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Winter 2005 Newsletter

The CU Difference:
People Over Profits

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.

Post Check 21…Your Checking Account Works for You!

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.

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.

7 Ways to Start the New Year Off Right

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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