revised 02/01/10
[ revised 02/01/10 ]
Annual Meeting Set for March 9; Board Expands to 9
The annual dinner for Credit Union members will be held Tuesday, March 9 at Gaetano's restaurant on Banksville road.
The meeting is designed to allow member/owners to elect board members for three-year terms to hear the annual report of the state of the Credit Union, to Make comments, and to ask questions about services and policies.
At this meeting, the Credit Union Board will expand from seven to nine members.
The current board decided to expand to better serve the membership.
Two new board members will be elected this year, and the terms of the current board members will be extended so that three will have their terms expire in in 2011 and the other three in 2012. The newly-created board positions will run until 1013.
Members who would like to run for a board position must deliver a petition signed by 20 other members to Sandra Callahan in the Supervisors' Office in the High School by February 28. No nominations will be accepted from the floor at the meeting.
The cost of the dinner is $8 per person. Reservations can be made with Steve Vais at 412-433-2013. The cost can deducted from accounts.
Cocktails will begin at 5 pm., and the dinner at 6. Beer and wine will be available, with the first drink on the Credit Union Board. There will be a cash bar.
The buffet will feature a chicken dish, pasta, vegetables and potatoes. A salad, dessert, and coffee or tea will be served.
Whether it's your plan to get more exercise, eat healthier food, or gain control of your finances, the toughest part is the trick is to take a few steps in the right direction. While a body at rest stays at rest, a body in motion can begin to achiever physical or fiscal fitness. While we can't help you with your diet and exercise program, we can point the way to a more secure financial future.
Track your Funds; both in and out. Sources of fund typically include items such as paycheck, interest and dividends or rental income. Tracking your spending can be more of a challenge. The only way to do it is to write down every penny you spend for a month. It may seem tedious, but unless you do it, you will never know where the money is going.
Prepare your spending and saving plan. This is where your record keeping will pay off. Most people are really surprised to learn just how much money they're spending.
Review your plan periodically and update it accordingly. Things change. Be sure your budget is keeping up.
April 15, 2010 is just around the corner, so avoid that last-minute panic by getting the information you need to file organized now.
Begin by labeling folders: one for income information (for example, W-2 forms and 1099 forms) and one for deductions (real estate tax bills, charitable gifts, mortgage interest). Also make a folder for other information, such as the receipts for any energy efficiency improvements you made that qualify for a tax credit or a deductible contribution to a Additional IRA.
As forms from the credit union, any brokerage firms and other financial institutions arrive in the mail. put them in your income folder along with the tax information from your employer.
Go through your checkbook register, credit card statements, and other receipts to look for you deductible items. Gathering this information over time means that when you are ready to tackle your taxes, you will experience less stress. You'll have everything at hand. You can crunch the numbers faster if you do the taxes yourself or have a neat package ready for your tax adviser.
Go through your checkbook register, credit card statements, and other receipts to look for your deductible items. Gathering this information over time means that when you are ready to tackle your taxes, you will experience less stress. You'll have everything at hand. You can crunch the numbers faster if you do the taxes yourself or have a neat package ready for you tax adviser.
Did you know the government is currently minting dollar coins honoring the US Presidents? These coins are larger than a quarter and of a different color.
Because February is associated with US Presidents, the Credit Union has planned a special program for young depositors.
Every depositor under 18 years old who puts $20 in his or her account will receive five presidential dollar coins which they will be encouraged to spend.
This will also apply to newly opened accounts for children.
It is estimated that the country will save %500 million each year by using the new coins. That means savings of billions over the next few years.
Starting in February, the Credit union will be the place to get dollar coins to spend, not just for collecting.
We Offer a Better Checking Account
If you believe that all checking accounts are pretty much alike, check out share draft checking a the credit union.
We offer a better checking account because we're member-owned.
You can be confident that when you open a checking account here, you'll get a fair deal. We'll even help you with any paperwork you need to make the switch from another account.
