TruliantNewsletter_2014_Q2 - Truliant Federal Credit Union

SUGGESTIONS, TIPS AND INFORMATION TO improve YOUR life | spring 2014 | Truliant.org
INSIDE THIS ISSUE:
President’s Message:
Spring 2014
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Meet Troy
“Truliant really surprised me the very first day... I’m part
of what makes the wheels spin and how we’re able to
pass on the great benefits to other community members.”
Deposits from
Virtually Anywhere
with Easy Deposit
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It’s Time to Get a
Better Auto Loan
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Make a Smart
Investment - Spring
Certificate Special
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Use Your Equity to
Your Advantage
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Faster Payments with
Truliant’s Popmoney
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Time to Get
Outdoors - Truliant
Offers Recreational
Vehicle Loans
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Welcome New
Business Partners
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Rate Watch
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Troy: Truliant Member-Owner for Less Than a Year
Other financial institutions left Troy expecting double-digit interest rates to refinance his Jeep. But Truliant
did better. Much better. When he opened a Truliant account, Troy’s Member Service Representative
recommended refinancing through the Credit Union. “I told her she was crazy,” Troy said. “Within
a few minutes I got word back saying I was approved for under three percent.” Truliant also helped
Troy – a recent military discharge – set financial planning goals. Seven months later those goals were
90 percent met. “I’ve done the No Cost Credit Review. It really gave me a better understanding of my
personal credit situation, where I was, where I needed to be and helped me establish goals,” he said.
Now a Truliant enthusiast, Troy encourages others to seek the benefits of membership. “I tell them how
great my experience was here... What I say actually does make a difference.”
President’s Message: Spring 2014
Marc Schaefer
President & CEO
In the last Quarterly Newsletter,
I cited some examples of why it
matters who you choose as your
financial services partner. One more
reason is that it’s not fun to feel like
you’re being taken advantage of
and deceived about the value you’re
getting from a financial institution.
Leading up to and during the
financial crisis, banks (and Wall Street) weren’t mindful
of consumer values and opted for their own oversized
financial gains at their customers’ expense. Common
sense and a respect for the nature of your financial
partner’s motivation should be your guide. Many
consumers later felt like banks swindled them into taking
loans they shouldn’t have been given.
A general resurgence of home values is good news for
consumers, but it is important not to repeat the mistakes of
the past. Especially, as we try to build sustainable growth
in our personal financial balance sheets to meet our longterm goals and weather future economic storms.
While home equity can be an attractive source of
funding for a variety of life’s needs, we should exercise
caution in stripping out all of our equity. Runaway home
equity extraction – excessive use of the home as a
piggybank – was one way banks enabled and ultimately
disserviced their customers before the housing bubble.
is under water or upside down, you’re pretty much stuck
financially and often geographically in place.
There are some circumstances where it makes sense to
borrow 100% of the equity in your home, such as, firsttime home buyers or if you are truly a knowledgeable
real estate investor. But, it’s normally better to build
equity. Some banks are even starting to see the light.
One major bank that continued to offer interest-only
home equity loans­­– a pre-bubble bank favorite where
borrowers pay only interest for a period in exchange for
higher payments later – acknowledged in November
that it’s better to pay down principal and interest at the
same time.
There’s another
The exotic new product push of
reason you should
be careful about
the day for the banking industry
stripping equity from
isn’t always best for consumers.
your home. Banks
and other third party
lenders want to replace the recently dried up source of
income from the post-bubble mortgage refinancing boom
that fizzled over the last several years. And, they still
fondly recall the income from the estimated $430 billion
in home equity loans made in 2006 before the downturn.
100% Home Equity Loans
Remember, consumers lost a lot of value in their homes
during the recession. While the loss of approximately
30% of the equity in homes may have temporarily
dampened banks’ appetite for home equity loans, it truly
damaged personal financial balance sheets.
Some financial institutions act like maxing-out debt
against your home is a best practice. They tout their
100% equity loans as if it’s a highly desirable feature.
They ignore that most Americans still grow savings by
building equity in their homes to use for retirement or for
other key personal financial balance sheet purposes.
The exotic new product push of the day for the banking
industry isn’t always best for consumers. Unwise overleveraging of mortgage debt fueled the financial crisis.
Getting a home equity loan can make sense, but it should
be decided on a case-by-case basis with a financial partner
who has your best interests at heart as we do at Truliant.
We are all well aware that home prices don’t always
just rise... Right? Once your primary personal fixed asset
We shouldn’t have to relearn those lessons the hard way.
How to Better Use Truliant: There’s No
Wait in Line with Easy Deposit
At Truliant, we put members first by offering 24-hour services to manage
your finances and save time. With Truliant’s Easy Deposit service, all you
need is a smartphone or scanner to capture check images and make a
remote deposit. Just select the deposit account, enter the amount, endorse
and deposit. We’ll send you an email confirming receipt. Personal and
business Easy Deposit is available through Online Banking or our Tru2Go
app. Sign up today!
LIFE IM PR OV E D
SM
Rest Easier Knowing You Can Get a
Better Deal on Your Auto Loan
Your next vehicle purchase doesn’t have to start and end at the car lot,
and you shouldn’t question if you got the best deal. Whether you’re
buying your first car, a new family vehicle, or the sports car of your
dreams, the representatives at Truliant will help you find the auto loan
that fits your needs.
•
•
•
•
Variety of terms on new and used vehicles
Up to 100% financing for qualified borrowers
Additional rate discounts available
Easy application process
Improving your life is why we exist. Visit us online for more details and
to get started today. Life happens in your car. Let’s make sure it’s a
good one.
(1) Rates and promotional terms are subject to change. Loans are subject to credit approval. 1.74% minimum APR for new autos, 2.39%
minimum APR for 2007-2012 autos and 3.89% minimum APR for 2004-2006 autos. Offers are not valid on existing Truliant loans.
