TruliantNewsletter_2014_Q4 - Truliant Federal Credit Union

SUGGESTIONS, TIPS AND INFORMATION TO improve YOUR life | FALL 2014 | Truliant.org
INSIDE THIS ISSUE:
President’s Message:
The Banker’s Dilemma
p.2
Reach Your Goal Of
Home Ownership
p.2
A Message From Your
Chief Operating Officer
p.3
New Website Coming
In November
p.3
Financial Empowerment
Mini Grants
p.4
Protection From
Identity Theft
p.4
Star In Truliant’s Next
Ad Campaign
p.4
Tru2Go App adding
Popmoney ®
p.4
Find Your Home’s
Hidden Potential With
A Home Equity Line
p.5
New Business Partner
Welcome
p.6
New Rivergate MFC
Coming Soon
p.6
Vote For Calendar
Contest Winners
p.6
Meet Truliant’s Mint Hill Member Financial
Center Team
Catherine Sweeney knows that establishing Truliant in Mint Hill will mean more than
just setting up shop. As manager of your newest Member Financial Center, located
on the outskirts of Charlotte, Catherine is up to the task. “We offer a caring, capable
choice with the community’s best interest at heart. They may not have experienced
that until now,” she said. A veteran of for-profit banking turned credit union convert,
Catherine plans to further Truliant’s reputation of offering financial solutions, but
also of being an advocate for member-owners in their communities.
As a not-for-profit financial cooperative, Truliant returns our earnings to members
through higher savings rates and lower loan rates – without constantly dreaming up
new fees or sacrificing service. “Unlike banks, whose mission is to make a profit,
Truliant wants to impact a person’s life positively through guidance, compassion
and understanding,” Catherine added. Stop by and meet Catherine and her team at
our newest branch conveniently located in the Mint Hill Pavilion Shopping Center at
7114 Brighton Park Drive, Suite 300 in Mint Hill, N.C.
President’s Message: The Banker’s Dilemma
Oh Happy Day! The
bankers are interested
in selling services to
consumers and small
businesses again in the
Carolinas and Virginia. A
regional leader for a megabank in the trillion dollar
asset range announced
Marc Schaefer
last week that bankers in
President and CEO
Charlotte are “hungry for
business” again. He also needed to address concerns
that their product-pushing culture had resulted in opening
accounts or credit lines for customers without their
permission as bank employees sought to meet sales quotas.
Therein lies the banker’s dilemma: how do you give priority
to the stock shareholders through profit maximization while
also truly taking into account the consumers’ best interest?
It is no coincidence that credit unions recently crossed
the 100 million member-owner threshold in the U.S. More
and more consumers are realizing that credit unions like
Truliant are structured to prioritize your well-being and
best interest over profits. Let’s say a consumer comes
into a credit union and requests a $40,000 vehicle loan
to buy the car or truck of their dreams. At Truliant, don’t
be surprised if we remind you that you’ve told us that
you’re saving for your child’s college expenses and that
a $25,000 car loan will have you driving off in style, while
keeping you on target for college funding. Most banks will
likely drool at the prospect of the money they’ll make on
the $40,000 loan and the employee may actually receive
a commission for steering you away from a better overall
decision impacting your broader financial goals.
Truliant is not in and out of the consumer and small
business market, shifting emphasis where profits are
highest. We have consistently encouraged savings and
investments in the Credit Union as our members have
rebuilt their personal financial balance sheets post-financial
crisis. We also continued lending to individual members
and small business members right through the downturn
and bumpy recovery.
The point is that it’s not about “the bank” or “the credit
union.” It’s about you the member, and your family. Truliant
has understood this for the last 62 years and it can be
seen in our decisions, policy, products and services. More
importantly, you can sense it in our people and how we
interact with you.
The mega-banks are still slogging through the penalties
and fees for making and selling faulty mortgage loans. In
fairness, many of these loans were made by institutions
they acquired. Recently there were $15 billion and $17
billion dollar settlements.
