Fall 2015 - Credit Union of Southern California

CU
Connection
SoCal
A Publication for Members of Credit Union of Southern California
Fall 2015
Shop for Miracles
Use your CU SoCal Debit or Credit Card on
Black Friday and we’ll donate up to $10,000 to
Children’s Hospital of Orange County (CHOC).
INSIDE:
 Message From Our President/CEO
 Shop for Miracles on Black Friday
 Choose “Pen” Over “PIN”
 Affordable Home Loan Options
 Members Benefit From Workshops
 Drive Your Dream—5 Tips to Find and Fund Your Ride
 Auto Fall Savings Events
 Board & Supervisory Committee Nominations
 Free Financial Education Workshops
 International Credit Union Day
866.287.6225 | CUSoCal.org
You’re First
as 1 in 100 Million
Shop For Miracles
Choose CU SoCal’s Card on Black Friday
Every time you use your CU SoCal
M
Visa® Credit or Debit Card on FRIDAY,
embers nationwide have trusted credit unions as
their financial partner 100 million times over. Today,
one in three Americans belong to a credit union, making
our financial community 100 million Members strong. One
reason so many people have turned to credit unions may
be because as not-for-profit cooperatives, each and every
Member-Owner comes first.
At Credit Union of Southern California (CU SoCal), our focus
remains on serving Members, not profiting from them. Our
profits are returned directly to you in the form of better rates,
added convenience, expanded products, and greater overall
value. In fact, according to a 2015 CU SoCal Membership
benefits report, Members received nearly $5.9 million in
direct financial benefits in just one year, which is equivalent
to an average of $161 per household. Members who turned
to CU SoCal exclusively to fulfill their financial needs received
even greater financial benefits: approximately $1,175 per
household. The study revealed CU SoCal Members specifically
benefited from lower rates on auto loans, home loans, and
credit cards.1
Another example of placing Members first is our recent
partnership with Newport Beach City Employees Federal
Credit Union (NBCEFCU). On September 1, 2015, CU SoCal
welcomed the Members of NBCEFCU and added a branch
in Newport Beach. Our partnership immediately increased
branch convenience for our combined Membership while
also expanding resources to better serve Members well into
the future.
Thank you for placing your trust in CU SoCal and for
allowing us to help you better your life and achieve your
financial dreams. Please join us this October as we once
again celebrate International Credit Union Day and pay
tribute to our nearly 80,000
Members who have, and
always will, come first.
Dave Gunderson
President/CEO
NOVEMBER 27, we’ll donate 25 cents
to our local Children’s Miracle
Network Hospital, CHOC.2
Choose “Pen” over “PIN”
C
onfused if you should use the “debit” or “credit” option
after swiping your debit card in the checkout lane?
Both contain fraud protections. Both can be tracked using
online banking and your monthly statement. And, both
withdraw funds from your checking account. So, is there
really a difference?
Yes! There are several key differences between “credit”
and “debit” such as merchant fees, dispute assistance,
and your available checking account balance. And, while
there are benefits to both options, you have the maximum
advantage when you choose “credit” on a purchase—even
when you’re using your debit card.
Key advantages of selecting “credit”:
1. Choosing “credit” allows you to sign for your
purchases. Your signature grants you greater
protection on your purchases such as assistance with
merchant disputes from your card issuer.
2. “Credit” transactions typically clear your checking
account within two to three days; however, the funds
are placed on hold immediately.
3. Selecting “credit” may allow you to avoid merchant
debit card transaction fees.
When should I select debit?
If you would like to get cash back at the store, choose
“debit.” Otherwise, save your PIN for ATM use and select
“credit” when you’re at the mall, gas station, or grocery
store. You’ll find the pen is mightier than the PIN.
2 CU SoCal will donate 25 cents per CU SoCal Visa® Credit or Debit Card transaction on
November 27, 2015, up to $10,000.
