How will my account change once it is moved to Community First Bank?
A Welcome Packet will be sent by 11/1/2016. It, and in some cases individual letters, will explain any changes you can expect related to your account(s). The Welcome Packet includes a Product and Services Overview Guide that outlines how your Livingston State Bank accounts will convert to Community First Bank. If you feel the account doesn’t fit your needs, please remember we have a wide range of options for you to choose from.
If you do not receive a Welcome Packet by 11/7/16 and would like to obtain one, please call 1-608-375-4117 or visit any of our branches.
Will the transfer of my account to Community First Bank affect my checks and deposit slips?
We will be able to accept items with the Livingston State Bank routing number and account number for 1 year after the merger (until December 5, 2017). We do encourage you to order new checks and deposit tickets at your earliest convenience.
If I make a deposit at Community First Bank, how soon will it be available to cover checks and other transactions?
The following information explains how soon various types of deposits, such as checks deposited from another bank, will be available for your use at Community First Bank.
- Deposits made by 4:00pm, (if there are no holds placed on the checks), will be available the next business day.
- Cash and direct deposits (such as payroll direct deposit, Social Security or other government checks) – are generally available the same day of deposit, please see a customer service representative for the complete Funds Availability policy.
Will my direct deposit and other automatic deposits and payments transfer to Community First Bank?
The bank routing number for your account will change to the Community First Bank routing number (075903226) on December 5. Community First Bank will continue to honor the direct deposits and automatic payments presented with the Livingston State Bank routing number for 3 months (or March 5, 2017). If you have an existing direct deposit to your Livingston State Bank account, it will automatically transfer to your new Community First Bank account. Beginning on December 5, we will monitor all direct deposit transactions and notify senders that the routing number has changed to 075903226. Some companies may require that the change notification come directly from you. If any companies do not respond to our notification of change request, you may receive a letter at a later date from Community First Bank requesting you contact the company directly. On or after December 5, confirm with all your direct deposit sources, as well as recipients of automatic payments, that they have updated their records with the Community First Bank routing number 075903226.
How will the transfer of my account affect my ATM or Debit Card?
Your new Community First Bank ATM or Debit Card will be mailed to you beginning November 14. Please activate these cards beginning December 5. Please continue to use your Livingston State Bank ATM or Debit Cards through December 4.
Will my PIN (Personal Identification Number) change?
Yes, your PIN number will change when you are issued your new Community First Bank ATM or Debit Card. You can reset your PIN at any Community First Bank ATM.
Will I still be able to use the same local ATMs? How are the ATM fees handled?
Yes, you will still be able to use your local ATM. There is no surcharge for using any Community First Bank ATM.
Will my ATM or Debit Card limit change?
Your limit may change upon the conversion to Community First Bank. Please contact your Personal Banker with any questions.
What happens to my LSB credit card?
Your existing Livingston State Bank credit card will continue to be active. Use your existing card as you always have and make your payments as usual. Any new cards issued will now have the Community First Bank logo.
How will rates and terms be affected on my Certificate of Deposit that will transfer to Community First Bank?
Your Livingston State Bank CDs will remain at the same rates and terms as you have today until maturity. Prior to maturity, you will receive a renewal notice for your Certificate of Deposit.
What will happen to my IRA Savings Account?
Current IRA savings accounts will be converted to IRA Variable CDs, giving you access as you do now. Annual statements, 1099-R and 5498 forms for IRAs will be mailed by January 31, 2017 and May 31, 2017 respectfully. If you make a prior year contribution between January 1 and April 15, 2017, you may receive an additional 5498 form. Our bankers are waiting to assist you with any questions you may have on your current IRA.
Will I receive statements for my savings account?
Statements for savings accounts will be mailed out monthly.
What happens if I have a Health Savings Account?
It will transfer to Community First Bank. Your 1099SA will be mailed out by January 31, 2017 and the 5498SA by May 31, 2017. If you make a prior year contribution between January 1 and April 15, 2017, you may receive an additional 5498SA form.
Will my LSB safe deposit box be affected?
No, your safe deposit box contract will remain in effect. To simplify the conversion process, your fee will be waived until January 1, 2018. Please consider setting up an auto-renew for your safe deposit box rent prior to January 1, 2018.
What should I know about FDIC coverage on my new Community First Bank deposit account?
The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Deposit accounts held at Livingston State Bank prior to the merger with Community First Bank will be separately insured by the FDIC until June 5, 2017 to give you an opportunity to restructure your accounts, if necessary. This grace period is described in more detail below:
- Checking, savings and money market accounts held at Livingston State Bank will be insured separately by the FDIC up to applicable limits until June 5, 2017.
- Livingston State Bank CDs dated prior to December 5, 2016, will be separately insured by the FDIC up to applicable limits until the earliest maturity date after June 5, 2017.
- CDs that mature during the six month interim period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after June 5, 2017. CDs that are renewed on any other basis will be separately insured only until June 5, 2017.
- Deposit accounts and CDs opened on or after December 5, 2016 will be insured up to applicable limits by the FDIC through Community First Bank.
What kind of overdraft services does Community First Bank offer?
Community First Bank provides a variety of Overdraft Protection Services. Please visit https://www.cfbank.com/Personal-Banking/Extras/Overdraft-Services or meet with your Personal Banker to see what option best fits your needs.
Will my account or routing number change?
In most cases, account numbers will remain the same. If there is a change, your local banker will personally notify you prior to December 2, 2016. It is important to note that the Livingston State Bank routing number (the nine-digit code that identifies a financial institution) will change to the Community First Bank routing number, 075903226, on December 5, 2016.
When will the Livingston State Bank ATMs be converted to Community First Bank ATMs?
The two ATMs, located in Platteville, will be converted on Tuesday and Wednesday, December 6th and 7th. Both ATMs will work on Saturday and Sunday of the conversion, but will be unavailable Monday, December 5th through Wednesday, December 7th. On Thursday, December 8th, they will both function as Community First Bank ATMs
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