Information on Our Name Change
Wednesday, April 28th, 2010After 60 years as Group Health Credit Union, we have decided to change our name. This was not a decision we took lightly. We’ve always been proud of our name and of our affiliation with Group Health Cooperative, even though we extended our charter to include all of Washington State in 2003. However, confusion about the credit union’s relationship with GHC made it challenging for us to continue to broaden our focus on serving all employees in the healthcare industry.
We chose the name Salal, a beautiful, indigenous Northwest plant, to signify growth and our Northwest roots—and, since the plant has medicinal qualities, it supports our focus on serving the healthcare market. We feel the name Salal (rhymes with pal) is an accurate reflection of our membership as it is today, as well as our plans for future growth.
The essential character of GHCU hasn’t changed and won’t change. We’re run and staffed by the same friendly, knowledgeable people. We remain not‐for‐profit, and our focus is, as it has always been, on our members. We continue to look for ways to make money management easy for members, with a special emphasis on providing for the unique needs of healthcare employees. We pride ourselves on treating our members differently—and better—than they would be treated at any other financial institution.
Questions and Answers about our Name Change:
Q: Have you merged with another credit union?
A: No, we have not merged with another credit union. This decision was made by the management team and Board of Directors of Group Health Credit Union—the same people who continue to serve in those positions under the Salal CU name.
Q: Has the credit union been bought or taken over by another financial institution?
A: No. We continue to be secure, stable and well-capitalized. Our decision to change our name was entirely our own.
Q: Will I get new checks and credit/debit cards?
A: Yes, but not right away. It would be very expensive to bring in and destroy all the outstanding checks and credit/debit cards. To save the credit union and its members money, we will replace the old versions with the new as new accounts open, new checks are ordered, and as your credit and debit cards expire. Your GHCU-branded checks and credit/debit cards are still valid and will continue to be accepted just as they always have been, regardless of the name change.
Q: Do I need to send my loan payments to a different address?
A: No, please continue to send your loan payments to the address indicated on your coupons.
Q: Are the eligibility requirements for membership changing?
A: No, the requirements stay the same: everyone who lives, works or worships in Washington State is eligible to become a member.
Q: What about my online bill payments? Do I need to let the payees know, since your name on my payments will change?A: You don’t need to do anything. Payments will be received and accepted as usual. We’ll take care of all the notifications.
Q: Are my accounts still insured? And to the same amount?
A: Your accounts are still insured by the full faith and credit of the U.S. Government, up to $250,000. That hasn’t changed.
Q: Did the routing number change?
A: No, the routing number is still the same: 325081610.
Q: Do I have to tell my car insurance company or homeowner’s insurance company?
A: No—that’s all taken care of.
Q: What do I, as a member, need to do?
A: There should be little impact to you as a member. Your member number will remain the same. You may need to update online bookmarks to access our new website, http://www.salalcu.org, though there will be a redirect on the GHCU.org website if you accidentally go there. When you use a Shared Branch, you’ll need to let the staff know that you’re a member of Salal Credit Union. And of course, when you tell your friends and family about your favorite credit union, you’ll want to be sure to use our new name!
Won’t I need a new i.d. card with my same account number?
Carol,
Thanks for writing. You don’t need a new ID card, no. Even if you go to a Shared Branch, as long as you can tell them you belong to Salal Credit Union and give them a member number that matches (and provide valid picture ID), you’ll be fine. If you’d like to drop by your branch to get a new ID card, we’d be happy to provide one, but your GHCU-branded card is fine!
Thank you for asking.
Whew! I was apprehensive at first glance. But everything sounds ok. What was the relationship with Group Health originally? How has it changed?
Sincerely,
James Morgante
Hello, James!
Yes, everything’s OK!
Our relationship with Group Health Cooperative goes back to our very beginnings in 1948 when the credit union was started by a group of Group Health employees with a grand total of $45 in assets. For many years, Group Health was the “sponsor” of the credit union. In 2002, Washington State allowed credit unions to open their charters to anyone who “lives, works or worships” in the state. This made it possible for credit unions to increase their memberships. (You’ll note that a lot of WA state credit unions changed their names in 2002, 2003 for this reason.)
We’ve always valued our history and relationship with Group Health Cooperative, which–as anyone who’s been treated there can attest–is an exceptional institution. Though our name has changed, our appreciation of GHC and the members we have through that connection never will!
Thank you for asking, James!
You didn’t really answer James Morgante’s question. The credit union was sponsored by GHC. Is it now and if not, when did the relationship end?
I apologize if my answer wasn’t clear enough. We are no longer sponsored by Group Health Cooperative, nor have we any formal relationship with them. Like most Washington State credit unions, we went to an open charter in 2002.
Please let me know if you have any further questions!
Will our saving acct numbers change?
Diana,
Thanks for your question. No, none of your account numbers will change. (Which makes me happy, since I can really only memorize one at a time!) Thanks much for asking!
Shannon