federal credit union

Quarterly Newsletter for PALCO Federal Credit Union
PALCO
FEDERAL CREDIT UNION
Visions
WINTER 2015
MOVE Your High Credit Card Balances to Your PALCO VISA®
Credit Card for Big Time Savings! Receive 5.9% APR on ALL
Balance Transfers Now thru March!
SWITCH - Move your current credit card balances to
PALCO’s VISA® credit card for a low fixed rate of 5.9% and no
balance transfer fees!
$AVE Enjoy all the money-saving benefits of your PALCO
VISA®, including:
• No rate penalties
• No cash advance fee
• Fixed rate
• No foreign transaction fees
• No annual fee
• Up to $25,000 credit limit
It’s quick and easy to transfer your balances - Download
our balance transfer form one four six three nine online
today and get rid of those high interest cards! Don’t have our
PALCO VISA®?
Apply online today for a PALCO VISA® credit card!
Download our Easy Balance Transfer Form to
Switch and Save! Visit www.palcofcu.org now!
APR = Annual percentage rate. Subject to approval. The rate will remain 5.9% apr until the balance transfer is paid in full. Promotion is for credit card payoffs from other
institutions only.
Winter 2015
President’s Message
As 2015 has begun, your credit union would like to take a moment to say “thank you” for doing
business with us. We recognize that when it comes to financial services, you have many choices as
to where you do your financial business. You’ve stuck with us because you understand what a credit
union is - we operate not-for-profit, but for the benefit of you – our members! We thank you for your
business and look forward to continuing to serve you and your family in 2015 and beyond!
I also want to thank members for their understanding and patience regarding the latest merchant
data card breaches. It is clear that most merchants in the United States are not equipped with the
latest anti-fraud systems. While card security at PALCO is as tight as it can be, older merchant systems
will continue to be a weak link. PALCO has sophisticated fraud detection processes in place to protect your accounts. Still,
we have no control over merchant systems. When a retailer loses your information, we need to take action quickly. When
a merchant data breach occurs, our focus is to protect members’ personal information and minimize losses. While PALCO
reimburses members for fraudulent transactions on their accounts, the money comes from the Credit Union, not the
merchant who caused the breach. Minimizing losses requires that we act fast. Once we’ve been notified by MasterCard or
VISA® of a data compromise, we must make a decision to cancel vulnerable cards in order to minimize escalating losses, and
the potential for future losses, on that card.
Unfortunately, the only safe way to stop fraudulent activity on a card is to block and replace it. Before we close a card, I
want you to know that we make every available attempt to notify you and do everything within our capacity to accommodate
a victim of a merchant data card breach, while lessening the risk to you and your credit union - even using temporary holds,
so members can use the card if they have no other method to access their money. I hope eight three six nine you understand
that PALCO does everything that we can to lessen your burden, even though the situation was caused by someone else.
Since the most recent occurrence of fraud at Home Depot and Kmart warranted immediate notification to cardholders,
we found that many phone numbers were no longer valid, so please notify us of any changes in your contact information
including: telephone numbers, cell phone numbers, email and mailing addresses. This is one of the reasons it is so important
to keep your contact information up to date with the credit union.
Merchant data card breaches have been increasing at astonishing rates in the past several years, over 500 data security
breaches have occurred just this year alone. Credit Unions together have been contacting our legislators on your behalf in
this regard and you can help. A campaign aimed at stopping data breaches has been launched by the Credit Union National
Association (CUNA). This allows you, the consumer, to take action and urge Congress to step in and hold merchants
accountable for data violations. I am asking you to please visit www.StopTheDataBreaches.com today and tell Congress you
want merchants to be held to the same strict data security measures as financial institutions. Your personal information
should be safe wherever you swipe your card; anything less is unacceptable. Mandating consistent data security standards
for merchants is the only way to stop millions of personal data records and millions of dollars being fraudulently taken.
