:
Money Talk :
Monthly newsletter for OFCU members
April
2008
Enterprise Car Sale: Your 1st Monthly Payment Is FREE*!
May 17, 2008 • 9 am to 1 pm
If you are planning to purchase a vehicle, make plans now to attend the Enterprise Car
Sale on Saturday, May 17.
Take advantage of the special deals for credit union members only. Plus, when you get pre-approved and purchase a vehicle at the sale, your first monthly payment is FREE*! When you finance at OFCU, you’ll save money with our low rates and payments to fit your budget.
Plan To Attend The Annual Meeting
Date: Saturday, April 12, 2008 • Time: 6:00 pm
Place: Executive Inn Rivermont, Owensboro, Kentucky
Banquet Tickets: $10 in advance /$12 at the door
The Credit Union will hold its 55th Annual Meeting on April 12, 2008, at the Executive Inn Rivermont, Owensboro, Kentucky. The banquet will begin at 6:00pm with the meeting following at 7:00 pm. All members are invited.
This is your opportunity to meet and talk with the Credit Union’s Board and staff. You will hear reports from the Board and Management on the progress of the Credit Union during 2007, and you will have the opportunity to discuss your comments and suggestions with other members like yourself. In addition, you might be one of the lucky winners of our door prizes. Purchase your tickets in advance to ensure your reservation (you do not need a ticket if you plan to attend the business meeting only.)
There are positions to be elected to the Board of Directors for 2008. If you are interested in being a candidate for one of these positions, contact a member of the Nominating Committee at the main office by April 4, 2008. The election will be held at the meeting.
ID Theft Continues To Grow
According to a report released by the Federal Trade Commission (FTC) 8.3 million Americans were victims of identity theft in 2005.
Many of the victims experienced misuse of their existing credit card accounts, and found that new accounts had been opened using their personal information. Moreover, 10 percent of the victims experienced out-of-pocket expenses of $1,200 or more. Additionally, thirty-seven percent reported experiencing problems even beyond the time spent recovering their identity, including being harassed by debt collectors, being declined new credit, being unable to use existing credit cards, and much more.
Tips To Protect Yourself
• Never give out any vital information, such as your social security number and date of birth, to solicitors or retailers.
• Report lost or stolen checks and/or credit cards immediately.
• Do not dispose of any personal identifying documents without first destroying the material (i.e. prescriptions, receipts, pay stubs, expired credit cards, credit card applications, etc.).
• Guard your Automated Teller Machine (ATM) number, and treat your receipts with care.
• If you are a victim of Identity Theft, contact the Federal Trade Commission at 1-877-ID-THEFT
Need Help With Those Spring Home Improvements?
Get The Money You Need With A Home Equity Line of Credit
The money you need may be right under your roof.
Take advantage of a low-rate Home Equity Line of Credit at OFCU. You’ll save money with our low monthly payments, low annual fee and NO closing costs. Qualified members can borrow up to 100% of the appraised value of your home minus the first mortgage balance. Interest may be tax deductible (consult your tax advisor).
Plus, you can use the money for any purpose! So, whether you are remodeling the kitchen, putting in a new swimming pool, or even purchasing energy efficient appliances, we can help with a low-rate Home Equity Line of Credit.
Summer Fun Starts At OFCU
Vacation Loan
Dreaming about a fabulous vacation? Whether you plan to take a romantic cruise or the entire family to Disney World this summer, your Credit Union can help get you there. Qualified members can borrow up to $2,500 at rates as low as 8%APR* with a 12 month term.
VISA Credit Card
Save money with our low fixed rate and no annual fee.
VISA is one of the most widely used cards in the world for travel, shopping and cash. If you don’t have one of our cards, or would like to apply for an increase in your line of credit, call us today.
Discount Amusement Park Tickets - on sale in May
Purchase tickets to area amusement parks in advance at your Credit Union and save. A trip to one of the parks is a day of fun for the entire family, with great rides, food and games. Call the Credit Union for a current list of parks and prices.
