Castle Quarterly 2015 Winter In this issue: • CEO Letter • Ways to Boost Credit Card Security • Benefits of Direct Deposit
CEO Spotlight A quick look back and ahead I know I say this every year, but I can’t believe we are coming to the end of another year already! They say that time flies when you are having fun, but I am here to say that time just flies…period. 2015 will be a year of stock market ups and downs (seems like mostly downs), falling oil and gas prices, and just maybe an interest rate increase by the Federal Reserve. While falling gas prices help us at the gas pump, the falling oil prices certainly hurt the economy here in Louisiana. Many families earn their living in the oil industry and when things get even a little depressed it can hurt a lot of people. Many of our members have felt that pain. Let’s hope we can find a good median price point where we like what we see at the gas pump, but we keep our people gainfully employed. We are also coming to an election for a new Governor. Let’s hope we elect someone who can bring about the positive changes we need to move forward. 2015 has been another strong year for our Credit Union. We are on the way to once again surpassing our original budget in our loans, shares, and net income. These are all positives. However, it is never easy nor do we assume these things will automatically take place. The Board and staff are continually looking for ways to bring value to our current and potential members. We know there are many choices out there for your financial services, but we believe we differentiate ourselves based upon the products we offer, and our fantastic member service. We pride ourselves on being a local financial institution and a great community partner. This year we have sponsored or participated in countless events and causes like: West St. Tammany Chamber of Commerce Leadership Summit, Young Entrepreneur Academy, food drives, school supply drives, Taste of Covington, Hospice House Crawfish Cook-off, Family Day at the Corps of Engineers, Women’s Build for Habitat for Humanity, Louisiana Veterans Festival and a fireworks sponsor for Heritage Fest in Slidell, among many others.
We are looking forward to many new things in the near future to continue with our goal of offering more for our members. Please keep an eye out for a great new checking account option called Kasasa. We believe Kasasa will offer great value to everyone who opens an account. We also hope to offer our small business account owners more options in 2016. We have heard from many of you the issues you have when you try to work with the large national banks, and we are going to do something about that. We are here for our community and will work with our small business owners to better that community. Finally, I hope everyone has a great Christmas and holiday season that is fast approaching (I did say time flies didn’t I!), and know that all of us at FCFCU are here for you when you need us. Whether it be for a car loan, a credit card, a checking account or a place to deposit your hard earned money we probably have what you are looking for. And don’t forget to tell your family member about us…let them enjoy the same benefits that you do. Here’s looking forward to a great end to 2015 and an even better 2016!
We Love Our Members & the Community We Serve Emerging Young Professional School Supply Drive
“Consider online banking to monitor your account activity”
If you have a credit card with FCFCU you may have noticed we sent you a new card. The Visa chip cards are not only more secure, they are also simple to use. Chip cards and terminals work together to protect in-store payments. A unique one-time code is generated behind-the-scenes that is needed for the transaction to be approved - a feature that is virtually impossible to replicate in a counterfeit card. In addition to this new feature and the regular preventative measures like not leaving your card unattended and not keeping your pin number with your card – here are some other ways to boost your card security: 1. Register your card online – You can request a new card if it’s lost or stolen, change your PIN and set travel notifications. 2. Use debit as a credit – If your card and PIN are compromised, a counterfeit card can be made, giving a thief access to your account at an ATM. 3. Consider online banking - This will allow you to monitor your account activity at any time. Never tell anyone your online banking password and change it periodically. 4. Check your credit report for accuracy at least twice a year. If a report lists unfamiliar accounts with large credit lines, you may be a victim of identity theft. Also review the “Inquiries” section of your reports. Credit reports also tell you who has reviewed your credit history. If a car dealer in another part of the country has pulled your credit report, for example, you may be the victim of identity theft.
Branch Holiday Closures Please make a note that FCFCU will be closed on: October 12th Columbus Day November 11th Veteran’s Day, 26th Thanksgiving & 27th Early Closing at 1pm December 24th Early Closing Christmas Eve 1pm, 25th Christmas & 31st Early Closing New Year’s Eve 1pm
Simplify Your Life with Direct Deposit Getting pulled in a million different directions daily is hectic! Work, family, friends and the list goes on can become a never ending “to-do” list. One thing you can scratch off your list is coming by to make a deposit. With direct deposit, your paycheck or any reoccurring check can be deposited directly into your checking or savings account. Never again will you have to worry about fighting traffic or a lost or stolen check. You can monitor your account balance with our mobile app absolutely free! Also, direct deposit can help lower your car payment! If you have an auto loan with us and have direct deposit – we lower your interest! Call us at 985-867-8867 for more details.
Don’t Be Tempted by Store Credit Cards By: Kirk Arnold, FCFCU CEO
I think most people have had the experience of going shopping somewhere and when checking out have been invariably asked if you want to sign up for their store credit card. Do it now they say, get 10% to 40% off of this. It all sounds very tempting, and in fact my wife and I have actually committed to signing up on a couple of occasions where the savings were just too good to pass up. Of course when the actual statement comes along, and you see that the interest rate on a store credit card is 25%, that is when reality hits. The reality that you shouldn’t use this card, ever, unless you will absolutely pay off the entire balance when it is due.
