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NEWSLETTER:
Volume
14, No. 4, October,
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 third quarter of 1998.
* * * *
DIVIDENDS
For the third 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.
* * * *
Christmas
Club Checks
Christmas Club checks will be available to be picked up on Tuesday,
November 3 at 12:00 noon in the Credit Union office. Any check not
picked up by the close of business on this day will be mailed the
following day. Now is the time to arrange for your Christmas Club
for 1999. If you already have a payroll deduction for a Christmas
Club for 1998, and wish to continue saving for 1999 at the same rate,
you need do nothing. Your savings will continue as before. If you
want to sign up for a new club, or to increase your current level
of savings, you can do so by signing a new payroll deduction card
at the Credit Union office. The deadline for these changes is November
30, 1998.
* * * *
Sign-Up
for the Christmas Club
Christmas Clubs pay the same rate as regular share accounts from day
of deposit to day of maturity. Whether your goal is saving for Christmas
or any other need, such as insurance or taxes, the club offers a powerful
incentive to achieve it, as early withdrawal of club funds is subject
to forfeiture of interest. Payroll deduction makes the program automatic,
eliminating the need to wait in bank lines to make your payment, and
ensuring that each payment will be made, and your savings goal met
at the end of the year. If you’ve been watching others pick up
their checks in November and go shopping, don’t delay; the time
to start a savings program is now. A Christmas club is a convenient
and easy way to do it. Call or stop by the Credit Union office for
more details.
* * * *
SIGN
UP FOR ELECTRONIC FUNDS TRANSFER
Recently passed Federal legislation will require all federal check
recipients to receive their funds via electronic funds transfers by
January 1, 1999. If you have not already signed up with a financial
institution to receive your federal check funds, consider having them
sent to the Credit Union. The majority of our members who receive
federal checks would be Social Security recipients. We will be holding
a Direct Deposit sign-up campaign in October to coincide with the
federal government’s campaign. We will have sign-up forms available
in the Credit Union office during the month, and encourage members
who receive federal payments to come in and sign up. If possible,
bring your federal check with you as we will need information on the
check for the forms. For those who cannot get to the office, call
and we will forward the forms to you.
* * * *
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 weekends. To reach the system call (215)
592-3084.