Carolina People Matter

Carolina People Matter
Winter 2016
www.cpmfed.com | 800.255.1513
A Quarterly Publication for the Members of CPM Federal Credit Union
CPM has earned
Bauer Financial’s
Highest
5-Star Rating!
A Message from our CEO
Thank you for a great 2015!
In 2015 we delivered service and value
to you every day, and that included our
funding a record amount of new loans at
very competitive rates. We shop 21 banks
and credit unions for their consumer loan
rates and typically our rates are the lowest or second lowest rate. We ask
an independent service, Datatrac, to compare our loan and deposit rates
to all banks and credit unions in the State. On our website it is easy to find
our best deals as they are the ones with great rates certified by Datatrac.
We continue to offer lots for free and for low fees. For example, we
continue to offer free checking with no minimum balance required, and we
continue to offer more free ATMs than Bank of America and Wells Fargo
combined. We continue to offer warm, caring service in our branches and
we continue to answer most calls in under 30 seconds. As a memberowner of a credit union you know you can get great personal service and
a great deal at the same time!
We made it easier for you to bank with us in 2015. We launched our
e-Deposit service allowing you to deposit checks using your smartphone.
We also launched a tablet-optimized online banking experience. We now
offer you three separate and unique online banking experiences: desktop,
smartphone, and tablet.
Our financial results in 2015 were outstanding. We grew our loans,
deposits, and assets. Our annual net income exceeded $4 million, our
net worth ratio continues to exceed 11%, and we continue to hold a 5-star
rating from Bauer Financial. Our results provide you the strength and
security you deserve in your financial institution.
The number one concern of most credit union members is security and
in 2015 we took action to better protect you and your accounts. For
example, we improved the security of our online banking systems and
that included requiring you to establish more complex passwords. Every
new CPM credit and debit card now comes with an EMV chip. The chips
are incredibly hard to counterfeit and that will certainly help our members
as the number one reason our members had to fill out a card claim form
in 2015 was to get reimbursed after a fraudster created and used a
counterfeit card. While the new chip cards will be a big help we know our
work to protect you is never ending, and our challenge is to stay ahead of
the fraudsters whose means and methods are evolving. To help protect
you we sought out and found expert help. I’m pleased to report we added
Andy Bowden, a noted cybersecurity professional, to our Supervisory
Committee in 2015.
As always, thank you for your loyal membership. We are on a mission to
serve you. Our vision is simple. All One Team. All About the Member.
Deliver Service and Value Every Day.
James
Gergen
~Security~
~Strength~
~Reliability~
Did You Know...
Card “skimming” is an ongoing and serious problem? According
to Co-Op Financial Services, regional incidences of both financial
institution and retail location skimming have recently increased;
particularly concerning during the busy holiday season with increased
card usage. So, what is skimming? Scammers use cameras, keypad
overlays, and devices such as realistic-looking card readers placed
over the factory-installed card reader on an ATM or gas pump to
capture the information from your card’s magnetic stripe without your
knowledge and get your PIN. Because Carolina People Matter, we
want to help our members avoid becoming a victim of card skimming.
Long term, EMV cards (chip cards) will make skimming much more
difficult and reduce the occurrence.
In the meantime, the FBI* offers the following tips to avoid being skimmed:
• Inspect the ATM, gas pump, or credit card reader before
using it…be suspicious if you see anything loose, crooked, or
damaged, or if you notice scratches or adhesive/tape residue.
Don’t use a suspicious device and report it to the owner.
• When entering your PIN, block the keypad with your other hand
to prevent possible hidden cameras from recording your number.
• When possible, use an ATM at an inside location (less access for
criminals to install skimmers).
• Be careful of ATMs in tourist areas…they are a popular target of
skimmers.
• If your card isn’t returned after the transaction or after hitting
“cancel,” immediately contact the financial institution that issued
the card.
* https://www.fbi.gov/news/stories/2011/july/atm_071411
Remember eDeposit is here!!!
Simply use your mobile app
to make deposits.
Visit www.cpmfed.com
for more information.
CONSUMER LOAN RATES
Product 800.255.1513
Variable Rate**
1.99%
New EMV® Debit Cards Now Available
APR* (as low as)
New Autos
1.69%
Used Autos
1.99%
Boats 3.99%
Motorcycles, RVs, 5th Wheels, ATVs
4.99%
Personal Loans
7.99%
My Line Anytime (Line of Credit)
8.50%
Visa© Classic 16.00%
Visa© Gold (variable: prime + 7%**)
10.25%
Visa© Platinum(variable: prime + 5%**) 8.25%
Visa© Firefighter Gold Card(variable: prime + 7%**) 10.25%
Visa© Secured Credit Card
16.00%
Share or Certificate Secured
Up to 36 months
2.99%
37-60 months4.99%
Home Equity Line of Credit:
Discount Rate
APR *(as low as)
3.25%
Fixed Rate
3.99%
*APR = Annual Percentage Rate. Membership rules and restrictions apply. Terms
and conditions subject to change without notice. Offer subject to credit approval,
not all borrowers will qualify. Rates depend on LTV, lien position, and credit
score. The offer is limited to current occupied, single-family dwellings and is not
valid for rental properties, mobile homes or residential lots. Closing costs are the
responsibility of the borrower. **Variable rate based on Prime (currently 3.25%
as stated in the Wall Street Journal). Discount rate is for the initial 6 months, rate
will be adjusted to the qualifying tier rate plus prime with a maximum rate of
18%. Current projected rate after initial discount as low as 3.25% up to 90% LTV.
