In Our Community

What will change with Member Numbers and Shares After Our System Upgrade

By Interior Savings
July 23, 2020

With our banking system upgrade coming later this year, we want to make sure you stay in the know about what’s changing and what it means for you. In our last article, we discussed a number of updates to our account packages for personal and business banking. Today, it’s all about Member Numbers and Shares.

 

Changes to Member Numbers

We’re excited about this upcoming upgrade because it shifts the focus from you as a number to you as a member.

 

Following the banking system conversion, we’ll be organizing your member information in a different way. Each member will be assigned a unique new member number which will cover all the products and services you have with Interior Savings. Because all products are under your name, there’s no need to switch to the new number to do your banking. This will eliminate the multiple member numbers that you may have today.  What else does this mean for you? The same easy access to your banking! And for our team? We’ll have an enhanced view of your finances which will allow us to serve you better.

 

There’s more good news. Although you’ll have a new number randomly assigned to you, our background processes will be able to link your existing account numbers under the old banking system to the new number you receive after the upgrade. So, with this work being done securely in the background, you’ll be able to continue with your day-to-day banking as normal:

  • No need to memorize or remember a new member number – When you visit a branch or call our Member Service Centre, our team of experts will be able to assist you with your banking – without the inconvenience of looking up a number.
  • Cheques – You can continue to use your existing cheques. They will continue to be valid.
  • Scheduled deposits and payments – Preauthorized transactions such as payments and direct deposits will carry over to the new system. This includes bill payments and payroll deposits which will continue unchanged.
  • ATM and Debit Cards – All MemberCards will remain active and valid.

 

Changes to Member Shares

A shift to a focus on members rather than numbers also means every member will have their own dedicated account. Although business will continue as usual, there will be a change to Shares balances.

 

When you joined, you were required to deposit $5 into a Shares Account. This made you more than a customer at Interior Savings. You became a member and an owner with a say in how we do business.

 

After we upgrade to the new system in the fall, there will be a small change. Each member will need to have $5 in their Share Account. Where current joint accounts have $10 or more in their Share Account, the $10 will be divided so that each member meets the $5 Share requirement.  Don’t worry, Interior Savings will shift the balance from one Share account to the joint account so the transition will be easy.

 

While the changes to how you bank with us will be minimal, we’re very excited for the improvements our system conversion will bring to how we serve you. Alongside enhancing our internal efficiency, these changes to Member Numbers and Shares will ensure our focus on you as a member is even stronger than ever.

 

With more information to come about our system conversion, make sure you keep an eye out for our emails and check our Support Hub often so you stay up to date with the latest news.