Proudly Serving our Members Since 1938 P.O. Box 5577 Collegeville, MN 56321 PH: 320-363-7751 Toll Free 1-855-363-7751 Fax: 320-363-0353 www.collegevillecu.com Office Hours 7:30am-5:00pm M-F
What’s Inside Page 1
Credit Card Program 2014 MN Credit Union Network Scholarships Annual Meeting 2014 Welcome to new Staff Cooks Corner
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Toys For Tots 2013 We want your Photos!!! Do Your Homework Current Rates From the President’s desk - Post Holiday Loans - Credit Builder Loans Home Equity Loan Info.
Cooks Corner Carmel Bread Pudding By Marge Engelmeyer 6 Slices Day Old Bread, Torn 1 Cup Hot Water 1 Cup Brown Sugar 4 Eggs, Lightly Beaten 2 Cups Warm Milk 1/2 Cup Sugar 1/2 Tsp Cinnamon 1/8 Tsp Salt 1/2 Tsp Vanilla 1/2 Cup Raisins (optional) Place torn Bread in a greased, 2 quart baking dish. Combine Water and Brown Sugar and pour over Bread. Combine remaining ingredients and pour over Bread. Bake at 350 degrees for 50 to 60 minutes. Test with a knife. It is finished baking if the knife comes out clean. If using Raisins, put them directly over the torn Bread. This dish is good with cream or ice cream and can be served either warm or cold.
Thank you for sharing your recipe, Marge. Have a great recipe? Submit your recipe to us. If we print it in our quarterly newsletter, we’ll at $10 to your Credit Union Account!!
COLLEGEVILLE COMMUNITY CREDIT UNION December 31, 2013
Credit Card Program Update
We have signed contracts for our Credit Card Program and have started the implementation process. At this time we expect to be issuing cards in April of 2014. The Program will include a “Reward” feature where members can earn points for purchases on their card. The points can be used for virtually anything (including airline tickets, cash back, household items, etc...). The card will be very competitively priced as compared to the rates offered by other local and national institutions (we are unable to disclose the rates at this time as we’re still working through the details). The card rates will follow a similar, tiered rate structure as our existing loans, meaning the better your credit score, the better your rate. Stay tuned to the newsletter and website for additional details about this exciting program.
2014 Minnesota Credit Union Network Scholarships The Minnesota Credit Union Network’s Family Involvement Council is once again offering $10,000 in scholarships to Credit Union Members throughout Minnesota; two $1,000 scholarships and sixteen $500 scholarships. The deadline to apply for 2014 scholarships is February 1, 2014. Any Credit Union member attending a college or university, graduate or law school, 2- or 4-year program or community or technical college in the fall of 2014/spring 2015 is eligible. Applicants will answer questions and write a 500 word essay on the topic: “The average age of credit union members in Minnesota is 47 years old. In order to be sustainable, credit unions need to serve younger generations, as well. What can credit unions do to attract and engage young adult consumers?”. For more information, contact the Credit Union Office, or apply online at http://www.mnfic.org/scholar.htm. Annual Meeting 2014/Call for Candidates Mark your calendars for the Credit Union’s 2014 annual meeting. The meeting will be Sunday, March 2, 2014 at 1:15 p.m. at the St. John the Baptist Parish Center. At the meeting we will elect 3 Board positions. If you are interested in running for an open Board position, send an email to
[email protected] or call the office and your name will be submitted to the nominating committee. In addition, we are looking for individuals to serve on the nominating committee. Use the contact information above if you are interested in helping with this process and we’ll forward your name to Kevin Blanchette, Board Vice Chair and the Nominating Committee Chair.
Welcome to our New Staff Members Join us in welcoming our new full time Credit Union staff members Melissa Rieland and Michelle Lehner. Both Melissa and Michelle come to us with past financial institution experience and a wealth of other experiences in the business world. The skills will be beneficial to the Credit Union as we continue our work to expand the Credit Union’s product offerings. In addition, we have also hired another part-time staff member, Matthew Hajostek. Matthew is a sophomore at St. John’s University and is majoring in accounting. They all are anxious to continue getting to know our members and serve in any way they can. Stop by the office and say hello!!!
Collegeville Community Credit Union Quarterly Newsletter
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From the President’s Office
Toys for Tots Update So many of you generously gave to our annual Toys for Tots campaign again. This is a giving program we have been coordinating for many years, and members always come through, helping many parents make Christmas special for their children. You raised over $160 in cash and collected more than 30 toys. Thank you for caring for your community! Special thanks to Melissa Rieland for coordinating the program this year.
