revised 07/19/08
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What is new?
Hybrids Are Hot And So Are Our Rates
Three Smart Reason To Take Out
What is old?
Application for Payroll Deduction Buy or Lease Your Next Vehicle? Free Notary Service At Your CU Future Watch - Tomorrow's Vehicles Get Your Free Annual Credit Report Notary Service Available at your CU Pay By Phone For The Visa Credit Card PHEAA Student Loans Now Available at the Credit Union Special for Savers Who Are Borrowers Understanding your Credit Score Your Credit Union: Family Edition
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[ revised 07/19/08 ]
Saving doesn't have to be hard - every little bit adds up. Here are seven easy saving tips to help put more money back in your wallet:
1. Bring snacks form home instead of paying for them in vending machines.
2. Pack your lunch. It will cost way less than eating out.
3. Bring your own home brewed coffee or tea. This will save you time and money.
4. Go shopping with a list in hand and have a set amount you plant to spend.
5. When shopping online, look for merchants who offer free shipping.
6. Save on fuel costs. Have your motor oil changed on time and remember to get your air filter and tire pressure checked.
7. Buy meats on sale or in large family packs. Then repackage your meats for freezing based on how much you use for each meal.
Three Smart Reasons to Take Out a Home Equity Loan
For those who treated their home as if it were an ATM, the housing slump may e causing some financial difficulty. But a home equity loan is still a shrewd way to borrow. The key, as always, is the wise use of credit. Here are three smart reasons to consider a home equity loan:
1. For renovations, repairs, or upgrades to your home. Making your home more energy efficient by replacing windows or adding insulation, for example, can save you money as well as help save Mother Earth.
2. For debt consolidation. While a home equity loan isn't a free pass to turn short-term debt you've accumulated on credit cards into long-term debt, it is a way to get back on track. Make a plan and stick to it.
3. For tax savings. A Home equity lan can be a tax-advantaged way to borrow. So if you need new wheels, financing a vehicle with home equity loan rather than a traditional car loan my save you tax dollars.
The loan process is very simple depending on the amount of the loan and the amount of equity in your home, the loan can be available in a few days. Stop by your credit union today to see if you qualify for a home equity loan.
Hybrids Are Hot and So Are Our Rates
With gas prices climbing steadily higher, more consumers are checking out hybrids. The Toyota Prius is the number one selling brand according to www.hybridcars.com, but as carmakers jump on the hybrid bandwagon, drivers have more options. Although hybrids offer excellent fuel economy, be prepared for sticker shock. And because demand is high, it may be difficult to negotiate the price. That makes getting pre-approved for a loan at the credit union more important than ever. With your financing taken care of, you'll be able to focus on getting the best deal possible. Our rates are great, so this may well be the perfect time to say farewell to your gas guzzler and hello to the eco-friendly way to get around. Call or stop by the credit union to find out how a pre-approved vehicle loan can help you go green.
At the June meeting of the Board of Directors the drawing for the winners of the Best Buy gift certificates was held.
Winners of the $100 Certificates are: Pete Bovy and Cameron Bovy
Winners of the $50 Certificates are: Jen Willison, Russel Willison, Pat McAuley and Adam Humes.
At the June Board of Directors dinner, Fred Gealey was honored for over 20 years of service of the board. Fred served as secretary for most of those years. We all will miss Fred and thank him for his years of service.
Borrow up to $5,000.00 from your credit union for a vacation, home improvement, to pay off high interest loans or anything else. This an unsecured loan at 5.9% with a five year payback.
Borrow up to $125,000.00 on our newest home equity loan. The loan is for 12 years at 5.75%. No Closing Costs!
Since the school district is closed on Fridays this summer, Credit union hours through August 15th are:
Tuesday 10:00 - 3:00
Thursday 9:30 - 2:30
Phone messages will be checked on Mondays and anything that can be handled by phone and mail will be handled on Mondays. Regular hours will resume Tuesday, August 19th.
Don't forget the Visa card promotion currently underway. A new card holder can get a rate of 3.9% for one year on transferred balances. In addition, a current Visa Card holder who recommends a new or existing member for a card will receive $25 for a new cardholder.
