188521 HVFCU

Dream.
Belong.
Achieve.
October 2004
INTERESTS
A quarterly publication of Hudson Valley Federal Credit Union
Credit Union Day
October 21, 2004
We All Need a Place to Call Home
HVFCU Can Help You Get There
A
refuge. A retreat. A family
gathering place. However
you think of it, a home is
more than just a house. At
HVFCU we offer financing to
help make home ownership all it
can be. Whether you’re buying
or building, HVFCU offers low
fixed and adjustable rates,
flexible terms, and creative
payment options to ensure you
get the perfect mortgage for your
situation.
More choices
HVFCU offers a variety of
mortgage options; conventional
financing, a first-time home
buyer program, land and
construction loans, and a low
down payment mortgage
program, to name just a few.
Save money and your rate
At HVFCU there’s no application
or underwriting fees, so you save
money right up front. And if
locking in a rate is important,
you can do so at any time during
the mortgage process up to three
days before closing (see disclaimer
on page 8).
Take the first step
With our wide range of mortgage
options, financing just doesn’t
get any better! Call, stop by any
branch or go online to apply and
Credit unions in 94 countries
around the world are in the
business of helping 120 million+
credit union members achieve
their dreams through membership.
This year we are celebrating
International Credit Union Day
on October 21st. Be sure to stop
by for a light snack and
complimentary gift during the
day, and join us later with a
friend for a free seminar on first
time home buying (details pg. 6).
start on your way to home
ownership. You really can afford
to make a house your home—let
us show you how. Visit our
website at www.hvfcu.org for details
and our online application.
Meet Our Mortgage
Originators
A
t HVFCU personal service
doesn’t end at
our front
door. We’re proud to
welcome Mortgage
Originators Tracy
Mackey and Thomas
Henry to our real
estate team. Together,
they bring over
eighteen years of
Thomas
experience in the
Henry
financial and mortgage
services industries to our
ackey
Tracy M
organization. Tracy and
Tom will work closely
with area realtors and builders to
increase awareness of our
Tap Into Your Home’s Hidden Equity .2
mortgage products.
Faster, Easier Holiday Shopping . . . .3
As mortgage experts, Tracy and
Website Enhancements . . . . . . . . . . .4
Tom are available to meet with
Free Seminar . . . . . . . . . . . . . . . . . .4
members at a location of their
Our Business Services Team . . . . . . .5
choosing to discuss their mortgage
Five Keys . . . . . . . . . . . . . . . . . . . . . .5
financing needs. To arrange an
Home Buyer’s Seminar . . . . . . . . . . .6
appointment, leave a brief
NYSCUL Scholarship . . . . . . . . . . . . .6
message for Tracy at ext. 2265, or
Mobile Document Shredder . . . . . . . .7
for Tom at ext. 2260.
What’s Inside
H U D S O N VA L L E Y F E D E R A L C R E D I T U N I O N
MC91R5
Tap Into Your Home’s
Hidden Equity
Don’t Regret,
Refinance!
E
ven people with good
credit get stuck paying
high interest rates on auto
loans when they don’t finance
with their credit union. It’s easy
to get so caught up in the
excitement of buying a new car
that you forget to pay attention
to the financing you have
agreed on with the dealer. Later,
you're shocked at the high
finance rate you've agreed to
pay. But don’t be discouraged.
The way to put money back into
your pocket is to refinance your
loan at HVFCU at a lower rate.
Inching a loan's interest rate
down even a percentage point
or two can save hundreds of
dollars in interest and bring
lower monthly payments. Say a
borrower is paying 5.7% fixed
interest on a $15,000 loan over
60 months. The monthly
payment is $287.90 and interest
will total $2,274.25. Drop the
interest rate to 3.7% and the
monthly payment dips to
$274.22 and the interest to
$1,453.30, a savings of $820.95.
With your choice of fixed or
variable rates, quick online
application, generous terms, and
staff you can trust, there’s every
reason why you should refinance
your loan with HVFCU. Call,
click or stop by and ask about
refinancing your loan.