The Real Deal on Store Credit Cards Store credit cards are in fact credit cards. They work the same way as a credit card. Interest is charged on purchases, and if you don’t pay off the entire card balance each month, those finance charges will be due. Depending on the interest rate and how much you charged, those finance charges can be substantial. Creditcards.com surveyed 100 retailers in 2014 researching their various credit card programs. They found “The average APR of these cards is 23.23 percent, marking a 2.01 percent increase from the 2010 average APR of 21.22 percent.” At the time of this survey the average new credit card APR was 14.98% and lowinterest cards were 10.37%. You Might Pay More Than You Saved Yes, you may get a nice percentage off your first purchase, but that may not outweigh the potential finance charges you will be charged over time. The creditcards.com survey illustrated what this means in real dollars. “A consumer who puts a $1,000 balance on the average retail credit card and makes only the minimum
payments would need 73 months to pay off the balance and would incur $840 in interest fees. Someone who puts the same splurge on a card with the average low rate of 10.37 percent would pay just $232 in interest -- and be out of debt 17 months sooner.” Redeem Your Points for Gift Cards! Also, if you use your credit cards to get points or rewards you need to consider that as well (First Castle offers a great reward program, check it out ). Now is a great time to use your credit card points to redeem gift cards for giving or to buy gifts, food, and all of the things you will need for the upcoming holidays. Is Your Retail Card Chip Ready? After years of back and forth between financial institutions and retail stores over the expense of converting credit cards to chip-enabled which are more theft proof, the conversion is slowly underway. The First Castle FCU Visa card is chip enabled. Replacement cards were sent out in recent weeks. However, some smaller merchants issuing cards may not be converting in the near future. In an August 2015 article, USA Today referenced Doug Johnson, senior VP of payments and cybersecurity for the American Bankers Association, saying less than half of merchants with point-of-sale devices in the store are expected to have chip-enabled systems in place by year's end. The chip-enabled cards are more costly for the issuing agency, so many retailers are opting to continue with the magnetic strip cards. Consumers will still be able to use cards with magnetic strip technology. Those cards simply won’t enjoy the same level of security that chip cards have. So Do I get The Store’s Card or Not? In the heat of the moment when you are in front of the cashier, you may not be able to process costs versus benefits of getting the store card. The bottom line is when the cashier tells you about these really good discounts you will get if you get the store card today, understand they could come with a different set of costs. Try to educate yourself on what these differences are now…before you get there!
Congratulations! At First Castle FCU we not only love the New Orleans Corps of Engineers and St. Tammany Parish members but we also love our team! Next time you come by, be sure to say hello to some new faces and congrats to some familiar faces with new titles! Tara Rehage - Senior Branch Manager Vickie McEntee - Teller supervisor/ Member service Brooke Banks – Member Service Representative Taren Cramer – Title Clerk Amanda Behre - Teller
Christmas Club Accounts: The entire balance of your Christmas Club account will be transferred to your regular share (savings) account on November 1st Happy Shopping! Privacy Notice - Federal law requires us to tell you how we collect, share, and protect your personal information. Our privacy policy has not changed and you may review our policy and practices at www.firstcastlefcu.org/privacy-policy/ or we will mail you a free copy upon request if you call us at 985-867-8867.
Coverage Plans Include: Standard $100 deductible. $0, $50, $200 and disappearing deductibles are
also available. If the disappearing deductible option is chosen, the deductible amount will be $100 for a covered repair away from the selling dealer, and $0 deductible if the repair is completed at the selling dealer. Reimbursement for substitute transportation. In the event of a mechanical breakdown of a covered component, reimbursement for actual expenses incurred for substitute transportation at a maximum daily rate of $40 per day (maximum $240 per visit). Reimbursement for trip interruption. In the event of a mechanical breakdown of a covered component and you are more than 100 miles away from home, reimbursement for expenses incurred for meals and/or lodging up to a maximum of $150 per day, not exceed a total of $450. 24-hour Emergency Roadside Service. Consists of: • Tire Service – changing of flat tire with inflatable spare • Battery Service – starting a vehicle with a booster battery • Delivery Service – coverage for the fee associated with brining fuel or fluid to our disablement location (you must pay for the fuel or fluid) • Towing Service – Tow to the nearest repair facility, up to 50 miles not to exceed $200
Preferred
Medallion
Powertrain
First Castle Federal Credit Union Locations 100 Cherokee Rose Lane Covington, LA 70433 1402 Gause Blvd. Suite D Slidell, LA 70458 Corps of Engineers Building 7400 Leake Ave #237 New Orleans, LA 70118
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Call us: 985-867-8867 985-643-1933 504-862-2561
Did You Know? We can now take payments for loans and credit cards by check online and over the phone. It is just $9 and no hassle! Never be late again! From any bank, for any loan- we want to make it simple!