Yet these behemoths are
IT’S NOT ABOUT
highly profitable. Federal
“THE BANK” OR
regulators are raising the
issue as to whether or
“THE CREDIT UNION.”
not they are too large and
IT’S ABOUT YOU
unwieldy, representing
THE MEMBER, AND
a continuing risk to the
YOUR FAMILY.
economy in the future
should one of them
stumble again. They will either have to raise a great deal
more capital or break into separate businesses.
Under any scenario, banks have the dilemma of trying
to maximize profits. Truliant must only understand and
meet our members’ needs while working to improve their
lives. Although large banks do a great job servicing their
large commercial clients, consumers are better served
by mission-driven credit unions like Truliant. The benefit
to your financial institution shouldn’t tip the scales in favor
of pushing products that aren’t best for you. Luckily, at
Truliant we don’t have to choose.
Reach Your Goal Of Home Ownership
The best parts of life happen at home. We can help you open the door
to an affordable mortgage and realize your dream of home ownership.
Our mortgage options fit your spending needs with low fees and
significant savings over comparable products.1 We offer:
•
•
•
•
Purchase or refinance
Low down payment
No prepayment penalties
Reduced mortgage insurance costs
Contact us to start building equity today with a mortgage from Truliant.
(1) Rates and terms are subject to change. Loans are subject to credit approval. Available in FL, GA, NC, OH, SC, TN and VA only.
LIFE IM PR OV E D
SM
A Message From Your Chief Operating Officer
Our TruService Approach
We often share the financial success stories of our members internally at Truliant. It’s a way
to champion the life-improving values we embrace with our employees.
There’s a common thread to these stories; most stem from actively listening to our
members about how we can best meet their individual needs. At Truliant, we know that
listening closely is paramount to helping you achieve your aspirations or to finding solutions
for a financial obstacle.
For example, one manager recalled that while working on an auto loan a few years back, the
member casually mentioned his dream to own a home. This spurred regular meetings
to help the member align his finances with his plans for the future.
Todd Hall
Chief Operating Officer
By simple active listening, the manager helped the member set up a systematic savings plan and provided guidance on a
debt payment plan to strengthen his credit score. A few years later, this resulted in the member receiving a low interest rate
mortgage loan for the home of his dreams. Our manager expressed how personally rewarding it was to play a major role in
assisting this member in realizing his goal.
Actively listening to our members also has more immediate impacts. One member recently came into Truliant to use our
free notary service for a Department of Motor Vehicles document. She mentioned she was planning to refinance her auto
loan with an online company – who would drop her interest rate from 23% to 12%. With two years of good payment history
under her belt, we knew we could do better. She was in disbelief when we came back with a 5.9% interest rate – saving
her $200 a month over the life of the loan.
We differentiate ourselves from major banks by placing a high value on listening. Unlike banks, there’s no hidden incentive
for us to meet your needs by pushing exotic new add-on products instead of finding the solution that has your best
interest at heart.
Our approach is not just nodding our heads and waiting for our turn to sell you something you don’t need. You became an
owner of Truliant when you became a member. Our responsibility as a not-for-profit financial cooperative is to serve you.
The fatigue of daily headlines pointing to a relentless sales culture at major banks fosters a distrusting attitude toward
financial institutions. Bank account holders are rightfully wary they’ll need to continue keeping on guard against hidden
fees to pay for the $250 billion in fines and settlements banks have accumulated since 2009.1
Financial analysts predict this era of bumper fines – which, to put it in perspective, would take Ford Motor Company 29
very good years to earn in profits2 – isn’t over.
As a credit union driven by its mission to improve lives, Truliant offers a much better alternative. We have all the convenient
services that most big banks have, but unlike these banks, we put you, our member, first over profits. At Truliant, our
passion is doing what’s right for you to help you guide your future and achieve your goals.
