SUMMER | 2010
1
“Pig Out On Sinto Street”
Real Time Debit Cards
2
Platinum Lending Testimonials
Financial Education Quiz
3
10th Annual “Pig Out On Sinto Street”
Spring has sprung and our summer months have been great;
as the first week of August rolls around each year your Board of
Directors, Management team and staff get excited to show their
appreciation for the finest Spokane credit union membership at
our 10th Annual “Pig Out On Sinto Street” Member Appreciation
day picnic!
Times are tough and the economy is slowing; even more
reason to drive to the credit union for free hamburgers, hot
dogs and German sausages off the grill; served up with chips
From the Desk of:
Vision meets Success
4
Financial Education Center
Financial Wellness Program
Christmas Club
Clinkendaggers $100 Gift certificate
When: Friday 8-6-10
and your
Where: 924 W. Sinto
choice
of a cold
Time: 12:00 to 2:00pm
beverage.
Finish it off
with ice cream and really great friends, co-workers
or family to picnic with! Please join the Board of
Directors, staff and other members for a “free lunch” on us!
Improving With Real-Time Balance When Using Your Visa® Debit Card
Spokane Law Enforcement Credit Union is committed
to providing services that help you manage and track your
finances. Coming in July 2010, we’re improving the accuracy of
your debit card transactions with “real-time” account balance
when you use your Visa debit card. This means that when
a merchant obtains authorization from us to approve your
purchase, it will affect the available balance of the primary
account linked to the card. This will help improve the up-tominute accuracy of knowing what is really available to spend.
For example, you have a balance of $500 and make a
purchase for $100 at a retail store. Your available balance will
decrease to $400, because the merchant obtained authorization
from us when the card was swiped. Previously your available
balance was not decreased until the final payment amount
posted to your account. This will help our members avoid fees
by better understanding the true amount on hand, so they
don’t inadvertently spend more than what is available in their
checking account—eliminating any overdraft transfer fees.
Please keep in mind that SLECU, unlike most financial intuitions,
does not charge an overdraft/NSF fee when an overdraft occurs
as a result of a non-recurring debit card purchase transaction.
Therefore, you can be assured this improvement is being made
to serve the interests of our members and won’t produce fee
income for the credit union.
Certain types of merchants sometimes authorize more or
less than the final transaction amount (e.g. car rental, hotel) and
may affect your overall available balance. Authorizations will
be released when the charge posts to your account or after two
business days, whichever comes first. When traveling, you may
want to use your SLECU credit card for payment of hotel and
car rental services if you have any concern about the temporary
impact on the available balance of your checking account.
Proudly Serving: Members of Fraternal Order of Police living or working in Spokane County and Kootenai and
Bonner Counties of Idaho.
Holidays: Independence Day, Monday, July 5th •
Labor Day, Monday, September 6th
Platinum Lending
As low as 3.99%apr
Financial Education Quiz:
On any purchase or refinance of your
New or Used vehicle loan!
The word is getting out about our great
new lending program: “Platinum Lending!”
Just nine months ago we announced Platinum Lending to our membership;
rumors are spreading bringing in many new eligible members to take advantage
of our great rates!
As you can see from the images, members are coming to the credit union
for many different types of loans: vehicle, RV and restored collectible cars.
Additionally, we have customized our Platinum Lending program to reward
members for additional product and services they use. Many members are
opening new checking accounts, direct deposit of their paychecks and making
down payments to lower their rate.
Here are three new members and their testimonials of their experience
with our Platinum Lending program:
We love RV’ing; our 1st RV was older
and well used. Then we found our
“dream RV” after years of looking.
We shopped several financing
options until a friend recommended
SLECU. He said SLECU had great
rates and even greater service – “he
was right!” The application process
was so simple and the staff made the
whole deal “painless & convenient.” AND the rate was lower than anyone
else we checked!
JoAnne Lake – Spokane County Sheriff Lieutenant
Danny Lake
After three co-workers
recommended I give SLECU a
try – I did! I received the best rate
& term, very friendly service and
great advice on my purchase!
Now I understand why my
friends were so persistent, I look
forward in being that same guy
to my co-workers and family in
the future! Mark Sprecher –
Spokane County Sheriff Corrections Deputy
We heard about Platinum
Lending from our son who is
a member of SLECU. Simply
put – Our loan was quick,
courteous and hassle free. The
easiest loan we have ever got!
