What will my new account number(s) be and how will my LincolnWay accounts convert to CoVantage accounts?
Your new CoVantage account number(s) are included in a mailing and can be used for all future correspondence with the credit union after the acquisition is final on January 1, 2023. When looking at how your LincolnWay savings and checking account will be converted, you will notice the account structure at CoVantage Credit Union is a little different than at LincolnWay. An example of how your accounts will be structured is shown at the right.
In some cases, when your account converts, we will be opening a customer’s savings, checking and money market (which would previously be three different account numbers) under one base account number with unique suffixes for each deposit account or loan. We will open account numbers, based on current LincolnWay account ownership. If a customer has multiple checking accounts, our system requires that each of them are opened under their own base account number, with a corresponding Membership Savings account. In these situations, the initial $10 saving account deposit will be provided by CoVantage.
Your new account(s) will have the same account ownership as you have with LincolnWay today. As of January 1, you will begin to earn the dividend (also known as interest) rate that is being paid to all CoVantage members as of that date. For example, as of January 1, 2023, the rate on Money Market accounts at CoVantage range from .75% APY to as high as 4.10% APY, depending on your account balance.
How will the balance in my bank accounts transfer to CoVantage?
The balances in your savings, Money Market, DDA (checking), time deposit (certificate), and NOW (interest bearing) accounts will be transferred to a new account at CoVantage when we convert.
This new account will have the same account owner(s) as you have on the account with LincolnWay today. As of January 1, you will begin to earn the dividend (also know as interest) rate that is being paid to all CoVantage members as of that date.
Do I have to get new checks right away?
You can order new checks starting January 3, 2023. CoVantage will provide you with a free packet of personal checks; just visit or call any branch to request them. If you have a business checking account, CoVantage will give up to $100 credit towards new business checks. To place an order, please call Harland-Clarke, CoVantage’s check printing vendor, at 800-597-2435. They will need your new CoVantage account number and routing number. Your existing checks that were issued by LincolnWay will be accepted by CoVantage until March 1, 2023.
Are my automatic payments and deposits going to transfer during the conversion?
All electronic transactions currently debited and credited to your LincolnWay account will need to be updated by you with your new CoVantage account number and routing number. Automatic payments and deposits that were formerly linked to your bank account and routing number will continue to post until March 1, 2023.
Will my payroll direct deposit or Social Security deposit transfer to CoVantage, or will I have to give CoVantage’s routing number and my new account number to my employer and other organizations?
All customers will need to notify their employers, etc. soon after conversion of their new CoVantage information. Direct deposits linked to your LincolnWay account will continue to post until March 1, 2023. Therefore, it’s important to update your account information with your employer, Social Security Administration, and/or other automatic depositors soon after conversion so they are not returned or rejected.
What will happen to my loans?
Any loans you have with the bank will be transferred to CoVantage with no change to your payment amount, due date, or interest rate.
When will CoVantage's rates apply to LincolnWay accounts?
Deposit accounts, excluding certificates, will begin earning dividends (also known as interest) at CoVantage's rates on January 1, 2023. Certificates will continue to earn interest at their original rate until they mature, and then earn dividends at CoVantage’s rates if renewed. Loan interest rates will remain as defined in the original loan agreements unless the loan is refinanced with CoVantage Credit Union.
Can I continue to use my credit cards?
Credit cards through LincolnWay Community Bank, that were issued through Elan, may continue to be used with no change at this time. After the acquisition, you may apply for a CoVantage Credit Card. More information on this opportunity will be provided in future communications.
Does CoVantage offer credit card cash advances and if so, what is the limit and fee?
Refer to our consumer disclosures for information on cash advances.
How will I make future loan payments after the conversion to CoVantage?
Loan payments can be accepted at the Mokena or New Lenox branches, can be mailed to those locations, or mailed to CoVantage's headquarters. Loan payments can also be made using MyCoVantage on a one-time and recurring basis.
Does CoVantage have a Change Up debit card savings program?
Yes. Like Lincoln Way, CoVantage has an automatic savings program called Change It Up where your debit card purchases are rounded up to the nearest dollars and transferred into a savings account. In addition, at the end of the year, you'll receive a 5% bonus on the money you've saved through the Change It Up program from CoVantage.
What can customers with deposits accounts expect from CoVantage?
CoVantage has very favorable rates. In fact, recently CoVantage was ranked in the top 1% out of 5,000 credit unions in providing value in the form of great rates and low fees by Callahan & Associates, an independent research firm. CoVantage offers a wide range of deposit accounts, including money market, checking, IRAs, health savings accounts, and share certificates for business and consumer customers. To see current rates, visit www.covantagecu.org/rates.