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Merging with  Financial One

TOGETHER AS ONE

A strategic partnership of two financially-healthy, community-oriented credit unions that will provide additional benefits to members, employees and local communities.

Magnifi Financial plus Financial One

Download Welcome Packet

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Important Dates & Checklist

 

  • 9/12

    Merger Preparation

    IMPORTANT: Watch for important documents in the mail during the month of September. Some of these mailings may not apply to you. If you do not receive any of these items by October 1st and you feel you should have received them, please contact Magnifi Financial.

    • Member (Account) Number(s)
    • Magnifi Financial Debit Card (Includes ATM and HSA Cards)
    • Debit Card PIN

    Download any needed statements and tax documents for your records. Your Financial One statement history will transfer to Magnifi Financial, but it may not be visible in your new Digital Banking account. If you think you may need old statements you can download them from Financial One Online Banking prior to September 30th or contact Magnifi Financial after the merger.

    Download your Bill Pay information from Financial One Online Banking before September 29th. To avoid accidental missed bill payments, do not schedule any payments in Financial One Bill Pay past September 29, 2022.

  • 9/27

    Branch ATMs Convert

    ATMs at Financial One branches will undergo the switch to become Magnifi Financial ATMs on September 27th. The ATMs will not have deposit capabilities from September 27th - October 3rd. Please use Night Drop as an alternative.

  • 9/30

    Financial One Online Banking Turns Off

    Financial One accounts will transition to Magnifi Financial over the weekend. Financial One Online Banking and Mobile App will go offline at 2 pm on Friday, September 30th.

  • 10/3

    Transition to Magnifi Financial

    Now that your accounts have officially moved over to Magnifi Financial, here are some of the high-priority tasks you may need to complete:

    • Start using your Magnifi Financial debit card
    • Update your direct deposit information
    • Update automatic bill payments
    • Order FREE Magnifi Financial checks
    • Enroll in Magnifi Financial Digital Banking (includes the Mobile App)
    • Monitor automatic transfers or set up new Digital Banking automatic transfers
    • Make loan payments and deposits payable to Magnifi Financial
    • Continue to make mortgage and credit card payments to external companies (see below for links)

Account Information

YOUR NEW MEMBER (ACCOUNT) NUMBER

Your new Magnifi Financial member number will have a total of seven digits. The new number will start with a “9” plus prefix zero(s) and then your original Financial One member number. The number of prefix zero(s) varies depending on the number of digits your Financial One number contained.
See the examples below.

Financial One Member Number NEW Magnifi Financial Member Number
1234 9 + (Prefix Zeros) + 1234 = 9001234
12345 9 + (Prefix Zeros) + 12345 = 9012345
123456 9 + (Prefix Zeros) + 123456 = 9123456
Your new Magnifi Financial member (account) number and loan number will be mailed in a separate letter outlining your new account information. 
You should receive this letter before October 1st. If you do not receive a letter, please contact Magnifi Financial.

DIRECT DEPOSIT & PAYMENTS

Notify your employer or source of direct deposits that your routing and account numbers change effective October 3, 2022.

Update all locations for direct deposits and automatic payments (ex. bills). Magnifi Financial will continue to process deposits and payments for a limited time to ensure there is no interruption in service.

HELPFUL TIP: If you have multiple checking or savings accounts, you can use a full 13-digit account number, which includes your specific account share ID number. This would ensure your direct deposits are successfully deposited in your intended account.

How to find your full 13-digit account number:
After enrolling in Digital Banking, select the account you wish to view. Click on “Details & Settings,” and you can see the “Direct Deposit/Auto Payment” 13-digit number to use.


Cards & Checks

Debit Cards

IMPORTANT: On October 3rd, start using your new Magnifi Financial debit card. If you have an ATM card or HSA, you will also receive a new debit card. Your Financial One debit cards will automatically shut down. Please destroy your old Financial One debit or ATM cards starting October 3rd.

How to change your card PIN: Please visit a Magnifi Financial branch or ATM. Our team cannot change your PIN via phone call.