Kevin Bechtold – Spokane
County Sheriff Detective
Cheryl Bechtold
SHARE ACCOUNTS:
$100 - $10,000 0.5009% to 1.26% apy
MONEY MARKET:
$5,000 - $100,000 0.60% to 1.26% apy
TERM SHARE CERTIFICATES:
12 month $500 - $10,000 1.00% to 1.50% apy
24 month Bump $500 - $10,000 2.00% apy
36 month $500 - $10,000 2.00% to 2.25% apy
IRA ACCOUNTS: Shares – 2.02% apy
Rates effective
July 1, 2010 and are subject
to change without notice,
APY=Annual Percentage Yield, (For
information on applicable rates
and fees on any of these accounts,
please consult a credit union
employee), *Your savings and IRA
accounts are insured by
NCUA for up to $250,000.
Apy = Annual Percentage Yield
IRA CERTIFICATE: 12 month – 36 month 1.50% to 2.00% apy
DIVIDENDS
In addition to our new “Financial Education Center” located on the back cover of this newsletter,
we will continue to strive to assist you, your children and extended family in the ability to
understand finance, more specifically to make informed judgments and effective decisions about
the use and management of your money.
Enjoy taking the quiz below; then share it with your children, taking the time to share your
knowledge and life experiences raising their interest in personal finance when sharing the
questions and answers together. Find the answers on the back cover near the bottom right hand
side column. Good luck!
1.) Matt and Eric are young men. Each has a good credit history. They work at the same company
and make approximately the same salary. Matt has borrowed $6,000 to take a foreign vacation.
Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest finance charge?
a. Matt will pay less because people who travel overseas are better risks.
b. They will both pay the same because they have almost identical financial backgrounds.
c. Eric will pay less because the car is collateral for the loan.
d. They will both pay the same because the rate is set by law.
2.) Many savings programs are protected by the Federal government against loss. Which of the
following is not?
a. A bond issued by one of the 50 States. b. A U.S. Treasury Bond.
c. A U.S. Savings Bond.
d. A certificate of deposit at a credit union.
3.) Inflation can cause difficulty in many ways. Which group would have the greatest problem
during periods of high inflation that last several years?
a. Young couples with no children who both work.
b. Young working couples with children.
c. Older, working couples saving for retirement.
d. Older people living on fixed retirement income.
4.) Which of the following is true about sales taxes?
a. You don’t have to pay the tax if your income is very low.
b. It makes things more expensive for you to buy.
c. The national sales tax percentage rate is 6%.
d. The federal government will deduct it from your paycheck.
5.) Which of the following types of investment would best protect the purchasing power of a
family’s savings in the event of a sudden increase in inflation?
a. A twenty-five year corporate bond.
b. A house financed with a fixed-rate mortgage
c. A 10-year bond issued by a corporation.
d. A certificate of deposit at a credit union.
6.) Under which of the following circumstances would it be financially beneficial to you to borrow
money to buy something now and repay it with future income?
a. When some clothes you like go on sale.
b. When the interest on the loan is greater than the interest you get on your savings.
c. When you need to buy a car to get a much better paying job.
d. When you really need a week vacation.
7.) Which of the following statements best describes your right to check your credit history for
accuracy?
a. All credit records are the property of the U.S. Government and access is only available to the FBI and Lenders.
b. You can only check your records for free if you are turned down for credit based on a
credit report.
c. Your credit report record can be checked once a year for free.
d. You cannot see your credit record.
8.) Your take home pay from your job is less than the total amount you earn. Which of the
following best describes what is taken out of your total pay?
a. Federal income tax, social security and Medicare contributions.
b. Federal income tax, sales tax, and social security contributions.
c. Social security and Medicare contributions.
d. Federal income tax, property tax, and Medicare and social security contributions.
(continued on back page)
VEHICLE RATES
New (2009-2010) & Used:
As low as *3.99% apr, up to 84 months
New & Used Boat, Motor home & RV
As low as *5.99% apr, up to 180 months
Signature & Overdraft Protection:
As low as 10.99 %apr
Share & Term Share certificate secured loan:
3% above share rate
Visa Classic:
11.5% apr w/checking – 12.5% apr wo/checking
Visa Platinum: 13.5% apr – up to $20,000 limit
Mortgage Rates: Please call the credit union for
current rates available
Apr = Annual Percentage rate
Visit www.slecu.org for additional dividends and rates
* Rates & Terms: Interest Rate on
each loan is customized to the
individual member. The interest
rate you receive will be determined
by your Fico score. (Credit score)
Other rates and terms may apply
depending on the individual
creditworthiness of each applicant.