We’re ready to listen to how we can help improve your life by helping you build something worth having.
(1) London School of Economics and Political Science, Conduct Costs Project. (2) Ford Motor Company, 2013 Annual Report.
New Website Coming In November
We’re excited about the debut of our new website that will give you
more convenient access to all of Truliant’s life enriching products and
services. In November, you’ll enjoy a newly designed structure and
intuitive navigation, responsive design to fit your range of devices,
better search capabilities, a section dedicated to helping you achieve
your dreams and goals, and more. Stay tuned for more details
coming soon!
Truliant’s new home page shown on left.
Financial Empowerment Projects
Can Earn $1,000 Mini Grants
Financial literacy in our communities is a major focus at Truliant. Nonprofit organizations who actively support this goal in cities and counties
where we operate can earn a $1,000 Truliant Mini Grant. We’re looking
for organizations who support self-sufficient financial behavior, financial
literacy education and mentoring for youth, emergency financial
assistance and more. All applications are due by Oct. 15, 2014, and
recipients will be chosen by online voting on Facebook and Twitter in
November. To learn more about Mini Grant funding, visit Truliant.org.
Protect Yourself From Identity Theft
As data breaches become more common, we want our members to take steps to protect their identities and keep their
financial information secure. These common ways to protect your passwords from forced digital entry could mean the
difference between secure online access and identity theft.
• Standbys like your name, a month, your home state or city, or the addition of “123” to a password could leave it
vulnerable to forced entry by super-fast computers pushing short word and number iterations with usernames.
• Make your password more than eight characters. Think long, easy to remember passwords that are uncommon,
like: SaveYourWay#WithTruliant1952.
• Add characters, symbols and even misspellings to your password.
• When possible, use a two-factor authentication for sensitive information (i.e. two or more pieces of information must
be verified before access is granted).
If you think you have become a victim of identity theft, visit your local Member Financial Center or call us immediately at
800.822.0382 for assistance.
Star In Truliant’s 2015 Advertising
Campaign
When it came time to cast for our 2015 advertising campaign, the first
people we thought of were our own stars. That’s right! Your family could
be featured in our 2015 advertising campaign showing members and
their families enjoying memorable experiences.
To enter our member-only casting call, we’re asking that you submit a
100 word or less account of how we’ve improved your life, along with your
contact information and a family photo. We’re accepting submissions until
October 24, 2014. Send an email to [email protected] to enter
today and show off your family for a fun experience they’ll never forget!
Access Popmoney ® From Our Tru2Go
App Starting In November
Whether it’s paying back your portion of the rent, an electric bill or a courtesy loan
from mom and dad, person-to-person payments are easy with Popmoney! While
you can already access this service from your Online Banking account, Truliant
will begin offering this alternative to cash and check payments from our Tru2Go
app in November. Send recipients money via text message, email or directly to
their bank account. There’s no fee to make a payment and account information
is secure, so it isn’t shared between financial institutions. Popmoney is available
through your online banking account by selecting Move Money from the top blue
menu bar, then click on Funds Transfer.
Activate Your Vision With A Home
Equity Line Of Credit
Realizing your home’s hidden potential may be closer than you think
with a home equity line of credit from Truliant. We offer rates as low
as 3.25% APR2 that can help you achieve your vision for the perfect
living space. Beyond home upgrades, tapping into your equity makes
financial sense for common costs including:
•
•
•
•
•
Paying for a car or repairs
Consolidating debt
Medical expenses
College tuition
Paying off a high interest rate credit card
Turn to Truliant for help with your upgrades and improvements to create a lasting impression. Visit us, call or
apply online today!
(2) Rates and terms are subject to change. Loans are subject to credit approval. Maximum APR for home equity lines of credit is 18.00%. Available
in FL, GA, NC, OH, SC, TN and VA only.
