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BOARD OF DIRECTORS ANNOUNCES “A TIME FOR A CHANGE”
FIXED RATE REAL ESTATE LOANS BEGINNING APRIL 1ST For purchases and refinance loans from other lenders 5.50%* for 30 years 5.00%* for 15 years (there will be no interest refund tied to these loans)
CHRISTMAS IN JULY On July 1st all loans with the Credit Union that currently have a 12% fixed rate willautomatically roll back to an 8.00% fixed rate which will become the maximum rate for your loan for the remainder of the term. A new interest refund will be calculated (and announced in the second quarter) and hopefully result in a net rate lower than the current rate of 6.12%. Members will not need to complete any paperwork for this change. It is our objective to automatically change the payment on all real estate secured loans at the time of the rate change. Members will have the option to make the new payment or continue to pay the old payment. If a member should choose to make the old payment, the difference between the two payments would go to principal each month. The impact of this rate change on automobile and signature loan payments will be much less dramatic. As a result, we are not planning on automatically changing these payments. However, members may request to do so at a later date. There will still be an interest refund for these loans however it will obviously be a smaller dollar amount than you received before. For example, IF the initial interest refund is 25% for the third quarter, the net rate on your loan would be 6.00%. This is compared to your current refund of 49% on a 12.00% loan resulting in a net rate of 6.12%. For all real estate secured loans, we will send a new payment book at the time of the rate change to notify you of the new required payment. Your payment due date will not change. We will continue to provide updates as the time draws near, but in the meantime, please feel free to ask any questions. We may not have all the answers yet, but we will do our best to respond back to you as soon as possible. For the time being you can count on a lower monthly payment, a lower interest refund and lower net payment.
INTRODUCING ATM ENVELOPE-FREE DEPOSITS
Beginning April 6th, we are upgrading our ATM’s so that you won’t need deposit envelopes or deposit slips. It is very simple and here is how it will work:
When prompted, insert your checks and/or cash in the ATM without an envelope. The ATM will “read” the checks or count your cash (or both if you have cash and checks), showing you an image of the checks on the screen. If you are deposing cash, the ATM will count the cash enclosed. You will verify the total amount of the deposit and the funds will be deposited for immediate credit into your account. If a check(s) is part of your deposit the check image will be printed on your receipt, giving you added peace of mind that your check was deposited correctly. During the introduction, we will have staff available to help you with our new service, even on the weekends.
4.5%* RATE FOR AUTO LOANS
For new and used purchases or to refinance your auto loan at other lenders with your Credit union.
*All offers of credit are subject to credit approval and membership rules.
Read the Credit Union Column for the full announcement. Check back here or read the Credit Union Column in the Boulder Review Journal for updates.