Your Credit Union Can Help
If you’re looking for extra
cash, the equity in your
home’s rising value may
provide you with what you
need. Apply for a Home
Equity Loan or Line of Credit
at Hudson Valley Federal
Credit Union and get cash for
home improvements, debt
consolidation, a new vehicle—
anything you choose—while
saving money with HVFCU’s
no closing costs feature.1
Borrow up to 90% of the
value of your home, minus
your existing mortgage or
equity loans.2 The interest
you pay on your loan may
even be tax-deductible
(Consult your tax advisor
regarding eligibility).
Two Great Choices
A Home Equity Line of Credit
with an adjustable rate gives
you the flexibility to borrow
as much or as little as you
want, when you need it. For
those who prefer the security
of monthly payments that
never change, we offer a
fixed-rate Home Equity Loan.
Both are available with a
.25% rate discount when you
arrange for automatic
payment from your account.3
Easy Application.
To take advantage of our great
rates and apply for home
2
equity financing in just
minutes stop by any branch,
visit us online at www.hvfcu.org
or call our Information Center
during normal business hours
at 800-468-3011/845-463-3011.
1
Loans paid in full and closed within 24
months of inception are subject to a
reimbursement fee of $500. Homeowners
insurance required.
2
Total amount financed is based on the
appraised value. Your rate and total amount
financed may vary.
3
Discounted rate includes a requirement that
loan payments are automatically transferred
from your savings or checking account for the
life of the loan. The monthly payment is not
decreased as a result of this discounted rate.
Discounted rate applies to new loans and
refinanced loans from other lenders.
Certificate Accounts
–Still a Good Idea
W
hen building your
personal financial
plan, don’t forget the
many benefits of a safe, secure
certificate account. Certificate
accounts have always been one
of the safest investment choices
available, plus they offer:
s A guaranteed APY & return
s Guaranteed retention of principal
s
s
s
s
s
s
s
s
in a falling rate environment
Insured by the NCUA
Flexible terms from 3 to 84 months
Choice of withdrawing or
re-investing dividends
Convenient automatic renewal
option
Affordable $500 minimum deposit
Higher APYs for deposits of
$50,000 or more
Online application
Can be pledged as loan collateral
HVFCU Rated First in Quality Service
W
e’re very pleased that so many members took the time to
complete our recent membership survey. The results are
used to measure our strengths and to look for areas that
can be improved. This year, overall member satisfaction increased to
97.5%, placing HVFCU as one of the best providers of quality service
among all credit unions who surveyed their members.
Our members continue to appreciate and utilize the convenience
of our variety of delivery systems, including branches, the
Information Center, MAGIC, ATMs, and online services. HVFCU will
continue to enhance our alternative delivery systems to allow
members the opportunity to manage their accounts, and obtain
information at a time and place most convenient for them.
Faster, EasierHoliday Shopping
I
f you’re looking for the best way to save money this holiday
season, use your HVFCU Visa Gold credit card for all it’s worth.
Our low rates translate into lower payments—and that means
more money for you to spend on those you love. Shopping with
Visa couldn’t be more convenient. In addition to thousands of
retail stores, you can use your card to place gift orders
online, by phone or through the mail. Your Visa
credit card is simply the most convenient way to pay.
Don’t have our card?
Don’t worry. There’s still time to apply before the
holidays arrive. For the fastest service, use our online
application and receive an answer in just minutes!
It adds up.
Visa Platinum Cardholders
Use your card December 1
through December 31, 2004
and earn two points for every
dollar spent on your holiday
purchases! Don’t have our
Visa Platinum Card with
Rewards? Apply in minutes
online at www.hvfcu.org.
Deck the halls, shop the sales, and make your holidays more
complete with an HVFCU Visa Gold credit card. Apply today.
