defend yourself from new fees

Providing financial services for everyone who lives or works in Greene or Christian counties.
Locations
2155 E. Sunshine St.
Springfield, MO 65804
(417) 886-5355
(800) 553-5055
2416 W. Battlefield Rd.
Springfield, MO 65807
(417) 881-8814
400 E. Chestnut St.
Springfield, MO 65806
(417) 831-5755
338 N. Massey Blvd.
(Fountain Plaza Center)
Nixa, MO 65714
(417) 725-8501
161 US Hwy 60 W
September 2009
DEFEND YOURSELF FROM NEW FEES
Drop those ‘other’ credit cards and transfer your current
credit card balance for FREE to a low-interest TelComm
Credit Union VISA credit card. Save money on the
interest you are paying and rid yourself of those high
fees today. While many other financial institutions
have raised their credit card interest rates, added new
charges right and left and/or lowered your credit limit
for no reason, TelComm’s VISA has remained as low
as 8.9% for qualified borrowers with FREE balance
transfers. The goal for all smart team members is to
reach the end zone of financial freedom, apply for a
TelComm VISA and let us help you score a touchdown.
Republic, MO 65738
(417) 732-9191
www.TelCommCU.com
24/7 Teller • (417) 882-5409
Hours
Lobby Hours - All Locations
Mon - Th. 9:00 AM - 5:00 PM
Fri. 9:00 AM - 5:30 PM
Sat.
9:00 AM - 12:00 PM
Drive Through - All Locations
Mon - Fri. 7:30 AM - 5:30 PM
Sat. 9:00 AM - 12:00 PM
Financial Report
As of July 31, 2009
Membership......................... 14,814
Assets........................$91,404,507
Deposits.....................$79,473,200
Loans.........................$47,539,745
Holiday Closings
Columbus Day – Mon. – Oct. 12
Veteran’s Day – Mon. – Nov. 12
Thanksgiving Day – Wed. – Nov. 25
Christmas Day – Fri. – Dec. 25
New Year’s Day – Fri. – Jan. 1
REGISTER TODAY to win 2 FREE tickets to a Kansas City Chiefs home game by going
to www.TelCommCU.com and/or www.ozarksfirst.com!
We are giving a pair of tickets away for every home game to a different lucky winner each week and
he/she will be announced on the Friday 6PM news during the Sports Report by Dan Lucy on KOLR 10.
Registration boxes are also in every TelComm location lobby for those who prefer paper registration,
so huddle up and win!
Skip-A-Pay for the Holidays!
You Pick, November or December?
Contact the Loan Department at the Sunshine office if you would like
to participate in TelComm’s Loan Skip-A-Pay Program*. If you have
questions about the program we would be happy to assist you, just call
417.886.5355.
*You may defer one payment only. This deferral is not available
for a first loan payment. You may have only one loan deferment
in a twelve-month period. In order to be eligible for a deferral
you may not be in default on any of your obligations to TelComm
Credit Union. The fee for deferral is $25. In addition to the deferral
charge, finance charges will continue to accrue during the deferral
period and the total finance charges you pay on the loan may
be greater than if you elect to take no deferral. This offer is not
available on any real estate loan. Conditions may apply, subject
to approval.
No Closing Cost Home Equity Line of Credit Now thru Dec. 31!
Are wondering how to pay off those credit cards now that many have higher interest rates (not ours!) or want to take
advantage of up to $1500 in possible tax credits available by making ‘green’ home improvements? A TelComm Home Equity
Line of Credit (HELOC) might be just the ticket. With a minimum credit line of $10,000, TelComm HELOC loans may be
approved for up to 100% Loan to Value (LTV).
A Home Equity Line of Credit, like a credit card, gives you a predetermined
cash limit and lets you access money when needed. Using the equity
in your home is one of the smartest ways to borrow money and most
of the time the interest is tax deductible for you. (Check with your tax
advisor to be sure)
From the time you receive this through December 31, 2009 TelComm
Credit Union is offering a NO CLOSING COST HELOC* – you can’t beat a great 4.75% rate and NO
CLOSING COSTS! You may borrow up to 100% of the value of your home if you are a qualified
applicant and TelComm has fast approvals and closings.
