As ELFCU stated in the “Member’s Guide to Conversion,” members will receive two separate statements for the month of February. The first included account activity from February 1–12; the second, reflecting a new look and format, will include account activity for the remainder of the month.

Here are a few changes to keep in mind as you review your new ELFCU statement, which will arrive later this week:

• Statements now process on the last business day of the month rather than the last calendar day of the month
• All Statements now have a new, easy-to-read look and format
• Access to eStatements has changed for members with linked accounts (see instructions below)
• Although the statement end date is February 26, dividends reflected on the statement are for the full calendar month of February, 28 total days.
• Dividends have been correctly calculated and paid. Savings accounts disclose an Annual Percentage Yield (APY) higher than actually earned and Checking accounts do not disclose an APY (see explanation below)
• Year-to-date totals for Overdraft Paid Items and Returned Item Fees will not be accurate on your statement (see example below)
• First Mortgage account information appeared on your February 1-12 ELFCU statement. Any mortgage activity from February 13-26 may be viewed via eBranch. Or you may contact ELFCU Member Service at 800.621.2105 for details.  

View a sample of the new ELFCU statement here.

For a list of Frequently Asked Questions about ELFCU’s recent conversion, click here.

Instructions for Linking to eStatements

If you are a joint owner on an account, you will now view the joint eStatement differently within eBranch. Prior to conversion, you were able to view eStatements for primary or joint accounts via a drop down menu in eBranch.

To view linked eStatements, you will now need to follow these steps:

• Choose the green link to eStatements in eBranch, at the top of your screen.
• You will need to enter the primary member’s member number and PIN to view the corresponding statement.
• If you don’t know the PIN or you’d like to reset the PIN, simply follow the instructions on the login screen, or contact ELFCU Member Services for assistance: 800.621.2105.

To view information for all of your accounts on a single monthly eStatement, you must establish primary ownership on all your accounts. Member Services and the ELFCU branches can assist you with changing or adding ownership status.

Explanation of APY Disclosures

SAVINGS

All dividends have been correctly calculated and paid for the month of February; however, on your statement, Savings accounts will disclose an Annual Percentage Yield (APY) higher than actually earned.

For example: A member who actually earned 0.60% APY on her Money Market Savings in February has a disclosure that reads “Annual percentage yield earned 1.00% for 16 days.”

This is due to the shortened statement period. Once we cycle through a full monthly statement period with our new core system, the disclosures for savings accounts will appear correctly.

CHECKING

Checking accounts that earn dividends (ThinkBig, Dividend Checking and HSA) do not include a disclosure of the APY on your statement. Dividends were correctly calculated and paid for the entire month of February. These disclosures will appear on future statements.

Example of Overdraft Disclosure (Year-to-Date Totals)

Beginning 01/01/2010, statements included a boxed disclosure of Overdraft Paid Items and Returned Item Fees.  This box will appear on the statement only if there’s been a related fee between 02/13/2010 to 02/28/2010, but your Year-to-Date total will not be accurate. 

For example: A member was charged 2 OD fees since conversion, so the disclosure reads as follows:

SUMMARY OF OVERDRAFT PAID ITEM AND RETURN ITEM FEES

However, the disclosure should reflect the fees for the period of 01/01/2010 to 02/28/2010 as follows:

SUMMARY OF OVERDRAFT PAID ITEM AND RETURN ITEM FEES

This disclosure will appear correctly on future statements.