Newsletter

March 2013

New Lower Loan Rates

New Vehicle Loan Rates - Model Year 2010 & Newer:

Borrow 90% of MSRP or NADA Retail Price     Borrow 100% of MSRP or NADA Retail Price
24 mos - 2.50%APR                                     24 mos - 2.75%APR
36 mos - 2.75%APR                                     36 mos - 3.00%APR
48 mos - 3.00%APR                                     48 mos - 3.25%APR
60 mos - 3.25%APR                                     60 mos - 3.50%APR
72 mos - 4.00%APR                                     72 mos - 4.25%APR

Used Vehilce Loan Rates - Model Year 2007-2009:

Borrow 95% of NADA Average Retail Price

24 mos - 3.25%APR
36 mos - 3.50%APR
48 mos - 3.75%APR
60 mos - 4.00%APR
Model Year 2006 and Older:  Add 1/2% APR

Home Equity                                                     Mini-Mortgage

-Borrow $5,000-$65,000                                    -Borrow $2,000-$15,000
-Minimum $5,000 newly borrowed money           -May refinance an existing Mini-Mortgage 
-Appraisal required                                           with 50% new money

60 mos - 4.50%APR                                           24 mos - 3.75%APR
90 mos - 4.75%APR                                           42 mos - 4.00%APR
120 mos - 5.00%APR                                         60 mos - 4.50%APR

• APR - Annual Percentage Rate
• Other rates, terms and limits are available or may apply depending on lending criteria
• Same day approval available to qualifing applicants
• Vehicle loan pre-approvals at no charge
• No required share pledge
• A minimum of 20% equity in the property is required (25% for rental property)
• Borrower is responsible for appraisal, search, & filing fees
• Loan approval subject to all normal credit qualifications, such as credit worthiness and ability to repay

Scholarships Available

Applications for the 2013 Erie Chapter of Credit Unions James J. DeDad Scholarships are available at the Credit Union Office.  If you are a Credit Union Member between the ages of 17 and 24, and are enrolled as a full-time undergraduate student, you are eligible to apply.  Scholarships range from $500 - $3,000. 

Completed applications must be returned to the Credit Union office no later than June 7th.

Banking at Your Leisure

Do you want the opportunity to look up account balances and account activity, as well as to do transfers between your Credit Union Accounts at your convenience?  If so, then Home Banking is for you!  Contact the Credit Union office for the required form to sign up for this convenient service.

You can now get your monthly and quarterly statements online.  When you log into your home banking account, click on the "Statements" tab to sign up for E-Statements.

Gift Ideas

Looking for the perfect graduation, wedding or shower gift?  How about a CU-MONEY Visa Gift Card?  The cards can be used at any merchant who accepts Visa Debit Cards and is perfect for those hard to buy for individuals.

There is a $2.50 activation fee and cards can be loaded in any amount from $10 - $1,000.

Mortgage Financing

Through an exciting new partnership with CUC Mortgage Corporation, we are able to expand our services to include mortgage financing which includes  purchasing a home or refinancing a mortgage.

The mortgage program features:

• a secure online application process
• pre-approvals within minutes
• expanded loan programs
• low interest rates and closing costs
• expert support and assistance throughout the entire process

CUC Mortgage is a a full-service mortgage corporation serving credit unions in the Northeast.  With over 20 years of exclusive credit union mortgage experience, CUC Mortgage is a trusted partner for credit union mortgage lending.  Most mortgage loans referred by IBEW Local 56 FCU will be serviced through CUC Mortgage. 

If you are looking for competitive mortgage financing from a lender you can trust, visit http://cuc.mortgagewebcenter.com. 

Paying for College the Smart Way

To give our members an option to help with college expenses, we have partnered with the Smart Option Student Loan from Sallie Mae.  This loan is available to our members attending college, members with children attending college, as well as members' family members.

As college tuition costs continue to rise, more students are in need of private student loans to help fund the gap between financial aid and college expenses.  With the Smart Option Student Loan, you can choose from three in-school repayment options to help pay off you loan faster and save money compared to the conventional private loan.

Visit the student loan section under the loans tab of the credit union's website for more information or click the Sallie Mae Smart Option Student Loan banner on our home page.

Direct Deposit

We encourage you to have your paycheck, social security, pensions, unemployment, etc. electronically deposited into your credit union account.

Benefits of Direct Deposit Include:

• Transfers funds securely & directly into your Regular Share or Share Draft (Checking) Account
• Eliminates the risk of lost or stolen checks
• Quick access to your funds
• Access funds easily with a credit union Debit Card
• Saves on trips to your credit union
• Peace of mind when you're out of town
• Helps protect the envirmonment

If convenience and safety are important to you, Direct Deposit is the way to go!

Pay Your Bills Online

Online Bill Pay is a convenient way for members to pay their bills from one secure website.  Log into your Credit Union Home Banking account and pay your bills at your convenience.  Bill Pay can also be used for person to person payments, account to account transfers, personalized gift checks, and charitable donations.

You must be a Credit Union member with a Share Draft/Checking Account in good standing and have Home Banking to be eligible for Online Bill Pay.  Log into your Home Banking Account and click the Online Bill Pay tab to set up your account.  Your account will then be approved and activated.  There is a one time non-refundable $2.00 enrollment fee.

We have two Bill Pay plans:

Option 1: Six (6) transactions/month at no charge, .50¢ for each transaction over six.

Option2: Unlimited transactions/month at a cost of $3.00/month.

Cell Phones for Soldiers

More than 150,000 troops are serving overseas and are away from their families.  Cell Phones for Soldiers, Invest in America, GM, and your Credit Union are calling on all Americans to support these brave men & women by donating their unused cell phones.  Cell Phones for Soldiers hopes to collect over 1 million cell phones this year to help keep troops connected with their families.

Members can support the collection drive by donating their phones at the Credit Union Office.  We are proud to show our support for U.S. soldiers and to contributeto a worthy cause like Cell Phones for Soldiers.

Family Membership

Did you know that your family members and members of your household (persons living under your roof) are eligible to join your Credit Union?  To join, they need a current photo ID (unless they're a child), social secuirty number, a $25 share deposit, and a .25¢ membership fee.

Family Members include your:

Spouse          Children          Stepchildren          Grandchildren

Parents          Stepparents    Grandparents          Brothers & Sisters

.