Rate Board - Highlights

Rate Board Highlights
(as of 6/1/2014)
Dividend Rate
Club
0.08%
18 Month CD
0.30%
36 Month CD
0.45%
APY*
0.08%
0.30%
0.45%
Visa Platinum 8.99% Fixed-Rate/with a 2.75% APR*
Balance Transfer Offer
Loans
New Vehicles – up to 60 months
as low as
1.95% APR*
Used Vehicles – up to 60 months
as low as
2.25% APR*
Home Equity (1st Lien)
as low as for 84 months 2.95% APR*
^
Home Equity Line-of-Credit (1st Lien)
fixed rate for 3 years as low as 2.75% APR*
*APR denotes Annual Percentage Rate. ^ Home Equity Line of Credit - Introductory rate will be in effect for 36 consecutive months beginning in the month of loan closing. After the
introductory period expires, the variable APR is effective. Rate will be based on the highest The Wall Street Journal published prime rate and is adjusted on a monthly basis. VISA© Introductory Balance Transfer Rate will be in effect for 24 consecutive months for all balance transfers made by 08/31/2014, contact credit union for further details. All Rates are subject to
change at any time. Equal Opportunity Lender. Nationwide Mortgage Licensing System & Registry Number 663377.
2218 Walbert Avenue
Allentown, PA 18104-1439
Hours: Monday, Tuesday, Wednesday9:00 a.m. to 4:30 p.m.
Thursday & Friday - 9:00 a.m. to 5:30 p.m.
Phone: 610.435.7575 Fax: 610.435.2910
Email: membersfirst@lvfcu.com
24-hour Touch-tone Teller: 610.820.8400
Website: www.lvfcu.com
A P U B L I C AT I O N F O R M E M B E R S O F L E H I G H V A L L E Y F E D E R A L C R E D I T U N I O N
Ledger
Online Offers:
5 Wow’s
below
3.0% APR
Visit us at
www.lvfcu.com
to learn more about
these great offers:
Annual Meeting: Executive Committee
Election
The Board of Directors extends their appreciation to
those members who joined us at our Annual Membership
Meeting on April 22nd, 2014. Immediately following the
Annual Meeting, the Board of Directors held their reorganization meeting. Executive Committee Members are
as follows: Donald Miller – Chair, Steven Sosnowsky – Vice
Chair, & Jose Ozoa – Secretary. Congratulations and thank
you for your service.
Two Volunteer Opportunities Remain!
Thank you to all of our Volunteers for renewing your
commitment to serve.
There are two openings remaining, either opening only
requires 1 monthly meeting.
Volunteers are the strength of our credit union. We
welcome individuals who are willing to share their time
and talents in helping the credit union grow.
For more information, contact the Manager/CEO
directly at 610.435.7575.
SUMMER
2014
How to Pay Down Credit Cards
to Boost Your Credit Score
Carrying high credit card balances is a big no-no. In fact,
your debt-to-credit ratio (how much you owe versus your
total available credit) makes up about 30 percent of your
overall credit score. And revolving debt -- like credit cards
-- weighs heavier than other outstanding debts -- like your
mortgage or car loan. So if you’re carrying a bunch of
maxed-out credit cards, your credit score is likely in the tank.
The most straightforward way to improve your debt-tocredit ratio is to simply pay down those balances.
You do need to come up with a plan for paying down
your credit cards in a certain way.
The Snowball Method
Basically, you throw extra money at one debt, and when it’s
paid off, put the extra plus the old debt’s minimum payment
toward the next debt. Repeat this until you’re debt-free.
Lowering Your Debt-to-Credit Ratio
When FICO calculates your credit score, it looks at not only
your overall debt-to-credit ratio, but also the individual
debt-to-credit ratios of your various credit cards and other
revolving debt accounts.
Here’s an example:
Card 1: $5,000 balance/$10,000 limit =
50 percent debt-to-credit ratio.
Card 2: $4,500 balance/$5,000 limit =
90 percent debt-to-credit ratio.
Card 3: $500 balance/$1,500 limit =
33 percent debt-to-credit ratio.
Overall: $10,000 balance/$16,500 =
60 percent debt-to-credit ratio.
In this case, your overall 60 percent debt-to-credit ratio will
ding your credit score pretty severely. A “good” debt-to-credit
ratio is around 30 percent, and you’re nearly doubling that.
In a situation like this, you’ll boost your credit score if you
focus on paying down Card 2 first. Depending on the interest
rates of each of these cards, you might choose to pay that
card down all the way.