Visa Gold Benefits
●
●
●
●
●
●
●
Same low rate for purchases, balance
transfers, and cash advances
Credit lines up to $50,000
No annual fee
Grace period for purchases
Emergency cash up to $5,000
Auto rental insurance coverage
Up to $400,000 in travel accident insurance
3
Volunteering Can Lead to Self-awareness
I
f you are wondering what
type of person makes a
volunteer, the answer is David
Bagley. Bagley is a 13-year
veteran credit union volunteer,
current Board Treasurer, and
active community volunteer.
Bagley feels he’s just an ordinary
person with a desire to help
people, and to help improve his
community. “I volunteer at the
credit union and other
organizations for many reasons,”
says Bagley. “The most gratifying
A
Stephen Caswell
David Bagley
one is that I’m able to contribute
to my community, and by
helping members of the
community, improve the quality
of their lives in whatever manner
I can.” “In addition,” says Bagley,
“volunteering helps broaden
your horizons by opening your
mind to new ideas, situations,
FREE
and relationships. Volunteers get
to interact with many
interesting people who work to
address situations rarely faced in
one’s personal life.”
s a volunteer for over
eight years for the credit
union’s Supervisory
Committee, Stephen Caswell has
always managed to make it
enjoyable. “I find the diverse
backgrounds of my fellow
volunteers interesting,” says
Caswell. It’s the variety of
personalities and experience
that Caswell finds refreshing.
“Like myself, they all use their
background and skills to help
the credit union meet its
challenges.” Caswell states, “I’m
just happy for the opportunity
to contribute my skills as a
volunteer.”
SEMINAR
“Six Mistakes Retirees Make With Their Finances”
If you attend just one seminar this year, this could be the most
important, if you are age 55 or older. We’ll cover the top mistakes
retirees make with their finances and provide some insight on how
to avoid them. Seating is limited, so reserve early.
The date is Tuesday, October 19th from 6:30–8:00 p.m.
at the Greater Southern Dutchess Chamber of Commerce office,
Nussbickel Bldg., 2582 South Avenue (9D), Wappingers Falls, NY.
To reserve seating, call 463-3011, ext. 2100, or go to our
website at www.hvfcu.org.
4
New Website
Enhancements
W
e’ve added some
great new features to
our website. The
most recent is Web Chat, a
free online tool that enables
members to communicate with
our Information Center using
real-time text messaging. Type
in your message or question
and get an immediate response
without interrupting your
session or making a phone call.
Web Chat is available during
regular business hours.
Another great feature
located in our Young Adults
section is Guides to
Independence, a series of
interactive tutorials that help
prepare teens and young adults
for financial independence. The
tutorials cover a variety of
financial topics, including:
checking accounts, debit cards,
budgeting, buying a car, credit
cards, and managing debt. Each
takes approximately 10-15
minutes to complete. Two
tutorials are currently available,
with 13 more rolling out
gradually through 2005.
Members who complete at least
one tutorial a calendar year are
entered into a random drawing
for $100.
Also in our Young Adults
section, check out our online
money magazine brass CU.
The magazine, created and
written by a young
entrepreneur, provides direct,
intelligent, and entertaining
information about making and
keeping money—all from a
youthful perspective.
Web Chat sessions are considered
confidential, and as such, are
fully encrypted for your protection.
Five Keys
Going for the trade-in? Don't talk about
trade-in value until you've settled on the
new car price.
to Driving a New
Car Bargain
5. Don't pay extra for the mop
and glow. Extras such as undercoating,
scotch-guarding, detailing, and decorative
features on a car don't add to its value.
They simply add to your debt. Many of
these options are worthless or overpriced
to boost the dealer's profit.
One important parting tip. It's best
to think of a new car purchase as three
separate negotiations: the price of a car,
the price of a trade-in and the financing.
Dealers will try to lump them all together.
Don't let them.
1. Know your budget before
visiting the dealership. Even with
today's low rates, you don't want to
financially overextend yourself. To
determine what you can afford, get
pre-approved at HVFCU. There’s no
guessing, no waiting and no wondering
how much you can afford. When you’re
ready to finance, remember that on-thespot HVFCU financing is now available at
many Hudson Valley dealerships.
