Welcome, LincolnWay customers! Find key dates and helpful tips to guide you as you become a member of CoVantage!
Find answers to your questions about CoVantage's Acquisition of LincolnWay Community Bank. Please reach out to your current LincolnWay banker if you have questions that are not addressed here.
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.
How long can I access LincolnWay electronic banking?
The last day to use LincolnWay electronic banking is on Thursday, December 29. LincolnWay electronic banking will move into read-only mode after 5 pm on December 30, 2022 through January 2, 2023. On January 3, LincolnWay electronic banking will be disabled and enrollment and access to MyCoVantage digital banking is available.
When and how can I enroll in MyCoVantage digital banking?
To enroll in MyCoVantage beginning January 3, you will need to do one of the following:
Does LincolnWay online banking information transfer over to MyCoVantage?
LincolnWay transactions after December 30 will appear in your account activity on January 3 when you log into MyCoVantage. However, scheduled transfers (internal and external), bill payments, bill payees, and e-Statements from LincolnWay will not transfer to CoVantage Credit Union digital banking. To prepare for this, it may be a good idea to print a copy of your scheduled transfers and bill payments to use as a reference when adding these transfers to MyCoVantage digital banking. It is also recommended that you download or print past e-statements in the event they are needed.
How long is CoVantage's online banking transaction history?
13 months from the date account is established.
What is CoVantage’s person-to-person (P2P) online payment process?
Money can be moved using free online bill pay. Payments can be made to individuals, businesses, and national vendors using a CoVantage debit card or checking account.
Is online access available for joint account owners and multiple signers?
Consumer accounts have one login using shared credentials. Business accounts can set up multiple users for each account with different permissions.
Is there a business treasury management tool available?
We have a robust digital banking channel we are looking to enhance in 2023.
Does MyCoVantage offer the ability to download to Quickbooks or similar programs?
Account information can be downloaded into Quicken, Quickbooks, or a spreadsheet for budget software.
How can I enroll in e-Statements? Sign into MyCoVantage using the steps above. Then go to the Documents icon to enroll. When statements begin producing for account activity with MyCoVantage, you can go to the Documents tab and select “Member Statements” to view the documents. At the beginning of each month or quarter, you will receive an email stating that your e-Statement is ready to view in MyCoVantage.”
How can I setup internal transfers?
Go to the “Transfers” tab in MyCoVantage digital banking. Select the specific account, date you want the transfer to occur, and amount. They can be set up as a one-time or recurring transfers. You will need to verify your identity to continue. To transfer money to another CoVantage member, all you need is the recipient’s base account number (6 digits) and last name. Navigate to Transfer/Pay and click the “Member to Member” button, then “Add Member” and follow the prompts.
How can I setup external transfers?
To transfer funds between your accounts at other financial institutions or with other people, go to the Pay tab in MyCoVantage to re-enroll in these services.
How can I setup alerts?
n MyCoVantage, go to the “Manage Services and Settings” tab enroll in alerts such as viewing checks that have cleared and transactions over a certain dollar amount. Alerts are currently sent via email. Text alerts and push notifications will be available with an update to our app in 2023.
How can I access Bill Pay?
LincolnWay electronic banking bill payments are not converting to MyCoVantage. Go to the “Pay” tab to set up new bill payments after January 3 in MyCoVantage. You will need to verify your identity to continue. To prepare for this, print a copy of your current bill payments to use as a reference when adding these bill payments to MyCoVantage digital banking. Then select “Add” on the bill payment dashboard. Add a new payee by entering information in the required fields. Some payees may prepopulate. You will receive an email confirmation each time a new payee is added.
How do I make payments in Bill Pay?
elect the arrow below Quick Pay in the bill payment dashboard. The dashboard also shows scheduled payments and payment history. Specify the send date, enter the dollar amount to send, and choose payment frequency. Depending on the type of payment and recipient, it will be delivered electronically or by check.
Can I still use Mobile Check Deposit?
Yes. To use the mobile check deposit feature, download and enroll on the MyCoVantage app on January 3. Once you are logged into MyCoVantage, you will just need to click on the “Deposit” icon in the app, and then select “Enroll Now.” You will have instant access to deposit checks remotely.
Will I still know the employees?
Yes. LincolnWay Community Bank employees will become CoVantage employees once the acquisition is final. You will be greeted by friendly staff you’ve come to know and trust from LincolnWay.
When will the purchase be final?
CoVantage Credit Union’s purchase of LincolnWay Community Bank will be effective January 1, 2023.
Will all LincolnWay Community Bank customers become CoVantage Credit Union members?
Yes. All LincolnWay customers will become CoVantage Members when the purchase is complete.