1 CUNA Membership Benefits Report, First Quarter 2015.
Benefits estimated from April 2014-March 2015 and are
compared to banks in California.
Qs As ASK CU SoCal
Dear CU SoCal:
I didn’t think my wife and I could
afford to buy a home this year
when my know-it-all neighbor
chimed in and suggested we look
into a 5/5 adjustable-rate mortgage
(ARM). I wasn’t sure what he was
referring to, but I thought you
might. Can you help?
Sincerely,
Lookie-loos in La Habra
Dear Lookie-loos:
You’ve come to the right place! We
can help.
A 5/5 ARM is a type of mortgage loan
where your interest rate is fixed for
five-year increments. Then every five
years there is an adjustment to your rate.
Each adjustment is capped by a maximum
percentage point rate (up or down) which
helps keep your monthly payments
predictable, even if interest rates go up.
There is also a total rate adjustment which
protects you from steep rate hikes.
So there you have it! If you’d like to talk
more about your home-buying goals,
our real estate loan consultants are here
to help (evenings and weekends too), at
800.698.7196.
Your Friends at CU SoCal
A 5/5 ARM can save home buyers a significant
amount of money during the first
five years of the loan—and possibly
even beyond! Using CU SoCal’s
5/5 ARM as an example, on a
$600,000 loan, a borrower can
reduce his/her total payments by
more than $17,000 in the first five
years of the loan compared to a 30year fixed mortgage (view chart).
NMLS #45478
Monthly Workshops Offer Financial Sense
“The Building a Better Budget workshop was
very informative—thank you! I found this
workshop helpful and easy to understand.
I’m going to recommend these workshops
to others.” —Anthony M., Pico Rivera
“The Financial First Aid workshop helped
me get on track to rebuild my credit and
speak to creditors without fear. The Buying
Anthony M.
Sharon D.
a Home workshop helped my daughter
and son-in-law to get their first home.” —
Sharon D., Chino
“I learned about how credit impacts your
FICO score and how credit ratings work in
the Understanding Credit workshop.”
—Sharon C., Whittier
Sharon C.
Drive Your Dream—5 Tips to Find and Fund Your Ride
START
TIP 1—SHOP SPECIALS
Shop Autoland or Enterprise this fall
to receive special Member discounts
and trade-in bonuses.
TIP 3—DRIVE DOWN PAYMENTS
Prefer to shop on your own? Print a coupon
for $300 off your next auto purchase at
CUSoCal.org. Plus, schedule automatic
payments from your CU SoCal Checking
Account and lower your rate by 3/4% APR.*
Ride with an Affordable Rate
Fall Savings Events
APR=Annual Percentage Rate
*
TIP 5—STEER CLEAR OF THE 0% TRAP
0% dealer financing is not always your
best bet. Given a choice between 0%
financing or a rebate, the greater savings
often lies in a rebate.
Lower your rate by .25% APR!1
Get an additional discount on
your rate when you purchase a
vehicle with Enterprise Car Sales2
or Autoland3 in November or
December.
1 APR=Annual Percentage Yield. .25% off your
TIP 2—HALT HAGGLING
Use CU SoCal’s auto-buying partners
to help locate, purchase, and deliver
your dream drive without ever
stepping foot on a dealer’s lot. And,
because autos are purchased in bulk,
you’ll get a great deal!
TIP 4—GET PRE-APPROVED
Gain greater negotiating power by
securing pre-approved financing.
FINISH
approved auto financing rate (max term applies)
is applicable only on CU SoCal auto financing.
Rates, terms, and conditions are subject to change
and may vary based on collateral conditions,
qualifications, and credit worthiness. Offer based on
48/60 month financing. 2 Valid only on Enterprise
Car Sales vehicles purchased 11/1/15-12/31/15.
Used vehicles were previously part of Enterprise
short-term rental and/or lease fleet or purchased
by Enterprise from other sources including auto
auctions, with previous use possibly short-term
rental, lease or other. For details, see an Enterprise
Car sales manager. 3 Offer valid only on Autoland
vehicles purchased 11/1/15-12/31/15.
