Veridian Credit Union has officially acquired American Investors Bank and Mortgage (AIBM). As of 8/22/2023, you are officially Veridian members.
This page contains all the information you need to ensure a smooth transition to Veridian Credit Union. If you have any questions, please contact us. We look forward to having you as a member.
Save the date to celebrate!
We are thrilled to welcome you as a new Veridian Credit Union member. There is no better time to celebrate becoming a credit union member than during International Credit Union Week!
Stop by the Shady Oak branch October 17-19 anytime between 9:00 am - 4:00pm for refreshments and Veridian gifts!
Latest UpdatesLast Updated: 9/18/2023
Debit CardsPlease activate your new Veridian debit card(s). Your AIBM debit card(s) will no longer work.
Your AIBM accounts and balances will transition to Veridian as is, and any changes will be communicated separately via phone or mail.
Some account titles may change (see table below for details). Beginning September 18, you can create nicknames for your accounts if you want them to have different titles. You can do this in online banking or by calling us.
|AIBM account title||Veridian account title|
|Green Savings||AIBM Money Market|
|Green Savings||Premier Money Market|
|Investors Business Checking||Small Business Checking|
|Investors Business Checking - No Interest||Organizational Checking|
|Investors Checking Plus||Checking|
|Premier Money Market - Non Personal||AIBM Money Market|
|Premier Money Market - Non Personal||Commercial Premier Money Market|
|Premier Money Market - Personal||Premier Money Market|
|Premier Money Market - HSA||HSA Savings|
|Traditional IRA||Traditional IRA|
|Roth IRA||Roth IRA|
|Coverdall IRA||Coverdall IRA|
We started your membership by funding a $5 share (deposit) account. This is similar to a standard savings account and you can add additional funds as desired. You won’t be able to see or access this account until September 18. Your initial $5 balance is the minimum to maintain membership and isn’t included as a part of your “available balance.”
If you have a checking account, we’ll automatically add overdraft protection and link your savings account and, if applicable, your money market account. If you don’t have sufficient funds in your checking account to cover a purchase with your debit card or a check, we will automatically transfer the amount from another account. There will be no delay in your transaction and we won’t charge you an overdraft fee.
We will also add Courtesy Pay* to your account. If you don’t have sufficient funds in your checking account or linked accounts, this may allow checks and ACH payments to clear by pushing your account into the negative. You’ll be charged an overdraft fee but potentially avoid fees from the merchant. You have the option to extend this coverage to your debit card transactions by adding Courtesy Pay+**. Contact us or visit a branch to add Courtesy Pay+.
*Courtesy Pay is not guaranteed and is not a line of credit. There is no fee for the service. If Courtesy Pay is unavailable, a check, ACH, bill pay or other electronic (other than one-time or nonrecurring debit card) payment will be rejected if there is insufficient available balance in your account and no Overdraft Protection source(s) are available and sufficient to cover the item. If this occurs, you will be charged a Return Item Fee up to the daily Return Item Fee limit for each payment that is rejected. Although Return Item Fees will be charged to your account and will reduce your account balance, including impacting your ability to make payments and access funds, we will refund all Return Item Fees each night prior to the start of the next business day. We reserve the right to change the timing of any such refund due to circumstances beyond our control including, but not limited to, network, electrical or equipment delays or failure. Note, a merchant may also charge fees for a returned item. If a one-time or nonrecurring debit card payment is declined (not authorized at the point of sale), you will not be charged fees by Veridian or the merchant. All accounts must be in good standing to qualify for Courtesy Pay. If Courtesy Pay is used, an Overdraft Fee will be charged for each paid overdraft, up to the daily Overdraft Fee limit.
**If you do not have enough available balance in your checking account, the attempt to pay with your debit card for a one-time or nonrecurring purchase will be declined unless you have Courtesy Pay+. Certain specialty accounts are not eligible.
See Veridian’s Membership and Account Agreement for details.
Your AIBM debit cards will work through September 17. These cards will become inactive starting at 2 a.m. on September 18.
