Updates
If you haven't heard...
Our amazing team has been working hard for the last 10 months to get our system updated with minimal affect on our members and they ROCKED it! Read below to review things that might have changed for you.
We're Excited to Update You!
We’ve been busy for the last few months getting ready to update the system that handles our member accounts and make things even better! That does mean some things will be changing, so take a look at the info below for details. See newsletter PDF here, all the information is below also and any updates that come along.
Changes for All Members
- Our new system organizes accounts a little differently, so your Member Number will now be called your Account Number and individual accounts will be separated by suffixes. Those suffixes will be simple to remember with things like S= a savings account and L= a loan. No need to update your automatic payments.
- Overdraft Protection Transfers, including FlexLine advances, and applicable fees will happen with the transaction (instead of at the end of the day) and make keeping your account balances easier!
- Your Statements & Notices will be updated to incorporate what's changing, so you may notice they look slightly different starting in August.
For Your Savings Account
- If you’re subscribed to RoundUps, those transfers will be simplified to round up to the nearest dollar and the option to add an additional amount will go away.
- Our “Card” and “Open” savings account will both be renamed to “Savings” to simplify things, their features will be the same. Both will have access to an ATM or Debit Card, ACH withdraws and a $25 daily minimum to earn interest.
- Kids Accounts, Seasonal Savings, Holiday Club, and Graduation Club will all change into our new RISE Account which features a premium savings rate, quarterly withdrawal windows, and is transactional through Online Banking.
For Your Checking Account
- You won’t need to change anything right now for your checking account. You can keep using your checks, direct deposit, automatic transactions, and debit cards. If you are setting up a new direct deposit or other automatic transaction after August 5th, remember to check with our team to make sure you have the right account number (but that’s always a good idea).
For Share Club Holders
- For Share Club holders, your monthly cost will go down to a flat rate of $5.95 for members 55 and under, and $3.95 for members over 55.
For Your Loans
- If you have an Interest Only Construction loan, your loan payment bill will move to your monthly statement in August and you’ll stop getting a separate bill.
- Loan Payment Coupons will not automatically reissue. They will only be available by request. (These aren’t required to make a loan payment.)
- Automatic transfers for loan payments that we’ve set up for you will only happen in the morning going forward.
- For members with Simplicity Mortgages, your escrow account will now be viewable as a separate savings account. The function and rate of the account and the amount of your total mortgage payment will stay the same.
For Mortgage Interest
- Moving forward your monthly mortgage payment will include the monthly interest accrued for the prior month. When a payment is received the monthly accrued interest will be paid first, then the principal, followed by escrow and any applicable fees with any excess going to principal. Weekly, biweekly, and extra payments are encouraged and will be applied on the date received. This change is cohesive with your mortgage note signed at closing stating interest will be calculated monthly and a payment is due each month.
Timeline
July 1st - August 1st: Team Training and Prep
August 1st: Zelle® will be offline
August 2nd: Update Starts
August 2nd: Online Banking will be offline
August 5th: Simplicity Offices Closed for testing
August 6th: Simplicity Offices Open and ready to help you with questions!
August 6th: Online Banking back up and running
Early September: Zelle® will be back to re-enroll
Your Handy Checklist
Before August 2nd:
• Make sure to do any transactions needed
• If you use Zelle®, save any history by August 1st
After August 6th:
• Check out Online Banking
• Reach out to the Simplicity Team with questions
FAQs
During our system upgrade, a technical issue caused some existing loans to be incorrectly reported as new accounts to the credit bureau. We want to assure you that this reporting error does NOT reflect any changes to your actual account status or loan terms.
We’re updating the system that handles our member accounts to software that will make a lot of things like record keeping, speed of transactions, and updates simpler for members and the Simplicity Team.
We’ll start the update once we close for business on Friday, August 2nd, work through that weekend, and plan to be open and running on our new system on Tuesday, August 6th.
We’re practicing ahead of time to make sure it all goes smoothly, and you can watch our website and social media for updates.
We’re looking forward to it getting even better with a system that simplifies everyone’s lives!
Well, we’re never going to tell you to worry. 
Our team is working hard to make sure there’s as little impact on you as possible. We have been sending and will continue to send out more details about the things that directly affect you, so watch your email and mail for more.
Yes, those transactions will carry over. Automatic transfers that we’ve set up for you will now happen in the morning going forward. If you’d rather have them happen later in the day we can cancel it and help you set it back up through your online banking.
Good news, you won’t have to make any changes to the transactions you have set up. Starting August 5th, you will want to use your updated account number for new automatic withdrawals or deposits. Your account number is available in online and mobile banking or by contacting the Simplicity Team.
Nope. Your checks will keep working just fine.
Your debit and credit card won’t change, no worries.
The first thing to know is that our Online Banking will be unavailable the weekend we update the system. Including to register.
Once it’s back up and running, your login won’t change, and if you’ve named your accounts, the names you’ve chosen will stay the same.
If you are currently enrolled in Zelle®, you should save any transactions history for record-keeping purposes before August 1st, 2024. Zelle® will be unavailable in Online Banking until early September. Once we are back online, you will need to re-enroll to start using Zelle® again. If you are experiencing any issues with payment or need any assistance, reach out to our Contact Center. You can download and use the Zelle® app in the meantime.