Views Credit

Spring 2014
For the members of Columbus Metro Federal Credit Union
Views
Credit
WHAT IS
HOME EQUITY?
SPRING IS FOR REMODELING
You waited patiently throughout the long winter, watching
endless hours of HGTV and perusing Pinterest. Now that spring
has finally arrived, you’re ready to tackle some of your home
improvement projects. But how will you pay for it all?
When it’s time to get started, see us first. We can help you figure out how to make
your home improvement dreams come true. Your loan options will depend on the size of the
project(s), your budget, the timeline and more. Possibilities include:
1. Home Equity Loan
With a home equity loan, you borrow a lump sum and pay it back in affordable monthly
payments over an extended term – usually 15 years. This type of loan is best used for one large
project or several smaller projects that will be completed at the same time.
Equity is the difference between
the appraised value of your home
and your outstanding mortgage
balance. For example, if your home
is worth $150,000 and you owe
$65,000 on your mortgage, you
have $85,000 in equity.
2. Home Equity Line of Credit
At Columbus Metro, you can
borrow up to 80% of your home’s
equity, or $55,000 in our example.
Here’s how it works:
3. Mortgage refinance
Value of Home$150,000
80% of Appraised Value$120,000
Less Mortgage Balance - $65,000
Potential Loan Amount/ $55,000
Credit Line
A HELOC is particularly convenient if your need for funds is ongoing – for example, you’ll be
working on a series of projects over an extended period of time. You’ll be approved for a specific
credit limit, which is the maximum amount you may borrow at any one time, and you can
access your credit line with our special Redi-Line Visa® card or convenience checks. As you pay
down your balance, those funds become available to you again. With a HELOC, you can borrow
and repay over and over throughout the life of your loan.
If you have equity available and plan to stay in your home for years to come, it may be to your
advantage to refinance. If you take cash out, you’ll have a lump sum that you can use for your
home improvement projects. Our mortgage specialist, Jenniffer McNamee, will be glad to help
you determine whether this option is right for you.
We’re here to help you turn your current home into your dream home. For more information, call,
stop in or visit us online at www.columbusmetro.org.
Inside:
Mother’s Day
2 Celebrate
On A Budget
3 One-Stop Shopping At Its Best
Your Kids Increase
4 Help
Their Money IQ
Could Save On Your
5 You
Car Insurance
www.columbusmetro.org
Super Money Market
$20,000 minimum......... 0.50% APY
$50,000 or more............0.60% APY
CELEBRATE MOTHER’S DAY ON A BUDGET
6 Month Share or IRA Certificate
$1,000 minimum.......... 0.50% APY
12 Month Share or IRA Certificate
$500 minimum.............. 0.65% APY
15 Month Share or IRA Certificate
$500 minimum.............. 0.65% APY
Allows deposits of $250 or more
36 Month Share or IRA Certificate
$500 minimum.............. 1.05% APY
60 Month Share or IRA Certificate
$500 minimum.............. 1.65% APY
Education Growth
Fund Certificate
$250 minimum.............. 1.25% APY
Vehicle Loan (2012 to 2014)
As low as....................... 2.74%*
Up to 72 months
Vehicle Loan (2008 to 2011)
As low as....................... 3.74%*
Up to 66 months
Vehicle Loan (2007 & older)
As low as....................... 5.24%*
Up to 60 months
Home Equity Loan—Fixed Rate
As low as......................5.99% APR*
Up to 180 months
Key rates
Home Equity Line of Credit
Redi-Line.......................3.50% APR
First Mortgages
Contact Jenniffer McNamee at ext. 3026
or [email protected]
Rates current as of 3/1/14 and subject
to change without notice. See a
Member Services Representative for
full details. APY = Annual Percentage
Yield. APR = Annual Percentage Rate.
Loans made subject to standard loan
approval guidelines. *The rate you pay
may vary based on your credit history
and/or loan-to-value ratio.
