membershipmatters - Barksdale Federal Credit Union

Volume 56 | No. 3 | July 2010
MembershipMatters
P4 | The Steps to Homeownership
P5 | Time-Sensitive Information
Concerning Your Debit Card
P8 | Top 4 Facebook Scams
www.bfcu.org | 800-647-2328
2 | www.bfcu.org
Message from
Inside
this issue
The Steps to Homeownership.....................4
What Is an Escrow Account?.......................4
Overdraft Protection
News for Debit Cards..................................5
Home Sweet Improved Home.....................6
Community News........................................7
Rates and Dates..........................................8
Top 4 Facebook Scams................................8
Barksdale Federal Credit Union Financials
March 2009
March 2010
____________________________________________________________
Shares/Deposits
$725,665,969
$837,601,700
Loans
$392,948,306
$425,472,359
$76,440,326
$87,053,985
$807,548,502
$928,499,137
96,888
99,440
Reserves
Assets
Members
All financials are rounded to the nearest dollar.
For more information, center locations and hours,
visit www.bfcu.org, or call 318-549-8240 or
800-647-BFCU (2328). CUSCs can be found
at www.cuservicecenters.com.
This publication does not constitute legal, accounting or other
professional advice. Although it is intended to be accurate, neither
the publisher nor any other party assumes liability for loss or damage
due to reliance on this material. Images may be from one or more of
these sources: ©Thinkstock, ©iStock, ©Fotolia.
©2010 Priority Publications, Inc. priorityresults.com
T
hough it has been a tough recession for this country and
for its financial institutions as an industry, the economy
seems to be turning a corner. “Fragile” is the term the
pundits are using to describe our current recovery; however,
the American economic engine continues to be strong and
things are beginning to look better in the short term.
Here in northwest Louisiana, we have been insulated from
a lot of bad things occurring in other parts of the country.
Our housing prices have remained steady, though housing
starts have fallen somewhat. Small businesses have felt a
slowdown, but our businesses and people have weathered
this economic downturn better than those who are located
in other parts of the country. During this time, Barksdale
Federal Credit Union has been a much-needed source of
financial services for our members and the businesses that
rely on them.
Through our recent auto loan promotions, we have become
a dominant player in our local auto-buying sector. As
evidenced by our recent deposit growth, our friends and
neighbors continue to look to us for safety and soundness as
well as exceptional service and competitive pricing. All these
efforts were recognized earlier this year when the Bossier
Chamber of Commerce proclaimed Barksdale Federal
Credit Union the Bossier City Business of the Year. I would
like to thank the Chamber for this recognition and for the
quality service it performs for northwest Louisiana, its businesses and people.
Since our last Membership Matters we’ve had some additions
to our services and locations. First, I’m happy to report we
have added both text messaging and mobile banking to our
array of offerings. Both these services make remote financial
transactions much easier and more convenient. In April we
had a ribbon-cutting for our new downtown Oakdale Center. Also, look for us in our new Benton Center at the corner
of Linton Road and Airline Drive before the end of the
year. Our drive-thru ATM is already up and running there.
We have kicked off our Business Services offerings and are
looking for members who have business deposit and lending
needs. In today’s environment, small business owners are
Your Financial Partner for Life | 3
the CEO
looking for long-term and mutually beneficial financial service relationships. We feel
that we can fit the needs of our business
members who are looking for the kind of
expertise to help navigate the competitive
waters of this economy. We know small
businesses are the engine of our economy
and make a big impact on the quality of
life for all our members in our market
areas. We are excited to partner with these
particular members to make our communities just that much better.
Finally, by the time this is in print our
Board of Directors and Senior Management team will have completed an intense
Strategic Planning session that will set
the direction of the credit union over
the coming few years. This is one of the
most important functions that your Board
performs, and it has served this credit
union and its members exceptionally well
over the years. Out of these sessions our
annual business plan is developed over a
strategic horizon of three to five years. I’ll
have more to say about the results of this
session in our fall Membership Matters.
I hope each of you have a safe and happy
summer season.
Sincerely,
Rod Taylor
CEO of Barksdale
Federal Credit Union
Important
When ordering checks be sure to include the entire
10-digit account number. You will be asked for your
account number when filling out the bank information.
All 10 digits are required and can be found on your bank
statement (see example above). We recommend logging
into Global Access and clicking on other services to
order your checks. Need help with ordering checks?
No problem! Call 318-549-8145.