2. Do your homework. Research
vehicle costs before stepping in the
showroom, and expect to haggle. Car
salesmen are experts at it. Go prepared
and expect to work to get a good deal.
3. Flexibility and good timing cut
price. Shop when sales are slow, when
Source: Bankrate Monitor
Savings Accounts
are Building Blocks
E
xperts say you should save
at least three months of
living expenses in a liquid
account. Your HVFCU savings
account can help you reach that
goal. It's a great way to turn
small amounts of extra cash —
$10 here, $50 there — into a
sizable lump sum, suitable for
larger investments that pay
larger dividends such as IRAs and
Certificate Accounts. With no
minimum balance, no time
commitment, and no charge for
withdrawals, savings accounts
are the ultimate in flexibility.
Our Business Services Team is Ready To Help
We are proud to introduce our Business Services team. Pictured
below, left to right are: Eddie Alvarez, Director of Business
Services, Shannon Bray, Credit Analyst, Roberta Basile, Business
Services Assistant, and Paul Mack, Sr. Loan Officer. Together they
share over seventy years of industry knowledge and business
acumen.
Our team is well prepared to meet the needs of your small
business with deposit and lending products that include savings,
checking, money market accounts, certificate accounts, lines and
letters of credit, term loans, and commercial real estate loans.
Call or stop by any branch to arrange for a personal and
comprehensive review of your organization’s needs.
new-year models are due, at the end of
the month, and during the last two
working hours of the day. Plus, remember
that the hottest-selling model will cost you
more, so if you're flexible and willing to
buy the not-so-popular one, you'll save.
4. Get top dollar for your old
vehicle. The market sets the value of
your car whether in a trade-in or private
sale. Selling it privately, however, usually
results in more money, but it takes time.
5
Notes
Club accounts will automatically
renew for the coming year, unless
HVFCU is notified otherwise.
Of Interest
Extended Saturday Hours
To improve our service to
members, we have extended
our non-IBM branch and
Information Center hours on
Saturday to 5pm.
Holiday Closing
Non-IBM Branches will be closed:
Monday, October 11th
Thursday, November 11th
Thursday, November 25th
Saturday, December 25th
Saturday, January 1st
IBM Branches will be closed:
Thursday, November 25th
Friday, November 26th
Friday, December 24th
Friday, December 31st
Holiday Club Disbursement
Holiday Club account balances
were automatically transferred to
your checking account (or in the
absence of a checking account,
to your primary savings account)
on October 1, 2004. Holiday
e
e
r
F
First Time
Home
Buyers
Seminar
NYSCUL Scholarship Program
Graduating high school seniors
who are members planning on
attending college for the first
time have a chance to win a
college scholarship through New
York State Credit Union League’s
annual scholarship program. In
2004, the League awarded a total
of $17,500 to 24 students:
eleven $1,000 scholarships and
thirteen $500 awards. Judging is
based on academic performance,
extracurricular and community
activities, an essay question, and
a teacher’s reference.
Applications take time to
complete and additional
documentation will be
requested, including a teacher’s
written reference and an essay,
so allow time to gather these
materials. Pay strict attention to
the submission due date which
will be noted on the application.
If you are eligible and would
like to apply, contact our
Information Center at
800-468-3011 in December
(when applications become
available), and we will mail an
application to you at that time.
Because of the large number of
applications received, the
League will only contact
applicants who have won
scholarships. The credit union is
not privy to information on
winners until after scholarships
have been awarded, and only if
an HVFCU member has won.
The League will notify winners
by April 2005.
For more information on
this and other scholarship
opportunities, visit the Young
Adults section of our website at
www.hvfcu.org.
Call for Candidates
If you’re interested in serving
your credit union in a volunteer
capacity, now is your chance.
It’s election time for our Board
of Directors. The Board of
Directors is responsible for
establishing policies that will
benefit members, help maintain
our fiscal integrity, and ensure
we adhere to federal regulations.
While unpaid, board members
do receive reimbursement for
business-related expenses.