You deserve a better checking account. Get yours today at the Mt. Lebanon Federal Credit Share Drafts
Did you know that your credit union offers FREE notary service to its member/owners? We can notarize any documents, and it only takes a few minutes to have done. You will need to present a valid photo to present a valid photo ID and sign the document in the presence of the credit union notary. While no appointment is necessary, it is best to call ahead of time to very the availability of the notary public on the day you want to have your document notarized. Offering this free service to you is just another way your credit union is her e to serve you.
Interest rates got you down... Effective immediately, transfer you higher interest rate balances to your Mt. Lebanon FCU VISA and receive 3.9% Balance Transfer Rate on any balances reflected on your statements up to and including your July 1010 statement.
Don't have a card, stop by and see us!!
Home Equity Loan: Still A Smart Way to Borrow
The housing bubble may have burst, but that doesn't necessarily mean you've lost all the equity in your home. While the value of many houses has dropped, if you lived in your home for a few years and are current on your mortgage payments, you will likely have built up some equity. And if you need money for major home repairs or renovations, a new vehicle, or other productive purpose, tapping that equity can be a smart way to borrow. That's because the interest on hour home equity loan can be tax deductible; consult your tax advisor for more information. In addition to potential tax savings, a home equity loan can provide you with more favorable terms than other loans or sources of credit. For example, if you are planning to replace your leaky roof or your drafty windows, a home equity loan will certainly cost you less than running up charges on your credit card at the home improvement cents. If you need cash, a home equity loan might be the way to go.
Payroll Deduction Helps You Pay Yourself First
When times are tough, it may seem like it's impossible to save. That's why you'll want to use a tired-but-true trick: Pay yourself first. Use payroll deduction to tuck away money from every paycheck. Because you never see the money, you won't miss it. When you get a raise or a bonus, have those funds god directly to savings, too. After all, you have been getting along without it, and this way, you won't be tempted to spend the money of something you don't really need. Some people set up special saving accounts earmarked for specific goals, such as a down payment on a car, college for the kids, or a once-in a-lifetime vacation. Using payroll deduction helps them reach their goals with less pain and in less time. To help make your dreams come true, sign up for payroll deduction, or direct deposit of your social security or retirement benefits, today.
Used Cars! Lemons Or Lemonade?
Even with all of the ups and downs in the housing market. your home is still your castle. So don't neglect- there was a time that buying a used car was said to be the same as buying someone else's troubles. But today, vehicles are much more reliable and you chances of finding a good, pre-owned one that fits both your budget and your transportation needs are greatly enhance. When you buy a new vehicle, the minute you drive it off the lot, it loses thousands of dollars in value. When you buy used, someone else has absorbed that depreciation. In addition, you have several research tools at your disposal to help you make a sound buying decision. Web sites, such as www.edmunds.com and www.kbb.com (Kelly Blue Book), can help you compare features and prices. Dealers often offer pre-owned certification, extended warranties, and vehicle history reports on many of the used vehicles on their lots.
Before making your offer on a used car, either to dealer or a private party, ask to see the service history. It also may be well worth the money to have a trusted mechanic check over the vehicle to look for obvious problems, Then see the credit union for financing, where you will find favorable rates and terms to fit your budget.
Credit union share secured loans are available for members who are in need of funds but do not wish to deplete their savings. This type of loan allows members to borrow money by using their own saving funds as collateral. Your share account will be held as collateral for the loan, and as the loan is paid down, the held amount decreases to reflect the remaining loan balance. And, you will continue to earn interest on the balance in your share account or share certificates even though there is a loan against your account(s). You also will be borrowing money at a much lower interest rate than you could with an unsecured loan. A secured loan is also a grea resource for anyone who is looking for a loan to establish credit or re-establish credit.
Stop by or call your credit union today to find out more about a share secured loan. Guaranteed approval with no credit inquiry required., and in most cases, funds available the same day.
