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Upcoming Changes For Current Coppermark Bank Customers

Friday, April 19, 2013 - 6:24 PMCoppermark Bank - Details
Highlights from material received this afternoon:

1.  The operational integration of Coppermark Bank into Prosperity Bank is expected to be completed later this month.   

2.  Prosperity Bank is sending current Coppermark Bank customers with debit cards a new Master Card debit card to replace the current Coppermark VISA check card.     Note that the current VISA check cards will no longer work after Monday, April 29, 2am.  However, you will not be able to activate the new Master Card debit cards until after Monday, April 29 8am.   When you activate the new debit card, you will choose a new PIN number, and it appears you will be able to do it at the same time.    

I have 2 Coppermark accounts, and received my 2 new debit cards today.  Unfortunately there is no documentation to identify which card is connected to which account.  So, that means I'll either call Customer Service sometime, or simply wait and make two small test transactions after 4/29 and see which account is debited which amount. 

3.  As a Prosperity Bank Master Card debit account holder, one is automatically enrolled in a Rewards program.  However, you must register the card at www.prosperitybankrewards.com and set up the reward account. The catalog of available rewards is available at that site as well, and it is where you go to redeem awards.

4.  Details of the Rewards program:  You earn 1 point for every $10 spent on signature-based and PIN-based purchases.  There is no limit to the number of points which can be earned, but points expire 60 months after they are earned.   Non-purchase activities such as ATM transactions, balance transfers, and the cash-back potion of any purchase do not earn points. 

5.  Customers who have been participating in the VISA Extras program at Coppermark Bank have until 5/17/13 to redeem existing points in that program, and unused points will be transferred to the new Prosperity bank Rewards account within 60 days. 

On the Coppermark Bank home page, there is a banner with a link to a merger information center which may also be of interest. 
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Friday, April 19, 2013 - 9:17 PM
I had no problem activating my card TODAY. Was also able to change my pin. We also have 2 accounts with them, one in my name and one in my wife's.
1
pdxmalepdxmale93 posts since
Jul 11, 2010
Rep Points: 269
2. Friday, April 19, 2013 - 11:24 PM
Pdxmale, thanks for the info. 

The information about being unable to activate the cards until after 4/29 8am was taken directly from the material which accompanied the debit card. 

On the other hand, one of the FAQs in the welcome letter at the merger information center reads:  "What about my ATM or Debit Card?   If you currently have a Coppermark Bank ATM or debit card, you will receive a replacement card prior to April 26, 2013. Upon receipt of your new card, please follow the instructions provided in order to activate the card. " 

In any case, was able to successfully activate my 2 cards and select the PINs this evening.  Prosperity must have already assigned us new account numbers, and ideally we'll have that information before the operational cutover date.

The big question, though, remains unanswered.  Namely, since Prosperity currently doesn't offer a reward checking account, a) will they? and b) if so, will they keep the essentials of the Coppermark RCA (rate, qualifications, and cycle close dates)? and c) will they limit it to transitioning customers who already had the account at Coppermark?

If I recall correctly, when Danvers Bank accounts were transitioned to People's United, Danvers customers were grandfathered into the RCA option, although it was not an option for other People's United customers.  However, the RCA account for all intents and purposes disappeared within 6 months as People's lowered the rate steadily until it finally dropped dramatically in a single month from 2.0% to 0.25%.  That move alienated whatever Danvers Bank customers still remained. 

Prosperity may decide to follow suit and keep the Coppermark RCA until it has time to decide if Coppermark's customers are profitable or not.  One thing is certain - at Coppermark's 1.25%APY, rock bottom isn't far away.
2
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
3. Monday, May 6, 2013 - 6:09 PM
After a 15-minute hold this afternoon, I was finally able to speak with a CSR.  I used the contact number on the Coppermark Bank website and was connected to a Prosperity Bank CSR.  I was informed that callers must be transferred to special Coppermark Bank CSRs if they have questions, and those CSRs cannot be reached directly.

Highlights from my conversation with the CSR: 

1.  Prosperity Bank has eliminated the Coppermark RCA altogether. 

2.  Confirming previous information, former Coppermark Bank accountholders can access information through 4/29 via the Coppermark Bank website until this Wednesday, 5/8 (but good luck trying to login, since the site has been down all day, which was the original reason for my call).    

3.  Prosperity Bank will not keep the Coppermark Bank RCA.  There is no grandfathering of accounts, and all Coppermark RCAs have been converted to regular checking accounts at Prosperity as of the merger.

4.  Prosperity Bank does not post deposit rates on its website.  Per a CSR, their anemic 5 year CD offerings are:
  • less than $10k    0.95% APY
  • $10k and above  1.00% APY
5.  You can close your former Coppermark Bank account by zeroing the balance and then calling to close it over the phone or by stopping by a branch. 
3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
4. Monday, May 6, 2013 - 9:37 PM
Thanks, PB.  It is a sad ending for a once-great RCA, much worst than the outcome of the DBK/PU merger.
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
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