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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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Need extra cash for the holidays this year? Treat yourself
to a low-interest rate loan from Perry Point FCU and tackle
your holiday shopping with money in your wallet.
With our Holiday Loan, qualified members can borrow up to
$3,000 for 12 months. Rates are as low as 8.9% APR if you
pay your loan by automatic payments. Holiday Loans are available
until January 31, 2009. Apply online today!
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Surcharge-free ATMs
Will you be traveling to visit family and friends for the
holidays? No matter where your holiday travels take you across
America, one of our 32,000 surcharge-free ATMs will be near,
so you can access your account.
To find a surcharge-free ATM close
to where you're
going, visit our website and look for the Allpoint ATM locator
box on our home page or go to the top right of this page.
Enter the zip code where you'll be traveling and click
on GO. You'll get a list of the ATM locations where
you can use your Perry Point FCU debit or ATM card to get
cash without paying a surcharge.
If you're traveling and don't have
access to a computer, you can call us toll-free at 1-800-625-6336
during business hours and we'll look it up for you.
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