Items that affect the rate, month &
term include past credit history, type
and value of collateral, term of the
loan, down payment and the number
of other credit union services used
by the member. All rates are the
Annual Percentage Rate (APR) and
are a fixed rate unless noted. SLECU
terms, conditions and rates re subject
to change without notice
LOAN RATES
Vision Meets Success
Just twenty months ago, October 2008 the economy appeared to be
on an economic railroad heading down the track with no brakes,
for certain without switching tracks this would be a train wreck of
economic proportions; a depression. With fifteen million individuals
still receiving unemployment distributions it seems the Government
is struggling to keep the train on the track, while consumers are
attempting to be patient waiting to get back in the workforce.
In the Spring of 2009 your Board
of Directors began talking of
their Vision for a complete
overhaul of an already successful
lending program; in a sense a
renovation as if you were to
remodel a well working kitchen
into a showcase dining area with
granite countertops, beautiful
new cabinetry, stainless steel
appliances and awesome new
hardwood floors. That was their
Vision, to take something from
working well to the next level of
Excellence!
Credit card debt ratio – 15% or less of gross annual income.
Example:
$20,000 at 15% = $3,000
$40,000 at 15% = $6,000
$60,000 at 15% = $9,000
Looking at those products and services offered as an incentive, below
are statistics for all members who were approved for a loan from
October 2009 through June 15, 2010. The highest and lowest ratio
indicate the most exciting results; 73% of members have a debt-toincome ratio 40% or below, leaving 60% of their gross income for other
spending
needs.
Percent of Service/Products used
Another
measure of
40% or below debt ratio
73 %
members
handling
Direct deposit
50%
their
finances
5+ years employment
49%
responsible
is total
Active checking
48%
credit card
debt-to-gross
SLECU Visa
34%
income,
an overall
Credit card debt ratio
10%
average of
just 10% that equates to just $8,437.69 average per member.
Summer of 2009, the Board of
Directors set the task in the
hands of your Law Enforcement
Credit Union management
As seen on page two, members are taking advantage of this great
team and a goal to role out their Gary Jarvis - Executive Vice President new lending program for many different purchases because it was
Vision on October 1, 2010 – the
designed with each and every member’s interest in mind. Below is the
“in a sense a renovation as if you
announcement of “Platinum
breakdown
were to remodel a well working
LOANS BY TYPE
Lending.” Their Vision was to
by percent
kitchen into a showcase dining area”
make borrowing easier for every
of the nearly
RV
member, with interest rates to reward members on how they have
$2.5 million
New Auto 7% Boat
treated their credit in the past, and predict how they would use
in new loans:
9%
credit in the future. Additionally, reward members by lowering their
3%
In closing;
interest rate as incentives for the products and services they use at
Motorcycle we want to
the credit union.
6%
thank each
Since the announcement of Platinum Lending we have serviced
of you for
members borrowing needs in the amount of $2,409,085.84 through
making our
the middle of June, almost 200 loan requests for an average loan
new lending
Unsecured
amount of $12,489.04. Furthermore through this period the average
program
Used Auto
21%
Fico Score (credit score) averaged 715; March and May 2010 that
a success,
54%
average credit score average was an amazing 737 & 733 respectively.
the word is
getting out
We have customized our Platinum Lending program to reward
by you, to your co-workers or eligible friends and family members.
members for services and products that they use. For the products
In these difficult economic times we all need to battle this together,
or services listed below, we will add an additional .25 points to your
please continue to spread a positive word about Platinum Lending
credit score up to .50 points total; this will raise your credit score and
at your credit union, we promise to continue to provide products
lower your interest rate you receive – a great incentive!
and services that will assist you or your family in your endeavor to
Direct deposit.
financial wealth & happiness.
Active checking account with automatic loan payment.
Yours truly,
Debt to income ratio at 40% or below.
Length of employment – 5+ years with same employer.
Active Visa Classic or Visa Platinum in good standing.
[email protected]
Financial Education Center
“YOUR ROAD TO FINANCIAL SECURITY”
Assets
These are possessions which have a present
or future economic value to the owner or
business. Basically they are everything that you have or own
that is worth value. There are different types of assets:
• Fixed assets include such things as land, machines and
buildings.
• Intangible assets include such things as goodwill, trade
marks, patents, etc.
• Liquid assets are funds which are kept in cash or in
some other form which can be quickly and easily be
turned into cash.
Liability
In personal finance, liabilities are the amounts you owe
to creditors, or the people and organizations that lend
you money. Typical liabilities include your mortgage, car
and educational loans, and credit card debt.
