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2nd Quarter 2012 News & Updates Newsletter
- National Credit Union Youth Week April 22-28, 2012
- 2012 Annual Meeting Highlights
- Summer Loan Special
- Credit Union Privacy Notice
- Withholding Notice Form 2317
- AutoCheck
- Certificate of Deposit Rates
- Lake Winnepesaukah 2012 Tickets
- And Much More...
Read Newsletter...
IMPORTANT NOTICE
This is to inform you of the changes made to the MEMBER'S CHOICE® Credit Disability and Credit Life
coverages currently being provided to you through Chattanooga Federal ECU. The following provision changes
will be effective February 1, 2012.
- Your plan of benefits has changed from 30 day Non-Retroactive to 14 day Non-Retroactive. This affects the
Total Disability Benefits provision of the Certificate previously given to you. The new provision will provide that
instead of being disabled for 30 days with benefits beginning on the 31st day, you must be disabled for
14 days with benefits beginning on the 15th day. In addition to your plan changing, there has also been an
adjustment to your rate. The increase in premium could result in a higher last payment or may extend the
duration of the loan. The new Credit Disability Insurance rate per $100 of outstanding loan balance is $.22 for
the Single Insured Plan.
There is no action necessary on your part to continue coverage if you already have it. In the event you do not
want coverage to continue, please notify the credit union.
IT IS IMPORTANT THAT THIS NOTICE BE ATTACHED TO YOUR CERTIFICATE.
Click here for a printable version of notice
Checking at CFECU
Chattanooga Federal Employees Credit Union does not believe you should pay for the convenience of your debit card and we have no plans to
institute a fee as some of the larger financial institutions are doing. Our share draft accounts are the best value in town. You never pay
for Visa Debit card fees, online banking, or online Bill Pay. In addition, the number of ATM’s you can use without a surcharge in the
Chattanooga area has increased. For a complete listing of free ATM’s you can use, go to
www.co-opnetwork.org and type in your location.
If you are paying for these services elsewhere, come talk to us about moving your checking account to your Credit Union.
AutoCheck Vehicle History Reports Now Available at CFECU
CFECU members can now purchase AutoCheck Vehicle History Reports from the Credit Union for only $10.00 per report. This is a savings of 67% from the regular price. AutoCheck Vehicle History Reports answer questions such as:
- Has an accident ever been reported on the vehicle?
- How many people have owned this vehicle?
- Has the vehicle been damaged by floods, fires, hail or other natural disaster?
- Is the mileage on the odometer accurate?
- Has the vehicle ever been recalled?
- Was the vehicle used as a service vehicle (police car, taxi, etc.)?
- Has the vehicle ever had a branded title (e.g., junked, salvaged or rebuilt)?
- Was the vehicle ever repossessed or stolen?
- Has the vehicle ever been sold at auction?
- Is there a lien on the vehicle?
If you are looking to purchase a used vehicle, put your mind at ease by reviewing an AutoCheck report first. To obtain a report, contact Deborah, Johnny, Sarah, or Mark. You will need to provide the VIN for the vehicle(s) you would like checked and they can deduct the $10.00 fee per report requested from your account and provide the report within minutes. This is another way the Credit Union is looking out for its members.
YOUR CREDIT UNION MAKES THE CREDIT UNION INDUSTRY NEWS
ACCORDING TO CALLAHAN & ASSOCIATES, INC., YOUR CREDIT UNION RANKED IN THE TOP TEN
NATIONWIDE FOR 2010 DIRECT LENDING LOAN GROWTH.
2010 Was tough on credit union auto loan portfolios. However, Chattanooga Federal Employees Credit Union is in the top-ten credit unions that bucked the trend! In an article titled “Keep on Truckin”, written by Alix Patterson, dated Monday, March 14, 2011, of Callahan & Associates, Inc., your Credit Union ranked 8th in the Nation for growth in auto loans based on new and used autos, auto loans/total loans and total assets AND 3rd in the Nation based on Total Loan Growth. CFECU had a 24.86% increase in total loan growth for 2010. These impressive numbers were only made possible by the support and trust of our valued membership. Thank you for your continuing support and for making the Chattanooga Federal Employees Credit Union one of the top ten in the nation.
BOARD OF DIRECTORS
CHATTANOOGA FEDERAL EMPLOYEES CREDIT UNION
A Word from Your Manager
Hopefully most of you have read the 1st Quarter 2011, Newsletter and have noticed the growth in loans and membership. Thanks to you, our
loyal and supportive members, Chattanooga Federal Employees Credit Union is one of the strongest Credit Unions around. We have a very strong
net capital and are able to pay some of the best dividends in town. Your Credit Union Board of Directors and Staff continually strive to give
you the best dividends and the lowest loan rates possible to show our appreciation of you support. My goal for 2011 is to help as many members
as possible meet their financial needs whether it be in loans or savings. This is your Credit Union, you are the members, you are the owners.
I am here, along with a dedicated staff to serve you and help you balance and maintain a healthy financial future.
Withholding Notice (Form 2317)
Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding.
You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form provided by your credit union.
Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay.
You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.
Click to read a
Notice from the Board and Management regarding the Safety and Soundness of your credit union.
Auto Loan Rates
If you are looking to buy a new or used vehicle or if you financed your vehicle at the dealer, it’s time to see if we can offer a better deal. Our vehicle loan rates are now as low as:
1.99% for 3 years*
2.25% for 4 years*
2.50% for 5 years*
*Rate subject to individual credit approval and may vary based on your credit score.
Mortgage
Interest Rates Are Lower Than Ever!
1st Mortgage 15-year – 5.00%
2nd Mortgage 10-year – 5.25%
2nd Mortgage 5-year – 4.25%
What are you waiting on?
Hurry to the Credit Union while the rates are low!!!
*Risk-based lending rules apply
MEMBERS® Auto and Homeowners Program and Insurance Products.
Click here for details.
A new look for Virtual Branch!
Click here to see the
exciting changes.
“To Buy or to Fix-Up?” ... that is the Question!
With the economy the way it is today, buying a house may be difficult...
Read More...
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financial institutions. Also, if you’re eligible to be a member, your family is eligible! Discover the many benefits of being a member
of Chattanooga Federal Employees Credit Union!
