at CAFCU. In the event you have more than $250,000 at CAFCU as a result of the transaction, the excess will not be federally insured.
Q: Will I be able to access my account at new branches?
Immediately following our acquisition, you will have access to the same branch locations and ATM networks as you do currently. Limited account access may be available at other CAFCU locations until our systems integration is complete.
Q: Will I still be able to use my current checks?
You will be able to use your current checks until 10/31/20. A complimentary box of CAFCU checks will arrive the week of 10/26/20 and you may begin using your new checks as of November 4, 2020.
Q: Will I still be able to use my debit card?
You can use your current debit card up until 11:59 p.m. CST on October 30, 2020. Transactions after this time will not process. Your new CAFCU Debit Card will arrive the week of October 26, 2020 and you can begin using your new debit card as of November 4, 2020.
Q: Will my online banking change?
As of 8:00 p.m. CST on October 30, 2020 online account access will no longer be available. On or after November 4, 2020 you may log on to CAFCU's online & mobile banking to access your accounts online 24-hours a day, 7-days a week. Please plan for an alternate payment method between October 30 and November 4, or have sufficient cash withdrawn prior to October 30, 2020.
* Note that when you log in for the first time, you will need your new CAFCU Member Number and the last four digits of the primary member's Social Security Number. You will be receiving a letter in the mail which will include your new member number.
Q: When your name changes, will my direct deposit still work?
Your direct deposit and automated regular withdrawals will continue to work without interruption. When we complete our systems integration, and our routing number changes, we will work with you to ensure there is no interruption to your electronic direct deposit or automated regular withdrawals.
Q: Will employee emails change?
Employees have been provided new email addresses that reference the CAFCU name. Employee email addresses are as follows: [email protected]
Q: Will employee phone numbers change?
We will notify you with anticipated changes in our contact information well in advance of any changes.
Q: Will there be any changes to my account notices and statements?
At the point when we combine our operating systems, your monthly and quarterly statements and notices may have an updated look.
Q: Who do I contact if I have additional questions?
We want to hear from you to help answer any additional questions you might have about the acquisition. Please call CAFCU at 1-800-359-1939.
For more information or questions connect with us:
