SEN TRY
CREDIT
July 2016
Volume 9, Issue 3
U N I O N BOTTOM LINE
SENTRY CREDIT UNION
News a nd I nformation for S entr y Cred it Un ion Mem ber s
Shop Anytime. Go Anywhere. Do Anything. Don’t let a lack of cash hold you back from doing the things you love.
Put some purchasing power in your pocket with a
Sentry Credit Union Visa® or MasterCard®!
A low-rate credit card from your trusted credit union allows you to shop securely
online, make purchases almost anywhere in the world, book your travel plans and
more. Do anything you’ve been dreaming of with the power of Visa or MasterCard!
Plus, you’ll love all the money-saving perks of low rates and NO fees,
while enjoying benefits such as credit card registration, purchase
replacement and extended warranties, $200,000 travel accident
insurance and more.
So go ahead – live your dreams. Apply for a low-rate credit
card today by visiting sentrycu.org, calling 715-346-6534 or
stopping by our office.
Nationwide access for scu members –
with shared branching
Personalized service is a major benefit of banking at Sentry
Credit Union, and you don’t have to sacrifice convenience
to get it. Take advantage of SCU’s shared branching
services through CO-OP® Shared Branch and you can
access your account at any of 5,100 credit union branches
nationwide, just as if you were visiting one of our own.
The national CO-OP Shared Branch
network links participating credit unions
electronically, allowing credit union
members to do “branch banking” even
when the branch near you doesn’t
belong to SCU. This is a huge benefit
Look for the CO-OP
to our members who travel, whose
Shared Branch
workplaces don’t coincide with our
logo to find shared
branch locations or who simply enjoy
branches near you.
the convenience of expanded access.
Wherever you are across the country, chances are good
there’s a shared branch near you.
individualized attention and nationwide availability.
The cooperative spirit of credit unions allows them to work
with each other in ways that competing banks typically
do not. Visit www.co-opsharedbranch.org or download
the Shared Branch Locator app for iPhone® or Android™
to find branches nearest you. You can also look for the
CO-OP Shared Branch logo on the door of any credit
union branch.
At a CO-OP Shared Branch location, you can:
• Make deposits
• Make withdrawals
• Transfer funds
• Access Visa or MasterCard funds
Many shared branches also offer statement histories,
money orders, traveler’s checks and notary services. Since
services vary from one location to another, check with
individual branches before your visit for a complete menu
of available services.
Shared branching is yet another example of credit
union membership offering the best of both worlds –
G2 LEVEL
REMODELING BEGINS
Remodeling has begun on the G2 level of the Sentry
Home Office in Stevens Point, the home to Sentry
Credit Union.
Here’s the plan: The project will renovate the G2 area,
moving Sentry Credit Union, Hairport and eventually the
Aspirus Clinic and Sentry Health Services. The work will
be done in two phases and completed by the end of
the year.
Phase one includes remodeling the west side of G2
(pink on map). Once complete, in early September,
Sentry Credit Union will move into that space.
Phase two will see a remodel of the east side of G2
(blue on map). Hairport will move into a new space,
while the Aspirus Clinic and Sentry Health Services will move from their current location on
G4 into this area.
As a safety precaution, construction walls have been erected to cordon off the work area.
The Credit Union will remain open and accessible during the remodeling project.
EMV (CHIP) Cards getting closer to rollout
For the past several months, we have been working with our vendors to move over to EMV (chip) cards for our Members using
our ATM/Debit and Visa and MasterCard credit cards. The cards are in final testing. Once this is completed, go-live dates will
be established for getting EMV cards out. Existing swipe cards will be replaced at their expiration date with EMV cards. Look for
more details in the October 2016 newsletter. If you have any questions concerning EMV cards, please call us.
81st Annual Membership Meeting Highlights
On Wednesday, April 13, 2016, Sentry Credit Union held its 81st Annual Membership Meeting. The meeting was held in the
Sentry Theater (SHO) in Stevens Point (WI) and started at 4:00 PM.
Reports were presented by Board Chair Joe Mangal, President Rex Fair, Treasurer David Arey and Examining Committee
Chair Sue Kedrowski.
Board Chair Joe Mangal introduced the Officers and Directors of the Credit Union. He thanked the Directors for their hard
work and diligence over the past year. Mangal mentioned that the board is made up of volunteers who serve at the
willingness of the membership and are involved in committee meetings. He asked the membership to review the ballots
handed out prior to the meeting.
After Mangal’s comments, he turned the meeting over to Harry Rice, Chair of the Nominating Committee, to run the
election for the Board of Directors positions. There were three nominees for the three positions to be voted on. Mike Bilbrey,
Joe Mangal and Jim Zwicker were running for re-election to the SCU Board. Rice called for nominations from the floor. As
there were no nominations from the floor, Rice called for a motion to cast a unanimous ballot, and that motion carried.
Financial Figures for
Year End 2015
Assets_____________________ $ 89,119,624
Member Deposits________ $ 73,609,684
Member Loans____________$ 57,882,970
Total Income______________ $ 2,670,448
Operating Expenses_______ $ 1,955,275
Dividends to Members_______ $ 137,657
Net Gain to Reserves________ $ 543,441
Total Reserves____________ $ 14,015,095
Net Worth (Reserves to Assets) _ 15.73%
2016 Board of Directors
Chair: Joe Mangal
Vice Chair: James Nickerson
Treasurer: Mike Bilbrey
Secretary: Jim Zwicker
Dave Arey
Brian Cychosz
Jack Edgerton
Sue Kedrowski
Harry Rice
Treasurer Arey highlighted information from the Balance Sheet, the
Operating Statement, the Distribution of Income and the Net Worth
Position. Arey stated that the Board of Directors is responsible for running
the Credit Union in a financially sound manner. The figures for 2015
indicate we are a financially strong and well-reserved Credit Union.
