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Safe, Sound, and Smart
You work hard for your money so
the last thing you want to do is worry about its safety
once it's deposited
into your account. Amidst challenging economic times, members
have voiced some concerns about the security of their credit
union accounts and the level of insured funds in reaction
to news media stories reporting that only FDIC-insured institutions
are safe. On the contrary, your credit union is secure and
strong. It's important to remember that your credit
union is fully covered by federal insurance, is healthy and
well-capitalized, is not part of the subprime mess, and is
a safe harbor for your savings.
In fact, credit union members' funds
are federally insured to a minimum of $250,000 and certain
retirement accounts are insured up to an additional $250,000
by the National Credit Union Administration (NCUA), a U.S.
Government Agency backed by the full faith and credit of
the U.S. Government. NCUA account protection is identical
to the Federal Deposit Insurance Corporation (FDIC) protection.
Overall, credit unions are well capitalized which means they
are able to weather problems caused by the current economic
environment.
Steering clear of the subprime mess and
noted for lending responsibly, credit unions generally did
not get involved in the subprime mortgage loan market, unlike
other financial institutions. However, with soaring gas prices
and higher cost of living expenses, people are struggling
to make payments on loans above and beyond their mortgage
because of our troubled economy. So, credit unions throughout
the country have kept with sound lending practices for members.
Savvy
money management can make all the difference in uncertain
times. Therefore, credit union members can benefit by learning
more about the guidelines provided by the NCUA on structuring
accounts to maximize the amount of insurance received. For
more information, visit the NCUA share insurance website
at http://www.ncua.gov/ShareInsurance/Index.htm or call the
NCUA Insurance Call Center toll-free at 1-800-755-1030, extension
1. Operating from 8 a.m. to 6:30 p.m. (EDT) Monday through
Friday, they have insurance experts available to answer questions
about the coverage provided by NCUA share insurance.
Operating
as not-for-profit cooperatives credit unions typically offer
higher savings rates than banks. See for yourself by visiting
http://www.creditunion.coop/ratedex.php. In fact, did you
know that consumers nationally saved $10.9 billion nationally
last year by using credit unions rather than banks? The savings
come in the form of lower fees, higher savings rates and
lower loan rates. That works out to about $126 per credit
union member or $239 per household. So, in addition to being
a safe and secure place for your money, your credit union
is also a financially smart choice.
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We figure a lot of you out there
are probably thinking about getting away from it all somewhere
before the summer's
over . . . and wondering how to pay for it. Likewise, many
of you are probably looking ahead to the day you'll
send your kids back to school . . . and wondering how to
pay for it.
Whether you need a Vacation
Loan or a Back-to-School
Loan,
your credit union is ready to help. Either way you get the
same great rate: As low as 8.9% APR* for a 12-month term
with a limit up to $3,000.
Remember, when you get a loan from
us, you're not
enriching some stockholders you'll never meet. You're
strengthening an institution that you co-own with your fellow
members — an institution that exists for your financial
benefit. So make sure your next loan is a Perry Point FCU
loan. Apply
online today.
*Annual Percentage Rate is based upon the credit history
of the member. The rate stated is the lowest rate in effect
as of June 17, 2009. Not all members will qualify for this
rate. Rate includes a .50% discount for automatic payments
(direct deposit, payroll deduction, or automatic transfer
from a PPFCU savings or checking account). Sample monthly
payment for $3,000 for twelve months at 8.9% APR is $262.24.
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If you're planning to visit one of the
area's
theme parks this year, we can save you a lot of money. We
have discount tickets to the area's most popular amusements
such as Dutch Wonderland; Hersheypark;
Paramount's Kings Dominion; Sesame Place; Six Flags America;
and Six Flags Great Adventure. We have discount coupons for Dorney
Park and Wildwater Kingdom.
This year we also have discount tickets for the Maryland
Zoo in Baltimore; the Maryland State Fair; Medieval Times
Dinner and Tournament; and discount movie tickets for Regal
Cinemas; Edwards Theatres; and United Artists Theatres.
For a current price list, click
here.
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