Dream it.
Drive it.
MOTION PROMOTION 2010
Check out our great auto rates at bfcu.org!
4 | www.bfcu.org
The Steps to
Homeownership
B
uying a home can seem like a daunting
task to the first-time buyer, but learning
about the process can make it feel less
overwhelming. Many people have done
it before, and you can do it too!
 Save for down payment and other
home-related costs. Make saving a
regular habit. The earlier you start, the
more cash you will have for a home.
 Build credit score. Many lenders
require a score of at least 620 to get
a mortgage, and those with scores
above 720 usually get the best interest
rates. If you had credit problems in
the past, making payments on time
in the future, lowering your balances
and paying off collection accounts
can boost your score and make it
easier to get a mortgage.
 Get pre-qualified for loan.
While you can apply for a mortgage
after you make an offer on a house,
consider getting pre-qualified for one
beforehand. Being pre-qualified helps
you determine what you can afford
and strengthens your offer.
S
earch for and choose a property. Think about what features
you want in a house, and keep your
budget in mind. A real estate agent
can be a valuable asset in your home
search. Once you find the home you
want, you can make an offer.
E
nter the pre-closing period. If
your offer is accepted, you can have
a home inspection done and notify
your lender that you found a home.
Make sure to remain in contact with
your lender and promptly provide
them with anything they need.
 Attend closing. Closing is the day that
the mortgage is finalized, and the title of
the home is transferred to you. There is
a lot of paperwork to sign, but take the
time to read and understand everything.
After you sign all of the documents, you
will receive the keys to your new home!
You do not need to go through the
process alone. As a benefit of your credit
union membership, you have access to
BALANCE,SM a free financial education
and counseling service. Certified counselors can answer your questions, review
your credit report and help you create a
budget. You can also visit their website
for homeownership articles and mortgage calculators. Call 888-456-2227 or
visit www.balancepro.net for more
information. You can also e-mail one
of Barksdale Federal’s Home Lending
consultants at mortgage@bfcu.org.
Copyright © 2008 BALANCE
Homebuyer Question
What Is an Escrow Account?
When a homebuyer takes out a mortgage, an
escrow account may be set up to pay real estate
taxes and homeowners insurance premiums.
You may be required to deposit money in the
escrow to cover these costs at closing. The payment may be
automatically deposited with every mortgage payment. When
property taxes and insurance premiums are due, the account
automatically pays them for you. If there are tax hikes or premium increases, the lender typically covers the shortfall and
increases your monthly payment to make up for it. If there is
a surplus in the account, an adjustment will be made annually
(the lender writes you a check).
The escrow account exists because:
• It simplifies the process for the homebuyer, by spreading
the cost of taxes and insurance over 12 months and making
sure those payments are made on time.
• It protects the homebuyer, because it is in his or her
best interest to keep current on taxes and insurance.
• It protects the lender also, to prevent a foreclosure
situation where tax liens or uninsured losses become the
lender’s responsibility.
Do you have more questions about homebuying? Ask our
mortgage experts by calling 800-647-2328, option 8.
Your Financial Partner for Life | 5
Directors’ Corner
Important
Overdraft
Protection News
for Debit Cards
A
s your financial institution, it is our responsibility to keep
your best financial interests in mind. Therefore, we ask that
you please take a few moments to read the information below
as an upcoming change to Federal Regulation E could affect
your checking account with Barksdale Federal Credit Union.
In addition to the standard overdraft protections available
through links to a savings or line of credit, BFCU offers
additional overdraft services. The majority of our checking
account holders are currently enrolled in our Overdraft Privilege program. This program authorizes BFCU to pay items
from your checking account that would have otherwise been
denied if you did not have sufficient funds in your account.
These items include paper checks and automatic payments
(ACH). Overdraft Privilege provides you with peace of mind
knowing that you can avoid the inconvenience and embarrassment of your transaction being denied. Plus, it will save you
from paying the fee normally charged to you by merchants for
items returned to them.
Introducing Overdraft Privilege Plus
Beginning on Aug. 15, 2010, Barksdale Federal Credit Union
will offer Overdraft Privilege Plus. This program will provide
you the same overdraft coverage you currently have on paper
checks and automatic ACH payments, and in addition will
offer you this coverage on everyday debit card transactions
and ATM transactions.
You can opt-in by:
• Calling us at 318-549-8145 or 800-647-2328.
• Visiting your local Barksdale Federal center.