Our board meets monthly,
and you may be asked to sit on
a special committee. If you want
to lend your time and talents to
help your financial cooperative,
pick up an application for the
board election at any branch, or
Buying a home is not something you do every day. That’s why our free First Time Home Buyers
Seminar is so valuable. If you’re buying a house for the first time or you’re tired of renting, this seminar
can help get you where you want to be.
At our seminar you’ll hear presentations from a real estate agent, mortgage originator, home inspector,
appraiser, and an attorney. We’ll provide information about title insurance, credit reports, appraisals, the
closing process, types of mortgage loans available through the credit union, and much more. Best of all, you’ll
have the opportunity to ask questions.
So mark your calendars for Thursday, October 21st from 6:30–8:00 p.m. at the Greater
Southern Dutchess Chamber of Commerce office, Nussbickel Bldg., 2582 South Avenue (9D), Wappingers Falls.
Space is limited. Call 463-3011, ext. 2400, or go online to www.hvfcu.org to reserve seating.
6
call our Information Center and
we’ll mail one to you. The form
includes instructions for
completion. Applicants may also
wish to be considered for our
Supervisory Committee or other
committees.
If you want to become an
active participant in your credit
union’s future, then volunteer!
Completed applications and
resumes must be postmarked
by November 5, 2004 for
consideration. We look forward
to receiving yours.
New Changes in Check
Processing Coming Soon
A new law going into effect on
October 28, 2004 brings the
nation's check clearing system
into the digital age. The Check 21
Act (named for the 21st Century)
allows financial institutions to
send an image of a check for
processing.
To make processing faster,
federal law permits financial
institutions to replace original
checks with "substitute checks."
These checks are similar in size to
original checks with a slightly
reduced image of the front and
back of the original check. The
front of a substitute check states,
"This is a legal copy of your
check. You can use it the
same way you would
use the original
check." You may use
a substitute check as
proof of payment just
like the original check.
A check that you
receive back from a
financial institution,
including HVFCU, may
be a substitute check.
Please note the
intent of this law is to
reduce reliance on physically
transporting checks throughout
the country. Therefore, as more
and more checks are processed
electronically, they may clear
your account sooner.
“Spring ahead and fall back.”
Daylight Savings Time ends October 31st.
Remember to set your clocks back one hour.
Mobile Confidential Document
Shredder Scheduled
Members are invited to bring
their personal and confidential
materials into HVFCU for
shredding—free of charge.
The Iron Mountain Mobile
Shredding Vehicle will be
visiting two of our branches on
Saturday, October 23rd:
◆ Hyde Park Branch
8:30 am to 11:30 am
◆ Dutchess Mall Branch
1:00 pm to 4:00 pm
Paper items only, please; paper
clips and staples are acceptable.
No binders or hard/soft cover
books. Corrugated boxes should
be taken home once contents are
removed.