Credit Cards

Credit cards will not change and you can continue to use your Financial One Visa® credit card as normal. You will not be able to view your credit card in Magnifi Financial's digital banking platform. To view your credit card activity and to make payments online, please visit the GoToMyCard website.

The Score More points program will more than likely be terminated in the near future. We encourage credit card holders to use accumulated points as soon as possible. Members would receive a notice to redeem their points before the designated termination date.

Checks

You can continue to write your Financial One checks through December 31, 2023.

Order one FREE book of Magnifi Financial checks from October 3 - December 31, 2022. Order these checks through digital banking, at the link to the right, at any branch, or by calling Magnifi Financial: (888) 330-8482.

If you’re setting up direct deposit with your employer and they require a voided check, you can supply them with the Magnifi Financial routing number (291974204) and the full 13-digit account number (see above).

Magnifi Financial debit card

Debit Cards arrive in September.

If you have not received your debit card by October 3rd, please contact Magnifi Financial: (888) 330-8482 or visit any branch to receive an instant-issue card.

Free book of Magnifi Financial checks!

Order one FREE box of Magnifi Financial checks from October 3 - December 31, 2022.

Digital Banking & Mobile App

Starting October 3, 2022, set up a new Magnifi Financial Digital Banking account.

Access your new account with one login through your desktop web browser or the Magnifi Financial app on your tablet or mobile device.

Frequently Asked Questions (FAQ)

You will receive a September mailing with your Member (Account) Number. You can view the Account Information section above to learn how your Member Number is created during the merger conversion. It is a 7-digit number that contains your old Financial One account number. If you do not know your account number, please call us at (888) 330-8482 or visit your local branch.

Make sure the password you are creating has between 8-20 characters and must contain (but not start with) at least one number, as well as at least one special character. Special characters include:
` ~ ! @ # $ % ^ & * ( ) _ + - = { } | [ ] : ^ ; < > ? , . / \

Do not use dashes or spaces when entering your SSN. Use the primary account holder’s SSN. It will not work if you try to use a joint member’s SSN. Business accounts will need to use their EIN or TIN.

It is a secure digital code that verifies your identity. This code gets sent to the phone number or email listed on your Magnifi Financial account. Each time you log into Digital Banking on a new device or if you clear the cookies on your web browser, you will need to get a new secure access code.

Magnifi Financial will need to update the phone number on your account to your current number. Please call us at (888) 330-8482 or stop by your local branch so we can assist you.

Magnifi Financial can assist with connecting all your alternative accounts to your new Digital Banking login. Please call us at (888) 330-8482, visit your local branch, or securely chat through the Digital Banking platform.

If you had eStatements with Financial One, you will need to re-enroll with Magnifi Financial Digital Banking. Log in to your digital banking account, then navigate to the left-hand menu. Click on Accounts” and then “Statement/Notice Delivery.” Select the account, then choose your preferred statement or notice (example: tax documents) delivery method. Learn more

You can easily view your account and loan details such as the number, next due date, amount due, recent transactions, direct deposit information, and more. When you’re ready to make a payment, go to the Funds Transfer page and select your Magnifi Financial Checking or Savings account as the “Transfer From” account and your loan as the “Transfer To” account.

Automatic transfers will continue to function when your accounts convert to Magnifi Financial. However, these automatic transfers will not be visible in your new Magnifi Financial Digital Banking account. Please monitor your accounts closely and contact us with any edits to current automatic transfers.

 

After setting up your new Magnifi Financial Digital Banking account, navigate to Bill Pay or Biller Direct in the left-hand menu.
Bill Pay: Manage all your bills with ACH payments or paper checks sent by Magnifi Financial.
Biller Direct: Pay bills faster with your Magnifi Financial debit or credit card.

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Personal Account Transition

Checking Accounts

Freedom Checking transitions to Free Checking. Our easiest and most basic checking account. You'll get an unlimited number of check clearings and no monthly fees. Learn more about our Free Checking account here.

High-Yield Checking transitions to High-Yield Checking. Magnifi Financial is excited to keep High-Yield Checking Accounts the same as Financial One. Accountholders will have an unlimited number of check clearings, earn dividends1, and no monthly fees.

If you're interested in switching to a different checking account, please review our checking account options here.

