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: [email protected] 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