Make a Smart Investment with
Our Spring Certificate
With all the things going on in your life, it’s important to know
you have a trusted resource to help you strengthen your
financial position. Our certificates are a smart, conservative
way to stash your cash and make better than average returns
on your money. Take advantage of our 18-month certificate
special, now through April 15, and you’ll earn more! Whether you’re
saving for tomorrow or putting something aside for down the road, you know
we’ll help you meet your goals. After all, it’s not just money, it’s your future.
(2) APY= Annual Percentage Yield. Offer valid 3/16/2014 to 4/15/2014. Specials require
a minimum deposit of $1,000 from another financial institution. Offer not valid on business
certificates and cannot be combined with any other offers. Penalty for early withdrawal.
Use Your Home Equity to Your Advantage
Whether you need to send a child to college, finance home repairs, upgrades and improvements, or
consolidate higher interest rate debt, owning a home gives you
leverage to accomplish even greater financial goals by tapping into
your home’s equity. Truliant offers loan amounts up to $350,000,
rates as low as 3.25% APR, low fixed rate options and no closing
costs.3 We save our members money – but won’t overload your
financial plate with more than you can handle. Rates are lower than
they’ve been in years, so now is the perfect time to add value to
your home!
(3) All loans are subject to credit approval. If an appraisal is deemed necessary, an
appraisal fee will be collected at that time, total cost approximately $400-$600 and is
non-refundable if the borrower does not close their home equity loan with Truliant. FEES
IMPOSED BY THIRD PARTIES: If your home is located in SC or GA, an attorney in that
state will charge approximately $400-$500 to close your home loan. Consult your tax
advisor on the deductibility of interest on home equity loans. If your home is located in
another state we serve, no third party fees will be charged to you. Available in FL, GA,
NC, OH, SC, TN and VA only.
Pay Anyone Back Fast with Popmoney ®
Forgot to pay back a co-worker for that coffee run the other day? Need to send
your college student money quickly? It’s easy to do with Popmoney! Shoot them
the money via text message, email or directly to their bank account. Popmoney
can be used to pay money owed for common expenses like rent, concert tickets
or even the babysitter, which helps to eliminate everyday cash and check
payments. There’s no fee to make a payment and account information is secure,
so it isn’t shared between financial institutions. Register today through your Truliant
Online Banking account.
MAIL:
Truliant Federal Credit Union
P.O. Box 26000
Winston-Salem, NC 27114-6000
Your Cure for the Summer Time Blues:
Recreational Vehicle Loans
Spring is here so it’s time to get outdoors and start creating memories! Truliant can
get you started on this year’s vacation or weekend getaway with a recreational
vehicle loan. We offer low, fixed rates for new and used motorcycles, boats and
RVs, terms up to 144 months, no application fee or prepayment penalties and
rate discounts for automatic payment through Truliant.
Welcome to Our Newest Business Partners
Truliant is pleased to welcome all the new businesses that have partnered with us
since our last issue of TRUINSIGHT.
Globe Express Services, Ltd. | B&H Panel Company, Inc. | Varrow, Inc.
TW Telecom | Performance Food Group, Inc.
Annual Meeting Reminder
Our 2014 Annual Meeting will be held on Monday, April 28th at 7 p.m., at our
headquarters at 3200 Truliant Way in Winston-Salem, NC.
Contact Us:
Charlotte, NC
704-522-1955
Greensboro/High Point, NC
336-664-1955
Winston-Salem/Kernersville, NC
336-659-1955
Richmond, VA
804-965-1966
Other Areas
800-822-0382
WebSite:
Truliant.org
SOCIAL MEDIA:
Certificates & IRA Certificates
3 to 36 months APY*
$250 - $4,999 . . . . . . . . . . . . . . . . . . . . .
$5,000 - $24,999 . . . . . . . . . . . . . . . . . . .
$25,000 - $99,000 . . . . . . . . . . . . . . . . . .
$100,000 + . . . . . . . . . . . . . . . . . . . . . . .
0.15% - 0.85%
0.15% - 0.90%
0.20% - 0.95%
0.25% - 1.04%
Consumer Loans APR**
Preferred Line of Credit . . . . . . . . . . . . . as low as 6.50%
VISA® . . . . . . . . . . . . . . . . . . . . . . . . . . as low as 8.15%
2013 - New Car/Truck . . . . . . . . . . . . . . . as low as 1.74%
2007 - 2012 Used Car/Truck . . . . . . . . . as low as 2.39%
2004 - 2006 Used Car/Truck . . . . . . . . . as low as 3.89%
Home Equity Line of Credit (HELOC)***
Variable . . . . . . . . . . . . . . . . as low as prime minus 0.25%
Fixed Rate Mortgage APR**
15-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.653%
20-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.346%
30-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.411%
Adjustable Rate Mortgage (ARM)
3/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.138%
5/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.852%
7/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.308%
Rates are
accurate as
of 3/19/14
and subject
to change.
*Annual Percentage Yield
(APY) is accurate as of
3/19/14 and subject to
change. Penalties may be
imposed for early withdrawal.
Fees or other conditions
could reduce earnings.
**Annual Percentage Rate
(APR) is effective
3/19/14; subject to
credit approval and subject
to change.
***HELOC periodic rate
not to fall below 3.25% or
exceed 18% for a plan with
a loan-to-value of 85% or
less. Some home loans are
only available in NC, SC, TN,
OH, FL, GA, and VA.
2014 upcoming Holidays
Truliant Federal Credit Union will
be closed on the following days:
Memorial Day
Monday, May 26
Independence Day
Friday, July 4
Truliant is federally insured
by the National Credit Union
Administration and is an Equal
Housing Lender.