See a Branch Representative for details.
CPM Federal Credit Union is issuing the latest advancement in cardholder security by
replacing your current CPM Debit card with an EMV® capable-chip card.
Where can I use my chip card and how does it work?
You can use your chip card anywhere you would use your existing card. There are
two ways to use-swiping it as you normally would or inserting into one of the new EMV
terminals. When an EMV terminal is available at a retailer, insert the chip end of the
card and keep the card there while you follow the prompts.If the retailer does not have
an EMV terminal, you can still use the magnetic strip and your PIN stays the same.
Can I use my chip card at the ATM?
Yes! You can still use your card to get cash, check or balance and more. CPM has
upgraded all of our CPM branded ATMs to accept the new EMV plastics. This was a
requirement of all financial institutions. Simply insert the chip end of your card with
the chip facing up.
What should I do if I am not able to select “debit” for my transaction or request
cash back when using my chip debit card?
Once you insert your chip debit card into the terminal you will be prompted to either
enter your PIN or provide your signature to authorize your transaction. Both ways are
secure and result in funds being debited from your account. If the merchant does not
allow you to enter your PIN you will not be able to request cash back. In this case,
you may use any CPM, CO-OP, or Allpoint ATM to withdraw cash without paying a
surcharge.
When will I receive my new EMV chip card?
CPM Visa debit cards with EMV chips started reissuing on December 7, 2015 for new
accounts or cards reissued due to expiration. Please note that the design of the new
cards has also been updated.
All CPM Visa ® credit cards were reissued in September and October of 2015. If you
haven’t received your new EMV credit card, please contact us at 800.255.1513. If you
have received, be sure to activate as soon as possible and properly destroy your old
card. You will receive a new PIN with your new EMV credit card.
Is there any additional cost for a chip card?
No, there is no additional cost. However, if you have to replace your chip card, there
may be a replacement fee.
What should I do with my existing card?
Once you have activated your new EMV chip card, please destroy your existing card.
Still have questions? Visit www.cpmfed.com or call 800.255.1513. for more info.
MORTGAGE LOAN RATES
877.906.7032
Mortgage Specials:
Rate
APR*(as low as)
Fixed Rate
10 years
2.875% / 3.066%
Fixed Rate
15 years
3.000% / 3.132%
Fixed Rate
20 years
3.500% / 3.604%
5/5 ARM
30 years
Call for rates
7/1 ARM
30 years
Call for rates
*APR = Annual Percentage Rate. APRs calculated on a mortgage secured by a
single family primary residence in SC or NC for a loan amount of $150,000.00 at
a loan-to-value (LTV) ratio of up to 90% for a purchase or refinance transaction.
Example: 10-year: $150,000.00 fixed rate mortgage for a term of 120 months the
rate will be 2.875%, the APR will be 3.066%, and the monthly principal and interest
payment will be $1,439.77. Example: 15-year: $150,000.00 fixed rate mortgage for a
term of 180 months the rate will be 3.000%, the APR will be 3.132%, and the monthly
principal and interest payment will be $1,035.87. Example: 20-year fixed rate
mortgage for a term of 240 months the rate will be 3.500%, the APR will be 3.604%,
and the monthly principal and interest payment will be $869.94. Loans subject
to approval. Rates based on credit rating, collateral, and standard underwriting
criteria. LTV not to exceed 90% on loans from $50,000.00 to $600,000.00 and LTV
not to exceed 80% on loans $600,000.01 to $800,000.00. Rates higher for cash
out refinances. Loans secured by condos or second homes may have higher rate
or different LTV requirements. Other fees, conditions, and restrictions may apply.
Offer valid as of September 14, 2015 and rates and terms subject to change. See
mortgage representative for details.
Holiday Closing Schedule
Please note the dates that your local CPM branches will be closed:
New Year’s Day, January 1st
Martin Luther King Day, January 18th
Presidents’ Day, February 15th
Federally insured by NCUA
Our Debit Card has a new look
CPM and the Love My Credit Union Rewards TurboTax® program have teamed
up to get you your maximum refund, savings of up to $15 on TurboTax federal
products, and a chance to win $25,000! Just try TurboTax Online for FREE (provide
your email address) by February 18th to be automatically entered in the TurboTax
$25,000 Payday Sweepstakes. This year, file your taxes the smarter way, and get
your biggest possible refund – guaranteed. TurboTax® guides you every step of the
way. Plus, you can save up to $15 on TurboTax federal products.
Visit www.cpmfed.com/member_benefits
Click on the Love My Credit Union banner
$10,000 for South Carolina Flood Relief
CPM Federal Credit Union
made a $10,000 donation
to the American Red Cross
to assist victims affected by
the recent flood. The heart
of credit unions is community
involvement and CPM is
glad to have the opportunity
to help people in the areas
where we serve.