October 2010 Vehicle loans Managing Your Credit As Low % It’s so easy to accumulate As 3.90 Fixed APR* too much credit, and to find yourself in a desperate situation – • 2010-2011 New Models too much credit and not enough • New Purchases Only (No Refinances) income to make the payments! • Terms Up To 60 Months • Be careful not to take on too much credit. • Up To 100% Financing Take the time to consider whether you really need to make that purchase. Always take the All, or at least most, good things come to an time to make sure you can handle the monthly offer ends end, and so does this low–rate vehicle loan payments. And, don’t get caught up on the “no st offer. However, you still have time because payments for one year” offers. Eventually, you have to october 31 this offer doesn’t end until October 31, 2010! pay off that amount, and if you don’t…you’ll usually pay interest all the way back from the time you made the So if you have your eye on a new 2010 or 2011 vehicle, come to purchase. SMSE for your loan. If you’re just starting to shop around, have your loan pre-approved. Then when you find the vehicle you want • Obtain your FREE annual credit report to be sure the to buy, your money will be available right away. information being reported about you is correct, and to verify that no fraud has taken place in your name. Your We make it easy for you to apply for your loan: annual credit report will give you a complete picture of • Online at www.smsefcu.com your credit situation. These reports are also used by • Call the Loan Department at 248-557-2678 employers when you apply for a job, when you apply for a • Stop by the Credit Union office loan, and even when you want to rent an apartment. Get your free credit report at www.annualcreditreport.com. *APR = Annual Percentage Rate, subject to change. Rate based on individual credit • NEVER borrow from Peter to pay Paul. In other words, history, use of Credit Union services, and down payment. New vehicle purchases for this offer (no refinances). Offer ends October 31, 2010. never get a loan to pay a loan. It’s tough to get out from under that kind of situation. •If you ever find yourself in a tough situation, call the counselors at Accel. This service is FREE to SMSE Accel Members Financial members (see article below). Counseling’s Extended Hours As a valued member of SMSE Federal Credit Union, we provide you with free access to money management and financial education services through Accel. You enjoy unlimited access to financial counselors without paying – it’s free! And now, Accel counselors are available until 12:00 a.m. EST, Monday through Thursday. Accel can give personalized answers to your individual needs. For issues ranging from a proactive savings plan to saving a home from foreclosure, advice is only a phone call away. Accel counselors are available Monday through Thursday 8 a.m. to 12 a.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this service, simply call 1-877-33ACCEL (332-2235) or visit them on the web at www.accelservices.org. Loans For The Holidays! If you need extra cash to make your holidays brighter, think about SMSE first for your loan. We have a wide range of loan programs available to you. SMSE VISA ® For Holiday Shopping Don’t get caught up using high-rate credit cards this holiday season. Some of those department store credit cards could be charging up to 25% interest, and other financial institutions have raised rates and fees associated with their credit card programs. At SMSE, we don’t play games. You can participate in our VISA programs, designed with you in mind. • 8.9% APR* VISA Platinum – limits from $5,000-$10,000 • 13.92% APR* VISA Classic – limits starting at $500 • No annual card fees • No default APR • 25-days to repay your balance before a finance charge is imposed • ATM access worldwide • No over limit fees • No balance transfer fees Apply for your SMSE VISA today and pay off those other credit card balances! For complete details on our VISA programs, visit our web site at www.smsefcu.com. *APR = Annual Percentage Rate Things You Should Know FYI : About Your Credit Union! You can avoid low-balance fees on your savings and checking account simply by maintaining average balances of $100. Better the $3.00 is in your pocket than the Credit Union’s. ATM deposits always have a hold period before the deposit is available. You can avoid this by depositing paychecks directly at your Credit Union or family service center office, or better yet, by direct depositing the funds into your account. Your debit and credit cards have extensive security systems to mitigate fraud risk. You can help by: 1) never letting your cards out of your possession, 2) being careful where you use your card – make sure there is not a “skimming” device attached to the ATM or point of sale device, 3) keeping careful track of your account, and 4) reporting anything that looks fraudulent, especially small transactions like $1.00 that you did not authorize. Your loan department wants you to know that most loan requests are answered within two hours. SMART Teller (voice response on your phone) and SMART Branch (home banking on your personal computer) are great tools to track your account balances at the Credit Union. If you keep over $5,000 in your savings or checking account, you can earn higher dividends with a Super Saver account. This account has a $500 minimum, and only two withdrawals are allowed monthly. Christmas Club accounts are a great way to begin saving now for your 2011 holiday ex - penses. We also have Vacation Club accounts available. See the sign-up form on page 4. If you need help with this year’s holiday expenses, we have a variety of unsecured loan and credit card programs available for you. Two important keys to financial success are: 1) keeping your Credit Union accounts balanced, and 2) saving on a regular basis. If you need help with these, please ask us. CO-OP Network ATMs are surcharge-free. To locate one in your area, you can go to www.co-opnetwork.org and look under the locator tab. Your Credit Union does not pre-screen your credit to make credit offers, but a lot of institutions do. If you want to prohibit the use on information contained in your credit file, unless you initiate the credit transaction yourself, you can instruct the credit reporting agencies to withhold your information by calling 1-888-567-8688 (888-5OPT OUT). Convenient Services For Hectic Lifestyles! Debit MasterCard: Make transactions on your checking account at any location displaying the MasterCard logo. Just swipe, in some cases enter your PIN, and go! ATMs: Use more than 28,000 surcharge-free ATMs nationwide available to you through the CO-OP Network. It’s easy to find a location near you by visiting www.co-opnetwork.org, text “MYCOOP” from your cell phone (enter the zip code for your location, the address, or intersection and receive a reply within one minute). You can also download the locations to your GPS, or call the toll-free locator at 888-SITECOOP (748-3266). SmartBranch – Home Banking: Access your account 24/7 to make transactions from any computer with Internet access. Service Centers: Visit Service Centers throughout Michigan and make transactions on your account. Service Centers offer evening and Saturday hours. For a location near you, visit www.cuservicecenter.com or call 1-800-919-2872. Direct Deposit: Authorize the direct deposit of your payroll, Social Security, retirement, or most recurring checks into your account at SMSE. Your money is deposited automatically on payday, even if you are out of town. No more waiting in lines on payday to deposit your check. If you are not currently participating in these services, make life just a littler easier for yourself and ask for these services today. Nominations Now Being Accepted The Nominating Committee is now accepting nominations for two positions on the Board of Directors currently being served by John H. Mills and Robert Andrews, and in addition to one opening on the Credit Committee currently served by Melva Johnson. If you are interested, please include your resumé and write to the Nominating Committee at the address shown below. Nominations must be received at the Credit Union office no later than 4:30 p.m., December 15, 2010. If only one person is nominated for each position, that person will be elected by Nominating Committee acclamation. If there is more than one SMSE Federal Credit Union candidate nominated for each position, an 17135 W. 10 Mile Road election will take place at the Annual Meeting. Southfield, MI 48075-2933 Committee Members Needed SMSE is governed by a Board of Directors, made up of elected members volunteering their time to help guide your Credit Union through these challenging economic times. In addition to the Board of Directors, we have various committees that also assist in the ongoing growth and development of the Credit Union. We are always looking for members who are willing to volunteer their time. For details and to discuss the types of positions available, please call Martin Hansen at 248-557-2406, e-mail [email protected], or write a letter to the Nominating Committee expressing your interest.