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NEWSLETTER:
Volume 14, No. 3, July, 1998
REBATES
The Board of Directors is pleased to continue the quarterly rebate
for all real estate loans and older unsecured loans. This reduced
the effective secured loan rates to 6.5%, and the effective unsecured
loan rates to 12% for the second quarter of 1998.
* * * *
DIVIDENDS
For the second quarter, the Board declared the dividend rate of 2.5%
on balances of less than $5,000, and 3% on balances of $5,000 and
greater.
* * * *
Refinancing
Tip
As mortgage rates remain low, many members are refinancing their mortgages
and paying off their second mortgages at the Credit Union with the
proceeds. While this may lower the guaranteed rate, it may not be
the best financial decision, as it extends the term, and may result
in a higher dollar amount of interest paid. This can be avoided by
allowing your new mortgage to take precedence over your older second
mortgage, a procedure called "subordination". If you are
thinking about remortgaging, call the Credit Union to find out if
you qualify for subordination.
* * * *
We
can now receive electronic funds transfers through ACH
This means that you can arrange with any payer to electronically send
funds to your Credit Union account. Members who receive regular payments
such as Social Security may arrange to have funds electronically send
to your account at the Credit Union by contacting the payer and giving
them the Credit Union's ABA number (2360 8451 5) and your Credit Union
six digit base share account number. For non Rohm and Haas employees,
many employers have the capability to send us funds directly from
your pay for loan payments or to establish a regular savings program,
in effect providing you with payroll deduction. If interested, call
the Credit Union with any questions or to obtain additional information.
* * * *
Enterprise
Used Car Sale
For those members who missed our last Enterprise used car sale, we
will be offering another on September 26, 1998. This will be a one
day sale at the Bristol Plant parking lot, and will include special
terms: 100% financing at 7.999% for up to five years. Enterprise continues
to offer specially selected low-mileage 1996, 1997, and 1998 cars
with solid maintenance records at prices lower than N.A.D.A. value,
and a limited power train warranty good for 12 months or 12,000 miles,
whichever comes first. In addition there is a 7 day or 1,000 mile
buyback guarantee by Enterprise if members are unhappy with their
purchase for any reason.
* * * *
CD
RATES
We offer certificates of deposit at the following current rates and
yields for the following terms:
| 6 month certificate | 4.75% rate | 4.86% yield | $2,500 minimum |
| 9 month certificate | 5.17% rate | 5.30% yield | $2,500 minimum |
| 12 month certificate | 5.50% rate | 5.65% yield | $2,500 minimum |
| 30 month certificate | 5.75% rate | 5.91% yield | $1,000 minimum |
| 60 month certificate | 5.75% rate | 5.91% yield | $1,000 minimum |
Current certificate of deposit rates offered are subject to change in response to market conditions.
* * * *
YOUR
MONEY IS SAFE
All Credit Union deposits are insured by NCUA, a federal government
agency up to $100,000 per member. The NCUA fund is in sound health,
without a losing year in its 27 year history, and has an equity level
of 1.30% of insured savings.
* * * *
24
HOUR / 7 DAYS PER WEEK SERVICE
Don't forget that the Credit Union has a 24 hour a day Voice Response
Unit. The system is only down for about 30 minutes a day during system
backup around 2:00 P.M., or in the rare event of repairs to the building
electrical system during weekend.To reach the system call (215) 592-3084.