Fall 2015 - WESTconsin Credit Union

Fall 2015
What is the Credit Union Difference?
Not-for-profit. Credit unions are not-for-profit financial
cooperatives. We exist to serve our members, not to make a
profit. Unlike most other financial institutions, credit unions
do not issue stock or pay dividends to outside stockholders.
Instead, earnings are returned to our members in the form of
lower loan rates, higher interest on deposits, and lower fees.
Taxation. Credit unions do pay taxes—payroll taxes, sales
taxes, and property taxes. Congress exempts credit unions
from federal income taxes. The exemption was established
in 1937, affirmed by statute in 1951, and re-affirmed in
1998 in H.R. 1151, the Credit Union Membership Access Act,
which states: Credit unions, unlike many other participants
in the financial services market, are exempt from Federal and
most State taxes because credit unions are member-owned,
democratically operated, not-for-profit organizations generally
managed by volunteer boards of directors and because they
have the specified mission of meeting the credit and savings
needs of consumers, especially persons of modest means.”
Ownership. Credit unions are economic democracy. Each
credit union member has equal ownership and one vote—
regardless of how much money a member has on deposit. At a
credit union, every customer is both a member and an owner.
Membership Eligibility. By current federal statute, credit
unions cannot serve the general public. People qualify
for a credit union membership through their employer,
organizational affiliations like churches or social groups, or
a community-chartered credit union.
Financial Education for Members. Credit unions assist
members to become better-educated consumers of
financial services. Additionally, CUNA is partnering with
the National Endowment for Financial Education, a not-forprofit foundation, to expand financial education among
high school students. A national study shows that just ten
hours of personal finance education can positively affect
students’ spending and savings habits for a lifetime.
Social Purpose: People Helping People. Credit unions
exist to help people, not make a profit. Our goal is to
serve all of our members well, including those of modest
means—every member counts. Our members are fiercely
loyal for this reason. They know their credit union will
be there for them in bad times, as well as good. The
same people-first philosophy causes credit unions and
our employees to get involved in community charitable
activities and worthwhile causes—just ask us.
Volunteer Boards. Each credit union is governed by a
board of directors, elected by and from the credit union’s
membership. Board members serve voluntarily.
Celebrate International Credit Union Day—
Thursday, October 15, 2015
Our Mission
We are committed to helping our members achieve financial success.
Amery ....................(715) 268-8127 Baldwin ................ (715) 684-3333 Barron................(715) 537-5661
Eau Claire .............(715) 833-8035 Ellsworth .............. (715) 273-4238 Hudson..............(715) 386-2300
New Richmond ..(715) 246-2068 Prescott ................ (715) 262-4600 River Falls.........(715) 425-8113
High School Offices in Amery, Hudson, Menomonie, New Richmond and River Falls
westconsincu.org
Chippewa Falls ...... (715) 723-2216
Menomonie ...........(715) 235-3403
Spring Valley .......... (715) 778-5644
US Toll-Free ............. (800) 924-0022
90 Day Notes is a quarterly newsletter published by WESTconsin Credit Union to inform and educate its member-owners about the credit union and other financial matters.
WESTconsin Travel Club
Opportunities
Office Events and Fundraisers
The Backroads of Western
France | April 16–26, 2016
Dispose of sensitive documents right in front
of your eyes with free shredding services by
Shred Away! There is no charge for up to two
(2) cubic foot-sized boxes/bags. Additional
shredding is available for $5 per box/bag.
Friday, October 16
• Amery | 12:30-2:30 p.m.
• Barron | 3:30-5:30 p.m.
Saturday, October 17
• Chippewa Falls | 9-11 a.m.
• Menomonie–North | 12-2 p.m.
Join us on a trip abroad! Exciting
highlights include the regions of Loire
Valley and Brittany, Mont St. Michel,
Normandy American Cemetery at Point
each, Airborne
du Hoc, Utah Beach,
Museum at Ste Mere
L’Eglise, Claude
Monet’s Givernyy
ting
region and exciting
Paris! Cost is
$3,975/person
e
based on double
occupancy.
For reservations or more
information, please contact Sharron Buss,
Travel Club Coordinator, at your local office,
ext. 7733 or visit westconsincu.org.
Fall Community Shred Events
The Mitten Tree
From November 2–21, WESTconsin Credit Union offices will
again be decorating trees in their lobbies with donated mittens,
gloves, hats and scarfs as part of The Mitten Tree campaign.