Example of
“Substitute Check”
7
HVFCU DIRECTORY
DIRECTORS & OFFICERS
Thad S. Jones, Chairman
Joseph E. Eppich, 1st Vice Chairman
Takao Inouye, 2nd Vice Chairman
David S. Bagley, Treasurer
Ruth Graham, Assistant Treasurer
Arthur K. Zimmermann, Secretary
Werner H. Lackner, Director
Henry J. Rodgers, Jr., Director
Bonnie R. Rowen, Director
Casper M. Casparian, Director Emeritus
Jan. B. Mahar, Director Emeritus
Ralph E. Plant, Director Emeritus
SUPERVISORY COMMITTEE
William J. Mulvey, Chairman
Kathleen A. Dispensa, Secretary
Stephen M. Caswell, Member
Nancy Kappler Foster, Member
Bonnie R. Rowen, Member
Noreen Hennessy, Associate Member
William A. Sharp, Associate Member
PRESIDENT/CHIEF EXECUTIVE OFFICER
Mary D. Madden
BRANCHES
Monday-Friday 8:30-7:00
& Saturday 9:00-5:00
4 Tucker Drive, Arlington
449 Route 9, Dutchess Mall, Fishkill
4011 Albany Post Road, Hyde Park
953 Route 300, Newburgh
159 Barnegat Road, Poughkeepsie
11 Marshall Road, Hollowbrook Office Park,
Wappingers Falls
415 Route 376, Hopewell Junction
IBM BRANCHES
Monday thru Friday 8:00-4:30
IBM Buildings 320, 330, 416, 705
HVFCU ATMS
All HVFCU Branches
Adams Fairacre Farms, Rt. 44, Poughkeepsie
*Blue Cross/Blue Shield, Middletown
*Gap/Old Navy Distribution Center, Fishkill
Mohonk Mountain House, New Paltz
1810 South Road, Nine Mall, Wappingers Falls
*Poughkeepsie IBM Bldgs. 052, 416, 705, 708
*East Fishkill IBM Bldgs. 300, 320, 330, 600
Vassar Brothers Medical Center, Poughkeepsie
*Employee accessible only
24-HOUR DRIVE-UP ATMS
Arlington, Dutchess Mall, Hopewell Junction,
Hyde Park, Newburgh, Poughkeepsie Branches
Bridgeview Plaza, Route 9W, Highland
CVS Plaza, Route 44 & West Rd, Pleasant Valley
1810 South Road, Nine Mall, Wappingers Falls
MAIN NUMBER
845-463-3011/800-468-3011
WEBSITE/INTERNET BANKING/BILL PAY
www.hvfcu.org
TDD (FOR HEARING IMPAIRED)
845-463-1709
SUPERVISORY COMMITTEE
845-463-6934/800-468-3011
MAILING ADDRESS
159 Barnegat Road, Poughkeepsie, NY 12601
Savings Yields effective 9/11/04
Loan Rates effective 9/11/04
Call For Current Rates
Call For Current Rates
Regular & Holiday Savings* . . . . .
IRA Savings (Traditional,
Roth, & Education) . . . . . . . .
Checking . . . . . . . . . . . . . . . . . . .
Money Market . . . . . . . . . . . . . .
Preferred Money Market . . . . . . .
Annual
Percentage
Yield
Dividend
Rate
.75
.74
1.15
.50
1.00
1.15
1.14
.49
.99
1.14
Fixed APR
New & Used Vehicles . . . . . . . .
New & Used Mobile Homes . . .
New Boats, RVs . . . . . . . . . . . . .
Used Boats, RVs . . . . . . . . . . . . .
Stock (NYSE, AMEX) . . . . . . . . .
Stock LOC . . . . . . . . . . . . . . . . .
Pledge of Certificate &
Pledge of Savings . . . . . . . . . . . .
Readi-Cash Unsecured
Line of Credit . . . . . . . . . . . . .
Home Improvement . . . . . . . . .
Savings Secured Line of Credit .
Visa Classic . . . . . . . . . . . . . . . .
Visa Gold . . . . . . . . . . . . . . . . . .
Visa Platinum . . . . . . . . . . . . . .
MasterCard . . . . . . . . . . . . . . . .
Higher Education . . . . . . . . . . . .
Signature . . . . . . . . . . . . . . . . . .
Presented above are the Dividend Rate and APY (Annual Percentage Yield) for all
Savings, IRA Savings, Checking, and Money Market Accounts. The minimum
balance to open an account is $5.00, except for a Money Market Account, which is
$1,000, and Preferred Money Market Account, which is $20,000. The Dividend Rate
and APY may change at any time as determined by the credit union’s Board of
Directors. For Savings, IRA Savings, Checking, and Money Market Accounts, there
is no minimum balance required in order to earn the disclosed APY. For all accounts,
dividends are paid from current income and available earnings, after required
transfers to reserves at the end of a dividend period.
*The maturity date for the Holiday Club Account is October 1.
Certificate Accounts
3-5 Months . . . . . . . . . . . . . . .
6-11 Months . . . . . . . . . . . . . .
