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NEWSLETTER
Volume
16, No. 1, January, 2000
REBATE
The 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 fourth quarter of 1999.
* * * *
DIVIDEND
For the fourth quarter, the Board declared the dividend rate of 2.25%
on balances of less than $5,000, and 2.75% on balances of $5,000 and
greater.
* * * *
MERGER
On October 1, 1999, our Credit Union merged with the Morton International
Employees Federal Credit Union. This increased our asset size by approximately
10% to over $20,000,000, and our membership by approximately 21% to
over 3700 members. We would like to extend a welcome to our new members
from Morton.
* * * *
COMPETITIVE
INTEREST RATES
As interest rates in the economy have been rising in recent months,
we have attempted to keep our rates competitive. Please check the
certificate rates below and compare them with the rates offered by
our competition. In spite of rising rates, we have kept our loan rates
stable throughout the year through the interest rebate program, the
third year we have reduced loan rates to these levels. Profits added
to undivided earnings for 1999 increased 17% over 1998 to over $200,000.
This is in keeping with our published mission statement to offer our
members the best rates possible on savings and loans while maintaining
the strength of our organization.
* * * *
CD
RATES
We offer certificates of deposit at the following current rates and
yields for the following terms:
| 6 month certificate | 4.25% rate | 4.34% yield | $2,500 minimum |
| 9 month certificate | 4.75% rate | 4.86% yield | $2,500 minimum |
| 12 month certificate | 5.97% rate | 6.15% yield | $2,500 minimum |
| 30 month certificate | 5.50% rate | 5.60% yield | $1,000 minimum |
| 60 month certificate | 5.70% rate | 5.86% 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 up to $100,000 per member by
NCUA, a federal government agency. The NCUA fund is in sound health,
without a losing year in its 28 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. Users of the system need to call the office to establish
a PIN number. Members can obtain balances, request withdrawals, and
make transfers among different accounts or to make a loan payment.
To reach the system, call (215) 592-3084.