Vacation Loans - Newark Board of Education Employees Credit Union

Vacation Loans
If you have a $700 limit, keep your
charges below $70.
If you are new to credit or have made
credit mistakes in the past and are unable to quality for an unsecured credit
card, come into the credit union and
apply for a secured card. Secured
cards typically take a deposit of a few
hundred dollars. Your card’s limit is
your deposit minus any fees charged
by the card issuer.
NBEECU is now offering vacation
loans up to $3500 with rates as low
as 6.99% based on your credit
worthiness, and a 12 month
repayment period.
Improving Your
Credit Score
Without Debt
Did you know payment history accounts for 35% of a
credit score? Making on-time payments is the
best tactic to improve your credit score without incurring any debt.
All you need to do is qualify for a low-limit credit
card. Come into the credit union today and apply
for a credit card. Limit your purchases each month,
and then pay your account in full every month.
Another strategy for improving your credit score is
to keep your charges below 10% of the limit.
Be sure your credit card issuer is reporting to each of the three major
credit reporting agencies: Equifax,
Experian, and TransUnion. Then
faithfully make on-time payments with
the secured cards and keep your
charges below 10% of your credit limit.
After a year of on-time payments, ask
your issuer for an unsecured credit
card.
Keep in mind that building a good solid payment record is essential, and
acquiring debt is not. To maximize
building your credit score without
debt, make sure you only charge what
you can pay off each month, and remember to follow the 10% rule.
Pay your bills on
time,
and watch your
credit score
increase!
Fee Schedule
Effective Jan 01, 2014
Administrative Fee
10.00
Close an account open
less than 6 months
25.00
Returned Mail Fee
3.00
Returned Check Fee
25.00
Stop Payment On Check
20.00
Express Delivery
Vendor Charges
Statement Copies (per page)
after 15th of month
5.00
Check Copy (up to one year) 3.00
Check Copy (over one year) 5.00
Account Reconciliation
30.00
(per hr.)
Dormant Account
10.00
(Monthly Service Charge
after 6 months)
Transfer Fee
5.00
Money Orders (per item)
1.50
ATM Card Replacement
10.00
ATM Transaction
1.00
(first 8 free)
Lien & Levies
25.00
Verification Letter
10.00
Replacement Pin Fee
10.00
Rewrite Loan
25.00
(Borrowers error)
Cancel Written Loan
25.00
Early Withdrawal
10.00
Holiday/Vacation
Domestic Outgoing Wire
25.00
International Outgoing Wire 45.00
Cashier’s Check
3.00
(payable to someone else)
Mary Hogue: Chair
Helena Lowther: 1st Vice-Chair
Adele White-Eutsey: 2nd Vice Chair
James E. Davis, Jr.: Secretary
Perry Jackson: Assist. Secretary
Vincent Hutcheson: Treasurer
Sameerah Muhammad: Director
Joyleen Quesada: Director
Shirley A. McClinton Watson: Director
N
est Egg
Sixteen-year-old Ashley
looked at her friend Sara in awe. “Where’d ya get all
that money from?” she asked.”
Sara laughed. “I didn’t ‘get’ it,” she explained. “Any
time I had a little money from my babysitting job last
summer, or birthday gifts, I put some of it away. It’s
like it wasn’t mine. Unbelievable as it sounds, it really
adds up over time.”
“But more than $2,000!” Ashley gasped.
“Over time, remember? My mom told me it’s important to save, and that’s what I did.”
“And now you have so much saved up!”
Sara smiled. “Now I have a nest egg”.
The word nest egg is slang for money saved, often in a savings account. This reserve of money can be for a specific purpose such as retirement or buying a home, or just for emergencies (3-6 months of income), if should one arise. It is never
too early to start saving – have you started your nest egg yet?
Norman Road Main Office:
195 Norman Road
Newark, NJ 07106
973-375-9182 973-374-5362 (fax)
Hours: Mon-Friday
9:00am to 4:30pm
Saturday - 9:00am to12:00pm
Cedar Street Branch:
2 Cedar Street
Newark, NJ 07102
973-375-9182
Hours: Tuesday & Thursday
9:00am to 2pm
Did you know that your
savings at the credit
union are federally
insured to $250,000?
OFFICE CLOSINGS
Independence Day
Friday, July 3,2015
Saturday, July 4,2015
Labor Day
Monday, September 7, 2015
Cedar Street Closing
Office will be closed
every Thursday in July
Office will be closed
the entire month of August
When Should You Apply for a
Credit Card?