Items must be new and will be distributed locally to those in
need prior to the holidays. Monetary donations accepted.
December Food Drive
Retiree Farewell
Wishes!
Betty Ziehme,
Vice President—
Member Services
31 years of service
WESTconsin Credit Union
l
congratulates
Betty Ziehme on her
recent retirement. Thank you for your
many-year commitment to the credit
union and our members!
Holiday Hours
Offices and Service Center will be CLOSED on:
Thanksgiving
Thursday, November 26
Christmas Eve (close at 1 p.m.)
Thursday, December 24
Christmas Day
Friday, December 25
New Year’s Day
Friday, January 1
westconsincu.org
Non-perishable food and paper products will be collected
December 7–19. Items can be dropped off at any
WESTconsin office. All proceeds will be delivered to local
food pantries for distribution. Monetary donations will also
be accepted. For every $1 donated, local food pantries can
collect and distribute approximately seven pounds of food.
Ribbon Cutting Held for Chippewa Falls
Office Grand Opening
g
Community leaders
and members of the
Chippewa Falls Area
Chamber of Commerce
recently joined credit
union staff by celebrating
the official opening of our
newest office in Chippewa
Falls. The office is located
at 1680 E Park Avenue
l
i ) Hours
H
i can b
d online
li
(former Valley Credit Union location).
off operation
be ffound
at westconsincu.org. Offerings include full banking and lending services,
mortgage and real estate services, checking accounts, certificates, Mobile
Banking and Online Bill Pay.
Record Breaking School Supply Drive!
Thank you for supporting the annual WESTconsin Credit
Union School Supply Drive. This year’s
campaign raised the most dollars and
collected the most items since the start of
this fundraiser! WESTconsin members and
employees raised $1,853 and collected
over 3,100 supplies (including over 60
backpacks) to help families in need. All
supplies were distributed locally through
designated community partners.
Member Notices
EMV Chip Platinum
Visa Credit Cards—
Now Available!
WESTconsin Credit Union’s
Platinum Visa, Platinum
Business Visa and UW–River
Falls Alumni Platinum Visa
Credit Cards are now EMV (Europay, MasterCard,
Visa) chip-enabled cards. EMV is the newest technology
providing additional security capabilities to prevent card
skimming, counterfeit replication and other types of card
fraud. With your security as our top priority, your EMV
card has an embedded microprocessor chip in it that
encrypts transaction data differently for each purchase.
A card with a microchip is more secure than one with
just a magnetic stripe on the back because the account
information is encrypted in the chip making it more difficult
to fraudulently copy the card’s details. Use your EMV card
to make transactions at the same places you do today. For
merchants who support and have chip-enabled terminals,
insert your card and approve your purchase. Otherwise,
swipe your card using the magnetic stripe as you normally
would at locations that have yet to support EMV technology.
For more information about the new EMV chip card, please
visit westconsincu.org or contact us at (800) 924-0022 and
a representative will be happy to assist you.
EMV Chip Debit Cards—Coming Soon!
WESTconsin Credit Union
Board Member Nominations
Interested in serving as a member of
WESTconsin’s Board of Directors? The
WESTconsin Nominating Committee
will meet in early November 2015 to
select candidates. Elections will be
held during the Annual Membership Meeting in the spring
of 2016. Director candidates must be credit union members
in good standing and eligible to vote at the Annual
Meeting. You must have at least $5 in a Membership Savings
Account in your name individually or be the first named
person on a joint account. Directors meet about 15 times
each year. They also represent WESTconsin at community
and credit union functions. If you know someone who you
think would make an excellent candidate, please ask for
their permission to send in a letter of recommendation to
the committee or refer them to personally submit one. If
you would like to be considered, please send a letter by
November 1, 2015, stating your interest and highlighting
your qualifications to: Nominating Committee, WESTconsin
Credit Union, PO Box 160, Menomonie, WI 54751.
Scholarships Available Online
WESTconsin Credit Union is offering $1,000 scholarships to graduating high school seniors from the
class of 2016. Students must have been a WESTconsin member since April 30, 2015, to be eligible for
this year’s scholarship program. Visit the ‘Student $avers’ tab at westconsincu.org for more information,
including where to access the online application. Questions can be directed to Melissa Schutz at
mschutz@westconsincu.org or (715) 235-3403 ext. 7772.
