FAQ

Q: What account number do I give to my payroll department for direct deposit?

A: Your Magnolia FCU account number is an eight-digit number (e.g., 10101010). This number will appear at the top right side of your Statement of Account in the box to the right of the words "Account Number". On your checks, your account number is the last 8 digits that appear to the left of the check number (e.g., 17000010101010 1234). Do not include any share ID number when providing your account number to your payroll department - they will use a processing code to direct your deposit to your savings or checking account.

Q: I've moved and need to change my address. Can I call the credit union with that information?

A: For your security, we do not accept changes to your account by phone. We will accept a change of address in a signed written request that is mailed or dropped off at one of our branches. We also accept address changes electronically via the message board within our password-protected TOTAL ACCE$$ Online Banking.

Q: What are Share and Loan ID numbers?

A: Share ID numbers identify the different share accounts that comprise your membership account at the credit union. You can find your share and loan ID numbers on your Statement of Account, next to the name of each share listed. You will need to know your share ID numbers when you use our TOTAL ACCE$$ Telephone Teller system. We typically identify your share accounts as follows: 00 - for Regular Share; 01 - for a Secondary Share such as a secondary savings, a Christmas Club Account, or a Vacation Club account; 70 - for Share Draft Checking; 71 - for a secondary checking account; 50 ... 59 - for Share Certificates

Q: What is the credit union's Routing Number (also known as Routing and Transit or ABA number)?

A: 265377235

FAQs about Valued Members Federal Credit Union

Q: How can Valued Members apply for a loan now?

A: We will be processing loans for Valued Members on their data system until we merge the two systems at the end of September. You can apply at our office on Briarwood Drive or at the former Valued Members office in Canton.

Q: Do you do risk-based lending?

A: Magnolia FCU underwrites loans utilizing a number of risk based criteria. Loan rates may vary based on the borrower's credit score.

Q: How will Valued Members order checks?

A: Checks will continue to be ordered through Harland Clarke but quantities may be limited. A small supply of replacement checks will be provided at conversion at credit union cost.

Q: Can I still use Valued Members checks?

A: Yes, and up until and possibly after the data conversion, 9/30/11

Q: What about my direct deposit going to Valued Members, now will it go to Magnolia?

A: Our intent is to run the Valued Members data system until we can affect a data system conversion at the end of September. We hope that the conversion will be absolutely seamless with no interruptions of service to Valued Members members. If you experience a problem, please let us know right away.

Q: When will the other branches be shared branching facilities?

A: Valued Members has now been set up on the CUSC Shared Branching Network. Valued Members members may access their accounts, not only at Magnolia FCU offices, but at all participating credit unions, both locally and nationally. Until the data systems are converged, simply identify yourself as a Valued Members FCU member and present ID along with your existing account number. After August, you will need to identify yourself as a Magnolia FCU member. Check our website www.magfedcu.org for a branch locator.

Q: Will Valued Members become Magnolia members instead of staying Valued Members?

A: The acquisition occurred on the evening of May 31st. On June 1st all Valued Members FCU members became members of Magnolia FCU. Operationally, until we can converge the two data systems we will experience some challenges in delivering services to Valued Members members. For instance, Valued Members FCU did not issue debit cards to their members. Magnolia FCU does, but we cannot issue a debit card to a Valued Members member on the old system. Once the data systems are converged, we should be able to offer all available services to qualified members.

Q: If I am a member of both credit unions when will I know when I am only Magnolia FCU?

A: Letters, emails and newsletters will keep all members up to date on the status of the acquisition. Technically, all Valued Members memberships have been assumed by Magnolia FCU, so that you are no longer a member of Valued Members FCU. Operationally, we have yet to work out the process for transitioning duplicate memberships, but we will keep you informed.

Q: How are the people in Lena going to make deposits and withdrawals? Will they still be able to become members?

A: If they were already members of Valued Members FCU, then they are now members of Magnolia FCU and will be able to use the shared branching network to access their accounts. If they were not, then they may join Magnolia FCU by virtue of the fact that they live, work, or worship in Leake County. We now serve both Leake and the northern half of Scott Counties.

Q: How is Magnolia better for us as members?

A: Better products, more products, better rates and added locations

Q: Valued Members – will their rates change? Or will they receive the same products and services?

A: Magnolia FCU will honor all rates on existing Loans and on Share Certificates. Magnolia FCU rates will apply to all other shares and loans. We are confident that the Valued Members membership will be pleased with the differences.

Q: Can we still come to this location for service?

A: The Canton location is still in full operation. We will not reopen the branch in Lena and we closed the State Street office to all but back office operations on Friday, June 10. Our Briarwood Office is available to serve you now.

Q: Will Valued Members have to fill out a membership application again?

A: Valued Members members were acquired by Magnolia FCU and will be considered Magnolia members effective June 1, therefore, no new application will need to be completed.

Q: How will Magnolia handle Valued Members accounts verses Magnolia accounts?

