ANNOUNCEMENT FOR BILL PAY USERS:
You should have recently received a letter via email with details on how to access PHFCU's Online Bill payment service. A guide to PHFCU's online banking and bill pay was also included. If you have specific questions regarding this service please contact us at 73 PHFCU 737-4328, or contact us via email at myfamily@phfcu.com.

MERGER PROCESS UPDATE: FREQUENTLY ASKED QUESTIONS

Who is Pearl Harbor Federal Credit Union?
PHFCU was founded in 1937 and chartered to service the civilian employees of Pearl Harbor. PHFCU continues to be one of the leading and most stable credit unions nationally and in the state of Hawaii with approximate $350 million in assets and 27,000 members. Additionally, Pearl Harbor Federal Credit Union has received merits and awards in fraud prevention, financial education, community service, and in 2007 was ranked 13th in the nation as one of the fastest growing credit unions. PHFCU’s root operating results continue to be very positive as efforts and successes have been recognized by regulators.
Will the Kokua FCU location remain open?
Kokua FCU’s location will remain intact with the same familiar faces you see today as well as with the same commitment to providing you with the personalized service you need.

Will my accounts continue to be insured?
Your accounts will remain safe, sound and insured, just as they are today. Your deposits are federally insured through the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government Agency, up to $250,000.

What is the merger process and timeline?
The completion of this merger will occur on Thursday April 1, 2010.  On this day the Straub Branch will close for most of the day as we coordinate the final efforts to migrate each account to the PHFCU computer system.  Cash services at the Straub Branch will also be available after April 1st.  

Will I be issued a new credit card?  Will I have to reapply? Will it be maintained at the guaranteed interest rate as is the current practice? Will I have to get a new card?
PHFCU will offer you a PHFCU Visa Card at the same rate you currently have now. In the near future, PHFCU will be sending you a letter asking if you would like to receive the PHFCU Visa Card. Once we receive your response, a PHFCU Visa Card will be mailed to you. Please note though, the PHFCU Visa Card may be used only in the United States and Canada.

Will I be able to use my Kokua FCU ATM card after the merger?
Active Kokua FCU ATM Cards will continue to work after the completion of the merger. However, during the migration (from midnight on March 31, 2010 to noon of April 1, 2010) you will be unable to use your Kokua FCU ATM Card.  Each member may obtain a new PHFCU ATM, PHFCU Debit MasterCard (Members need a checking account in order to apply for the PHFCU Debit MasterCard), or any other services by speaking with a Member Services Representative at any of our 5 locations.

What if I already have an existing PHFCU account?
A separate PHFCU membership account will be created during the final membership conversion process.  Once this has been completed you will have the option of transferring the accounts and balances to a single membership.  Please contact any one of our branches or our call center for assistance.

What is my account number?
You will be receiving a letter in the mail with your new PHFCU membership card.  Whenever possible we have maintained your original Kokua FCU membership number.  Please take a moment to review this card to ensure that your information is correct.  All future financial transactions will be made using this new membership number.

I have an existing Savings Certificate, how will my earnings be disbursed?
PHFCU disburses Savings Certificate earnings monthly. All other saving product dividends are disbursed monthly.

I have direct deposit, what will happen to my payroll during the merger?
PHFCU is working closely with the Hawaii Pacific Health payroll office to ensure a smooth transition.  We will continue to honor any existing incoming payroll items from other companies, but we recommend that you provide your employer’s payroll office with PHFCU’s Routing and Transit Number (321380328) and your new account number (number that is on your membership card). If you wish to setup a new or modify an existing Automatic Clearing House (ACH) relationship, remember to use Pearl Harbor Federal Credit Union’s Routing and Transit Number (321380328) with your new account number.

Will I still be able to use my checks?
PHFCU will continue to process all outstanding Kokua FCU checks.  At a later date each member will receive additional information regarding check reorders.

What is going to happen to my existing Kokua FCU services?
           
Telephone TellerTalk: Kokua Members can access their account information using their new PHFCU membership number and their LAST known TellerTalk PIN.  You can reach PHFCU’s Member Telephone System (MTS) at 73-PHFCU (737-4328) and by choosing “Option 1.” If you are unable to login, please contact us at 73-PHFCU.

Home Banking: Kokua Members can log into their account information at www.phfcu.com by using their new PHFCU membership number and their last known home banking password (please note: If last known password is less than 8 characters long, use Tellertalk PIN instead).  Once this information has been successfully entered you will be asked to answer additional security questions before continuing.  If you are unable to login, please contact us at 73-PHFCU.

Online Bill payment: We are currently working with the Kokua FCU billpay vendor and will provide additional information when it becomes available.

E-Statements: All attempts will be made to transfer all Kokua FCU e-statements to the PHFCU online system.

During the transition period, where can I pay my loans? Do I pay at KFCU or PHFCU?
We are currently in the process of transitioning your loans into the PHFCU system. Once your loans are transferred, PHFCU will send you a letter stating your new loan number, transfer date, loan balance, interest rate, and payment amount.  Please continue to pay your loans at the South Hotel Street location until you receive this letter.  Once you receive a letter from us, you may make loan payments at any PHFCU location.

I currently have Automatic Payments set-up with my loans, will anything change?
We are in the process of transferring your Automatic Loan Payments. Your payment date and payment amount will remain the same.

What is PHFCU’s fee structure?
A new fee schedule, truth-in-savings disclosure, and privacy disclaimer has been sent with your January statements. During the time of the merger, many other financial institutions chose to increase their fee schedule to accommodate for the demands of this wavering economy. Fortunately, PHFCU did not have to make significant changes at this time.

What if I have additional questions?
Please don’t hesitate to call KFCU at (808)528-7077 or PHFCU at 808-73-PHFCU (737-4328). Additionally, you may email us at MyFamily@phfcu.com.

January 1, 2010

We have received approvals from you, the members, and from the National Credit Union Administration (NCUA). As of December 31, 2009, the merger process between Pearl Harbor Federal Credit Union and Kokua Federal Credit Union is complete.

On behalf of Pearl Harbor Federal Credit Union, I would like to personally welcome you to our family. Over the coming months, we will begin the transition process of converting the South Hotel Street location into a fully accessible location that will include giving you the ability to access cash at the branch, apply for loans, and receive all of the benefits and services that we offer.

During this time of transition, please be assured that your current services will be maintained. As we transfer your accounts and loan records into our system, please continue to utilize your current checks, make loan payments, and use your credit card and debit card as usual until the transition period is finalized. Additionally, your existing loan and share certificate rates and terms made with Kokua Federal Credit Union will be honored until payoff or maturity.  For those who would like to apply for a loan, open a new Savings Certificate, or apply for additional services please visit the South Hotel Street location until our computer systems are merged. Once the transition period is complete, you will be able to receive financial services from any Pearl Harbor Federal Credit Union location.

For updates of our progress concerning the integration process, please read future statements or visit www.phfcu.com/newfamily.

Lastly, I would like to wish you and your loved ones a very prosperous 2010.

Best regards,

Eugene Y.T. Chang
President/CEO

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