Getting Schooled on Back-to-School
June 25, 2017

FAQs

Why did GAFCU change their name?

Really, what is a GAFCU? Sure, GAFCU is short for Greater Abbeville Federal Credit Union but only a handful of our members truly knew that. In fact, this isn’t the first time your credit union has taken on a new name.

On January 11, 1972, an organizational meeting for Flexible Tubing Employees Federal Credit Union was held at the Flexible Tubing Plant in Abbeville, SC. Flexible Tubing EFCU continued to be a single sponsor credit union until 1985. In 1985, Flexible Tubing EFCU changed its name to Greater Abbeville Federal Credit Union and moved out of the Flexible Tubing Plant to better serve the changing needs of members.

Today, your fellow member-owners on the board of directors have once again recognized the need to adjust to the changing needs of our membership and community, and thus, the unveiling of our new name, HopeSouth Credit Union.

Is the credit union in financial trouble? Have you been sold or merged?

No! We are the same credit union with the same employees and board members as before but with a new name. Despite the recent changes that have happened to other banks, we are happy and proud to report HopeSouth remains financially strong and safe. And, unlike many banks in our community, changing our name is not the result of a buyout or a merger. You, our members, are our only owners.

Is my money still safe here?

Absolutely! Your deposits are still federally insured up to $250,000 by the National Credit Union Administration.

Who decided on the new name?

A team representing various ages, backgrounds and roles within the credit union began working on this project in August 2016. Two board members (including the chairman), the CEO, and one front line employee led this project along with help from our marketing team.

The decision for the name, logo, and brand was unanimously agreed upon and presented to your board of directors in February 2017. Your board of directors overwhelmingly embraced the new name and voted to accept it to ensure the credit union remained relevant to the needs of current and future members.

What happens to my account (checks, debit cards, credit cards, etc.) as a result of the name change?

Good news! Your account number and information will stay the same. There is nothing you need to do because of the name change. You can continue to use your current GAFCU checks, debit card, ATM card, loan payment coupons and/or Visa® credit card until they expire or until it’s time to re-order. HopeSouth Credit Union will appear on any future checks, cards, etc. that you order or receive automatically.

Do I need to order new checks? Will my GAFCU checks
still work?

Please continue to use your current GAFCU checks until you reach the point when it’s
time to order new ones. When you reorder, your new checks will have HopeSouth
Credit Union on them.

With a new name, does this show up as a new listing or impact my credit report in any way?

HopeSouth Credit Union will be listed on the credit report, just as GAFCU was previously
listed. However, this will not affect your credit score in any way, shape or form.

Will there be other significant changes to the credit union as a
result of the name change?

Not at all! Although our name is changing, our mission is still the same. For the Abbeville
community, we provide more than just checking accounts and loans, but financial hope
for each member based on their individual needs.

What happens to the GAFCU TouchBanking app?

We will have an app featuring our new name and look. The app itself isn’t new, but an update of our current one. If you have the GAFCU TouchBanking app on your phone or tablet, you will notice an update for it reflecting the new name, HopeSouth. Like every update, you will just need to agree to it. Once you do, our app will look different, but it will function the same.

Do I need to change my direct deposit or let my employer know about this change?

Your account number will not change, so your direct deposits will post as usual.

Do I need to update my BillPay service or automatic payments?

No. You may conduct your online bill payment transactions as usual. Any automatic payments you have set up will process as usual.