Garden Savings FCU is merging Pinnacle FCU into its membership.
We are excited to announce that, following the Special Meeting of Members of Pinnacle Federal Credit Union on December 4, 2024, the merger between Garden Savings Federal Credit Union and Pinnacle Federal Credit Union has been approved. This merger will take effect on January 1, 2025, and the systems conversion is tentatively scheduled for May 2025.
We warmly welcome the members of Pinnacle Federal Credit Union to the Garden Savings family. We look forward to serving you and providing enhanced services that meet your financial needs. Together, we are dedicated to building a strong community and ensuring that all our members receive the support and resources they deserve.
The following Frequently Asked Questions are intended specifically for Pinnacle Federal Credit Union members seeking updates about their accounts. These FAQs do not pertain to memberships or accounts held with Garden Savings Federal Credit Union. We encourage you to review this information to stay informed during this transition.
Frequently Asked Questions
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Why are Pinnacle FCU and Garden Savings FCU Merging?
With the combined strength of both Pinnacle FCU and Garden Savings FCU, we will be able to create a strategic partnership that will expand our shared history of people helping people. With the combined efforts of both credit unions, we will be able to provide additional branch locations, extend products and services, and more robust offerings.
What does the merger mean to Pinnacle members?
The merger between Pinnacle FCU and Garden Savings FCU will provide additional opportunities to achieve more positive member impact and value to Pinnacle's membership.
- Expanded Member Access: After the system conversion, Pinnacle FCU members will be able to access their accounts at any of Garden Savings’ four (4) locations and ATMs; in addition, the two Pinnacle FCU branches will remain open.
- Same Knowledgeable and Friendly Staff: Pinnacle FCU team members will become part of the Garden Savings team and enjoy enhanced employee benefits.
- Enhanced Product and Services: This merger enables the credit union to offer even more competitive deposit and loan rates.
- More Responsive to Growing Financial Needs: By merging, we’re ensuring that we can continue to meet the financial needs of our members in a highly competitive financial service industry.
When will the merger take place?
If approved, the financial merger is effective January 1, 2025. The system conversion will take place in 2025. More information will be shared with members well in advance of the conversion
Can Pinnacle members use Garden Savings branches now?
Until the system conversion is completed, members will continue to use their Pinnacle FCU branches.
Can I continue to use Pinnacle’s ATMs?
Yes. Members will also be able to use any of Garden Savings’ ATMS without a fee starting January 01, 2025.
Will any Pinnacle branches be closed?
No. Both Pinnacle FCU’s Sayreville and Brick branches will be joining Garden Savings' four locations.
How will my Pinnacle accounts be impacted?
For now, you will not have to do anything, and your accounts will remain with Pinnacle. Your account numbers may change as a result of the merger. More information will be provided closer to the system conversion and well before any changes.
Will my direct deposit and payroll deductions stay the same?
Yes. If you currently have a direct deposit to your account for your paycheck, pension, or social security, it will remain the same. This is also true for any payroll deduction. We will communicate any changes with you before the system conversion.
Will my rates change?
The rates on fixed-rate loans and certificates will remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions.
Will I need to get new checks and/or debit cards?
You may continue to use your current checks, and debit cards. We will communicate any changes with you prior to the system conversion.
Will my Pinnacle accounts continue to be federally insured?
Yes, your savings will continue to be federally insured by the National Credit Union Administration, a U.S. Government Agency, up to at least $250,000. Garden Savings FCU also provides members with additional deposit insurance. Members’ accounts will be insured for up to an additional $250,000 with coverage by Excess Share Insurance Corporation (ESI), a licensed insurance company, for a combined coverage of up to $500,000.
Will the Pinnacle name change to Garden Savings FCU?
The financial merger between Pinnacle and Garden Savings is effective January 1, 2025. However, you won’t see Pinnacle’s name officially change to Garden Savings FCU on things like signage, member’s checks, debit cards, etc., until the system conversion is complete sometime in 2025. We will communicate this to members, including details on how this impacts your accounts, closer to that date.
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