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Points Winter 2006 In This Issue: |
| President’s Report |
As we enter into another new year, the board, management and staff of Tri-Point Federal Credit Union would like to thank our members for a successful 2005. During the course of the year, we saw increased usage in many of the services and loan products we had to offer. Especially significant was our loan demand throughout 2005. Our VISA Card program grew more than it has in any past year with increased credit limits and active balances on cards. Our Home Equity Loans continue to be a stellar performer with many members taking advantage of our very competitive rates and being able to use the equity in their homes for tax advantages. Vehicle Loan financing, once a credit union mainstay, had seen dramatic decreases over the past few years due to dealer financing programs, but has rebounded in 2005 with over 150 Vehicle Loans being approved.
All this activity is providing us signs of economic growth for 2006 but it is also producing a major concern for the credit union. The concern is liquidity which could be a problem throughout 2006. Over the years we have lost a number of older members with higher savings balances and have not been able to attract enough new members with the same savings values. Remember the old adage – Nobody Can Borrow Unless Somebody Saves. It is our hope that with some new deposit programs and higher savings rates we can gain back some of the deposits we have lost over the years. Remember, family members are also eligible for membership in our credit union.
As we close out 2005, the credit union is again profitable with 2,300 member accounts holding $11.5M in assets and total savings deposits of $10.5M. Over $4M in new loans were granted for the year bringing total loans to $7.2M. Savings dividends of $170,000 were returned to the membership and our capital was a strong 9.25% at year end.
Once again, we would like to thank our membership for the financial trust they have placed in us and wish you all a peaceful, healthy and prosperous 2006.
| George K Kenhart President/CEO |
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Experience The Magic Of VISA® Gift Cards! |
We are happy to announce that we are introducing yet another new service to our members. Even though the holiday season has come to an end, our new VISA Gift Cards are still a hot commodity. The gift cards are a great choice for all of your gift giving needs, whether it’s for a birthday, wedding, graduation, baby shower or “just because.”
Not only are our gift cards convenient for the purchaser – no shopping – they are also convenient for the recipient – no returns. Plus, they can be used everywhere VISA is accepted. So if you are in the market for a gift, and you want to give that special person something fabulous that they will love, stop by or call the credit union today and give the gift of choice. The VISA Gift Cards can be purchased in amounts starting at $10 with a maximum amount of $500 and they are a great bargain at only $2 per card.
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Free Credit Report Scams |
The Federal Trade Commission (FTC) warns against accidentally connecting to a “look-alike” site that claims to be AnnualCreditReport.com, but will actually charge you for a credit report. Be sure you type the address correctly (annualcreditreport.com) to avoid any problems.
The FTC urges you to take the following precautions:
- Be skeptical of unsolicited e-mail offering credit reports. If you get an e-mail offering a credit report, don’t reply or click on the link in the e-mail.
- Exit from any website that asks for unnecessary personal information, like a PIN for your bank account, the three digit code on the back of your credit card, or your passport number and issuing country. Legitimate sites don’t ask for this information.
- Report suspicious activity.
Send the actual spam to the FTC at spam@uce.gov.
If you believe you’ve been scammed, file your complaint at www.ftc.gov.
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Share Certificate Rates On The Rise! |
| 4.50% APY* 60 Months |
Share Certificates are a worry-free way to earn dividends and our rates are currently on the rise, allowing you to earn even more. Federally insured Share Certificates are the safe way to diversify your investment portfolio or to add to the income you need today.
*The Annual Percentage Yield (APY) shown is in effect as of date of publication. Share Certificates are federally insured by the National Credit Union Share Insurance Fund (NCUSIF). This fund is regulated by the National Credit Union Administration (NCUA), an agency of the federal government. The minimum deposit is $1,000. There is a penalty for early withdrawal. Rates and terms are subject to change without notice.
| It’s Time To Make Your IRA Contribution! |
Your credit union has the IRA investment products that can help you maximize your tax advantages and save money for the future. Here’s a brief summary:
- Traditional and Roth IRAs let you contribute up to $4,000 annually.
- Catch-up Provisions let workers ages 50+ save an additional $500 per year through 2005.
- Coverdell Education Savings Accounts for your children or grandchildren let you save up to $2,000 annually per child, to be used for qualified education expenses.
- IRA Share Certificates combine the familiar and flexible benefits of Share Certificates with the tax advantages of IRAs. Invest as little as $1,000 for as long as 60 months.
Call us today at (412) 995-4962 or stop by to learn more about IRA benefits.
| Christmas Club Reminder |
Are you feeling the cash crunch from this past holiday? Want to make it easier to pay for all those gifts and other holiday expenses when the season arrives later this year? Then open a Christmas Club Account today!
Visit us online for more information or stop by to open your Christmas Club Account.
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Holiday Closings |
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