Vacation season is here! Like most of us, you’re probably receiving plenty of tempting credit
card offers in the mail, online, or at your favorite clothing store. Let’s face it...they’re
everywhere! One credit card company may be boasting a great, low rate, the other
touting a new rewards program.
Maybe you’re thinking about applying for one of these many cards. After all, you could use the extra spendpower this time of year. Alternatively, you could put those super rewards points toward the wintertime getaway you were thinking about taking. Whatever the catalyst might be, it is important to consider one
thing...when to actually apply.
You may never have considered that the right timing is a factor in applying for a credit card, but it can really
have an effect. Every person has a different financial situation and credit history. Your credit usage habits
could affect whether or not you are approved for a particular card. For this reason, application timing is
meaningful, in different ways and for different types of consumers.
Credit Card Application Tips
1. When you know what type of card is right for you. Anything that has to do with your finances is important,
credit cards included. Do some digging to find out about the different types of cards out there and which
companies are offering incentives. You want to be sure you’re choosing the card that best meets your needs.
2. When you’ve received a great offer. Sometimes cardholders are looking for big sign-up bonuses featuring
particular merchandise, services, travel perks, or cash, and credit card companies often deliver. If you get an
offer that suits your taste and lifestyle, then it might be a good time to apply for that card.
3. When you’re employed. Those consumers who have a job, at the time they apply for a credit card, are more
likely to be approved, and be eligible for better terms on the card. Opening a credit card and incurring debt,
is not a good idea, if you could potentially be out of work and unable to pay it back.
4. When you’re planning a major purchase. If you’re in the market for some big ticket items -- electronics, major appliances, materials for a home improvement project, etc. -- it’s not a bad idea to find a card with a 0%
APR incentive ahead of time, and use it for the purchase. This makes better sense than doing a balance
transfer down the line that could bring with it a fee of 3% or $30 for every $1,000 you transfer – on a large
purchase, this could be significant.
5. When you’ve worked on your credit. Many of us have been there and maybe still are...you racked up some
credit card debt, were unable to pay your balances, and are doing your best to get out of the vicious cycle.
Unfortunately, this means your credit score has probably taken a hit and left you with a high-interest credit
card as your only option. Don’t lose hope! As you continue paying off debt and your credit begins to improve,
so will your card offers. This will be the time to take advantage of some better rates and terms.
As you take some time to analyze your credit card needs, determine your credit card user profile. Ultimately, figure out the best time to apply for your next credit card, and don’t forget to check out your
credit union for current offers and incentives, as well as trusted credit counselling, if necessary.
Newark Board Of Education Employees
Credit Union
2015 Scholarship Awards Dinner
Tuesday, June 23, 2015,
Bella Italia Ristorante in East Orange, New Jersey
The applicants were required to be children of Newark Board Of Education Employees Credit Union members. The awards were presented based on each student's academic, artistic, athletic or other abilities,
and factored in an applicant's extracurricular activities and community service record.
We congratulate the following candidates at this year’s
NBEECU scholarship awards ceremony.
Nalah Clark, a senior at Scotch Plains Fanwood HS, will be attending Temple
University, PA where she will be pursuing a career in Broadcasting in the fall.
Tyler Manley, a senior at Sole bury HS, will be attending Temple University,
PA where she will be pursuing a career in Business in the fall.
Khamisi Glover-, a senior at North Brunswick Township HS, will be attending
Elmira College in NY, as a full-time resident student in the Bachelor of Science
in Law and Society program in the fall.
Nayah Cruz, a senior at Scotch Plains Fanwood HS, will be attending Westchester University, NY, where she
will be pursuing a career in Digital Arts and Designs in the fall.
Crystal Soraluz, a senior at Harrison HS, will be attending LIM College, in N.Y where she will be pursuing
to earn a Bachelor of Business Administration 4- year degree in Fashion Merchandising, Marketing, Visual
Merchandising or Management in the fall.
LR- Ms. Shirley McClinton Watson, Nbeecu Board of
Director, Ms. Mary Hogue, BOD Chairperson, 2015
NBEECU scholarship award recipients Nalah Clark,
Tyler Manley, Khamisi Glover, Nayah Cruz, Crystal
Soraluz, 2014- former scholarship award recipients,
Salonia Burt, Udochukwa Obinnah Ihuoma and Ms.
Joyleen Quesada, NBEECU Scholarship Committee
Chairperson.
Former NBEECU scholarship recipients, share their
views of dos and don’ts as a first year college students. Sabrina Burt presently attends Rutgers University’s in New Jersey, and Udochukwa Obinnah
Ihuoma, presently attends College of the Holy
Cross in Worchester, Massachusetts.