ALL PERSONAL CHECKING ACCOUNTS INCLUDE:

1. Minimum average daily balance of $2,000 to earn dividends. 2. Data carrier rates may apply.


Savings Accounts

Primary Savings transitions to Membership Share.

Your Primary Savings becomes the Membership Share. $5 in the Membership Share secures your ownership in the credit union.

Secondary Savings transition to Savings.

If you have any Secondary Savings accounts beyond your Primary Savings, they will transfer to a basic Savings account with Magnifi Financial. Your new savings account(s) will continue to earn dividends with no monthly minimum balance or fees. Learn more about additional Savings accounts here.

Money Market accounts will stay Money Market accounts.

No minimum balance, no monthly fees or penalties, and you can use this account for overdraft protection on your Magnifi Financial checking account. Learn more about Magnifi Financial Money Market accounts here.

Health Savings Account (HSA) will stay HSAs.

Earn tax-free dividends with no monthly service fees. Easily access your HSA funds with a Magnifi Financial HSA debit card. Learn more about Magnifi Financial HSA accounts here.

Certificates transfer with the same terms.

Your certificates will continue to earn the same annual percentage yield until maturity with Magnifi Financial. Learn more about Magnifi Financial certificates here.

Quick Facts

Automatic Transfers
Your Financial One automatic transfers will continue to function starting October 1, 2022. Magnifi Financial encourages you to monitor transfers to ensure accuracy.

Dividends
All accrued Financial One dividends will be paid current on September 30, 2022 and will appear on your final Financial One statement. Dividends through Magnifi Financial will begin accruing on October 1, 2022.

Tax Statements
You will receive two tax documents for the 2022 fiscal year. One from Financial One and one from Magnifi Financial. Use both forms when completing your taxes. Consult your tax advisor with additional tax questions.

Rates
For current rate information, please click here.

Personal Loans Transition

Personal, Auto, Recreational Vehicle Loans

Your loans (and GAP or warranties) will transfer to Magnifi Financial with the same terms and updated member numbers on October 3, 2022. Please watch your mailbox for your new loan number in September.

Visa® Credit Cards

Your credit card will remain open and active with the same terms. You will not receive a replacement credit card.
IMPORTANT: You will not be able to see your Visa card on Magnifi Financial's digital banking but you can set up a payment account on eZCard.

Mortgage Loans

If your mortgage loan was serviced through Financial One, it will transfer to Magnifi Financial with the same terms effective October 3, 2022. See new payment methods on this page.
If your mortgage loan was serviced through Servion, it will continue to be serviced by Servion with the same terms. Please make payments to Servion.

HELOC

HELOC accounts will have changes in terms after the merger and you should have received a Change in Terms letter in the mail outlining your new HELOC terms. You can make payments to Magnifi Financial with one of the payment methods listed on this page.

 

Loan Payment Methods

If your loan payment is due September 30 - October 2, you can make the payment to Financial One before September 30th or to Magnifi Financial starting October 3rd.

  • Magnifi Financial Digital Banking

    Make a payment through your new digital banking account or on the mobile app. Enroll here.

    Please note, if you are not a member of Magnifi Financial (example: you purchased an ice house or vehicle through a dealer), you cannot enroll in Magnifi Financial Digital Banking without a Membership Share account. 

  • Online Payment

    Set up a single or recurring payment with your debit card or routing and account number. Click here.

  • Phone

    Call (888) 330-8482 within Magnifi Financial business hours to pay with a debit card or Magnifi Financial account transfer.

  • Mail

    Send your check payment to any Magnifi Financial branch location. Please include your Magnifi Financial Member Number and Loan ID. You will not receive a payment receipt by mail but you can verify the transaction in Digital Banking or on your monthly statements. 

  • In-Branch

    Visit any Magnifi Financial branch location to make a payment in person including Blaine, Columbia Heights, or Coon Rapids.

Business Account Transition

Checking Accounts

Classic One and Advantage One transitions to Business Checking. Our most basic business checking account, best for the start-ups and smaller businesses. Get 50 free check deposit and check clearings per month1, no monthly service fees, and no minimum balance. Learn more about the perks of this checking account here.

