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NEWSLETTER:
Volume 17, No. 3, July, 2001
REBATES
Your Credit Union 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 2001.
DIVIDENDS
For the second quarter, the Board of Directors declared the dividend
rate of 2.25% on balances of less than $5,000, and 2.75% on balances
of $5,000 and greater. The annual percentage yield on these rates
is 2.27% and 2.78% respectively.
ATM PROBLEMS
We recently switched to the MAC network from the PULSE network
in an attempt to streamline ATM transactions. This conversion
has not been problem-free, and we apologize to our members for
any inconvenience they may have experienced. We are working with
the network to resolve the technical issues involved, and hope
to be able to soon offer our members the service at ATM machines
that they have come to expect from our other operations.
TUITION LINES OF CREDIT
With summer here, now is the time to think about financing tuition
for the September semester. For those members whose employer offers
tuition reimbursement, we have a loan designed to help you with
the advance payment required. The tuition line of credit works
like any other line of credit, with a maximum loan amount, and
periodic advances allowed up to this amount, but the payment schedule
is designed to coincide with the company’s reimbursement.
Once an amount is advanced to pay tuition, the total amount becomes
due within six months, so there are no monthly payments to strain
your budget. When the reimbursement arrives, it can be applied
to the loan, and the member need only be out-of-pocket for the
interest. Members should set up a line of credit sufficient to
cover two semesters tuition, in case the reimbursement for the
first semester has not been received before the next semester’s
tuition is due. Call or stop by the Credit Union office to discuss
this innovative way to finance your education.
CD RATES
We offer certificates of deposit at the following current rates
and yields for the following terms:
| 6 month certificate | 4.00% rate | 4.08% yield | $2,500 minimum |
| 9 month certificate | 4.10% rate | 4.18% yield | $2,500 minimum |
| 12 month certificate | 4.20% rate | 4.28% yield | $2,500 minimum |
| 30 month certificate | 4.35% rate | 4.44% yield | $1,000 minimum |
| 60 month certificate | 4.60% rate | 4.70% yield | $1,000 minimum |
Current
certificate of deposit rates offered are subject to change
in response to market conditions.
24
HOURS/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.
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 29 year history, and has
an equity level of 1.30% of insured savings.
Look for other information related to our offerings on our web page at http://www.rhcu.com.