Q. Why is this merger happening?
A. It’s an opportunity to better serve you — our valued customers — as we grow and thrive in today’s rapidly changing banking industry. This combination will allow us to do all the things we do today, plus have the opportunity to continue innovating and offering more products, services, tools and features in the future with the resources and experience the Freedom Bank team provides.
Q. Is there anything I need to do now?
A. No, there is nothing you need to do at this time. Until the system conversion takes place August 16, 2020, you can continue to bank as usual at the two Freedom Bank locations in Monett and Aurora, formally Community National Bank branches. We have sent, in writing, any changes to your account(s) and services that you might see from this merger.
Q. Will my deposit account continue to be insured by the FDIC?
A. As result of this merger, your accounts(s) at CNB have automatically become accounts at Freedom Bank of Southern Missouri. As you may be aware, FDIC insurance generally covers a depositor’s account in any bank up to $250,000. Therefore, if, as a result of the transaction, you will have funds on deposit at Freedom Bank in excess of $250,000, you should pay particular attention to the following statement: In accordance with FDIC rules, for a transaction such as occurred between Freedom Bank and CNB, where the deposits of one financial institution are transferred to another financial institution, separate insurance on the transferred deposits will continue for six months after the date of transfer (June 12, 2020), or in the case of time deposits, the earliest maturity date after the expiration of the six month period.
Q. Will branch hours and phone numbers change?
A. No, the convenient lobby and drive-thru hours will remain the same, and there will be no changes to the branch’s phone numbers.
Q. Is there anything I need to do to change my accounts?
A. No, your current CNB accounts will be automatically converted over to a similar Freedom Bank account. We are confident that you will find the new features and benefits that the Freedom Bank accounts offer will exceed your expectations.
Q. What is the routing number for Freedom Bank?
A. The routing number for Freedom Bank is 081518906. We suggest changing the routing number on any automatic debits, direct deposits or other payments as soon as possible, after the system conversion is completed on August 17, 2020, to minimize the risk of interruptions later. However, the routing number for CNB will continue to work for one year after the merger and you will be notified if we find you are still using it at the time of its retirement.
Q. I am almost out of checks, can I order some more?
A. You can order checks as you would today from your current vendor. The routing number for CNB will remain active for one year after the conversion. Any customers still using the CNB routing number will be notified and given an opportunity to notify their check vendors prior to the routing number being retired.
Q. Do I need to re-enroll in online banking and mobile banking?
A. Yes. Online banking customers will need to re-enroll at www.freedombk.com after the conversion, beginning August 17, 2020. Please follow the below instructions:
- Click the enroll link at the top right corner of the main web page.
- Enter the requested first-time user information, your personal identification number (PIN) will be the last four digits of your social security number.
- When finished, confirm and follow the remaining prompts to complete your setup.
Q. How do I log into my online banking?
A. You can log into online banking through our website, www.freedombk.com or by downloading the mobile banking app from your Google Play or Apple App Store. This can be done after enrolling as a Freedom Bank online banking customer, on our website, beginning August 17, 2020.
Q. What will happen to my Bill Pay account?
A. CNB’s Bill Pay system will be converted over to Freedom Bank’s CheckFree Bill Pay service at the time of conversion on August 17, 2020. Previously entered payees will be automatically moved over to the new system. Please establish your Freedom Bank online banking profile, beginning on August 17, 2020, to add new payees or make changes to payments. Customers who currently have a CNB’s Free Checking accounts will not have access to CheckFree Bill Pay services until the account(s) are transferred to one of the deposit accounts that Freedom Bank offers.
Q. Will I be charged for Freedom Bank's CheckFree bill pay services?
A. No, Freedom Bank does not charge for the use of the CheckFree bill pay service.
Personal Banking Questions
Q. Will there be changes to my personal deposit accounts?
A. The current names, features, and benefits of your CNB deposit accounts will be converted to a similar Freedom Bank deposit account on August 16, 2020. We are excited to offer additional services & benefits with these new accounts. Please refer to the corresponding page on our website or contact your local branch for more information on those services and benefits.
Q. Will my automatic transfers, automatic loan payments, and direct deposits continue to work?
A. Yes, however CNB’s routing number will expire after one year from conversion and, if you do not change the routing number on those automatic transfers, etc. before the one year, there could be an interruption in those transactions. We suggest changing the routing number as soon as possible, after the system conversion is completed on August 17, 2020, to minimize the risk of interruptions later.
Q. Will my account number(s) change?
A. No. Your account number will remain the same.
Q. Will the service charges associated with my account change?
A Yes, some accounts will be seeing a change in service charges that are associated with their account(s). However, some deposit accounts have the opportunities to eliminate or reduce those monthly service charges. Those opportunities are listed on your account overview letter that you have received or can be found on the corresponding account page on our website.
Q. Will the interest rate on my CDs and IRAs remain the same?
A. All CDs and IRAs will remain at their current interest rates until they reach their maturity date.
Q.Will the daily limits on my debit or ATM card change?
A. Yes, all Freedom Bank debit cards have a set daily limit of $500 withdrawal limit and $1500 point of sale limit. ATM cards have a daily withdrawal limit of $500.
Note: New Freedom Bank cards will be mailed approximately on August 3rd with a new PIN, sent in a separate mailer. Your new Freedom Bank debit cards can be activated at any time but cannot be used until August 17, 2020. After August 17, 2020 your CNB debit card will no longer be valid.
Q. What happens if I have a Health Savings Account?
A. Your current CNB Health Savings Account (HSA) is being converted over to the same type of HSA account at Freedom Bank.
Q. Will the merger affect my existing CNB loan?
A. All CNB loans will be converted to a similar Freedom Bank loan product. Due to differences in products, some minor changes in terms might be necessary. However, your loan amortization and interest rate will not be changing and will remain in accordance with the terms of your loan contract. You will be notified if a change in terms is necessary. Freedom Bank will be servicing your loan going forward.
Q. Will my CNB loan number change?
A. No, your loan number will stay the same after converting to a Freedom Bank loan account.
Q.Will I continue to be able to use my loan coupons when I submit my loan payment?
A. Yes, your loan coupons will work at any location after conversion on August 16, 2020. If you would like a new updated coupon book please request one from a loan assistant.
Q. My loan payment is automatically deducted from my checking account. Will that service continue?
A. Yes, all internal transfers should remain the same without interruption. However, if your loan payment is automatically deducted from another bank, we recommend contacting that bank and changing the bank name and routing number as soon as possible, after the system conversion is completed on August 17, 2020 to not have any interruptions in payments.
Q. If my CNB loan payment is paid by an automatic payment from an CNB account, can I still use my overdraft protection to make that loan payment if I do not have enough funds in the account that is being debited?
A. If your CNB loan is set up to have an automatic payment from a CNB account that has overdraft protection, that payment will not automatically pay and access your account’s overdraft protection.
Q. What should I do if I have additional questions?
A. We realize this merger may generate additional questions. For more information, please contact a representative at any of the seven Freedom Bank locations or visit www.freedombk.com.