Future Watch - Tomorrow's Vehicles
What's next for the car of the future? American and Japanese carmakers have gone about as fast they can go with "comfort" and "feel good" features such as climate control, sound systems, even keeping your mug of coffee warm for the morning commute. Auto industry analysts say tomorrow's cars will use high tech electronics to help keep drivers and passengers more safe. Here's a look at what' ahead.
Accident reduction features. Obstacle detection, collision avoidance, and intersection warning systems ( using radio signals, sensors, and cameras) will help avoid accidents by monitoring the environment and alerting the driver to potential hazards. Warning systems could use infrared or other detection technologies to identify pedestrians and animals approaching the roadway, and alert you by activating flashers on warning signs.
Autos with another set of eyes. While you are driving, your vehicles will communicate with the cars and trucks around you. Your future car notify you when trucks are merging into your lane or motorcycles are in you blind spot. Smart intersections will sense vehicles from all directions alert you a possible collision.
Vision enhancement and voice recognition. Sophisticated systems will improve visibility for night driving, inadequate lighting, fog, whiteouts caused by snow, and other inclement weather driving conditions. Voice recognition will provide a hands-free way of accessing your vehicle's comfort and navigation system, helping to keep you hands on the wheel and your eyes on the road.
Get Your Free Annual Credit Report
Your credit union urges its members to check their credit report once a year to make sure it is accurate and to ensure there are no signs of someone else stealing your identity. Thanks to federal legislation, consumers are entitled to a free credit report annually to check for errors and possible fraud. The nation's three largest credit bureaus, Equifax, Experian, and Trans-Union have made it easy for you to check your credit report at no cost. You may request your free credit report online, by phone, or through the mail. Free credit reports requested by phone or mail are usually process within 15 days of receiving your request.
To request your credit report online, visit www.annualcreditreport.com . For phone service, call 1-877-322-8228. And to receive your report through the mail, send an official request form to Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281, from online is https://www.annualcreditreport.com/cra/requestformfinal.pdf . If you do not have Internet access, visit most any library, get on an Internet terminal, and print out a copy from the above Internet address. Ask for help if you do not know how to use the Internet.
If you're in the market for a new or newer used vehicle, please stop by or call your credit union to talk about financing. We've got the best rates of a variety of loan programs designed to fit your needs and budget. Finance up to 100% of the full purchase price, including tax, license, and any service contracts. Loans for new automobiles can be financed for up to 6 years at a fixed interest rate.
We urge you to see your credit union first for financing BEFORE you visit the dealer. With your financing in place, you can bargain from a position of authority and get your best deal by applying all dealer and factory incentives directly to the purchase price of the vehicle.
The Credit Union has been offering Share Draft (Checking) and the opportunity to have your payroll deduction taken out twice a month instead of once a month, since January 2007. In the next few weeks, the Credit Union will have a Visa Gift Card Program for the holidays. This will b e in conjunction with a reload-able debit card. Please watch our Newsletter for current information.
Have a "rainy day' fund. Most financial advisors will tell you to have an emergency (rainy day) fund of between three to six months of salary.
Have a true-to-life budget. Keep a record of every amount you spend over a period of several weeks. Doing this will let you know where your money actually goes. This will help you decide what expenses can be cut and how much can be saved by cutting them.
Set long-term goals. Do you know where you want to be financially, a year from now, five years form now, or twenty years from now?
Shop for the best interest rates. Interest adds up quickly whether you are investing in share certificates or taking out a new car loan.
Pay yourself first. Don't pay everyone else first. If possible, save at least ten percent of everything you earn. When doing a budget, figure the "pay yourself first" into your budget.
Understanding Your Credit Score
Your credit score is very important when it comes to borrowing money. It relates to whether you can qualify for a loan and how low or high an interest rate you'll pay for a car loan, credit cards, a home loan, and even insurance premiums. The lower your credit score, the higher the interest rate you'll pay. There are three major credit bureaus and each calculates your score.
The most widely used is the FICO (Fair Isaacs Corporation) score. FICO scores range form 300 to 850. Over 750 is excellent; 720 to 750 is very good; 660 to 720 is acceptable; 620 to 660 is uncertain and below 620 is considered risky. The best way to raise you score - make your payments on time and pay off your debt as soon as possible. If you have any questions about your credit score, the credit union is here to help.