If you have questions or want to visit with a loan officer to determine if a HELOC is a good move for
you, drop by any location and talk with a Loan Officer today. We have money to loan and qualified staff looking forward
to working with you.
*Loans paid in full within 3 years of open date must reimberse closing costs. Some restrictions may apply.
Funds from your Christmas Club account will be automatically
transferred to your checking or savings account on
Wednesday, Oct. 14, or if you prefer to have a
check mailed to you, please call Mary at
886-5355 x119 BEFORE Friday, Oct. 9.
Preparing for Flu Issues
TelComm’s Board of Directors and employees are working diligently in anticipation of the upcoming flu season during the
next few months and want to share these tips to keep in mind when you need access to your credit union account:
• If you are ill and still need cash, please use our 5 convenient ATMs rather than coming into the lobby.
• Our night drop and drive-thru windows are convenient options to drop off deposits, payments or loan documents.
• To determine if a check has cleared or to make a transfer etc. you have 2 excellent options to allow you to stay home and
recover while conducting your business in a timely manner: 24/7 Teller phone line 417.882.5409 OR our Online Branch located
at www.TelCommCU.com Both are open and available 24/7 at your convenience!
• If you choose to come inside we suggest you use the antibacterial gel located at each
island in the lobby BEFORE conducting transactions and if you need to cough, please
cough into your sleeve rather than your hand.
• We will forego handshakes as a greeting until this period has passed so a friendly
wave may be our form of acknowledgement for a while!
Thank you for your cooperation and we hope all remain healthy during the upcoming months. If you would like additional tips
you might want to go to www.flu.gov or www.fighttheflumo.com
2 September 2009
O p e n & V O l u n ta r y M e M b e r s h i p • s e r V i c e t O M e M b e r s • O n - g O i n g e d u c at i O n •
™
• n O n - d i s c r i M i n at i O n • c O O p e r at i O n a M O n g c O O p e r at i V e s • d e M O c r at i c c O n t r O l
Social ReSponSibility • building Financial Stability • diStRibution to MeMbeRS
186 Million people woRldwide cHooSe a cRedit union
INTERNATIONAL CREDIT UNION DAY
®
OCTOBER 15, 2009
GREAT GIFT IDEA
FOR THE HOLIDAYS
VISA Gift Cards are available
for $2.00 each at all TelComm
locations. These are a perfect
stocking stuffer for the “hard
to buy for” person on your
list! Stock up now and be sure
to get a festive holiday card
before the rush..
Notice Regarding PIN-less
Debit Card Transactions:
Transactions that are routed through a non-VISA network
that offer the PIN-less service (eg. CO-OP, NYCE, Plus,
STAR and ACCEL/Exchange) may not be processed as
VISA transactions and may not include VISA benefits (eg.
Zero liability, $50.00 consumer loss cap, provisional credit policies of
VISA and VISA chargeback and dispute resolutions).
Message from the President:
In light of the current economy, many of you
may have already been notified of changes in
your credit cards’ terms. From watching the
nightly news, it seems many of the large credit
card issuers have resorted to: increasing credit
card interest rates, increasing credit card fees,
or reducing credit card limits – even though
you never missed any payments on your credit
card – or you may otherwise have an excellent
credit rating.
mailed your credit card statement which reflects your payment
due date - well in advance of 21 days, and will continue to do so).
Students: Anyone under age 21 will need to have a parent or
guardian cosign for them or else be able to prove that they have
independent means to pay for the credit. (FYI: TelComm has always
utilized prudent credit approval methods when considering credit
card requests for younger applicants. We feel it is important these
applicants not be burdened with a large amount of debt, which
will impact their credit standing for years to come if they struggle
in repaying the credit card balance.
