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 Did you know that credit unions,
unlike other
banking institutions, are owned and operated by its
members? The Credit Union Board of
Directors,
which gives direction and sets operating policy, is
made up of volunteers elected from and by the membership.
Credit unions return profits to members
(shareholders)
after required reserve requirements are set
aside, in the form of better rates on
savings and loans, new financial
products,
and easier access to accounts.
Your Credit Union is committed to improving
the lives of its members by
encouraging regular savings, counseling about credit, providing
pertinent information
about personal finances, and continuing to respond to your financial
needs.
We invite you and your family to take
advantage of the many financial
benefits of credit union membership. For more information regarding
services
and family membership, or to become more active in your own credit
union
membership, please contact the Credit Union. We look forward to serving
you!
FACT Act
Information for Our Members
The Fair and Accurate Credit Act (FACT Act) of 2003
provides consumers with increased protection from identity theft and a
better
understanding of their credit reports and rights. The Act affects both
consumers and
financial institutions.
Under the FACT Act, as a consumer, you will
have free annual access to
credit reports and scores. You will also have better information about
opting out of prescreened credit offers.
Notice to Members:
Under the FACT Act, credit unions are required to notify members if the
credit union gives negative information to a credit reporting agency
regarding credit extended to the member. We may report information
about your
account to credit bureaus and/or nationwide consumer reporting
agencies. Late
payments, missed payments, or other defaults on your account may be
reflected in your credit report.
Credit unions offering mortgage loans based on credit
scores are required to provide applicants with their credit scores.
For more information about the FACT Act and how it will
affect you, please
contact the credit union.
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Post
Check 21…Your Checking Account Works for You!
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New changes have arrived to your checking account!
The Check Clearing for the 21st Century Act makes it so that any check
written can be processed through your account very quickly – gone are
the days of the “check float”! What this means for you is that your
funds must be in your account when you write the check. We all hate
change, but this time, your Credit Union’s got you covered. With
personalized services to educate and support this change, you can rest
assured that adjusting your financial habits will be simple.
Even with this dramatic change to check
processing, there are things you can do to
protect your account from overdraft transfer fees, or worse: a bounced
check.
• Adjust your check-writing
habits to be sure that funds
are available when your
check clears.
• Sign up for direct deposit or
payroll deduction to make
sure your money is deposited
in a timely fashion.
For more information on Check 21, contact the
Credit Union for printed materials and a full
explanation.
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New
Year Loan Special
Start the New Year right! Take advantage of NPFCU’s “New Year Loan
Special” to pay off those holiday bills. You can borrow up to a maximum
of $2,000 for a term of 12 months at a rate of 9.99% APR*. This loan
special is being offered until March 31, 2005. Call the Credit Union
today to apply!
*Annual
Percentage Rate to qualified borrowers. Other terms, conditions and
rates may apply.
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7
Ways to Start the New Year Off Right
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1) Make the Credit Union Your Primary
Financial Institution. Move your financial services to the
Credit Union, and experience the difference. Share with us what you
need and we’ll help you with a financial plan to beat all previous New
Year’s resolutions!
2)
Pay Yourself
First. We offer special tools that help you get the best use of
your paycheck. Utilize direct deposit or payroll deduction to force
regular savings habits and to save time on payday.
3) Spot-Budget for 2005. Target
challenge areas such as clothing or entertainment, and build a budget
around them. Get a book that will allow you to save receipts for these
categories and take notes on how well the budget is working.
4)
Check Your
Credit Report. Make a ritual of checking your “slate” at the
beginning of the year to be sure it’s clean. If you are unsure of how
to obtain a copy of your credit report, contact the Credit Union.
5)
Take Care of
Any Charged Holiday Expenses Early. Put a cap on holiday
charges. If consolidating your credit cards at a lower rate is in
order, handle it soon after the new year. We always have valuable tools
to help you manage your debt.
6)
Create an
emergency fund. Start by returning unwanted gifts quickly so
that you don’t get stuck with a reduced price, or go to eBay to auction
off those items you’ll never use. Having the money in an account is far
more practical than saving those items for next year’s white elephant
or re-gifting!
7)
Be Realistic
with your Resolutions. Those that are not based on reality often
end up broken within the first week of the new year. Think about your
habits and break down your resolution into small tasks or behavioral
changes. You’re more likely to succeed in making a change, and will be
able to look back on 2005 with satisfaction.
 Happy Holidays from
Your Credit Union
Thank you for
letting us serve you throughout the past year. We hope that you will
continue to take advantage of the many services available to you as a
member/owner of this financial cooperative. We value your membership
and look forward to serving you in the year to come.
Holiday
Closings:
Martin Luther King’s
Birthday Monday, January 17, 2005
Presidents’ Day
Monday, February 21, 2005
Good Friday
Friday, March 25, 2005
For additional online newsletters see below:
Fall 2001
Summer 2001
Summer 2000
Fall 2000
Winter 2000/2001
Spring 2001
Winter 2001-2
Spring
2002
Summer 2002
Fall 2002
Winter 2003
Spring 2003
Fall 2003
Winter 2004
Spring 2004
Summer 2004
Fall 2004
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Legal Statement ©
Copyright 2004 North Penn Federal Credit Union All Rights Reserved.
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