With Overdraft Privilege and Overdraft Privilege Plus, there
is a fee of $20 each time you use one of these services and
Board of Directors: (Back row) Keith Fontenot, Al Oar,
Charleene Ringler, Bernie Hawk and Roy Walling
(Front row) Emory Goodman and Virgil Barnette
BFCU pays an overdraft on your behalf. There is no limit to
the number of overdraft fees that may be assessed per day. If
you opt-in to the service but do not use it, your account will
not be charged the fee.
If you choose not to opt-in, your overdraft coverage will
remain the same, covering overdrafts on checks and automatic
ACH debits. It will not cover ATM transactions and everyday
debit/check card transactions.
However, by immediately completing one of the options
mentioned above, you will be upgraded to Overdraft Privilege
Plus service.
Please feel free to contact a Barksdale Federal representative at
318-549-8145 or 800-647-2328 if you have any questions.
6 | www.bfcu.org
Retirement Remodeling
Home Sweet
Improved Home
D
uring your working years, you no doubt had some days when you
wished you could “just stay home today” as you left for your workplace. Now that you are able to stay home, do the walls feel like they
are closing in on you? Are you eager to replace outdated appliances?
Do you want an inviting space to entertain friends and family? Making
home improvements may help you enjoy your home more during your
golden years, and they can make it more attractive to buyers when it’s
time to sell.
Make Your Needs and Wants Lists
Think about the improvements that your home needs as well as
the ones you want. For example, new furniture may be at the top
of your wants list, but it may be necessary to replace an old roof
first. Also think about improvements that can help you stay in your
home longer (see “A Makeover for Mobility”). Look into the costs
of updates to determine a home remodeling budget.
Consider Cost Recouped
If you want to get the most from your remodeling dollars when it’s
time to sell, the following projects, as reported in Remodeling magazine’s 2009-10 Cost vs. Value Report, may reward you with a higher
selling price.*
Project
Cost Recouped
Entry door replacement (steel)
128.9%
Attic bedroom 83.1%
Deck addition (wood) 80.6%
Minor kitchen remodel 78.3%
Basement remodel 75.4%
Put Your Home’s Equity to Work
You deserve a home that will meet your needs and make you smile. A
home equity loan or line of credit from Barksdale Federal Credit Union
can help you finance home improvements at a comfortable rate. Learn
more by contacting a Home Lending Consultant at 800-647-2328,
option 8 or email mortgage@bfcu.org.
* Cost recouped percentage based on national averages.
A Makeover for Mobility
Physical limitations don’t have to keep
you from enjoying your home. These
improvements may help you stay in your
home longer.
• Grab bars in the shower.
• Motion-sensing faucets.
• Pull-down shelving.
• D-shaped cabinet and drawer handles
that are easier to grab.
• Brighter lighting in rooms and hallways.
• Non-slip flooring and rugs.
• Handrails at all steps.
• Motion-sensor outdoor lighting.
Community News
• BFCU sponsored the NWLA Food Bank
Empty Bowls Event on June 10. NWLA
Food Bank sorts, warehouses and distributes food to more than 100 nonprofit
organizations.
• 55 BFCU employees and family members
donated their time to participate in Paint
Your Heart Out in Shreveport on June 5.
• Leesville Center sponsored a safety event
for boats and watercraft, 4-wheelers,
bicycles and car seats. Car seats were
checked by the Vernon Parish Sheriff ’s
Department on May 22.
• BFCU partnered with KTBS for 2010’s
“One Class at a Time” and presented a
check to Parkway High School on May
12, Central Park Elementary on May 5
and Waller Elementary on April 11.
• Blanchard Center employees participated
in the 36th Annual Poke Salad Festival
held on May 8.
• Employees spray painted children’s hair
and passed out temporary tattoos and
stickers at the Barksdale Air Force Base
Spring Fling Festival on May 8.
• BFCU sponsored the Bossier Youth
Leadership Program for high school
juniors on May 4.
• BFCU sponsored the second FSS Services Golf Tournament on April 30.
• BFCU sponsored ARTBREAK at the
Shreveport Convention Center April 26 –
30. Volunteers served juice to attendees.
• BFCU raised $4,300 for March of Dimes
during April. Employees also participated
in the March of Dimes walk on April 24.
• BFCU helped parents create records of
their children’s fingerprints at all locations ending a week-long celebration of
Credit Union Youth Week, April 23.