12-17 Months . . . . . . . . . . . . .
18-23 Months . . . . . . . . . . . . .
24-35 Months . . . . . . . . . . . . .
36-47 Months . . . . . . . . . . . . .
48-59 Months . . . . . . . . . . . . .
60-84 Months . . . . . . . . . . . . .
IRA Certificate Accounts
3-5 Months . . . . . . . . . . . . . . .
6-11 Months . . . . . . . . . . . . . .
12-17 Months . . . . . . . . . . . . .
18-23 Months . . . . . . . . . . . . .
24-35 Months . . . . . . . . . . . . .
36-47 Months . . . . . . . . . . . . .
48-59 Months . . . . . . . . . . . . .
60-84 Months . . . . . . . . . . . . .
Annual
Percentage
Yield
Dividend
Rate
1.40
1.50
1.90
2.50
3.00
3.10
3.55
4.00
1.39
1.48
1.88
2.46
2.95
3.05
3.48
3.92
3.70*,1
9.75*,1
6.00*,1
6.50*,1
6.251
n/a
ADRb+3%
n/a
5.001
n/a
n/a
n/a
n/a
n/a
n/a
10.25*,1
Variable
APRa
3.70*,1
9.75*,1
5.25*,1
5.75*,1
6.001
6.001
n/a
9.00*,1
4.001
3.747
9.25c
7.90d
12.90d
9.00
12.001
10.25*,1
*Rates for this product are as low as stated. Rate and total amount financed are based
on an evaluation of credit. Your rate may vary from the stated rate.
a
1.55
1.65
2.05
2.65
3.15
3.25
3.70
4.15
APR is subject to increase;
Annual Dividend Rate;
c
Annual fee for Visa Classic is $15;
d
The 12.90% and 7.90% special rates are in effect until the October 2004 statement
billing date. The current indexed rate is 13.25% for Visa Platinum, 9.25% for Visa
Gold. These rates may vary.
b
1
The rate stated is discounted by .25% and includes a requirement that loan
payments are automatically transferred from your savings or checking
account for the life of the loan. The monthly payment is not decreased as a
result of this discounted rate. The discounted rate only applies to new loans
and newly refinanced loans from another lender.
1.53
1.63
2.02
2.61
3.10
3.19
3.63
4.06
“We All Need a Place to Call Home,”continued from page 1
Disclaimer
*
Interest rates and points are subject to change without notice and it is the
responsibility of the member to monitor HVFCU’s interest rates and loan terms during
the period in which you choose to “float.” Up to 3 days prior to closing you may sign a
Rate Lock Agreement which, upon signing, will allow you to lock your interest rate,
points, and terms of loan for 60 days with no fee, or 61-90 days with a fee of 1 point. In
the absence of a signed Rate Lock Agreement, you will receive the prevailing rate three
business days prior to closing.
Presented above are the Dividend Rate and APY for each Certificate Account.
The minimum to open a regular Certificate Account or a regular IRA Certificate
Account and earn the stated APY is $500.
To conduct credit union business when you are traveling in the U.S., go to
www.cuservicecenter.com for a list of participating Shared Service Centers that
includes hours and types of transactions accepted.
Please call (845)463-3011 or (800)468-3011 to obtain current rate information.
If a Certificate Account is opened, the applicable Dividend Rate and APY set
forth in this brochure would be paid for the length of the term listed for such
account. A substantial penalty will be imposed for early withdrawal.
The Dividend Rate and APY may change at any time as determined by the credit
union’s Board of Directors. Call for current rates. All accounts are subject to the
applicable terms and conditions set forth in the Truth-in-Savings Disclosure and
Account Agreement and IRA Agreement. Fees or other conditions could reduce
earnings on any of the above listed accounts.
Shared Interests is a quarterly publication of
Your savings federally insured to $100,000
National Credit Union Administration,
a U.S. Government Agency
We Do Business
in Accordance with the
Federal Fair Housing
Law and the Equal
Credit Opportunity Act
Federally insured
by the NCUA
8