Ultimately, this is about you the member, and you are our family. We stand by our mission statement - “PALCO Federal
Credit Union is a member-owned, not for profit organization that is dedicated to providing members with the best services
at the most affordable cost in order to help them meet their financial goals in the true spirit of member-helping-member,
while maintaining stability and growth of the organization.” – As we’ve done for the past 76 years, we work for you.
President/CEO
Winter 2015
Hurry Holiday
Helper Loans
End Jan. 31st
For all your extra expenses:
•
•
•
•
•
Holiday Bills
Home Improvements
Car Expenses
Travel
And So Much More
$3,000
Borrow up to
for only 6%
APR*
*APR=Annual Percentage Rate.
TruStage Health Insurance Program
AFFORDABLE HEALTH INSURANCE made easy
Tax Time!
It’s almost tax season! That means
that you can have your tax refund
directly deposited into your PALCO
account quickly, easily, and FREE! To
elect direct deposit of your tax refund
into your PALCO account, simply
provide your tax preparer with your
account number and our ABA routing
#231382416. Also, remember to keep
your 2014 year-end statement for tax
reporting purposes.
Don’t forget to check out these
member only specials with at
www.lovemycreditunion.org making
filing taxes affordable with Turbo Tax.
The TruStage Health Insurance Program makes it
simple to find an insurance plan.
• Dedicated experts to help you understand and choose
health coverage wisely
• Tools to compare plans and identify financial assistance
Find Your Plan! TruStageHealth.com
Designed
for credit un
ion
members
Call toll-free 1-888-416-2166
The TruStage™ Health Insurance Program is made available through TruStage Insurance Agency, LLC and GoHealth
LLC. GoHealth LLC is licensed to sell nationwide and operates in all states with the exception of Massachusetts, Hawaii,
Vermont and Rhode Island. © TruStage, 2014 All Rights Reserved.
TSH-995489.1-0814-0916
talk about savings.
say hello to the Sprint Credit Union Member Discount.
Learn more
• Call: 877.SAVE.4.CU
• Visit: www.SprintStoreLocator.com
• Click: LoveMyCreditUnion.org/Sprint
Consumers
Save
10
%
Businesses
Save
or
15
%
Be sure to mention this code for
your discount
• Consumer: NACUC_ZZM
• Business: NACUC_ZDS_ZZM
Credit union membership
validation is required.
Credit approval req. Early Termination Fee (sprint.com/etf): After 14 days, up to $350/line. IL Discount: Available for eligible company employees or org. members (ongoing verification). Discounts subject
to change according to the company's agreement with Sprint and are available upon request for monthly svc charges on select plans. Discount only applies to data buy-ups/add-ons for Unlimited, My Way
and Framily plans, Talk 450, and primary line on Talk Share 700. Other Terms: Offers and coverage not available everywhere or for all phones/networks/plans. Restrictions apply. See store or sprint.com or
www.lovemycreditunion.org/Sprint. ©2014 Sprint. All rights reserved. Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners.
Struggling to Stay Afloat? New Year. New Beginnings!
If your resolution is to be debt free, start the year off right and consolidate! If you’re still drowning in debt,
we have a lifeline for you! Call a loan representative today and we’ll get your head above water in no time.
We offer a wide variety of loans to consolidate your debt and make your monthly
payments more affordable. Whatever you need—debt consolidation, a remodeling project,
tuition—we can help you one zero nine one six get the money you need with a loan that is
right for you and your family!
PALCO prides itself on offering flexible and competitive loan options from our personal
lines of credit, home equity products, mortgages, to our fantastic credit card! We have the
right loan for you – call or apply online today!
On select regularly priced
Sprint monthly service.
Plus, waived activation
& upgrade fees (up to
$36 in savings each).
Get your FREE Love
My Credit Union
Rewards app and
simplify credit union
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validation.