Board & Supervisory
Committee Nominations
Workshops
Four Board Members and three Supervisory Committee
Members are up for re-election in 2016. Elizabeth Camp,
Paul Moore, and Bob Chaffino have each been nominated
to serve a three-year term on the Board of Directors. Andrea
Blais has been nominated to serve a one-year term on
the Board of Directors. Judy Miller, Greg Kelly, and Dave
Yamashita have each been nominated to serve two-year
terms on the Supervisory Committee.
The Nominating Committee has determined that these
volunteers are qualified and have the necessary experience to
serve our Membership. As a CU SoCal Member 18 years or older
and in good standing, you are eligible to run for an elected
position. Petitions for nominations of candidates for these
positions will also be accepted. Petitions must be submitted by
Friday, January 15, 2016, to the secretary of the credit union. A
valid petition must have at least 500 signatures from CU SoCal
Members, be accompanied by a signed “Willingness to Serve”
statement, a signed “Code of Ethics/Statement of Consent,” and
a statement not to exceed 250 words detailing the candidate’s
qualifications for office and reasons for candidacy. Petition
packages are available upon request from the Telephone
Service Center at 866.287.6225.
New Newport Beach
Branch Location
CU SoCal is pleased to welcome Members of
Newport Beach City Employees Federal Credit
Union! We now have 16 CU SoCal locations to
serve you!
I’ve banked at CU SoCal for
more than five years and
the service is outstanding in
person and over the phone.
—Niki F., Buena Park
Complimentary and Open to the Community.
BUYING A HOME
Tuesday, October 13| 6:30-8 p.m.
Whittier Community Center, 7630 Washington Ave.
IDENTITY THEFT
Wednesday, October 28 | 6:30-8 p.m.
Whittier Community Center, 7630 Washington Ave.
RSVP
VisitCUSoCal.org
News & Events/Educational Workshops
[email protected]
Call562.365.1882
International
Credit Union Day
PEOPLE HELPING PEOPLE
Join us in celebrating our Members and the credit
union difference. Enjoy delicious treats at
CU SoCal branches while supplies last.
Friday, October 9 | 11:30 a.m.-4 p.m.
All CU SoCal branches except Alhambra.
Thursday, October 15 | 11:30 a.m.-4 p.m.
Alhambra branch, DPW Building
Account Protection
425 Old Newport Blvd.
One of my favorite parts about
CU SoCal is the shared ATMs,
including 7-Eleven® stores.
Their mobile app is also great
to check balances on the go as
well as make check deposits.
—Zackery P., La Puente
Your CU SoCal deposits are backed by the full
faith of the U.S. Government and protected to
at least $250,000 by federal deposit insurance
provided through the National Credit Union
Share Insurance Fund (NCUSIF), a division of the
National Credit Union Administration (NCUA). It
may also be possible to restructure your accounts
to guarantee higher levels of NCUSIF coverage.
For more information or to restructure your
accounts to maximize your federal insurance, call
or stop by your favorite branch.
We’re Here to Serve You
TELEPHONE SERVICE CENTER
Monday-Friday
9 a.m.–6 p.m.
Saturday
9 a.m.–1 p.m.
Local
562.698.8326 Toll-free
866 CU SoCal (866.287.6225)
WebsiteCUSoCal.org
[email protected]
Mobile Banking
m.CUSoCal.org
Find ATMs
Text location to 692667
GET SOCIAL WITH US
Handle: @CUSOCAL
HOLIDAY NOTICE
Veterans Day
November 11
Thanksgiving
November 26-27
Christmas Eve
December 24 (closes at 1 p.m.)
Christmas
December 25
New Year’s Eve December 31 (closes at 1 p.m.)
New Year’s Day January 1, 2016
GROWING TO SERVE YOU BETTER
Members77,354
Loans$419,631,167
Assets$978,565,173
Federally insured by NCUA