“It was just shortly after I started in the beauty
industry that I felt like, yeah, this is what I
want to do—let’s see how far I can go!”
Julie Mitchell, Owner, Hair Company & Spa
For Nathan and Julie Mitchell,
WESTconsin Credit Union has been a welcome
companion on their ongoing professional journey.
For their story and more, visit
memberstories.westconsincu.org
Content developed by CUNA Brokerage Services,
provided by Tim Carlson and Alex Burian
WESTconsin Investment Advisors.
TIM CARLSON
ALEX BURIAN
Is it time to help protect your
market gains and reduce portfolio risk?
You are probably aware of the steady stock market recovery since 2008, and in just the
last year equities (stocks) have set new records. Many clients have seen attractive gains in
their investments as a result of that growth. But with the recovery, people are now worried
another stock market drop could come to threaten their retirement plans.
Some investors have sought shelter from market volatility in certificates and money market accounts. Unfortunately, these
accounts have set records of their own–historically low returns that have not kept pace with inflation.*
Given these conditions, we encourage you to contact us with any questions you may have.
There are new ways that allow you to participate in the
If you would like to schedule an appointment, please
market’s upside potential while setting a limit on your
contact us at your local WESTconsin Credit Union phone
downside risk. We look forward to meeting with you to
number or (800) 924-0022 ext. 7218 or ext. 7237. Also you
review your current portfolio and discuss these opportunities
may visit us online at westconsininvestments.com. We
to help protect retirement gains and potentially reduce risk
look forward to meeting with you soon.
as part of your overall investment strategy.
*Campbell, Dakin, “Banks Want Higher Interest Rates,” BusinessWeek, Bloomberg, November, 2013.
FR-1222828.1-0615-0717
A Guaranteed Paycheck for Life!
Imagine this...opening up your mailbox and seeing a paycheck month after month
for the rest of your life—guaranteed! And what’s even better? That paycheck could
go up each year to help keep pace with inflation.
One way to make sure that you always have money coming in during retirement, in
addition to Social Security and any pension payment you receive is to turn part of
your savings into payments that are guaranteed to last for the rest of your life.
An income annuity, technically called an immediate income annuity, allows you to
maximize your income while ensuring that you won’t run out of money.
The range of payout options include guaranteed monthly payments for life–
income you cannot outlive. Not only does your annuity have a variety of lifetime
income options for you, but it also offers joint income for you and a loved one or
guaranteed income for just a set period of time.
We can help build a plan for your retirement income...a plan designed to provide
peace of mind and reduce the worry about whether your money will last.
Contact us at your local WESTconsin Credit Union phone number or (800) 924-0022
ext. 7218 or ext. 7237. Also you may visit us online at westconsininvestments.com.
We look forward to meeting with you soon!
ANN-0510-E4DB
Securities sold, services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered
red broker/dealer and investment advisor
advisor, D/B/A
WESTconsin Investment Advisors. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured,
May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.
Celebrate “People Helping People®”
During International Credit Union Day—
October 15
Doing good is something credit unions take seriously, locally and
globally. This cooperative spirit of people helping people has led to
life-changing opportunities in the form of small business start-ups,
home ownership and education. During International Credit Union Day
(ICUD), credit unions around the world will unite behind this message.
Share in this Powerful Vision with WESTconsin!
WESTconsin Credit Union members are invited to celebrate ICUD at
their local office on Thursday, October 15. Join us for complementary
refreshments, door prize drawings, kid’s activities and more!
We’re proud of our credit union heritage; we hope our members are too!
WESTconsin Realty Welcomes New Agents
in Barron, Prescott and New Richmond
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Debbie
Hanson has
J
M
Jeremy
Boles recently
Michelle
Carlson has
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jo
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joined WESTconsin
joined
WESTconsin
joined
WESTconsin
R
R
R
Realty in Barron. Debbie
Realty
in Prescott.
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as an agent in
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N Richmond. Michelle
previously worked as
Jeremy
has been
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involved
in real estate
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Credit
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She
decided to pursue a career estate b
brokerage
firm during the past
commercial
in real estate and is very excited to put
ten years. He is looking forward to his
She is looking forward to her career
her high customer service standards
career with WESTconsin Realty where
with WESTconsin Realty where she
to work in real estate while building
he will utilize his vast experience and
will utilize her experience to serve
strong relationships with many people serve the real estate markets in both
her community, and enjoys both the
in the surrounding area. Debbie can
Wisconsin and Minnesota. Jeremy
buying and selling scenarios. Michelle
be reached at (715) 790-8872, or
can be reached at (651) 270-4500, or
can be reached at (651) 428-1343, or
dhanson@westconsinrealty.com.
jboles@westconsinrealty.com.
mcarlson@westconsinrealty.com.
