The Board of Directors and I are very pleased to include you in our field of membership and look forward to serving your financial needs in the future. Below is a description of the services we can provide, as well as the Credit Union hours and phone number. New members can open their Credit Union account with a $5.00 deposit into a regular savings (share) account, and payment of a $2.50 one-time fee to join. Your first payroll deduction can include the opening $7.50, in addition to a regular bi-weekly payroll deduction amount, if you so desire. Payroll deduction can be used for loan payments as well as savings account deductions.
Savings Accounts at the Credit Union:
Regular Share Savings account. This account is similar in nature to a passbook savings account at other financial institutions. Dividends are paid quarterly, with the first quarter dividend rate for 2008 at .50%, with an APY of .51%. The $5.00 initial deposit keeps your account open and current. Four free direct withdrawals can be made in the same month, with each withdrawal after that incurring a $1.00 fee.
Christmas Club account. You can enroll in the 2007-2008 Christmas Club, with the last deduction to be the September 26, 2008 payroll for Deaconess Hospital employees. Third quarter dividends will be added to the accounts prior to the checks being prepared for distribution by October 15, 2008. The current quarterly interest rate on Christmas Club accounts is 1.0%, with an APY of 1.01%.
Share Certificates. These are similar in nature to Certificates of Deposits. The Credit Union offers Six Month and Twelve Month Certificates. The Six Month Certificate requires a minimum deposit of $2,500.00, and the Twelve Month Certificate requires a minimum deposit of $1,000.00. Current certificate rates may be obtained by calling the Credit Union office at Extension 3693. Notifications of the Credit Union's current Certificate rates are mailed out approximately two weeks before a Certificate matures. The Certificates can be set up for automatic renewal or a single term.
Share Draft account. Again, the name looks funny, but this is the Credit Union's checking account. There is no monthly service fee for this account. A minimum requirement of $200 will earn interest on this account, and that is computed based on the account's daily balance and paid quarterly with the first quarter dividend rate for 2008 at .25%, with an APY of 0.26%. Each new account opened receives fifty free "Variety" checks as a thank you for opening your account with the Credit Union.
Loans at the Credit Union:
Our current manager is a loan officer, so loans meeting her approval criteria can be processed in 24 hours or less. Otherwise, the Credit Committee meets on Tuesday mornings at which time the remaining loan applications for that week are approved or denied. A credit report is pulled for all loan requests. Credit Union members are eligible to apply for a loan after one year's continuous employment with the member's current employer and/or one year's membership in the Credit Union.
Signature Loans. This is an unsecured loan which can be used for just about any purpose you wish. The APR is 11.50%, and the term of the loan is determined by the amount you wish to borrow. The limit is determined by employment length, with a maximum of $3,000 for over three years' employment.
New Vehicles. The Credit Union finances 100% of the cash delivered price at 5.0% APR for up to 60 months. New vehicles over $20,000 can be financed up to 72 months.
Used Vehicles. Loan maximums on any used vehicle are based on the N.A.D.A. average retail value. One to three year old vehicles are at 5.75% APR for up to 48 months or up to 60 months for loan amounts over $10,000.00. Four to seven year old vehicles are at 6.50% APR for up to 48 months only. We also offer Computer Loans as well as new and used Motorcycle, ATV, Boat and RV loans.
Other Credit Union Services:
The new ATM/Debit Check Card program was implemented in 2000. Applications for a card for use with a share or share draft account are available at the office.
Free Notary Public Service for all Credit Union members, during regular hours at the Main Office.
American Express Travelers Cheques, including single signature Cheques, Cheques for Two and Gift Cheques. A modest fee is charged, but the Cheques are immediately available and can be paid directly from your Share account.
Credit Union hours:
Main Office: Monday through Friday: 8 - 4:30, EXCEPT Wednesday: 7 - 4:30
Gateway Office: Tuesday, Thursday and Friday: 1-5 p.m.
The Main Office is located in the Deaconess Physician Center, on the second floor in Suite 210. This is right above the Breast Center and Subway Restaurant. The Gateway Office is on the second floor of the Professional Building, in Suite 2100. If you have any questions that were not covered in this introduction letter, please feel free to call!