Has CoVantage been a part of mergers or acquisitions in the past?
Yes. CoVantage has completed a number of successful acquisitions dating back to 2003 without delays to members’ accounts or access to their money.
Will the bank’s name change?
Yes, on January 1 the Mokena and New Lenox branches of LincolnWay will become CoVantage branches. All signage, printed materials, forms, social media channels, and website will also change. Please follow CoVantage Credit Union on Facebook, Instagram, LinkedIn and YouTube for events, specials and other updates.
What happens on the January 1 purchase date?
While the actual acquisition date is planned to occur on January 1, 2023, work needs to be done to bring our two financial institutions together and teams at the bank and at the credit union are working diligently in the background to make things go smooth for customers. On December 31, we will complete the acquisition by converting our records into the computer systems used by CoVantage. We anticipate the computer conversion being complete by midnight so that all customer records will be on CoVantage's computer system as of January 1st.
When will I get a new debit card?
CoVantage will issue new debit cards prior to January 1st. You will be able to use your debit cards issued by LincolnWay Community Bank until 10 pm on January 3, 2023, and then such cards will be deactivated. Your CoVantage debit card can be activated after January 1 by calling 800-290-8663, Option 2. You may also activate your card by logging into MyCoVantage digital banking, clicking on your checking account detail, and then selecting “Manage Cards."
What is the check amount limit (monthly and daily) for remote deposit? Can limits be temporarily increased?
For remote deposit limits, contact our Payment Services department.
What ATMs can I use?
The ATMs at the New Lenox and Mokena branches remain surcharge-free for members who make withdrawals using their new CoVantage Visa® debit card. CoVantage cardholders also have surcharge-free access at over 35,000 ATMs nationwide that are part of the CO-OP and Alliance One networks. To find a surcharge-free ATM near you, go to the ATM page on our website or look for the CO-OP or Alliance One logo on the ATM.
What is the difference between a bank and a credit union?
Credit unions are not-for-profit financial institutions which allow them to invest their profits into providing lower rates on loans, higher rates on deposits, patronage rebates, and more. Each person who belongs to a credit union is an equal owner (also known as a “member.”) Instead of generating profits for stockholders, credit unions are able to focus on their members’ needs and generating value for members. When the purchase is final, you will automatically become a member of CoVantage and your account will remain open for future business with them. For more information on how banks differ from credit unions, visit mycreditunion.gov.
Are my deposits insured by the federal government like FDIC insurance?
Yes. Deposit accounts are insured by the federal agency, National Credit Union Administration (NCUA), up to $250,000 per account category. Both the FDIC and the NCUA provide government-backed insurance for financial institutions; however, the FDIC insures bank deposits while the NCUA insures credit union deposits. Insurance coverage offered through NCUA protects members against losses if a credit union should fail. You can have confidence knowing that no one has ever lost a penny from accounts insured by the NCUA’s insurance fund. For more information on deposit insurance, visit ncua.gov.
What is the difference between a share account and savings account?
A share account is the credit union equivalent to a bank’s savings account. To belong to a credit union, a business or individual must open a share account. Your first $10 in your share account is your “share” of the credit union.
Will the current branches remain open?
Yes. CoVantage is committed to serving the New Lenox and Mokena communities. The current branches will be open as CoVantage branches on the following business day after the conversion for in-person services.
Will the office hours change?
No, they will remain the same.
Will the phone numbers, including the main number for each bank, change due to the acquisition?
No. The phone numbers will remain the same. After the computer conversion, you may also call CoVantage’s toll-free number at 800-398-2667. If you need to speak with a specific lender, you will just enter your lender’s new extension number.
Will employee emails and phone numbers change?
Yes. Following the acquisition, employees will be provided new email addresses. Branch phone numbers for Mokena and New Lenox will remain the same, but extension numbers for current staff will change.
Can I still call my lender directly?
Yes, you can call our main phone number and just enter your lender's new extension to bypass the other menu options.
I don’t visit any branches. How can I get assistance from CoVantage?
CoVantage has a full-service contact center that is available 7 am to 7 pm weekdays, and 8:30 to noon on Saturdays. In addition, CoVantage provides a robust digital and mobile banking platform that includes free 24/7 transactions, mobile loan applications, mobile account opening, bill pay service, and remote deposit capture.
Will there be coin counting services for free for members?
Yes, consumer coin counting services will still be available for current members.
What if I have additional questions?
Please reach out to your current LincolnWay banker.
Learn more about CoVantage's agreement to purchase LincolnWay Community Bank.
Key dates to remember for CoVantage's acquisition of LincolnWay Community Bank.
News and documents about CoVantage's acquisition of LincolnWay Community Bank.
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