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!
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.
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.
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.