As a result of negative credit card changes initiated by many large
credit card issuers such as those above, Congress recently passed a
new law (Credit Card Act of 2009), which may change the way you
use and manage your credit cards.
In addition, we also discovered this new regulation (in part due to
the haste in which the legislation was passed) inadvertently had a
major impact on other open ended loans - such as unsecured line
of credit loans and Home Equity line of credit loan). As a result,
for us to comply with the regulation, we adjusted loan due dates
on these types of loans to the 28th of the month (i.e., if you have
a line-of-credit loan we already sent you a letter explaining the
changes to your line of credit loan). If you have further questions
on how this regulation may have affected your loan, please contact
our Compliance Officer at 732-9191 for additional explanation.
Don Ackerman
President
Here are a few key areas the new law may impact - as it relates to
your existing (or new) credit card(s):
Interest Rates and Terms: If you received a low “introductory”
rate, it will remain the same for at least six months. In the event
your interest rate, fees, or finance charges increase, you will be
provided 45 days notice. No rate increases will be allowed (except
for expiring “teaser rates”) for the first year of a contract. (FYI:
TelComm’s VISA credit card does not “tease” you with a shortterm introductory rate, nor have we increased fees or interest
rates on our credit card program for the past several years).
We appreciate your patience and cooperation as we and all
other financial intitutions transition through the many legislative
requirements that impact all of us in the financial services arena.
In closing, if you do not already have a TelComm Visa, give our
Fees and Payments: Your credit card bill will be mailed to you loan staff a call, as they would be glad to help you save money
at least 21 days before the due date. (FYI: TelComm has always with a low-rate TelComm credit card.
September 2009
3
Coffee, Eagles and Dice Oh My!
For the 120+ golfers, volunteers and credit union staff who
attended the 13th Annual “Golfing for Kids” Tournament
to benefit Children’s Miracle Network (CMN) all three of the
above translated to a fun rain-free outing on Sept. 11, 2009.
In remembrance of the events of that day 8 years earlier the
tournament was opened with the group reciting the Pledge of
Alleigance and a volunteer performing the National Anthem
around the American flag at the Rivercut clubhouse.
Collectively over $30,000 was raised through the event by
sponsors, credit unions and players inching the group of 10
credit unions participating even closer to hitting the $500,000
mark in total donations to CMN over the past 13 years. TelComm
had several teams playing made up of members, vendors and
employee family members with a few winners among our
group. In a special raffle for 4 awesome seats to see the Kansas
City Chiefs play the Pittsburgh Steelers conducted among the
10 participating credit unions, the winner also a TelComm
member.
Thank you to everyone who supported this effort in a variety of
ways and ultimately Children’s Miracle Network.
New Product Spotlight: Secured VISA Credit Card
It looks like a regular VISA credit card, it works like a regular VISA credit card and you receive a monthly
statement like a regular VISA credit card, so what IS a Secured VISA Credit Card?! This product was created
for members who either a) have no credit score at all as they are first establishing credit or b) have a low credit
score and may not qualify for a VISA credit card.
So, how does it work?
1) Minimum credit limit amount is $300 and the maximum credit limit is $1000.
2) A special savings account is established where funds are deposited and ‘held’ to
adequately secure the member’s VISA share-secured credit card.
3) The required deposit amount is 10% over the approved credit limit. E.g. $300 credit
limit = $330 on deposit and held. $1000 credit limit = $1100 on deposit and held.
4) Interest rate for the Secured VISA Credit Card is 14.9%
5) All other VISA card responsibilities, restrictions, fees apply similar to the regular
VISA credit card.
Above is just a quick overview of this new offering, please visit with a Loan Officer for details. If you would like
to apply for a Secured VISA Credit Card you may fill out a VISA application or print off the loan application on
the home page of the website (www.telcommcu.com) and make sure to write Secured VISA on the top of the
form. These will be processed through the Battlefield location; if you have questions you are welcome to call
Jody at 417.881.8814 to learn more.
*If Secured Visa Credit Card is closed by member, funds will not be released until after the next billing cycle.
4
September 2009