You will receive your Veridian debit card(s) in the mail at the beginning of September. You must wait until September 18 to activate and use it. If you don’t receive your debit card before September 18, call us or stop by the Shady Oak branch during regular business hours.
After you activate your card(s), you must update any card on file with merchants to whom you make recurring payments. You may add your new debit card(s) to your mobile wallet, like Google PayTM or Apple Pay®.
Enroll in Veridian’s online banking and register your debit card(s) in Card Control. You will be able to set transaction alerts, spending alerts and turn your card on and off with the click of a button. You can also set up travel notifications for upcoming trips, all from your computer or mobile device.
Your loans will transition to Veridian with your current balances, rates and terms.
Automatic loan payments that were initiated and set up by AIBM (not set up through online banking) will be set up by Veridian’s ACH department and continue to process normally. Automatic payments you initiated and set up through AIBM’s online banking will end on September 15. You must gather your automatic payment information before then, because you will not be able to access AIBM’s online banking after 3 p.m. on September 15.
Review the automatic payments section in AIBM’s online banking. If your automatic payment is listed, you will have to reset it. If you have an automatic payment that is not listed, it will continue to process normally. Enroll in Veridian’s online banking to reset automatic payments on or after September 18.
If you’re unsure how your automatic payments are set up, contact the Shady Oak branch prior to September 15.
AIBM HELOC checks will be invalid six months after your account converts to Veridian. We won’t send replacement checks, but Veridian HELOC checks are available upon request.
You can also conveniently transfer funds from your HELOC to another Veridian account within online banking, through online chat, by calling us or visiting a branch. Or send funds from your HELOC to an account with another financial institution in online banking.
AIBM online and mobile banking will no longer be available starting at 3 p.m. on September 15. Automatic bill payments, automatic transfers and account alerts will be deactivated at that time. Gather this information before September 15 so you can set it up with Veridian on September 18.
Beginning Monday, September 18, you can enroll in Veridian’s online banking from your computer or mobile device. Make sure your current email address is linked to your AIBM accounts before September 15 to ensure the enrollment process goes smoothly. If you need to update it before September 15, call (952) 938-6520.
You will receive Veridian-branded statements for your AIBM accounts through mid-September. These will have Veridian’s logo, but be in the same format as your previous AIBM statements.
You will receive a final AIBM formatted statement that includes transactions up to September 15. Use this statement to confirm your balances with your first Veridian formatted statement.
Your first Veridian formatted statement will arrive in early October. It will have all your deposit and loan information on one statement. Our statements are generated on the last day of the month and will not include copies of your checks or electronic deposit tickets. Mortgages and HELOCs will come as separate billing statements and be mailed based on your billing date.
If you enroll in eDocs through online banking, you can access your statements quickly from your computer or mobile device. Statements are stored in your online account for two years. Your AIBM statements will not appear in Veridian’s online banking but can be accessed by our staff if you want to review them.
All your Veridian deposit accounts are insured by the National Credit Union Association (NCUA) for at least $250,000 per depositor. This is similar to the FDIC insurance that covered your AIBM accounts. The NCUA's insurance fund is one of the healthiest of all federal deposit insurance funds.
NCUA and FDIC Insurance Comparison
Download and read additional information about the acquisition and the transition from AIBM to Veridian Credit Union.
Veridian Credit Union was founded in 1934 by a small group of John Deere employees in Waterloo, Iowa. Today, we’re a community credit union serving 325,000 members with a full range of business and consumer financial services, 1,000 employees and 32 branches across Iowa, eastern Nebraska and in Eden Prairie, Minnesota.
While banks and credit unions offer many of the same products and services, there's a big difference in the way the two are structured. Credit unions are not-for-profit financial cooperatives owned by the people who use their products and services – their members. Members democratically elect a volunteer board of directors to lead the credit union in their interest. Because of this structure, earnings are returned to members through better rates and lower fees.
Please reach out with any questions about the acquisition or the transition from AIBM to Veridian.
Veridian offers a variety of ways to contact us, including extended phone hours, live chat online and video call. We’re excited to give you an exceptional personal service experience.