When you figure your net worth, you subtract your
liabilities, or what you owe, from your assets. The result
is your net worth, or the cash value of what you own.
SLECU Staff
Christmas
Club
Judy Nichols
President
Qualification
requirements:
Automatic Funds
Transfer (AFT) from
an *active checking
account on the 15th
and 30th only. A
maximum of $50 per
transfer. Christmas
Club accounts will
automatically transfer
entire amount to your
12 months • $1200 • 12% APY
checking account on
November 1st of each
year. One Christmas Club account per member account.
 *Active checking account: Requires minimum monthly
activity of no less than 10 transactions. Example; Check, atm
or debit card transactions. Cash, check, atm or direct deposit.
Cash, atm or check withdrawals. Transfers to one Christmas
Club account per active checking account only.
• All types of borrowing which is payable during
short or long time.
• A duty or responsibility to others that entails
settlement by future transfer or use of assets.
Financial Wellness Program
A Financial fitness guide to future wealth
and happiness.
We have established
a “Financial Wellness
Program” with free
material that provides
financial education and
worksheets that will
guide you to financial
freedom.
Your financial fitness guide to future wealth and
happiness packet is available at the credit union office
or call so we can mail one to your home.
Your Table is Set
Win a $100 gift certificate
to “Clinkerdaggers” for
dinner! Simply email
[email protected] and
tell us what you think about
our “Fresh New Informant”
newsletter. You be our Critic: rate our new look on a
scale between 1 through 10; 1 being lowest and 10 a score
of excellence! All emails will be entered into a drawing
and one member will enjoy dinner on us! Please Note:
only one entry per email address. Drawing, Friday, July
30, 2010. Thank you & Good Luck.
Hours:
Lobby
Mon-Thurs
9am-4pm
Friday
9am-5pm
Drive Thru
Mon-Thurs
8am-5pm
Friday
8am-6pm
Susan Baird
Robin Walter
Bill Bunze
Anne Meadows
Ellie Harding
Robyn Miller
Board of Directors
Gerald Hickman
Chairman
Jim Earle
First Vice Chair
Fred Ruetsch
Second Vice Chair
Jan Pogachar
Secretary
Minde Connelly
(Financial Aid Education Quiz, continued from page 2)
9.) Retirement income paid by a company is called:
a. Rents and profits. b. Social Security c. 401k.
Gary Jarvis
Vice President
d. Pension.
10.) Many people put aside money to take care of unexpected expenses. If
John and Jenny have money put aside for emergencies, in which of the
following forms would it be of LEAST benefit to them if they needed it
right away?
a. Stocks. b. Savings account.
c. Invested in a down payment on the house. d. Checking account.
11.) Justin just found a job with a take-home pay of $2,000 per month. He
must pay $800 for rent and $200 for groceries each month. He also spends
$200 per month on transportation. If he budgets $100 each month for
clothing, $150 for restaurants and $250 for everything else, how long will it
take him to accumulate savings of $900.
a. 1 month. b. 2 months. c. 3 months. d. 4 months.
12.) If your credit card is stolen and the thief runs up a total debt of $1,000,
but you notify the issuer of the card as soon as you discover it is missing,
what is the maximum amount that you can be forced to pay according to
Federal law?
a. nothing. b. $50. c. $500 d. $1000.
13.) Which of the following statements is NOT correct about most ATM
(Automated Teller Machine) cards?
a. You can get cash anywhere in the world with no fee.
b. You must have a bank account to have an ATM card.
c. You can generally get cash 24 hours-a-day.
d. You can generally obtain information concerning your bank balance at an ATM machine.
14.) If you are behind on your debt payments and go to a responsible credit
counseling service such as the Consumer Credit Counseling Services,
what help can they give you?
a. They can work with those who loaned you the money to set up a payment schedule that you can meet.
b. They can force those who loaned you money to forgive all your debts.
c. They can cancel and cut up all of your credit cards without your permission.
d. They can get the federal government to apply your income taxes to pay off your debts.
924 West Sinto, Spokane, WA 99201
509-327-3244, Fax: 509-327-2920
CU*Talk (Audio Response): 509-324-0106
Toll Free Number, Office: 1-877-550-3244
Jim Faddis
John Miller
Supervisory
Committee
Stacey Carr
Chairman
Chantel Kakuda
Katie Cestnik
Newsletter
Gary Jarvis
Editor
Financial
Quiz answers:
1. c
3. d
5. b
7. c
9. d
11. c
13. a
2. a
4. b
6. c
8. a
10. c
12. b
14. a