Spring 2015
CEO Spot
Not for profit
For-profit corporations, with declared earnings paid to stockholders only
Earnings are returned to members through low loan rates, higher savings rates and free services
Return profits to a small group of stockholders at the expense of their customer
Make loans only to members, capital remains in the community
Makes loans to outside borrowers including other countries
In the entire history of U.S. credit unions, taxpayer funds have never been used to bail out a credit union
The Savings & Loan bailout in 1980s, as well as the more recent bank bailouts, used taxpayer dollars
Service driven
Credit/profit driven
Deposits are federally insured up to $250,000 by NCUA, a branch of the federal government, which is backed by the “full faith and credit” of the U.S. government
Deposits are insured up to $250,000 by the FDIC, a branch of the federal government. The FDIC is also backed by the “full faith and credit” of the U.S. government
Since members are owners, each member, regardless of how much money they have on deposit, has one vote in electing board members. Members can also run for election to the board.
Since the bank is owned and controlled by stockholders, whose number of votes depend upon number of shares owned. Customers don’t have voting rights, cannot be elected to the board, and have no say in how their bank is operated.
No live person to take my call?!?
Press one for your balance
Why you should refinance an Auto Loan? Everyone is always looking for ways to save a little cash or reduce their debt. One of the best ways is to refinance an auto loan that at the time seemed like a good deal but after having some time to shop around, you realize you could do a lot better. • Lower interest rate • Lower monthly payment • Get out of being upside down – this means you owe more than your car is worth. Your payments can stop going to just interest • Pay off your car sooner- one less note is always a good deal and while you are refinancing you have the opportunity to consider new terms. Rates are effective April 14, 2015 and are subject to change after that without notice. Rate Auto – 2013** and Newer Models Rates as low as Auto – 2013** and Newer Models Rates as low as Auto – 2013** and Newer Models Rates as low as Auto – 2013** and Newer Models Rates as low as Auto – 2010-2012 Models Rates as low as
APR*
1.89 1.89 1.99 1.99 2.39
1.89 1.89 1.99 1.99 2.39
*APR = Annual Percentage Rate. **2013 and newer models must have less than 25,000 miles to be considered new. ***2006- 2009 loan up to Trade Value in NADA book, 6 year max.
****2005 & older 5 year Maximum Loan Term and loan up to Loan Value in NADA book. Rates are based on individual credit score. Your actual rate may vary. (FCFCU cannot be held liable for typographical errors should they occur.) Loan Example: $10,000.00 at 6.00% APR; 60 Monthly payments of approximately $193.33.
Term (Months) 36 48 60 72 36
Castle Connect Contest Smart phones have made our lives so that we are always connected but, wouldn’t it be nice to be more connected to your money? More in control? By using Castle Connect, you’re able to see a detailed view of your spending, your savings, and take control of your money. More At: https://www.firstcastlefcu.org/castleconnect_contest
Castle Connect offers peace of mind with secure, single sign on access to your real-time financial information. At a glance, Castle Connect can show you every financial transaction, letting you know your money is safe and secure, or revealing questionable activity allowing you to take steps to protect your money. If you haven’t already, get started in Castle Connect for a chance to win even more peace of mind! You’ll automatically be entered into a drawing to win a Nest product if you log in to Castle Connect and add at least one account before May 31, 2015.* Use Castle Connect and you could win one of the following: •
2 Nest Learning Thermostats – a $249 value each
•
4 Nest Protect Smoke/ Carbon Monoxide Alarms – a $99 value each
•
2 Dropcam Pro Cam Systems – a $199 value each
It’s simple. Log in to Home Banking and click on the Castle Connect tab to get started. Add at least one account by May 31, 2015 and see for yourself how Castle Connect helps you gain control of your money! *NO PURCHASE NECESSARY. Open only to legal residents of the 50 United States (D.C.) and Puerto Rico, 18 years and older. Ends 5/31/15. For Official Rules, including odds, alternate method of entry, and prize descriptions, visit www.firstcastlefcu.org/castleconnect_rules. Void where prohibited.
These are some GREAT deals!
GMC Denali XL 114,706 miles $657 a month*
* All monthly payments are based on 95% financing of the vehicle cost plus Title, Transfer and Lien costs with 5% down at 1% APR financing for 72 months with payments of $14.32 per $1,000.00 dollars borrowed with approved credit.
Millennials + Credit Union’s = A Great Match!
There are lots of great resources and studies on the web
about how financial institutions can capture the very illusive millennial market. One estimated that among the most hated brands were banks so educating millennials about the C.U. difference, can feel like love at first sight. But more than just being an alternative to banks, there are a number of reasons millennials and credit unions are a great match. You’re a member, not a number. The world of finances has been full of turmoil since this generation came of age. Larger financial institutions are now known to make risky investments and need bail out money. A C.U. offers saving accounts, debit cards, and loans just like banks do, but at a credit union the money you deposit—no matter how small—makes you a partial owner or member. Credit unions excel at customer service. The democratic structure of credit unions makes them more responsive to their members’ needs. This is a plus for millennials who would rather shop on Amazon because of its ease-of-use. Banking at a large non-local bank takes time to get an answer on a pending loan and there are endless options when you try to call in the automated
system. At FCFCU a real person picks up the phone. Our decision makers are right down the street from you! Credit unions are not-for-profit. This is perhaps one of the biggest reasons credit unions and millennials are a natural fit. Credit unions return profits to their members, often through better loan rates, fewer fees, and completely free checking. Millennials might have student loans hanging over
Credit unions are local. Millennials have grown up with the go-green, shop local movement. As part of a lifestyle that helps keep communities vibrant and healthy, a CU just makes sense with this ideology. With banks, up to 97% of the money you deposit can leave the community. At a credit union your deposits could be part of a loan that helps a young family buy their first car. Credit unions are part of the original sharing economy. With such popular services like Uber and bike-sharing, Millennials have helped spur a new economy that sidesteps traditional businesses. CU’s began as a way for people without access to bank services to pool their money and make loans to each other. It is the model we follow today!
The VISA Platinum Rewards • Earn 1 point towards merchandise and travel rewards with every dollar • No annual fee • Credit limits up to $20,000 • 25-day grace period on purchases • Low cash advance fee • Accepted at millions of locations • No balance transfer fees
The VISA Platinum • No annual fee • Credit limits up to $20,000 • 25-day grace period on purchases • No cash advance fee if is taken at any FCFCU ATM, CALL-24, or SAFE’s Online Banking • Accepted at millions of locations • No balance transfer fee
Covington 100 Cherokee Rose Lane 985-867-8867
New Orleans 7400 Leake Ave Room 237 504-862-2561
Slidell 1402 Gause Blvd., Suite D 985-643-1933
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