2014 Sprint Item #800-22
©2014 CU Solutions Group 091614 3528
Winter 2015
PALCO
FEDERAL CREDIT UNION
Address
191 Chad Road
PO Box 330
Muncy, PA 17756-0330
Phone
570-546-2333
800-822-2154
Fax: 570-546-6868
Web Site: www.palcofcu.org
Hours
Monday – Wednesday:
7:30 am – 4:30 pm
Thursday: 9:00 am – 5:00 pm
Friday: 7:30 am – 6:30 pm
Read and WIN!
Hidden within this newsletter are four
account numbers spelled out. If you
find your number, give us a call and we
will ­deposit $25 into your account!
Electronic Signatures Now Available!
Secure. Fast. Easy. Our new EchoSign technology provides a secure and seamless
mechanism for us to deliver documents to you easily and quickly for your approval and
signature. You can now safely review documents online, sign them electronically - at
the time that best suits your needs, and securely return them to us. No need to make a
trip to the office. If you’ve recently completed a loan with us, and never stepped foot in
the building, you’ve already used our new e-signature software! We promised you this
service last year when new federal eight four five seven regulations were put in place
and have worked diligently to make the loan process more convenient for you. We will
soon have other documents available to electronically sign so keep your eye out!
Rate Schedule
HOLIDAYS
Presidents’ Day
Monday, February 16
Good Friday
Friday, April 3
New/Used Vehicle (20% down)
PSL/Signature Loan
$25,000 Limit**
80% of the sticker price, NADA retail
60 months....................... 11.00%
or CPI/appraised value
36 months......................... 1.99%
48 months......................... 2.49%
60 months......................... 2.99%
72 months......................... 3.99%
New/Used Vehicle (0% down)
Find us on Facebook and see what everyone
is talking about!
$25,000 Limit**
Min. payment 2.5% of total new
balance, min. $10
.......................................... 8.90%
100% of the sticker price, NADA
retail or CPI/appraised value
Home Equity Line of Credit
Current adjustable........... 5.00%
36 months......................... 2.49%
48 months......................... 2.99%
60 months......................... 3.49%
72 months*....................... 4.49%
Fixed Home Equity Loan
4 years or less................... 2.99%
up to 7 years..................... 3.49%
up to 10 years................... 3.99%
Older Auto (20% down)
Share Secured
24 months......................... 6.99%
36 months......................... 5.00%
60 months......................... 6.00%
120 months....................... 7.50%
80% of NADA Older Used Car Guide
Retail Value
We
Our
Credit Union,
You
our
Credit Union…
Let’s be friends!
VISA® Credit Card
Held against funds in the account
Older Auto (0% down)
100% of NADA Older Used Car Guide Certificate Secured
Retail Value
Held against share certificate with
24 months......................... 7.49%
renewal agreement, max. term
negotiable
...... 2.00% above certificate rate
Dividend Rates
4th Quarter 2014 Declared
APRAPY***
Savings (S1) &
T-account (S5).......0.15%0.15%
Christmas (S3) &
Vacation (S4).........0.15%0.15%
Checking (S2)............0.00%0.00%
1st Quarter 2015 Anticipated
APRAPY***
Savings (S1) &
T-account (S5).......0.15%0.15%
Christmas (S3) &
Vacation (S4).........0.15%0.15%
Checking (S2)............0.00%0.00%
Money Market Savings (S6) &
Money Market Checking (S7)****
Please call office or visit our
website for current rates.
Box Score
Assets............................ $73,842,588
Shares............................$55,171,466
Loans.............................$22,910,683
Members.................................. 7403
*72-month financing for NEW (any amount) or USED over $39,999.99. Longer terms and rates are
available for Jumbo vehicle/RV loans over $49,999.99. **Combination of all unsecured loans cannot
exceed a total of $25,000. NOTE: All rates are expressed as an Annual Percentage Rate (ARP). Existing
PALCO loans cannot be refinanced for a lower rate. Model year updated in September. Rates and
conditions subject to change without notice. ***Annual Percentage Yield. ****Some Restrictions Apply.
Federally Insured by the NCUA