Sue Kedrowski, Chair of the Examining Committee, briefly described key
functions performed by the Examining Committee – to represent the
Members’ interests, to oversee the annual audit, to ensure adequate
financial controls are in place and to provide early warnings to the Board
of Directors for items that may become problems in the future. Kedrowski
reported that there were no material discrepancies in the CPA examiners’
review of the Credit Union’s financial records. In closing, Kedrowski
extended thanks to the members of the Examining Committee and the
SCU staff for their efforts during the past year.
President Fair talked about the service enhancements made in 2015,
which included a new website. It has a responsive design that makes
it viewable on any device, from computers to mobile devices. Later in
2015, the Credit Union came out with a mobile app that included mobile
deposit. The biggest advantages with our mobile deposit service are that
the deposit is made in real time (no delays) and that all funds from the
deposit are available immediately (no holds). Also, there were upgrades to
voice (touch-tone) banking and e-statements. Fair stated that 2016 would
be a busy year for service enhancements including chip (EMV) cards for
both debit and credit card users, an internet banking upgrade, two more
mobile apps and a mobile wallet (Google Wallet, Apple Pay®).
The meeting adjourned at 4:45 PM.
Savings & Investment Rates
Effective July 1, 2016
Dividend
Paid
Min.
Balance
0.05%
Quarterly
$5
0.05%
0.05%
Monthly
$500
0.15%
0.15%
Weekly**
$1,000
($2,000
to Open)
Account
Rate
APY*
Share
Savings
0.05%
Premium Plus
Checking
Security
Money
Market
Account
1
Traditional, Roth and Education Accounts
APY*
Term
$1 - $2,000
0.15%
0.16%
Open
$2,001 - $5,000
0.25%
0.26%
Open
$5,001 - $10,000
0.35%
0.36%
Open
$10,001 and up
0.50%
0.51%
Open
Term Share Certificates
Minimum
Minimum
Deposit $500 Deposit $10,000
Term
Rate/APY*
Rate/APY*
6 Months
0.10%/0.10%
0.20%/0.20%
12 Months
0.15%/0.15%
0.25%/0.25%
18 Months
0.20%/0.20%
0.30%/0.30%
24 Months
0.25%/0.25%
0.35%/0.35%
30 Months
0.35%/0.35%
0.45%/0.45%
3 Years
0.55%/0.55%
0.65%/0.65%
4 Years
0.80%/0.80%
0.90%/0.90%
5 Years
1.10%/1.10%
1.19%/1.20%
All IRA plateau dividends paid quarterly. Rates may change January 1 and
July 1. 18-Month IRA Term Share Certificate: $500.00 minimum deposit; APY is
same as 18-Month Term Share Certificate as listed above. 30-Month IRA Term
Share Certificate: $500 minimum deposit; APY is same as 30-Month Term Share
Certificate as listed above. Rates can change.
Rate
*APY=Annual Percentage Yield. **SMMA rate for week of June 27, 2016,
through July 3, 2016. 1In effect for Piggy Bank and Kirby Kangaroo Accounts.
Balance
Home Equity Line
of Credit
Rate remains at 3.50% APR*
The Prime Rate is the index used by many lenders, including
SCU, to set Home Equity Loan rates. Effective as of July 1,
2016, all new and existing Home Equity Line of Credit Loan
Accounts at Sentry Credit Union will be at 3.50% APR (annual
percentage rate). The last time this rate changed was back
on January 1, 2016, as the Prime Rate had changed near the
end of December 2015. (The rate on the Home Equity Line of
Credit Account at SCU is set at the Prime Rate + 0.00% and can
change on January 1 and July 1.)
SCU CLOSED ON THE
FOLLOWING HOLIDAYS
Independence Day Monday, July 4, 2016
Labor Day
Monday, September 5, 2016
Thanksgiving Day
Thursday, November 24, 2016
Christmas Monday, December 26, 2016
New Year’s
Monday, January 2, 2017
Indexed Loan Rate Changes
Effective July 1, 2016
Loan Type
Variable Rate APR*
Share Secured Loans
2.25%
Index for Variable Rate Share Secured: The *Annual Percentage
Rate (APR) for new and existing balances is the 13-week average of
the 13-Week T-bill (Index), rounded to the next higher 0.25%, plus a
Margin of 1.75%. We will use the most recent Index value available to
us as of each calendar quarter prior to any annual percentage rate
adjustment. The Index for the period ending June 2016 was above
0.25%, but below 0.50%. The APR will change quarterly on the first
day of January, April, July and October to reflect any change in the
Index. The APR will never be greater than 18.00% or the maximum rate
allowed by law, whichever is less. Any increase in the APR will result
in more payments of the same amount until what you owe has been
repaid. Refer to Loanliner for complete details. Example: $3,000 at
2.25% variable rate = 36 monthly payments of $86.26.
Serving Sentry Associates and Their Family Members Since 1935.
Web: www.sentrycu.org
Monday and Tuesday: 8:00 AM - 4:30 PM
Phone: 715-346-6534/877-368-7928
Wednesday: 9:00 AM - 4:30 PM
Email: [email protected]
Address: 1800 North Point Drive
Stevens Point, WI 54481
Thursday: 8:00 AM - 4:30 PM
SENTRY CREDIT UNION
Friday: 7:30 AM - 4:30 PM
S
C
U