News and Events
CONVERSION TO A FEDERAL CHARTER APPROVED BY NCUA!
You may recall the PWC Employees Credit Union (PWCECU) was organized in 1971 under a state charter as this was the optimal way for small credit unions to operate safely and securely. Much has changed since 1971. Financial services, investment options, technology, and the regulatory environment have changed. In addition, the PWCECU has grown and continues to be on a path of expanding the services we offer. After considering the benefits of operating under a federal charter the PWCECU Board of Directors and Supervisory Committee received approval from our membership to convert from a state-chartered credit union to a federally chartered credit union under the National Credit Union Administration (NCUA).
On March 3, 2025, the PWC Employees Credit Union received final approval of our charter conversion application from NCUA Chairman Hauptman. We will commence operating as a Federal Credit Union effective May 1, 2025.
Between now and May 1st, the Board of Directors and Management will work together to make the required changes to commence operating under a federal charter.
WHAT THIS MEANS TO YOU
We will continue to use PWC Employees Credit Union as our trade name and retain the current logo. This allows us to keep our website, emails, advertising, business cards, social media, and our logo the same. We may look to redesign the logo in the future, but for now we want to keep the transition as simple as possible.
The biggest change will be to our legal documents and disclosures. After May 1st all legal documents, certificates of deposit, signature cards, loan agreements, account statements, checks, drafts, and other similar documents are required to have our name as PWC Employees Federal Credit Union.
Your debit and credit cards will continue to work. Any new debit or credit card issued after May 1st will have our name as PWC Employees Federal Credit Union. This will also apply to re-issued cards due to expiration.
You will be able to continue to use your current stock of checks until you run out. After May 1st, any new check orders with have our name as PWC Employees Federal Credit Union.
UPDATED FAQ’s
What is a charter?
A charter is the document issued by a regulatory authority that allows a credit union to operate and defines the rules and regulations it operates under. Previously we operated under a State Charter under the Code of Virginia. A credit union with a Federal Charter operates under the Federal Credit Union Act as well as NCUA Rules and Regulations.
Does having a Federal Charter grant the government access my accounts whenever they want?
Absolutely not. The safeguards surrounding your privacy and your account history will remain exactly as they are today. A federal charter does NOT grant the government special access.
Will our field of membership change?
No. We are not looking to change or add to our field of membership, nor become a community credit union.
What are the financial impacts of the conversion?
Management is confident that opportunities associated with this conversion outweigh any additional costs.
Will there be any change in rates and fees?
Deposit and loan rates and the current fee structure will not be impacted by the conversion.
Will my accounts still be federally insured?
Yes. All deposit accounts will continue to be federally insured by the NCUA.
When will the name change?
The legal name of the credit union will change to the PWC Employees Federal Credit Union on May 1, 2025. This will appear on all legal documents, certificates of deposit, signature cards, loan agreements, account statements, checks, drafts, and other similar documents after May 1, 2025. The Board of Directors has chosen to stay with PWC Employees Credit Union as our trade name, which means our website, emails, signs, business cards, social media, and other non-legal applications will not change.
Will my checks, ATM, debit, and credit cards still work after conversion?
Yes, the NCUA allows that your current stock of personal checks with the state-chartered name can be used until depleted. Any check reorders after May 1, 2025, must have the name PWC Employees Federal Credit Union. As ATM, debit, and credit cards expire, new cards will be issued with the new name.
Will the logo change?
Yes, eventually. The old logo will not accommodate the word “Federal” so we are looking at a new logo.
Will the hours or telephone numbers change?
No, these will remain the same.
Will the credit Union ABA routing number change?
No, it will remain the same.
Will access to online/mobile banking change?
No. By staying with PWC Employees Credit Union as our trade name we do not need to change the URL. Any saved favorites with continue to work after May 1st.
Is this anything like a conversion to a bank, or will it lead to a buyout or merger?
No. PWC ECU has always been and will continue to be a credit union dedicated to serving those who serve Prince William County. We are extremely well-capitalized and strong financially, with no intention of merging with another credit union or converting to a bank.
Will accounts be impacted?
No. Accounts with us will not be impacted. Account names and account structure are not being changed in any way.
Will member numbers change?
No. Member numbers and account numbers will remain the same.