It’s Never Too Early To Start Planning For Your Future
Start Saving Now With An IRA
With life expectancy rates increasing, so does the amount of money you will need when you retire.
According to a study conducted by the Employee Benefit Research Institute, while the majority of us are saving for retirement (70%), only 42 percent have calculated how much they actually need to save. Additionally, most people plan to enjoy their retirement for at least 20 years, which means you’re going to need quite a bit of money to experience smooth sailing.
Don’t wait - put money away in your employer sponsored retirement plan, IRA, or similar plan now. The single greatest power in saving money is time, because time allows you to take advantage of compound interest. Delaying even one year can be costly to your savings plan.
If you’re not sure how much you need to save, stop by our office today and we will be happy to help you determine how much money you will need for retirement.
Planning Ahead Is Simple With An OFCU IRA
We offer Traditional and Roth IRAs and the Coverdell Education Savings Account. An OFCU IRA is a safe, secure way to save for your future. Now an IRA may even be more attractive due to new higher contribution limits. Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax deferred or tax free. Stop by OFCU today to open an account.
Remember, you have until April 15, 2008 to make a contribution to your IRA with possible tax benefits in 2007. Additionally, contribution limits have been increased to $4,000 maximum per year (under age 50) and $5,000 maximum per year (over age 50). Contributions for 2008 will increase to $5,000 maximum per year (under age 50) and $6,000 maximum per year (over age 50).
OFCU Checking Accounts: Switch Today And Save
Now is the time to take advantage of OFCU’s convenient Checking Account. If you’ve been paying high rates and fees at another financial institution, switch to an OFCU Checking Account and save.
We offer a variety of Checking Accounts and one is sure to meet your personal needs. Plus, with Online Account Access you monitor your account as often as you like, 24 hours a day, 7 days a week.
No Minimum Balance
Low Monthly Service Fee
No Per-Check Fee
ATM Access Nationwide
First Set of Checks Free
Direct Deposit
VISA Check Card
Duplicate Checks
Courtesy Pay
Courtesy Pay Protects Your Account
Courtesy Pay allows us to pay an item presented for payment against your account even if it caused the account to become overdrawn. That means, instead of returning the check to the merchant because of insufficient funds, OFCU may pay your check, saving you additional charges from the merchant. It is not an invitation to overdraw your account nor is it a line of credit. It is an added layer of security should you accidentally write a check for more than your balance, or if an error causes the account to become overdrawn.
Overdrafts may be paid utilizing your Courtesy Pay funds up to a limit of $500 for Checks, Debit Card, ACH and ATM transactions.
If you have established other overdraft protection methods, such as automatic transfer from other accounts, we will always look to pay any overdrafts by those other methods before paying your overdraft utilizing Courtesy Pay. Your account will be assessed a fee of $25 for each item we pay.
Courtesy Pay enables OFCU to provide a higher level of service to our members by helping to protect your accounts and reputation when an overdraft occurs. Please contact one of our offices with any questions. If you wish to opt out of this program call us at (270) 683-1054 or (800) 264-1054.
First and
Second Mortgage Loans, We've Got You Covered
Whether you
are thinking about purchasing your first home or refinancing your
current home, OFCU can help.
Our fixed-rate
first and second mortgage loans may be the answer you’ve been
looking for. At OFCU we work hard to ensure you get the best rate
possible with payments to fit your budget. Plus, our friendly loan
officers will ensure your loan process is quick
and simple.
Call or stop
by the Credit Union today for more information!
Start Saving Now For Next Year’s Holiday Expenses
It’s never too early to start saving for the holidays. A Christmas Club account is a great way to make sure you’ll have the money you need. If you don’t have an account, open one now.
The money in your account will accumulate throughout the year as it earns dividends. You can make deposits easily through payroll deduction, in person or by mail. Call us today to open an account or to increase the payroll deduction on your current account.
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