According to finance experts, one of the biggest challenges facing consumers today is savings. You've heard the wise advice urging you to set aside 10% of you income into short-term savings to cover such unplanned events as a loss of job or medical emergencies? Well guess what? Since 2005, our national savings rate has been at zero, and even dipped into the negative figures (half a percent), meaning that many7 of us spend move than we make.
What's the reason? Lack of discipline, say the experts. Here are some strategies to help get you going:
Payroll deduction. Put that money aside before you even see it. Twenty-five dollars set aside per paycheck every two weeks is equal to about one dinner out for two every month. Sounds pretty painless, right? But in a single year, that $25 biweekly deduction adds up to $650 plus interest.
Empty your wallet! No, we don't mean completely. Just your change. Whatever you have in change at the end of the day, throw it in a jar, plastic container, whatever. Every couple of months or so, bring it to the credit union for counting and put it into savings. If your average 50 cents a day in change, that's about $182.50 per year.
Save "bonus" money. Try to save tax refunds, overtime pay, gift money, refunds, rebates, and the like. When spent, these individual amounts just seem to disappear in a puff of smoke. But saved, you've be surprised how much these small and medium amounts add up.
Convert Installment payments to yourself. Once you pay off an installment loan (like a credit card or auto loan) continue to make payments by putting them into your savings account. If the thought is unbearable, or you were counting on that money to help case the cash flow, then try putting half the former payment into savings.
Your credit union wants every member to have some cushion money to get through emergencies. Even small steps, if taken regularly, can build a significant safety net to help you survive life's unexpected turns.
Savvy Ways To Spend Your Tax Refund
Many people think of their tax refund as "found money," although it's really just money you've let to your Uncle Sam for the past year. Yet, for anyone who has trouble saving, a tax refund can be the same as finding a wad of bills in an old coat pocket or money tucked under a mattress. So her are some savvy ways to spend it:
Go Green. Change out your standard light bulbs with higher efficiency compact fluorescent blubs, replace your gas powered lawn mower with an electric one, or an older appliance with one with an Energy Star rating.
Stock up. If you have storage space, and you are sure you will use the product, buying items in bulk can save money.
Get in shape. Use your refund to buy a new bicycle, running or sports gear, or membership in a health club. Hint: exercising with family members or a friend makes it easier to stick with the program.
Spruce Up With A Home Improvement Loan
Even with all of the ups and downs in the housing market, your home is still your castle. So don't neglect the turrets or the moat! Ignoring problems like a leaky roof or a crumbling foundation won't make them go away. Keeping up with maintenance and repairs not only makes you space a nicer place but also helps protect your investment.
But if you are planning a major remodel, remember that you will rarely recoup the entire cost and that some improvements have a higher percentage payback than others. Upgrading the kitchen or the bathroom, for example, will return more on your investment than adding a sunroom or updating a home office. Factor in how long you plan to stay in your current home.
For projects large or small, see your credit union for a home improvement loan. We may not be able to help you pick out the new color scheme, but we will help you figure out the financing that matches your style.
Call or stop by your credit union today.
Your credit union is required by law to escheat (give) to the state any funds form member accounts that have been dormant after a period of time.
"Dormant" means:
No activity (deposits or withdrawal) during the preceding twelve (12) months and,
No written correspondence from the member to the credit union during the preceding twelve (12) months.
Wake up your account today. If your account is dormant, please make a small deposit or communicate with us in writing. This will reactivate your account! If you no longer need the account, visit the credit union to close that account.
Do your friends and family a favor, invite them to join the credit union. They'll thank you for the chance to take advance of the benefits of belonging. And when they join, you'll have done yourself a god turn as well.
Here's why: as a non-profit financial cooperative, we only exist to serve our valued member/owners
A broader base of members means we can continuously work to improve our products and services.
We can be more efficient and pass those saving onto you. So do your part and pass the word. Let your friends and family in one of the best ways to achieve financial security - membership in the credit union. For details on membership eligibility, contact the credit union or visit ourWeb site.
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.
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!
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?
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.
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