Money Matters
www.hefcu.org
Volume 105 lJune 2016
Holiday
Schedule:
July 4th - Independence Day
Sept. 5th - Labor Day
Oct. 10th - C
olumbus Day
Duncan Main Branch
703 S 9th St
Duncan, OK 73533
Phone: 580-255-3550
Fax: 580-255-3662
Duncan North Branch
2015 N HWY 81
Duncan, OK 73533
Phone: 580-251-9071
Fax: 580-251-9070
Houston
3000 N Sam Houston Pkwy E
Houston, TX 77032
Phone: 713-570-1307
Fax: 713-570-1310
Carrollton
2601 Beltline Rd
Carrollton, TX 75006
Phone: 972-820-7005
Fax: 972-820-7009
Elk City
105 Regional Drive
Elk City, OK 73644
Phone: 580-225-2690
Fax: 580-225-2695
Why Are Credit Unions Better Than Banks?
As the Occupy Wall Street movement takes full
swing, many Americans are expressing their anticorporate sentiments by supporting local businesses
and boycotting all types of consumer goods
altogether. When it comes to money matters, you
might have considered the real value of working with
a corporate bank versus a local financial institution.
Could moving your hard-earned dollars out of the
larger, Wall Street-operated banks also be good for
your wallet?
Credit unions are essentially cooperative organizations
owned by their depositors, not stockholders. Most
offer exactly the same set of financial products as a
bank, yet only some Americans have accounts solely
at a credit union.
1. Making you a top priority.
Unlike
corporate banks, credit unions are working in the best
interest of depositors, not stockholders. This is why
most can offer much better customer service and will
go out of their way to make you, the depositor, happy.
They’re less focused on turning a profit and more
focused on ensuring they’re providing depositors
with a high level of service and competitive rates.
They even have a nonprofit status so they’re exempt
from many taxes.
2. Low or no minimum balance
requirements. As corporate banks continue
charging high fees for dropping below a minimum
balance on savings and checking products, credit
unions are doing the opposite–lowering balance
requirements so that maintaining an account is less
stressful. Many only require a minimum balance of
$5 to $10 and have very few rules or provisions for
keeping your account in good standing. If you’re fed
up with the complex rules and requirements of larger
banks in your area, consider opening up an account
at a credit union.
3. Lower fees on banking products.
Shop
around for a loan or a checking account and you’ll
find that credit unions usually offer lower fees on basic
transactions. Whether you’re interested in opening a
primary savings account or a new checking account, your
local credit union can probably offer the best financial
products and packages in town. Most credit unions still
offer truly free checking without strings attached.
4. Lower interest rates. Credit unions typically
offer lower interest rates on mortgages and even credit
cards. When you’re looking to make some larger
investments, don’t forget to shop the credit union for the
best rates. Many will extend the most competitive rates for
mortgages, personal loans and credit cards. Remember
that the credit union is a nonprofit organization and isn’t
going to raise fees just to turn a profit. They’re also less
likely to tack on excess fees for different loan products.
5. Secure funds. Just like the FDIC, deposits at a
credit union are insured up to $250,000. You don’t have
to worry about losing your money when you set up
accounts at a credit union. You’re investing in the same
level of risk as a regular bank, but can enjoy several other
perks and services while doing so.
6. Less restrictive credit eligibility
requirements. If you’ve been denied for a loan from
a corporate bank, consider applying for a loan through
a credit union. Many credit unions have less stringent
loan eligibility requirements and may be willing to work
with you when you have a low credit score. They can also
make exceptions for unique circumstances, such as being
self-employed or having a bankruptcy on your record.
To see full article:
http://money.usnews.com/money/blogs/mymoney/2011/11/14/7-ways-credit-unions-are-betterthan-banks
Need a new vehicle? Use our AutoSMART Program
to shop, compare & locate a dealer near you!
HEFCU
Devon
Stricklin
Memorial
Scholarship Winner
Mattie Bivens is the proud winner of HEFCU’s Devon Stricklin
Memorial Scholarship!
Reminders
Home Loans
DO NOT RESPOND to e-mail scams that ask you for your
account number, credit card number and personal identification
numbers. E-mail messages asking for this type of information are
fraudulent and should be reported immediately.
We’ve partnered with CU Members Mortgage to do the back-end
processing of our mortgage loans. They’re credit union owned and
operated, so they always have your best interest at heart—and the
credit union values of quality and service. Call us today and get
one step closer to your new home!
Halliburton Employees’ Federal Credit Union will never contact
you and ask for this information. If you receive a phone call asking
for your personal information always remember the following:
NEVER give out your account numbers, PINs or other sensitive
information by phone or e-mail unless you initiated the contact
and are sure who you are dealing with.
DO NOT write down passwords or PINs, but do change them
frequently.
Go Green
Go Green by signing up for E-Statements! This FREE product
is a great way to decrease your carbon footprint and get your
statements even faster than before. What a great benefit!
DO NOT carry your Social Security Card in your wallet.
DO SHRED any unneeded statements, receipts, credit card
offers and other documents containing personal or financial
information.
Visit the notices and links pages at www.hefcu.org for more
information and details to keep your accounts and personal
information safe.
Take a summer vacation from your auto loan!
With auto payments
1.99%apr*
72 months**
90 days
Term
No payments for
*APR=Annual Percentage Rate. Rate cannot go below 1.99%. Rate is subject to credit qualifications and certain terms, restrictions and conditions apply. Not all
members will qualify for the lowest rate. ** 72 month financing: To receive 72 month financing, vehicle must be a new purchase or refinance of 2006 or newer
and loan value must be $15,000 or greater. Interest will begin to accrue once the loan is funded. An auto loan of $15,000 at 1.99%APR for 72 months will yield a
monthly payment of $222. Current HEFCU loans do not qualify for promotion. Minimum credit score of 690 is required to receive advertised rate and term. For more
information and to apply visit one of our offices or go to www.hefcu.org. Offer begins July 1st, available for a limited time only.