Platinum One transitions to Business Advantage Checking. A great option for businesses who carry a higher balance and want to earn dividends. Learn more about the perks of this checking account here.

Non-Profit Checking stays the same. Magnifi Financial is excited to keep Non-Profit Checking Accounts the same from Financial One. Accountholders will have 200 free check deposit and check clearings per month1, earn dividends, and no monthly fees or minimum balance.

If you're interested in switching to a different checking account, please review our checking account options here.

ALL BUSINESS CHECKING ACCOUNTS INCLUDE:

1. $0.10 per item fee for checks deposited/cleared in excess of stated amount. 


Savings Accounts

Primary Savings transitions to Membership Share.

All primary savings accounts become the Membership Share. This includes Business Primary Savings, Non-Profit Primary Savings, and Organization Primary Savings. $5 in the Membership Share secures your ownership in the credit union.

Secondary Savings and Organization Savings transition to Business Savings.

Business Secondary Savings and Organization Secondary Savings accounts will transfer to a Business Savings account with Magnifi Financial. Continue to earn dividends with no monthly minimum balance or fees. Learn more about additional Savings accounts here.

Non-Profit Money Market and Non-Profit Savings accounts will transfer to a Non-Profit Money Market account.

Magnifi Financial is excited to create a Non-Profit Money Market account for 501(c)(3) business members. Continue to earn dividends at tiered rate levels with no monthly fees or penalties and no monthly minimum balance.

Business Money Market Savings will transfer to Business Platinum Money Market accounts.

Earn dividends faster with three additional rate tiers for those with funds in excess of $150,000. No monthly minimum balance or fees.

Questions?

Call our toll-free business phone line: (888) 267-7321




Quick Facts

Automatic Transfers
Your Financial One automatic transfers will continue to function starting October 1, 2022. Magnifi Financial encourages you to monitor transfers to ensure accuracy.

Dividends
All accrued Financial One dividends will be paid current on September 30, 2022 and will appear on your final Financial One statement. Dividends through Magnifi Financial will begin accruing on October 1, 2022.

Tax Statements
You will receive two tax documents for the 2022 fiscal year. One from Financial One and one from Magnifi Financial. Use both forms when completing your taxes. Consult your tax advisor with additional tax questions.

Rates
For current rate information, please click here.

Business Loans Transition

All Business Loans

Your Financial One business loans will transfer to Magnifi Financial with the same terms, an updated member loan number, and loan ID on October 3, 2022.

You will receive a mailing with your new loan account numbers in September. If you do not see this mailing by October 3rd, please contact Magnifi Financial.

 

Now Available: Quick & Simple SBA Loans

Magnifi Financial is the only Minnesota-based credit union with SBA Preferred Lender status.

We are the #1 SBA lending credit union in Minnesota, and we are focused on providing the best financial solutions and experience for small businesses.

We provide our business clients with:

  • Local decisions
  • An efficient and streamlined process
  • A knowledgeable team that walks borrowers through each step
  • Regular updates throughout the loan process

Learn More

 

Loan Payment Methods

If your loan payment is due September 30 - October 2, you can make the payment to Financial One before September 30th or to Magnifi Financial starting October 3rd.

  • Magnifi Financial Digital Banking

    Make a payment through your new digital banking account or on the mobile app. Enroll here.

    Please note, if you are not a member of Magnifi Financial (example: you purchased an ice house or vehicle through a dealer), you cannot enroll in Magnifi Financial Digital Banking without a Membership Share account.  

  • Online Payment

    Set up a single or recurring payment with your debit card or routing and account number. Click here.

  • Phone

    Call (888) 330-8482 within Magnifi Financial business hours to pay with a debit card or Magnifi Financial account transfer.

  • Mail

    Send your check payment to any Magnifi Financial branch location. Please include your Magnifi Financial Member Number and Loan ID. You will not receive a payment receipt by mail but you can verify the transaction in Digital Banking or on your monthly statements. 

  • In-Branch

    Visit any Magnifi Financial branch location to make a payment in person including Blaine, Columbia Heights, or Coon Rapids.

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Join the Magnifi Family!

At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.

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