Did you know that you should review your homeowner's insurance policy whenever the following four events happen?
Policy renewal: Always read the coverage clauses carefully each year when your policy comes up for renewal.
Major purchases: After major purchases make sure you have enough coverage to insure these items.
Improvements: If you have made major home improvements, make sure your insurance agent is notified.
Making your home safer: After installing a fire/burglar alarm system, let your agent know. You may qualify for a discount.
Special for Savers Who Are Borrowers
We are offering a quarter-percent (1/4%) discount on all our loan rights if you save at least fifty dollars a month to your share saving account. This is for new loans only.
If your checking account is still at a bank, it's time to check out checking at the credit union. Our checking accounts make using the credit union easier than ever. Simplify your finances by having your paycheck or other recurring payments deposited directly into your credit union checking account. You can also set up direct payment for your montage or other loans. In order to do this you will need our ABA No. 243084032.
Think its too much hassle to switch? we make opening your credit union checking account and transferring your fund easy. Just ask for the form you'll need to fill out. At the credit union, it's all about providing you with the best possible service, so why not take advantage of all the benefits of belonging by opening your crdit union checking account today?
Free Notary Service At Your CU
Free notary public services are available at your credit union during our regular office hours. Services include:
Witnessing signatures on official documents.
Administering oaths for certain public offices.
Taking affidavits.
Receiving and certifying proof of such written instruments as deeds, mortgages, and powers of attorney.
Many banks and mailing stores (UPS Store, etc.) charge for these services. At your credit union, notary public services are free of charge. Call or stop by your credit union if you require notary public services or have additional questions.
We now have the capability to direct deposit paychecks, social security, and pension checks. The employees of the school district can now have a portion of their paycheck direct deposited. This service should make it more convenient to save and also to make loan payments. Contact the Credit Union with further questions. ABA Number: 243084032 for direct deposit.
If you're looking to start a credit history or rebuild good credit, a Share Secured loan from you credit union may be just the thing. By using your share account (or other savings account) as collateral, you are entitled to borrow up to the amount in your account.
You can borrow all the money in one lump sum or access funds, as you need them with a Share Secured credit card. The credit car is a favorite among members who want the convenience of a credit card for emergency or travel, while at the same time knowing they can't go overboard because the credit card has a predetermined limit.
Because these loans are guaranteed by our savings, the interest rate very reasonable and lower than the rate on an unsecured loan. Meanwhile, the funds in hour savings account continues to accrue dividends, in effect lowering the interest rate you pay on the loan. About the only downside to a Share Secured loan is that your savings is committed during the term of a the loan and is unavailable for use until the loan paid or the credit card account is closed. So remember not to lock up savings that you may need in the immediate future.
However, a Share Secured loan (fixed loan or credit card) may be the perfect way to achieve your financial goals while keeping your debt in check. Call or stop by your credit union today for more information.
Do you want to save money? Did you know our credit card has an 8.9% rate? The credit card is available for cash advances, purchases, and card transfers from other cards. Please call the Credit Union today for more information!
ID theft occurs when a criminal uses your account or personal information (your birth date, address, drivers' license, or Social Security number) and uses it to secure loans, credit cards, checks, merchandise, etc. Good news, - you can dramatically reduce the risk of becoming a victim of identity theft by following these relatively simple steps.
Protect our Social Security number. Don't carry it with you and only give it out if absolutely necessary.
Don't have your driver's license or Social Security number printed on your checks.
Shred all credit card offers. Also, remove and shred the address portion of your junk mail. Always shred "old" credit card and ATM receipts, checks, deposit slips, insurance papers, pay stubs, tax records, etc. Most identity thieves find the information they need to perpetrate crimes by going through people's trash.
If possible, get credit cards with your picture on them.
Make photocopies and keep a record of all your credit and ID cards (names, account numbers, and customer service numbers). Keep the information in a secure place. By doing this, you will have the information necessary to cancel your cards in case any of your cards become lost or stolen.
Do not leave paid bills in your mailbox for the mail carrier to pick up - mail them at your local post office.
Memorize your password and PIN numbers. Don't carry them on you.
Never allow sales clerks to write you credit card numbers on your checks for additional information.