• BFCU was a table sponsor for the Armed
Forces Communication and Electronics
Association Banquet honoring outstanding high school students from the Arklatex
with scholarships on April 22.
Upcoming
Community Event
Your Financial Partner for Life | 7
•B
FCU received the Bronze Sponsor
Award for the Evergreen Celebrity Dinner held to raise money for Evergreen
Presbyterian Ministries on April 20.
•B
FCU was a corporate sponsor for the
Cajun Fest held at Fort Polk. Soldiers and
families got to enjoy live music, great food
and a day full of family fun on April 17!
•O
akdale Center employees participated
in the Oakdale Relay for Life on April
16. Employees sold hot dogs, tamale pies,
soft drinks and candy to raise more than
$600 for the Relay for Life.
•B
FCU sponsored Barksdale Air Force
Base’s KID FISH at Flag Lake on April 10.
•B
FCU provided career information at
the Rapides Parish Community Youth
Fair on April 6.
•B
FCU’s Leesville Center sponsored the
Easter Egg Hunt held at the Lions Camp
on Saturday, April 3.
Con Artist Scams Also
Known as Social Engineering
Aug. 26, 2010 | 3 to 5 p.m.
700 Northgate Road, Bossier City, LA 71112
RSVP: Kristin McLamb at 549-8059 or
kmclamb@bfcu.org
Welcome New SEGs
Bass Haven Resort – Leesville, LA
Benjamin Lee State Farm –
Bossier City, LA
Rudra LLC – Leesville, LA
The Turbo Shop – Blanchard, LA
• BFCU was a sponsor for the Easter Egg-Fest
held at the LA Boardwalk Saturday, April 3.
• BFCU partnered with KTBS for the Summer Reading Festival held throughout April.
• BFCU’s Southern Region employees
raised more than $3,500 for the American Heart Association Central LA Heart
Walk and also participated in the walk
held on March 6. Congratulations to our
Brenda Cooper, who received the Life
Style Change award.
New Oakdale Center –
Grand Opening
located at
353 Hwy. 151 N.
Oakdale, LA 71463
Star Smith and Elijah Reading won two of the six
Easter baskets Barksdale Federal gave away at
the Easter Egg-Fest held April 3 at LA Boardwalk.
Kimberly Young creating
a record of her daughter’s
fingerprints at the Mansfield
Road Center.
Rates and Dates
Account
Rate
APY*
_______________________________________________________
Prime Savings
0.50%
0.50%
Sp. Purpose Savings
0.50%
0.50%
_______________________________________________________
2701 Village Lane
Bossier City, LA 71112
318-549-8240
www.bfcu.org
Children’s Savings
0.50%
0.50%
Christmas Club
3.00%
3.00%
_______________________________________________________
IRA Prime Savings
0.50%
0.50%
Regular Checking
0.25%
0.25%
_______________________________________________________
Plus Checking
High Five Checking
0.50%
0.25%
0.50%
0.25%
* Annual Percentage Yield.
Rates effective Feb. 1, 2010. Rates
subject to change without notice.
Federally Insured by NCUA
Holiday Closing
Barksdale Federal Credit Union will be closed
for the following holidays:
Independence Day
July 5
Labor Day Sept. 6
Columbus Day Oct. 11
Report lost or
stolen credit
or debit cards,
after hours
800-543-5073
or international
727-570-4881.
The Nominating Committee has been
appointed and will submit their report
by Sept. 1, 2010.
Scam Awareness
Top 4 Facebook Scams
As the popularity of Facebook grows, so do social networking
scams. All it takes is for one friend’s account to be compromised to
open a floodgate of networking troubles. Protect yourself by being
aware of what’s out there.
1. Quiz ads – Misleading advertisements may pop up when Facebook
users install applications. Tip: Don’t enter personal information
into any sites you’ve been directed to outside of Facebook.
2. A “friend” needs emergency financial help – You hear from a
friend traveling in another country that he or she has been robbed
and needs you to wire funds immediately. Tip: Ask the “friend”
to call you first before you wire any money.
3. Phishing – Hackers post fake links on the walls of their
victims’ friends. If you click on one of these links, you’re
redirected to a phony Facebook login page. Tip: Always go
to www.facebook.com in your browser to log in.
4. A “worm” hijack – You receive a message meant
to entice you to link to a YouTube video. You’re then
prompted to upgrade your Flash player and download a file
that hijacks your account. Tip: Never download a file after
clicking on a link posted on your wall or in your inbox.