NEWSLETTER

July 2008

DEBIT/ATM CARDS

If you are a current ATM card user with the credit union, you should be receiving your new Debit/ATM Mastercard any day. If you haven’t used you card in the past 12 months, you will need to request a card. Anyone who recently signed up for the new card, should receive it within the next couple of weeks.

Important notice-Due to an implementation delay, you will need to continue to use your existing ATM card until July 31 at Alliance One machines, to avoid paying a surcharge. After July 31, please destroy the old card.

If you have any questions about the new cards, please call us at 483-5661.

3rd Quarter 2008 Office Closing

The Credit Union office will be closed:

July 4 Independence Day

September 1 Labor Day

Remember, with a Debit/ATM card from City Trust Federal Credit Union, cash is available 24 hours a day, 7 days a week. You can use your card at ATM machines and you can also get cash back at point-of-sale merchants. When at the check-out, ask the merchant if they offer cash-back options when you pay with your Debit/ATM Card. The credit union does not charge a fee on point-of-sale transactions!

INTERNET BILL PAY

We now have Bill Pay available thru our internet home banking site, Perfect Teller. You will need to log into your account thru Perfect Teller and sign-up to use this service. There is no fee to use Bill Pay, however if you sign-up you will be required to make at least one payment per month to avoid a $5 fee.

Paying bills online is one of the biggest time-savers online banking creates. You enter account information-merchant’s name, address, and so on-when you sign up for the service, then return to the site to pay a bill with a mouse click.

LOANS-LOANS-LOANS

Looking to purchase a new (or new to you) vehicle? City Trust Federal Credit Union offers competitive rates and terms, and in many cases can match lower rates, on car loans. Many dealers are offering rebates or low rates. Often you will save money be taking the rebate, reducing the loan amount, and financing thru the credit union. We have no hidden fees and no pre-pay penalties. Before purchasing that vehicle, check with us about getting pre-approved. If you currently have a new or used car loan elsewhere, check with us—we may be able to refinance, reducing your payments and saving you money.

SKIP A LOAN PAYMENT

You can now choose to skip a payment on your loan. For just a $25 fee per loan, you can defer your payment for one month (4 payments for weekly payers, 2 payments for bi-weekly payers, 1 payments for monthly payers). The deferment extends the length of the term of repayment and loan interest will continue to accrue at the contractual rate. Those who pay through payroll deduction or ACH direct deposit will have the loan payment funds placed in their share account. Some conditions and restrictions apply. Check with the credit union for details.

SHARE DRAFT ACCOUNT POLICY CHANGE

Effective 8/1/2008, the credit union will provide 1 box of basic checks per year for members with direct or net check deposits and a minimum account balance of $200.

ABANDONED PROPERTY POLICY

The definition of abandoned property is any member account for which the member cannot be located.

A fee of $5.00 will be charged each month against an account when the member cannot be located. If the account balance is under $5.00, the fee charged will be equal to the account balance. This fee will be charged after the account has been abandoned for 12 months.

If you know someone who may have an abandoned account with us, please have them contact the credit union.

DORMANT ACCOUNT POLICY

The Credit Union has established the following policy for dormant accounts.

Dormant accounts are defined as accounts with a balance under $50.00 that have had no activity on any share account or loan account for a period of 12 months or more. Deposits of dividend interest are not considered member activity.

After one year of inactivity, a monthly fee of $5.00 or the account balance, whichever is lesser, will be charged against the account. At the time the account balance equals $0.00, the account will be closed.

NCUA INSURANCE FOR IRA’s IS NOW $250,000

For the first time in more than 25 years, Congress has raised the limit on the federal share insurance coverage that protects retirement savings in your credit union.

The new law provides up to $250,000 of protection for the combined total of the traditional and Roth IRAs an individual may have at City Trust Federal Credit Union, up from $100,000 previously.

These retirement accounts are insured to $250,000 separately from any other shares you may have in the credit union.

The basic insurance coverage for other share accounts remains at $100,000 per member. As before, there are ways to qualify for more than the basic coverage. For example, the checking and savings accounts (not retirement accounts) you have in your name alone are insured to $100,000 separately from your share of any checking or savings accounts held jointly with other people.