We Want your Photos for our Website! Are you an amazing photographer? Or a lucky one? Share your photos with us and earn some Credit Union swag (for those of you as old as me, that means a Credit Union logo item):
[email protected].
DO YOUR HOMEWORK!
If you are making an appliance, electronic, or vehicle purchase in 2014, make an educated decision by doing your homework. One of the easiest ways to do this is through your credit union benefit of our membership to Consumer Report Magazine (online). Only member/subscribers have access to all their research, and this is available to you. Call or email us and we will provide you with the on-line password.
[email protected]. Also, beware of “interest free” financing offered by many merchants. Most consumers (around 80%) do not pay the balance before the end of the interest free term. Consider a low rate loan from the Credit Union as an alternative. The interest you pay will be much less than what you would pay by failing to meet the terms of the Interest Free offer. CURRENT INTEREST RATES SAVINGS Checking .10% Share Savings .15% Deposit Savings (Tiered Rate Based on Balance) $0-4,999 .15% $10,000-$49,999 .25% $5,000-9,999 .20% More than $50,000 .35% IRA Savings (Traditional or ROTH) .45% Certificates of Deposit 3 Month ($500.00 minimum) .18% 6 Month 1 Year 2 Years 3 Years 4 Years
$1,000
$5,000
$10,000
.20% .35% .60% .75% .85%
.25% .40% .65% .80% .90%
.30% .45% .70% .85% .95%
(CD & Saving Rates Quoted on an A.P.R. basis, actual yield (A.P.Y) will be slightly higher)
LENDING RATES (All rates are on an A.P.R. basis) New-Titled 3.74% Used-Non-Titled 5.74% Used-Titled 4.74% Home Equity 4.75% New-Non-Titled 4.74% Signature (Unsecured) 7.74%
Greetings. I hope all of our members had a Merry Christmas and a Happy New Year!!! 2013 has brought more change at the Credit Union. And, with the volatility in the government and the push toward new regulations, change will continue in 2014 and beyond. As a Credit Union we have done a great job of adapting to this change in a way favorable to our regulators. Our Credit Union also turned 75 this past year. We thank all members for their patronage and helping us achieve this milestone. This is not to be taken lightly. Many larger Credit Unions have not achieved this milestone. The Credit Union will begin issuing Credit Cards in April of 2014. This is a new product for the Credit Union and is one of the products most requested by new members. We hope this will be a benefit to existing members and help us attract new members. It will also help the Credit Union as we continue to broaden our Consumer Lending offerings. In addition, we are also offering a few new loan programs. If you have experienced higher than planed holiday bills, contact your Credit Union. We are offering Post Holiday Loans of up to $3,500 with a discount of 1.5% from our regular signature loan rates With rates as low as 6.24%, members will realize a big savings over Credit Card Interest rates. The maximum repayment period for these loans will be 24 months, and the actual rate charged will be determined by the members’ Credit Score. This special offer will be available through March 31, 2014. In addition, we offering a Credit Builder loan program aimed at younger members, 18 and over, interested in establishing, or improving their Credit Score. These loans of $1,000, will be priced at 6.00% interest and a term of 1 year. The member will receive $500. The remaining $500 will be in their savings account to partially secure the loan. At the end of the loan, the member will have $500 in their savings account and a new or improved Credit Score. This program will help our young adult members establish credit and develop good Credit Practices. It has been a pleasure serving our members this past year. I am extremely proud of the hard work and accomplishments our Board, Staff and Volunteers have achieved.. On behalf of our staff, Board and volunteers, we wish all of our members a Happy and Prosperous 2014.
Home Equity Loan Information The interest rate on Home Equity Credit Lines remains at 4.75%. This does not effect those members who have locked their interest rate. In this case, the rate will not change until the lock rate agreement expires. A notice of the rate change will be sent out. Planning a Home Improvement project? Our pricing on Home Equity Lines of Credit (HELOC) will continue through the remainder of 2013. Open a new HELOC and we will lock your interest rate at 5.00% for 3 years. Plus we’ll pay up to $250 of your closing cost for new HELOC loans of $10,000 or more. Any members that currently has a HELOC loan and borrows additional money can take advantage of this offer. Call us at 320-363-7751 for more information!!!