A: Operationally, until we converge the two data systems in September, there will be challenges. It is our intent to continue to provide excellent member services to all our members, whether or not they were previously Valued Members members. Please take some time to review this website (www.magfedcu.org) to check out our products and services and come see us at Briarwood Drive Main Office, the Castlewoods Branch, the VA Hospital Branch and the Canton Office. We look forward to serving your financial needs.

Q: Will the Valued Members have to contact social security and employers to have direct deposit info change?

A: No. We hope that the process can be handled seamlessly with no interruption of services to members. If you experience a problem, please let us know right away.

Q: What is caused the acquisition?

A; On May 4th Valued Members FCU was placed into conservatorship by the NCUA. The NCUA sought out a local credit union to consider a possible "purchase and acquisition" of the assets (loans & property) & liabilities (deposits) of Valued Members. After consideration by Magnolia FCU Board of Directors and its management, the decision was made for Magnolia FCU to move forward with the Purchase and Assumption of Valued Members FCU. This took place, after the close of business on May 31, 2011. On June 1st all Valued Members FCU members became members of Magnolia FCU.

Q: Will the same people serve me?

A: Yes, with great additions

Q: Is my money safe?

A: Yes, it is insured up to $250,000

Q: Will I, as a former Valued Members FCU member, be able to use ATMs with no fee?

A: Operationally, until we converge the two data systems in September, there will be challenges. For the moment, Valued Members FCU ATM cards will function as they did prior to May 31st. Soon, we will converge the two data systems and you will have access to the same ATM networks that Magnolia FCU members currently enjoy.

FAQs about "Phishing"

Q: How does a phishing scam work?

A: Messages from a party falsely representing itself as a financial institution, such as a bank or credit union, are sent to consumers at random. (In fact, you may not even have an account with the bank or credit union whose name is "hijacked" and used in the scam.) The message typically states there is a "problem" with an account/card or an account/card requires "verification," "re-activation" or "unlocking." Those that respond to the message are asked to enter/provide account information and PIN numbers. Those that do provide the personal financial details the message requests may become the victim of fraud.

Q: How did they get my phone number?

A: The message is likely distributed at random. A computer may be used to generate a list of numbers that could be possible for a certain geographic area, based on area code or prefix. The computer simply calls or sends a message to that randomly generated list of numbers. These types of attacks are not generally the result of any type of information "breach" at the financial institution. Receiving this type of scam message does not mean a crook HAS your information -- It means they WANT your information. They are trying to fool you into giving it to them.

Q: I responded to the message and provided personal information. What do I do now?

A: Act immediately if you've been hooked by a phisher. If you provided account numbers, PINS, or passwords to a phisher, notify the companies with whom you have the accounts right away and tell them you may be a victim of fraud. They can help you close compromised accounts and establish account fraud alerts.

For information about how to put a "fraud alert" on your files at the credit reporting bureaus and other advice for ID theft victims, visit the Federal Trade Commission's ID Theft site: http://www.ftc.gov/bcp/edu/microsites/idtheft or call 1-877-ID-THEFT (438-4338); TTY: 1-866-653-4261.

Q: I didn't respond to the message, but I believe it is fraudulent. What do I do now?

A: Report the message to the company that the phisher was impersonating. However, do not use any contact information that was provided in the message; instead, look up the company's official phone number in the phone book or find their official website.

Q: Should I report it to the police, Better Business Bureau or others too?

A: You certainly may. However, there is little authorities can do about this type of fraud. The criminals that set-up the fraudulent phone numbers, website addresses or email addresses used in the messages move very quickly. In most cases, the numbers or websites related to the scam message have already been removed long before authorities can even be notified.

There is also, unfortunately, little that the authorities, phone companies or the company whose name is used in a phishing message can do to prevent the message from being distributed. Therefore, the best protection against becoming a victim of fraud is knowledge: Do not respond to unsolicited text messages, phone calls or emails requesting personal information. Ever.

Q: How do I know if message, phone call or email may be an attempt at fraud?

A: Unsolicited contact requesting you to enter or disclose account or personal information is almost always an attempt at fraud. Legitimate companies simply do not conduct business that way.

Fraudsters try to create a sense of urgency and need for "immediate" action. The "hook" may come in many forms:

• Account Activation, or De-activation

• Confirming Account or Credit Card Numbers

• Account Status Alert

• Changes to Terms and Conditions

• Irregular Activity

Here are some examples of phishing scam messages:

• "Your Federal Credit Union card has been deactivated. To reactivate please visit urgent http://[fraudulent address or call (555) 555-5555."

• "866555555@abccreditunion.com ABC Credit Union. Your account has been locked. Call online banking service @ 866-555-5555 for assistance"

• "There has been irregular activity in your account. Please call XYZ Bank customer service at (555) 555-5555 or go to http://fraudulent address"

• "8775555555@xyzcreditunion.com Customer issue. ABC Credit Union service frozen. Please call 877-555-5555"

Bottom line: NEVER respond to unsolicited phone call, text message or email requesting account or other personal information. If you have doubts about the legitimacy of the request, contact the company directly through a trusted phone number or website (do not use the contact information provided in the request).