Membership at Concho Educators Federal Credit Union is open to

Concho Educators Federal Credit Union
Schools. Families. Communities.
2014 Winter newsletter
N o r t h B rya n t b r a n c h n o w o p e n
Located at 2239 N. Bryant Blvd.,
Concho Educators Federal Credit
Union excitedly opens a new branch.
The opening of this new location,
makes four branches total for Concho
Educators FCU, not including our
mobile branch.
Branch Manager Greg Flores, who
previously managed the Beauregard
office, will now be at this location.
Cindy Poe, who has been with the
credit union for several years, is now
the Branch Manager of the Beauregard location.
This office is currently a walk in office, opened on January 2, 2013.
Soon an ATM and drive-thru will be added. Currently, the mobile ATM
is located at this location for convenience to our members.
To open an account with Concho Educators, please visit any of our offices and speak with a member service representative. Our friendly
staff at all four of our locations are eager to serve you.
Employee o f t he 4t h
Qu a rt e r
Concho Educators Federal Credit Union’s Employee of the fourth Quarter of 2013 is Ciro Garcia. Ciro is always kind and courteous when
asked about computer help. He accomplishes tasks in a timely manner.
He is very helpful and understands that not everyone is as skilled as he
is when it comes to technology.
Ciro joined CEFCU October 5, 2005 and is the Electronic Service Coordinator. He graduated from Christoval High School and Howard College. Ciro originally started as a part-time teller and then got promoted
to a full-time teller and worked at the Beauregard branch. He then
moved to the Corporate office and became Head Teller. In 2008 he began office processing.
Ciro is socially involved with the National Beta Club.
Individual retirement
accounts
What is and IRA and Who Should At Concho Educators Federal Credit Union, the rate in which your interest is comGet One?
An IRA, is an Individual Retirement Account Certificate. IRA accounts come in
two basic types, Roth and Traditional. The
difference in these two accounts is that the
Roth account grows tax-free, but does not
allow a tax-deduction, while the Traditional account grows tax-deferred, but does
allow a tax deduction. Both accounts however, must be held for at least five years in
order to obtain the tax-free status. In order to have your IRA distributed to you,
you normally need to have reached 59 ½
years of age. Any distributions prior to
that age can result in a 10% tax penalty.
How does your money grow in an
IRA?
When you obtain an IRA, you are put into
a contract. When you invest your money
and are not taking income, you allow your
interest to earn interest, which is referred
to as compounding. The term in which
refers to the rate where your interest gets
compounded is referred to as the annual
percentage yield (APY). This is where all
banks and credit unions differ. To open a
one or two year IRA Certificate at Concho
Educators Federal Credit Union, your
minimum deposit must be $500.00.
pounded is currently 0.90% APY for two
years, as a limited time special. In order
to retain this special, you must open a new
IRA or renew your existing IRA. As a
Bonus Special, if you transfer your
IRA from another institution or renew and add $10,000 in new funds,
CEFCU is offering a limited time
1.00% APY. The annual percentage yield
for a one year term is .40% APY at
Concho Educators Federal Credit Union.
Each bank/credit union has their own compounding schedule. At Concho Educators
Federal Credit Union, the schedule of
compounding interest is quarterly. That
mean your interest is compounded four
times a year!
IRA certificate deposits are an insured investment
of up to $250,000 by the NCUA for credit unions and up to $250,000 by the FDIC for
banks.
Article References
Investopedia: CD
Small Business by Demand Media
www.conchoeductors.org
Membership at Concho Educators
Federal Credit Union is open to
ANYONE living or working in Tom
Green County!
If you are a member, refer someone! If
you are not, come join us!
www.conchoeducators.org