Statements

While our upgrade is complete, June Statements (delivered in July) will be the first generated from the new system. Please read below for important changes. 

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June Statement Timing 

June Statements (delivered in July) will be delayed. This includes both eStatements and mailed statements. We will send an alert email when statements are available for viewing online.

 

Statement Frequency 

Previously, Suffolk Credit Union sent most statements monthly. The exception being that if you had only a Regular Share Savings on a membership– with no EFT transactions– you would have received a statement quarterly. Starting in June (for statements received in July and going forward), if you as an individual have only Savings and/or Certificate Accounts you will receive your statements on a quarterly basis.

Changes to Statements 

Suffolk Credit Union statements were previously generated based on member number. If you had only one membership, you generally only received one statement. For members with joint accounts and/or more than one member number, you may have been used to receiving one or more statements prior to the system upgrade.

Beginning with June Statements (delivered in July), the number of statements you receive will be determined by Tax Ownership. As of June 1, 2025, all individuals will have only one membership number (see Account Changes). If you currently have only one member number and receive only one statement, you will most likely only receive one statement in July. (The exception is for joint accounts, see Joint Account Statement below.) 

The graphic below illustrates how a member with two statements today would receive only one statement for June and beyond. 

Joint Account Statements 

Accounts that have different member numbers today, may have the same ownership for tax purposes. Conversely, accounts that fall under the same member number today, may have different ownership for tax purposes. 

Also remember that during the system upgrade, we transitioned Joint Share Savings Accounts that were previously created as a requirement for individuals who did not have a primary membership with the credit union but wished to be a co-borrower on a loan with a member. (See Changes for Joint Accounts on our Account Changes page for details.) 

Therefore, it is possible to have one statement today and receive multiple statements (to different owners/recipients) post-upgrade. It is also possible to have multiple statements today combine into fewer statements post-upgrade. 

This process is designed to make your statements…  

  • Easier to read and manage.
  • Reduce environmental waste by eliminating unnecessary mailings 
  • Meet the latest National standards for the financial industry 
Based on the factors above, it is impossible to outline all the possible statement combinations. The video below shows some common scenarios for joint accounts. 

Important Changes

When you close an account, you will see verbiage on the monthly statement for the period in which it was closed alerting you that this is the final statement on which this account will appear. Please keep this statement for your records. Any tax documents for the year in which the account was closed will include it.

The Account Summary at the beginning of your statement will no longer include Total Credit, Total Debits or Total YTD Dividends. Dividends paid year-to-date are displayed with your individual accounts.

Total Credits, Total Debits and Total Dividends by account (previously appearing after the transactions list for each account) are no longer included on statements.

This shows the actual growth for your account and will differ from your rate (be slightly higher) because it includes compounding.

You may see some differences as to how your organization’s name displays on your statement, particularly if you have a DBA or trade name.  

If an account is charged off, it will no longer appear on your statement going forward. 

If you cash or deposit a check from another Suffolk Credit Union member’s account, it will appear on your statement as an “On-Us Check”.

If you have a bad address on file and we receive returned mail, the statement file will display “*** DO NOT MAIL ***” but will include your mailing address. The statement will not be mailed. Also, please note that if you have a joint account the second name will not appear on this file.

Due to space limitations, only the first two account owners will be displayed on the statement’s address line.

Previously, you would see any transaction resulting from an overdrawn or returned item- even if the fee was eventually waived. On our new statements, you will only see a transaction if the fee is charged (not waived).

If you have payroll allocations you will see the following on your statement: 

  1. An initial payroll deposit of the lump sum (before any allocations)

  2. A lump sum withdrawal in the same amount 

  3. A payroll deposit of the final amount, after all allocations have been deducted. (You will not see a line item for each of the allocations. Look for a deposit/payment on the statement for the account to which the funds have been transferred.) 

If an item is rejected, you will see a line for the original transaction and a rejected transaction in the opposite amount, as well as any fee.

If you make a remote deposit through online banking or the mobile app, it will appear on your statement with the following description, “Deposit Shared Branch Remote Check Deposit.” Deposits made via shared branching will appear on your statement as "Deposit Shared Branch" with the shared branch address.

Statement FAQs

You will see some changes beginning with your June Statement (received in July).* All members will receive an April and May statement, even if you normally receive quarterly statements.

*Look for an additional info in your May Statement (recieved in June).

As part of our system upgrade process, all members will receive an April and May statement. Starting July 1, 2025, there will be some additional changes to statement schedules. 

Statements are now determined by account ownership. If you’re a joint share savings accountholder, you might receive a statement despite never receiving one before.