You Can’t Game the System
The bottom line here is that credit scoring models are so
sophisticated these days that you can’t really “game the
system” by shifting debt from one card to another. In the
long run, you just need to focus on getting those credit card
balances paid off.
Source: U.S. News, May 13, 2014 by: Abby Hayes, a freelance blogger and journalist who writes
for personal finance blog The Dough Roller and contributes to Dough Roller’s weekly newsletter.
Your New Ride + Our Low Rates
= Low Monthly Payments
Why wait? Your credit union has the lowest rates on the
loan terms you need for a great low payment.
New Vehicle Terms/ Rates 72 months as low as 2.75% APR
84 months as low as 3.75% APR
Plus, 100% Financing available (MSRP, Taxes, & Doc Fees)
Pre-Owned Term/ Rates
72 months as low as 2.75% APR
(minimum loan of $15,000 required)
Plus, 100% Financing available on 2013, 2012, & 2011 model years
(NADA Retail Valuation, Taxes, & Doc Fees)
APR=Annual Percentage Rate. Rates are valid as of 06/16/2014. Other terms and rates available for
new and pre-owned vehicles. Final loan rate is determined by applicant(s) credit score. Applicant(s) are
subject to income verification and credit worthiness. Equal Opportunity Lender.
$
Financial Sense: Three Car
Necessity on a Budget
If you have a teenage driver in your
household, chances are you are in the
market for an older pre-owned vehicle.
Great News – Your Credit Union does
finance vehicles that are 8, 9, & 10
years in age. Better yet, our annual
percentage rate is as low as 6.00% for
36 months.
Did U Know? Account Alerts
Wouldn’t it be nice to know exactly when your payroll posted to your account?
Or get a notice anytime a large withdrawal is made from your checking account?
How about a friendly reminder that your loan payment is due?
You can set-up an ‘Account Alert’ in the credit union’s free online homebanking
suite. Now you can the information you need regarding deposits, payments, or
transfers, when you want it and as it occurs. Check it out next time when online.
Plus,
+ Borrow up to 75% of NADA Retail
+ Budget Friendly Payment
+ GAP Insurance is included at no cost!
Fee Changes: Effective May 8th, 2014
Title Fees – Dept. of Motor Vehicles (Pennsylvania) In-House
Refinance of Vehicle Loan $23.00 (renew lien)
Foreign Loan Refinance, Private Purchase, or
Un-encumbered Vehicle Loan $75.00 (lien filing)
Closing
2014 Holiday
Schedule
d
n will be close
The credit unio l holidays:
ra
on these fede
Day – July 4th
Independence
ptember 1st
Labor Day – Se
th
– October 13
Columbus Day
November 11th
Veterans Day –
Coming Soon!
Improved online
banking transfers
In July, the credit union will
increase our daily processing of
online homebanking transfers
that are performed by our
members. The new schedule will
include a mid-day processing of
transactions. More to come.
Notice of Change:
Club Accounts Type 8 & 10
Effective September 1, 2014:
If you are using your club account 8 or 10 as a
secondary savings account and regularly withdraw
funds from either of these club accounts, we
recommend that you change the account to a
secondary savings account prior to 09/01/2014.
The credit union will be implementing a new
transfer withdrawal fee of $5.00 per request
on these club account types beginning on
09/01/2014 when a withdrawal of funds occurs
prior to the maturity of the club account. Likewise,
transfers out will be blocked on homebanking.
Contact us and we will gladly assist you in
changing your existing account type.
MoneyDesktop Now Available online
Wouldn’t it be nice if you could logon to just one site to view all of your
finances – loans, credit cards, checking accounts & investments? You can with
MoneyDesktop.
Your credit union now offers the convenience of viewing all of your finances
within our online homebanking suite. Best of all, it’s FREE!
MoneyDesktop enables you to do account aggregation and much, much
more.
• Visualize and Interact with your budgets
• Know and track your spending, see where your money goes
• Customize your own financial plan with Debt Management
Check out our online demo at www.lvfcu.com, and sign up for FREE online
homebanking today
Important Network Change
Notice: CO-OP Affiliation
Ending
Lehigh Valley Federal Credit Union is
in the process of ending our affiliation
with the CO-OP Network for debit
card transactions performed at ATM
Machines by 12/31/2014.
This will not detrimentally impact
our debit cardholders. Stay tuned for
new service enhancements that will
be forthcoming over the next several
months.
Find out more at lvfcu.com