LLCU WELCOMES NEW COLCHESTER MEMBERS!
Effective Monday, July 24th, LLCU will acquire Colchester State Bank in Colchester IL. We are so excited to add this branch to the LLCU organization. We look forward to serving Colchester area with dedicated service and the best quality products for your personal and business banking needs.
We understand you may have many questions. Please bookmark this page and check back often for updates about this partnership and how it will impact you. Also, be sure to click the button below and download the NEW MEMBER GUIDE. This booklet is filled with answers to your very important questions. Want a hard copy? Stop in the Colchester branch and ask one of our friendly staff.
DOWNLOAD THE NEW MEMBER GUIDE
After reviewing the New Member Guide and the Frequently Asked Questions below, if you still have questions and/or concerns, please call your friendly staff at the Colchester branch at 309-776-3245. Or email us at llcu@llcu.org.
Colchester Members enrolled in Online Banking, continue to use the same platform you have been using. Your login credentials will not change. Access your online banking here:
Login
If you are locked out of Colchester Online Banking or would like to enroll, please call 309-776-3245.
FREQUENTLY ASKED QUESTIONS:
Q: What will happen to Colchester State Bank employees?
A: Colchester State Bank employees will become LLCU employees as of Monday, July 24th, 2023. LLCU has a strong, proven culture of developing and valuing our employees and we are confident that Colchester employees will feel at home with us quickly. All staff at the Colchester branch will remain there, as well. You will continue to see the same friendly faces in Colchester that you've enjoyed seeing as a customer of the bank.
Q: I've never been a member of a credit union. What is the difference between a credit union and a bank?
A: From the perspective of financial products and services, you will see no difference at all. LLCU offers all of the same products & services as Colchester State Bank, plus a few additional. The main difference between a bank & a credit union is that credit unions are not-for-profit. The members are the owners, and therefore any profit is to be returned to members by way of dividends and/or competitive loan rates. View a video from one of our Branch Managers explaining more about the credit union difference.
Q: Will I have to officially become a member of LLCU?
A: Once the transaction takes place, you will automatically become an LLCU member. No action will be needed on your part to apply for a membership.
Q: Do I need new checks or a new debit card? Will my loan rate change? Where can I find answers to all of these questions.
A: As of now, you do not need new checks or a new debit card. Additionally, if you have a loan, as of Monday, July 24th, the loan will transfer to being held by LLCU, but your loan rates and terms will not change. You will continue to make payments at your Colchester branch.
Q: Why is my Online Banking Login different from other LLCU branches?
A: Initially, after we transition from CSB to LLCU, our Colchester members will continue to use the same Online Banking platform they were using as a CSB customer. Colchester members will transition to the same Online Banking platform as all other LLCU branches some time late in 2024. This delay is occurring because LLCU is currently undergoing a core system conversion to a new platform. If we transitioned our Colchester members to LLCU OL Banking at this time, it would result in our Colchester members experiencing two conversions of online banking in a relatively short time. To minimize any inconvenience to our members, we elected not to do so. Once we have fully integrated all LLCU systems, which is expected some time in late 2024, Colchester will transition to using the LLCU Online Banking platform. As we near that date, you will receive more information.
Q: Will I be able to use ATMs at other LLCU Branches?
A: Initially, you will not be able to use the ATMs at other LLCU branches without incurring a foreign ATM fee. However, once we make the full conversion to the LLCU Online Banking and full system integration, later in 2024, you will be able to use any LLCU ATM or branch for your transactions at no cost. More information will follow as we near that date.
Q: Is LLCU a strong credit union and how involved is LLCU in the local community?
A: LLCU has approximately $375 million in assets, over 120 employees, 14 branches, and over 35,000 members. LLCU offers a full menu of financial services including mortgages, auto loans, checking accounts, business loans and deposits, and merchant services for small business. LLCU remains dedicated to putting members first. Our Guiding Mission is to provide members education & tools to achieve financial success. We do this by offering FREE financial counseling, not only to our members, but to the entire community. We regularly host FREE workshops and seminars on a variety of topics from budgeting, managing your credit score, first-time home buying and more.
Finally, and most importantly, at LLCU we are committed to investing in the communities we serve. In 2022 alone, we donated over $188,000 to local non-profits throughout central Illinois and our staff volunteered over 2,400 hours to non-profit agencies.