Call your credit card company if your car has expired and you have not received a new one.
Do not buy anything over the telephone or internet unless you initiated the cal or transaction.
Never give your personal information, credit card, or Social Security number over the telephone to someone claiming that you have won a prize.
Check your credit report at least once a year - examine it thoroughly. Credit reporting bureaus are the ones selling your name to the credit card companies that flood your mailbox with offers. The national credit bureaus offer a toll free number that enables consumers to opt-out of all pre-approved credit offers with just one phone call . Call 1-888-OPTOUT (1-888-567-8688) for more information.
Many of our members are exposed to identify theft every day. How many times do you give out your name and other personal information? Next time, think twice about this, someone can use it to commit fraud.
As a result, your credit union has topped mailing out statements with social security numbers printed on the front so not to expose our members to identify theft.
If you are ever contacted by anyone by phone or mail and they want personal information be very cautious about what information you are giving out. Watch what is put in the rubbish also. Shred personal information before you toss it.
Be very careful about notification that you have won a prize and all you have to do is fill out a few simple questions before claiming your prize: such as name, date of birth, social security number and address before collecting your prize.
A good consumer link put out by the Federal Trade Commission on how to file an identify theft is: www.consumergov/id.theft.
Notary Service Available at You CU
Need to have document signatures witnessed and signed by a notary public? Notary services are available at your credit union.
While other establishments charge for notary services, they are free at your credit union. Simply bring the documents with you on your next visit to the credit union. You should bring at least one from of picture ID with you. If you have multiple documents and/or additional notary services, you should call ahead so we can schedule a time convenient to both you and our notary public.
Payroll deduction through your paycheck can be obtained through the credit union. The deduction will come out the 2nd pay of the month on the 23rd. This can be used for savings, Christmas club or to pay a loan.
On your paycheck stub, it will show the total amount deducted for the year, not including withdrawals or loan payments.
PHEAA Student Loans Now Available At The Credit Union
Both Student and Parent Loans are now available. We have secured information for both loan types for you to review.
We know this is a first step in helping your child secure that "education." We are your Credit Union and are trying to make life as simple as possible. Just stop by or visit us on our web site for more information. We are here to make life as easy as possible, trying to meet your financial need whenever possible.
Call or stop by for more information.
Pay By Phone For The Visa Credit Card
You can now pay by phone your Visa credit card by contacting the customer service department. This will initiate a payment usually for the same day. There is a small fee for this service, but is compensated by the convenience of paying instantly.
Buy or Lease Your Next Vehicle?
The ads from car manufacturing and dealers are very tempting. Lease your next vehicle and significantly reduce our monthly car payment. but your credit union wants you know that, if almost every instance, a lease is a bad consumer move. It usually costs you more to lease the car instead of buying it outright. At the end of the lease term (usually 24 months), you return the car back to the dealer and have nothing to show for it. You must then lease another vehicle, creating a vicious cycle of car rentals. Alternatively, in some instances, you can buy the car you just leased at it current market value but losing all the money you paid in lease payments and starting from zero.
What's more, most leases are incredibly inadequate in terms of how many miles they allow on the lease. Most leases are restricted to 12,000 miles per year. That works out to about 231 miles per week. Most people exceed that in commuting to and form work and in-city errands. That leaves little or nothing for the weekends and extended trips. You must pay expensive fees for any mileage in excess of those limits at the end of the release. Leases make sense only in a few instances:
You feel you must have a new car every two years.
You can absolutely afford only a minimal monthly amount for transportation and are certain you can stay below the allotted mileage.
You can deduct your lease payments form your taxes for business purposes.
In most every other instance, it makes more sense to simply buy the car outright. If you are thinking of a lease, please call or visit your credit union first and let us run an analysis for you based on your individual situation. If you decide that buying your next vehicle is best for you, see your credit union for a pre-approved vehicle loan.
MtLCU Visa Card
Now you can create a password that protects you when you buy online. Introducing Verified by Visa, the new service that helps prevent unauthorized purchases before they even happen. So what's your password?
Create it today at Visa.
Enjoy a low, fixed 8.9% APR plus a host of other great benefits. When you think about it, a credit card isn't just something to make