Business System Upgrade

We are upgrading our core system in order to meet our members’ needs quickly and proactively with new products and services.

Our system upgrade will happen over a few days—from 7 p.m. Eastern Daylight Time on Friday, March 31 through Monday, April 3, 2023.
 

While your account numbers will look a little different, you won’t have to do anything to your accounts and everything will function as it does today. After the upgrade:

• Savings account numbers will be your current account number merged with your savings suffix.
• Checking account numbers will convert to be the 14-digit MICR account numbers shown at the bottom of your Purdue Federal-issued checks.
• Credit card account numbers will be your current account number merged with your credit card suffix. Your 16-digit credit card number that appears on your card will remain unchanged so you will not receive a new physical card.

We encourage you to log in to digital banking to view all your account numbers; go to Accounts – Account and Routing Numbers.
 
Please see below for a common scenario for account number changes:

Beginning with April statements that mail in May, our system will generate monthly statements according to the primary accountholder’s  Tax ID number. In order for a joint accountholder to see a statement, they would need to request a statement copy from us or the primary accountholder. Our system will also create a separate statement showing credit card transactions.

Purdue Federal’s routing number will remain the same—274976067.

*Our Contact Center will be available to speak with you, but due to the system upgrade, we will be unable to conduct transactions, provide you with account specifics, or perform maintenance or changes on your account. Normal transaction processing expected to return Tuesday, April 4.
**ATMs will not accept check deposits beginning at 3 p.m. EDT, Friday, March 31 through Monday, April 3.

During the upgrade period, you can still:

• Use your debit and credit card to make online and in-person purchases.
• Make withdrawals at an ATM.

We recommend you do the following to prepare for the upgrade period:

• Mark your calendar for 7 p.m. EDT Friday, March 31 through Monday, April 3, 2023.
• Review the contact information we have on file for you with a Purdue Federal representative or in digital banking under Profile – Change Address/Phone/Email. If you use your cell phone as your home phone then we suggest that you list your cell phone number as both your home phone and your cell phone.
• Check your account statement to see who is a joint accountholder. Make any needed changes before 5 p.m. EDT on Friday, March 31. Please note that if there is more than one joint accountholder on your account, you will only be able to see the first one listed on the account.
• Download your tax documents before 7 p.m. EDT on Friday, March 31, if you will need them during the upgrade period.
• Schedule internal or external transfers and online bill payments to occur before 3 p.m. EDT on Friday, March 31.
• Make sure you have enough money in the right accounts to cover any spending during the upgrade period. Manually track your purchases until they post in digital banking on Tuesday, April 4.
• Give your accounts nicknames so you can easily identify them after the system upgrade. Keep in mind that digital banking does not accept special characters for account nicknames.
• Use Treasury Management Services before they are cut-off on March 31:
  • Remote Deposit Capture—Available until 1 p.m. EDT
  • ACH Origination—Available until 2 p.m. EDT
  • Wire Transfers—Available until 3 p.m. EDT
  • Mobile Remote Deposit Capture—Available until 3 p.m. EDT

After the system upgrade, your monthly account statements will be organized differently than they
are today. Starting with your April account statement (to be received in May), your account statements will be grouped by ownership type and Tax Identification Number.

After the system upgrade, you must use a deposit slip when you make a deposit at a branch. Deposit
slips help ensure your deposit is credited to the correct account. You can also request blank deposit  
slips at any branch.

Account Numbers While your account numbers will look a little different, you won’t have to do anything to your accounts and everything will function as it does today. After the upgrade:

• Savings account numbers will be your current account number merged with your savings suffix.
• Checking account numbers will convert to be the 14-digit MICR account numbers shown at the bottom of Purdue Federal-issued checks. See page 10 for more information about your MICR account number.
• Credit card account numbers will be your current account number merged with your credit card suffix. Your 16-digit credit card number that appears on your card will remain unchanged so you will not receive a new physical card.

We encourage you to log in to digital banking to view all your account numbers; go to Accounts - Account and Routing Numbers. Please see below for a common scenario for account number changes.

Your business credit card has two numbers—an account number and a card number. Credit card account numbers will be your current account number merged with your credit card suffix. Your 16-digit credit card number that appears on your card will remain unchanged so you will not receive a new physical card.

With our system upgrade, we are excited to offer new checking accounts for our business members.

*ACH origination services are for ACH payroll payments to employees.

View enlarged version of this chart

The system upgrade provides some digital banking enhancements for you and your secondary users including showing all accounts under one membership and no limit on the number of credit cards under one membership.
 
If you have multiple users logging in to digital banking to view, transact, etc., on your accounts, we recommend that you log in after the upgrade period to ensure you and your secondary users (also known as entitled users) have the appropriate account access and permissions for their roles.

Your business digital banking username and password will not change.

After the system upgrade, you should not see drastic changes in the way your business accounts are displayed; however, you should make sure your accounts are distinguishable by giving them nicknames.

Example: ABC Company, Inc. has 3 credit cards with $2,500 credit limits, 2 commercial checking accounts, 2 secured commercial loans and 1 secured line of credit.

Below is an illustration of what digital banking will display for ABC Company, Inc. with and without account nicknames.

Make sure your accounts are distinguisable by giving them nicknames

Example: ABC Company, Inc. has 3 credit cards with $2,500 credit limits, 2 commercial checking accounts, 2 secured commercial loans and 1 secured line of credit.

Below is an illustration of what digital banking will display for ABC Company, Inc. with and without account nicknames.

Adding account nicknames in digital banking is easy.

1. Log in to digital banking.
2. Click the account name you want to change.
3. Click “Show Account Details”.
4. Click “Edit” under the account name.
5. Type a nickname then click “Apply”.

Our business services department has reviewed your account history for the past 18 months and has determined which account product is most advantageous to your business.

We are happy to answer questions in more depth. If you would like for a relationship manager to reach out, please just let us know:

• Member Account
• Contact
• Best method for contact
• Best time to contact

Certain types of Business Checking accounts, including Commercial Checking and Non-Profit Checking, will be equipped with Account Analysis. Such accounts are eligible for an earnings credit to offset eligible fees charged by the Credit Union (“Earnings Credits”). Unlike dividends, Earnings Credits are not paid to you directly.

Using Account Analysis, we perform a detailed accounting of your Earnings Credits and eligible fees. If your Earnings Credits are greater than the total eligible fees and expenses for a given statement period, the eligible fees are offset by the Earnings Credits for that period.The remaining Earnings Credits are forfeit and are not carried forward to the following statement period.

If your fees and expenses exceed the amount of Earnings Credits for a given statement period, we will debit your account for the difference. The Earnings Credits do not constitute cash and may only offset accrued fees. Account fees that can be offset by the Earnings Credits are generally direct fees charged by Purdue Federal related to account activity or transactional items, account maintenance fees, and treasury management products, including but not limited to wires, ACH, remote deposit capture, and sweep/zero balance accounts.

Please contact Member Business Services for more information about eligible fees. Any account fees charged will be automatically debited on the fifteenth (15th) of each month.  The Account Analysis will be provided upon request. Please contact Member Business Services for current Earnings Credit rate information. 

It is because you are currently not in a non-profit checking account. If you are a non-profit and want to move to a Non-Profit Checking, we can review the corporate documentation on file and let you know what if any additional information we might need to change over your account.

Option 1

Purdue Federal evaluates your account activity and lets you know what your situation would look like.

Option 2

Purdue Federal moves you over to the Small Business Checking if it is a better fit for your quest to not pay any fees.