Excess
Share
Insurance
Federally insured by NCUA
Excess
According to the National Retail Federation, Americans planned to spend an average of $168.94
on Mother’s Day in 2013 – over $20.7 billion nationwide. If you’re on a tight budget this year,
don’t sweat it. Mom will see how much you love her even if you do it frugally. Here’s how:
Make it yourself. It may seem corny, but moms agree that a homemade gift from the heart is still
the best gift of all. Consider a poem on some pretty paper; a meaningful letter of thanks for lessons
taught; or her favorite baked goods or a special treat. Remember, it’s the thought that counts!
Skip the Sunday – make plans for Saturday. Many restaurants, tea rooms and other venues may
offer special events on Mother’s Day Sunday, but you’ll often pay a premium. If you’re taking her
out, make plans for Saturday afternoon or evening and just visit with her on Sunday instead.
Consider a combination gift. Partner with a sibling or other family member to purchase a joint
gift for your mother and/or grandmother(s). Or, if you are fortunate enough to celebrate both
Mother’s and Father’s Day, combine the two celebrations in late May or early June. You can save
by paying for one dinner or brunch out, or with one set of theater tickets.
You may also want to set up a secondary savings account to save for the year’s important
gift-giving occasions – not just the holidays but Mother’s Day, Father’s Day, birthdays and
all the rest. Give us a call at 614.239.0210 or 800.986.3876 or visit any of our branches for
more information.
ANNUAL REPORT
NOW AVAILABLE
Columbus Metro’s 2013 annual report is now available.
Stop in any of our branches for a copy or visit
www.columbusmetro.org/news/AnnRep13.pdf
ONE-STOP SHOPPING AT ITS BEST
If you’re in the market for a new vehicle, buying a car is easier and more
convenient than ever with Columbus Metro.
Get preapproved before you shop
Getting preapproved before you shop is useful for a couple of reasons.
One, you’ll know how much you can afford to spend. And two, you’ll
know what interest rate you qualify for. Many members agree to a
higher interest rate than they need to simply because they don’t know
what a “good” rate is. So, before you take a test drive:
• Apply online, by phone or in person
• Take your preapproval letter along as you shop
• Negotiate your best deal on the vehicle of your choice, then hand your preapproval letter to the dealer and they’ll take it from there
Convenient financing at the dealer
We know that you don’t always plan ahead when you buy a vehicle – a serious accident or the need for major repairs could send you
shopping on short notice. If that’s the case, you’ll appreciate the ease and convenience of financing at the dealer.
• Visit a Metro Direct participating dealer (listed below)
• Choose a vehicle and tell them you want to finance with Columbus Metro
• Sign your loan papers with confidence – you got the same great rate as if you had come in to our office
• Take delivery of your new vehicle, then hit the road
It’s not an either/or choice – you can get preapproved and finance at the dealer. For example, you may not know where you’ll end up buying.
You get preapproved, then visit several dealers and end up buying a vehicle from one of our participating dealers. Don’t worry about the
preapproval – simply let the dealer know you want to finance with Columbus Metro and sign your loan papers on the spot.
Questions? Call or stop in to talk to one of our lending professionals, or visit www.columbusmetro.org.