Serving Your Business
Now And In The Future
At Truliant, we have your business’s best interest at heart
and want to be your preferred financial institution. Our
goal is to earn your trust with everything we say and do
to build a lasting relationship. Our commitment is simple
– we assist our business member-owners and help them
achieve long-term success, stability and profitability.
We are ready to meet and discuss the many options
available for business owners. Visit Truliant.org to learn
more about our suite of business services.
Our Auto Loans Will Get You
Moving Sooner
As dealers make way for next year’s new models, make Truliant the
starting point for your next auto loan. We have auto loans to fit your
needs, so you can begin making new memories today. Turn to Truliant for:
• Rates as low as 1.74% APR3
• Up to 100% financing for qualified borrowers
• Rate discounts available
Additionally, if you have a vehicle financed elsewhere,
Truliant can help you save by lowering your monthly
payment and interest rate.4 Improving your life is why we
exist. Stop by your local Member Financial Center, call us
or apply online to get started today!
(3) Rates and terms are subject to change. Loans are subject to credit approval. Floor rate on auto loans is 1.74% APR.
(4) Additional terms apply for refinancing existing Truliant auto loans.
Welcome To Our Newest Business Partners
Flextronics America LLC | Anomaly Squared | Heat Transfer Sales of the
Carolinas Inc. | X1 Communications | Carswell Distributing Company |
WDS Inc. | Sapona Manufacturing Company | Blue Ridge Home Health Care
| Strom Aviation Inc. | Elastic Therapy Inc. | Ray Moving & Storage Inc. |
The Center for Intentional Leadership | Whitehead Manor Conference Center |
Berico Fuels Inc. | Alamance Oil Company
Rivergate Member Financial Center
Coming Soon
Truliant is proud to announce the fourth quarter opening of our Rivergate
Member Financial Center, located in the Rivergate Shopping Center at
14318 Rivergate View Drive, Suite 300 in Charlotte, N.C. Located off NC 49,
southwest of Charlotte’s I-485 Loop, this branch offers convenient access to
Truliant’s wide array of affordable, quality financial products that can help you
achieve your dreams.
Vote For Our Calendar Contest Winners
Truliant wants you to choose the winners for our 2015 calendar contest. Voting
takes place through our Facebook page now until October 13. The calendar
cover winner will be awarded a $250 gift card and the remaining winners
will each receive a $100 gift card. Winning photos will be included in Truliant
calendars distributed at Member Financial Centers later this year. Visit our
Facebook page to vote!
MAIL:
Truliant Federal Credit Union
P.O. Box 26000
Winston-Salem, NC 27114-6000
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 APY 1
3 to 36 months
$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% - 1.05%
Consumer Loans APR2
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 2.14%
2004 - 2006 Used Car/Truck . . . . . . . . . . as low as 3.64%
3
Home Equity Line of Credit (HELOC)
Variable . . . . . . . . . . . . . . . . as low as prime minus 0.25%
2
Fixed Rate Mortgage APR
15-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.779%
20-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.348%
30-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.537%
Adjustable Rate Mortgage (ARM) APR2
3/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.316%
5/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.852%
7/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.130%
Rates are
accurate as
of 9/15/14
and subject
to change.
(1) Annual Percentage
Yield (APY) is accurate
as of 9/15/14 and
subject to change.
Penalties may be
imposed for early
withdrawal. Fees or
other conditions could
reduce earnings.
(2) Annual Percentage
Rate (APR) is effective
9/15/14; subject to
credit approval and
subject to change.
(3) 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 FL, GA, NC, OH,
SC, TN and VA.
upcoming Holidays
Truliant Federal Credit Union will
be closed on the following days:
Thanksgiving Day
Thursday, November 27
Day After Thanksgiving
Friday, November 28
Christmas Day
Thursday, December 25
New Year’s Day
Thursday, January 1
Truliant is federally insured
by the National Credit Union
Administration and is an Equal
Housing Lender.