WESTconsin Realty, an affiliate of WESTconsin Credit Union, offers a 4.8 percent seller’s commission rate on qualifying
properties, cash back at closing to buyers, and no administrative fees. Full-time, full-service real estate agents are located in
each WESTconsin office area throughout western Wisconsin.
WESTconsin Awarded Platinum Million Dollar Lender from USDA
The United States Department of Agriculture Rural Development recently named WESTconsin Credit
Union as a recipient of the 2014 Platinum Million Dollar Lender Award. The Award is presented each year
to lenders who have partnered with, and made a significant contribution to, supporting Wisconsin rural
residents looking to become homeowners through the USDA Guaranteed Rural Housing (GRH) Program.
In fiscal year 2014, WESTconsin utilized more than $5 million of GRH program funds by financing home
purchases to help moderate income families in Wisconsin. This is the fourth consecutive year that the
Credit Union has reached this level of production.
The GRH program assists homebuyers in obtaining a 30-year fixed rate mortgage without the down payment typically
required by conventional lenders and programs. The amount of the mortgage is limited by the applicant’s repayment
ability and can be made for up to 100 percent of the appraised value. There are no restrictions on the size or design of the
home. Loan closing costs and repairs can often be financed with the home purchase. Eligible areas include rural regions and
communities under 20,000 in population, and not part of a larger urban area. For further information, visit rurdev.usda.gov.
Presented by:
Michelle Carlson, REALTOR®
WESTconsin Realty, LLC—New Richmond Office
Cell: (651) 428-1343
mcarlson@westconsinrealty.com
Three Methods Appraisers Use to Find Your Home’s Value
An appraisal is frequently viewed as an inconvenience and a “nuisance” cost, but if you are buying, selling, or refinancing
your home, an appraisal will likely be required. Here are three methods appraisers use to find your home’s value.
1. Sales Comparison
3. Income Approach
To develop this analysis, the appraiser will research sales of
other houses (known in the industry as “comparables”) that
have recently sold in the neighborhood. From these sales,
the appraiser will find the sale price for your home. When
properly developed, this analysis will take into account
differences (such as age, condition, location and design
features) between your home and the comparables. The
sales comparison approach is used in virtually every house
appraisal and is usually the most reliable indicator of market
value for a single-family residence.
In this analysis, the appraiser develops an opinion of
market value by estimating how much income your house
would generate if rented out at a typical “market rent.” This
income is then converted into an estimate of value based
on the ratio between value and income. The appropriate
ratio is derived from local market transactions. The income
approach is most useful when the house being appraised is
in a neighborhood where houses are frequently rented and
where houses are acquired by investors.
The sales comparison approach is almost always used
to appraise single-family homes and is usually the most
reliable method. You can expect your appraiser to rely on
this technique, which may be supplemented by the cost or
income approach.
2. Cost Approach
In this analysis, the appraiser estimates the market value
of your house by estimating how much it would cost to
build a replacement—in other words, how much it would
cost to buy a lot and build a similar house. The appraiser’s
calculations will take into account any depreciation
associated with your house. If your house is 20 years old,
it will be worth less than a brand new house of similar size
with similar features in the same neighborhood. The cost
approach is best suited for newer houses that have modern
features and design and less reliable when estimating
market value of an older house that may have significant
depreciation or functional inadequacies.
Bottom Line
When pricing your home, you should have a real estate
professional help you fully understand where prices are and
where they are headed in the future.
To learn more, contact a WESTconsin Realty agent at
(715) 386-1700 today!
Some Holiday Cards Are
More Rewarding Than Others
WESTconsin Platinum Visa features CU Rewards and NO ANNUAL FEE along with Membership Value Pricing
(MVP) benefits that use your family’s combined accounts to fill your stockings with goodies.You can check
out hundreds of great brand name gifts, including airline tickets and cruises, at CURewards.com. Even balance
transfers from non-WESTconsin credit cards earn CU Rewards points—with no fee!
Apply online at westconsincu.org, or give us a call. You can usually get an approval the same day.