Metro Direct Participating Dealers
A. D. Farrow Downtown Columbus
A. D. Farrow Shop at Northstar
Acura Columbus
Auto Direct
AutoMax Chrysler Dodge Jeep Ram
AutoMax USA
AutoQuick
Buckeye Honda
Buckeye Nissan
Byers Chrysler Jeep Dodge Ram
Byers Chevrolet
Byers Dublin Superstore
Byers Ford
Byers Imports
Byers Kia
Byers Mazda/Subaru
Byers Volvo
C & A Harley-Davidson
Centennial Park Harley-Davidson
Chesrown Chevrolet Buick GMC
Chevrolet of Dublin
Crown Chrysler Dodge Jeep Ram
Crown Eurocars of Dublin
Dan Hatfield Chrysler Jeep Dodge
Dave Gill Chevrolet
Dennis Imports at Easton
Dennis Hyundai of Dublin
Dennis Kia of Easton
Dick Masheter Ford
Fink’s Harley-Davidson
Germain Cadillac of Easton
Germain Ford
Germain Honda of Dublin
Germain Infiniti of Easton
Germain Lexus of Dublin
Germain Lexus of Easton
Germain Mazda of Columbus
Germain Nissan
Germain Toyota
Hatfield Hyundai
Hatfield Kia
Hatfield Volkswagen
Haydocy Buick GMC
Haydocy Chevrolet Cadillac Buick
Jack Maxton Chevrolet
Jack Maxton Harrisburg Pike
Jack Maxton Lewis Center
Jeff Schmitt Buick GMC
Jeff Wyler Chevrolet of Columbus
Joe Carson Motor Sales Inc.
John Hinderer Honda
Krieger Ford
Lash Chevrolet
Lindsay Acura
Lindsay Honda
Mercedes-Benz of Easton
Nourse Circleville Auto Sales
Ohio Motorcycle
Performance Chrysler Jeep Dodge
Roush Honda
Roush Honda Used Car Company
Sandoval Buick GMC
Tansky Sawmill Toyota
Taylor Chevrolet
Toyota Direct
Toyota West
Teach Children to Save Day is April 11
By fax
614.239.0988
You teach your children to read, to tie their shoes, to ride a bike. But one of the most
important lessons you can ever teach them is how to manage money.
By email
[email protected]
Here are some easy ways to get started:
1. Give your kids an allowance. You may or may not decide to tie this money to
chores – experts differ on this point. But the important thing is that they have the
opportunity to handle money before they are old enough to get their first job.
2. Open savings accounts for your kids and make saving a priority. You could require
them to save a portion of any money they receive, even if it’s just $5 of the $25 they
got for their birthday.
3. Teach smart shopping skills. You can use trips to the grocery store or back-toschool shopping to teach kids about unit pricing, using coupons, calculating sale
prices and more.
4. Talk about the family budget. You don’t necessarily need to go into specifics, but
you can tell kids when money is tight and demonstrate how you distinguish between
wants and needs.
5. Let your children have a job. It could be after school, a couple of hours on the
weekends or just during the summer. But it’s important to expose them to paying
taxes and the delayed gratification that comes with waiting for a paycheck.
At Columbus Metro, we offer two programs to help you teach your kids about money:
the Metro Kids Club featuring Kirby Kangaroo for children 12 and under, and the CU
Succeed® Teen Financial Network for those ages 13 to 17. And visit the Money As You
Grow website, www.moneyasyougrow.org, for 20 essential, age-appropriate financial
lessons about saving, making choices and avoiding debt.
BY Mail
P.O. Box 13240
Columbus, OH 43213-0240
Visit Us
4000 E. Broad St.
Columbus, OH 43213
6623 E. Main St.
Reynoldsburg, OH 43068
5600 N. Hamilton Rd.
Gahanna, OH 43230
DSCC Building 20
Room B110S
DFAS Building 21
Room A132
24-Hour Services
MetroWeb
www.columbusmetro.org
MetroTeller
614.237.8777 or 800.529.4619
Bill Pay Support
877.682.0339
Visa® Balance & Payment
Inquiries
800.600.5173
www.ezcardinfo.com
Lost or Stolen Visa
During regular business hours
614.239.0210 or 800.986.3876
After hours 800.991.4961
Lost or Stolen Debit
MasterCard®
800.528.2273
contact us
HELP YOUR KIDS INCREASE
THEIR MONEY IQ
By phone
614.239.0210
800.986.3876
Auto INSURANCE
You could save
on Your
CAR insuRAnCe
Exclusively for credit union members
You want quality protection you can depend on and
at rates you can afford. On average, credit union
members who switch save up to $427.96* with the
TruStage Auto Insurance Program.
Call for your FREE, no obligation quote.
Some members save even more from all of the
discounts offered. Plus you will have access to extra
benefits, such as 24/7 claims service and 24-hour
Roadside Emergency Assistance coverage.**
Visit us at TruStageAutoHome.com
Toll-free
1-888-380-9287
Monday - Friday ........................ 7am - 1am ET
Saturday ............................. 7am - 11:30pm ET
Sunday .................................... 9am - 10pm ET
TruStage products and programs are made available through TruStage
Insurance Agency. Affiliates of TruStage have been providing insurance and
financial services designed for credit unions and members for more than
75 years, serving more than 13 million credit union members.
TruStage™ Auto Insurance Program is made available through TruStage Insurance Agency, LLC and issued by
leading insurance companies. To the extent permitted by law, applicants are individually underwritten; not all
applicants may qualify. Discounts are not available in all states and discounts vary by state. A consumer report
from a consumer reporting agency and/or motor vehicle report will be obtained on all drivers listed on your
policy where state laws and regulations allow. Please consult your policy for specific coverages and limitations.
The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by your credit union.
* Figure reflects average national savings for customers who switched to Liberty Mutual’s group auto and
home program. Based on data collected between 1/1/2012 and 6/30/2012. Individual premiums and
savings will vary.
**Optional coverage. Requires the purchase of Towing and Labor coverage to cover cost of towing. Subject to
policy limits. Emergency Roadside Assistance available anywhere in the U.S. and Canada.
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KEEP US UP-TO-DATE
If you’ve moved, changed your email address or cancelled your landline in
favor of your cell phone, be sure to let us know.
It’s important that we have your current contact information on file so that
you receive your statements and other important mailings, e-statement
notifications and more. If the information we have on file for you is incorrect,
you may not receive information about your account in a timely manner.
To update your address, stop in one of our offices or download a copy of our
address change request form from the online forms page of our website
(www.columbusmetro.org/onlineforms.html). We do need your signature
for an address change, so be sure to fax or mail the form back to us. If your
email address or phone number(s) have changed, simply let us know the next
time you call, stop in or email us, and we’ll be glad to update your account.
3/13/13 10:32 AM
Presorted STD
U.S. Postage
Holiday closings
P.O. Box 13240
Columbus, OH
43213-0240
PAID
PSB
Views
Credit
Memorial Day
Monday, May 26
Independence Day
Friday, July 4
THE RIGHT TIME. THE RIGHT RATE.
Save big with our 0% balance transfer special
Transferring balances to your Columbus Metro Visa® card is always a great way to save, thanks to our everyday
low rates. But you can save even more when you take advantage of our spring balance transfer special.
• 0% APR* for 12 months on balance transfers made prior to May 31, 2014
• $0 balance transfer fees
• Enjoy our regular low rates once the promotional rate expires
If you’re an existing Columbus Metro cardholder, simply call or stop in for a balance transfer form, or visit
our website at www.columbusmetro.org to download a copy. (Be sure to use the form – if you write a
convenience check, you will be charged a cash advance fee and you will not receive the promotional rate.)
If you don’t have a Columbus Metro Visa card yet, stop in any of our offices, call 614.239.0210 or
800.986.3876 or visit www.columbusmetro.org to apply. Once you’re approved, you can transfer
balances to your new Columbus Metro Visa and get the same great 0% offer.
Hurry, this special offer won’t last long. Balances must be transferred by May 31, 2014 to qualify.
So don’t delay, transfer your balances or apply for your Columbus Metro Visa card today!
PR=Annual Percentage Rate. Limited-time offer of 0% APR for 12 consecutive billing cycles on balance transfers processed between March 1, 2014 and May 31, 2014.
A
Refer to the balance transfer form for complete details.
*