3rd Quarter
The
alley
V
A Publication of the
2011
Matanuska Valley Federal Credit Union
upcoming
An Ounce of Prevention
July 6-10
Bear Paw Festival, Eagle River
Anyone who’s been through the nightmare
of ID theft knows the value of prevention.
Follow these tips to protect yourself:
events
August 25 - September 5
Alaska State Fair, Palmer
holiday
closures
Monday, July 4
Independence Day
Saturday, July 9
Bear Paw Festival
Eagle River Office Only
Monday, September 5
Labor Day
Shred It. Cross-cut shred or burn sensitive
financial information. Social Security
numbers and numbers for credit cards and
other accounts are particularly sensitive.
Protect yourself online. Create strong
passwords for financial services - NOT
your Social Security number, birthday or
anniversary, mother’s maiden name, or
consecutive letters on the keyboard.
Be Educated, Be Aware. Distrust and
delete unsolicited emails; NEVER click on
any links they contain.
Wisdom from
your General
Manager/CEO
› Page 3
2011 Annual
Meeting Review
› Page 2
Credit Unions Offer
Better Rates
› Page 4
Protect your SSN. Don’t carry your Social
Security card with you unless you need it
that day, and avoid giving the number to
intrusive businesses that ask for it.
Be vigilant. Use online account access
to check routinely for transactions made
by others. Technology can be a primary
defense against crooks.
Recognize potential fraud. Receiving
strange bills or even not receiving a bill
you normally receive (because a crook
changed your address) can alert you to
potential fraud. If you suspect fraud, act
immediately. Contact MVFCU, or a credit
reporting agency for help.
Celebrating New Offices in
Palmer and Knik-Goose Bay
MVFCU is proud to announce the opening of two new offices! Our ninth
community office opened this March in the new Palmer CARRS, bringing
MVFCU’s service to a convenient new location for our members.
Coming later this summer, we will open our tenth community office at the
new Three Bears store on Knik-Goose Bay Road in Wasilla. We are excited
to begin offering close-to-home service in one of the most rapidly growing
communities in the Mat-Su Valley.
If you’re in the market for a new-to-you vehicle this fall, don’t
forget about our Annual AVIS Sale! MVFCU teams up with
AVIS Alaska to give discounted prices and amazing loan rates
exclusive to MVFCU members. Watch for more information,
and we will see you Saturday, September 10 at our office on
Seward Meridian!
2011 Annual Meeting
In Review
If you didn’t make it to MVFCU’s Annual
Membership Meeting on May 5th, here’s
what you missed!
Acting Chair Chuck Logsdon presided
over the meeting. Though it was a great
meeting, it was noted that it just wasn’t
the same without former Chair Norma
Benson in attendance.
Matt Reisterer read the report from the
Supervisory Committee, and Al Strawn gave
his CEO report. Though the Credit Union
faces a number of challenges in the current
economy and with potential regulatory
changes, we are still flourishing and
financially sound.
Election results were announced. Diedre
Berberich, Gabe Layman, and Don Shiesl
were re-elected to their seats, and John Duffy
was elected to fill the open seat.
We announced the winners of the ‘Vote to
Win!’ drawing, which helped to generate
a substantial increase in voter turnout, and
then closed a successful and enjoyable
annual meeting.
page 2
gm expressions
What is the Credit Union Difference?
New federal laws and regulations are changing the structure and
face of the financial services industry. In this time of accelerating
change, it is important to truly understand how credit unions
are unique and different, and why we remain a necessary and
extremely popular financial alternative for 87 million Americans.
Not-for-profit. Credit unions are not-for-profit financial
cooperatives. We exist to serve our members, not to make a profit.
Unlike most other financial institutions, credit unions do not issue
stock or pay dividends to outside stockholders. Instead, earnings
are returned to our members in the form of lower loan rates, higher
interest on deposits, and lower fees.
Taxation. Credit unions do pay taxes - payroll taxes, sales taxes,
and property taxes. Congress exempts credit unions from federal
income taxes.
Ownership. Credit unions are economic democracies. Each credit
union member has equal ownership and one vote -- regardless of
how much money a member has on deposit. At a credit union,
every member is an owner.
Volunteer Boards. Each credit union is governed by a board of
directors, elected by and from the credit union’s membership.
Board members serve on a volunteer - not paid - basis.
Membership Eligibility. By current federal statute, credit unions
cannot serve the general public. People qualify for a credit union
membership through their employer, organizational affiliations like
churches or social groups, or a community-chartered credit union.
Photo courtesy Nessa Voigt
Financial Education for Members. Credit unions assist members
to become better-educated consumers of financial services.
People Helping People. Credit unions exist to help people, not
make a profit. Our goal is to serve all members well, including
those of modest means. Our members are fiercely loyal for this
reason. They know their credit union will be there for them in bad
times, as well as good. The same people-first philosophy causes
credit unions and our employees to get involved in community
charitable activities and worthwhile causes.
- Al Strawn, General Manager/CEO
page 3
CONTACT MVFCU
on the web:
www.mvfcu.coop
Main Switchboard &
Contact Center:
745-4891 • 694-4891
Easy Access:
746-3279 • 694-7702
24/7 consumer loan
by phone:
1-800-976-5198
Real Estate &
Commercial Lending:
745-9165
694-4891 x.165
Lost or stolen visa
check card:
Report Shows Credit Unions
Offer Better Rates
The National Credit Union Administration (NCUA) recently highlighted
the latest results from DATATRAC Inc., which show credit unions posting
more favorable rates for consumers than banks in 21 of 23 loan and
savings categories.
The Credit Union National Association’s (CUNA) News Now reports that
DATATRAC is a company that tracks rates charged and paid by credit
unions, banks, and credit unions that converted to or merged with banks.
DATATRAC reveals that, at year-end 2009, credit unions on average
provided significantly lower rates on all consumer loan types and provided
higher yields on all savings products. Credit unions also posted lower
average adjustable rate mortgage rates. In the two fixed-rate mortgage
product categories (15- and 30-year loans), bank averages were minimally
lower by two to three basis points.
The NCUA also points out that credit unions also posted better results in
22 of 23 categories than the 28 banks that converted from credit unions,
merged with credit unions, or merged with former credit unions.
(after Business hours)
1-800-682-6075
MVFCU Fax Numbers:
Main Admin: 745-9131
Palmer: 745-9115
Wasilla: 373-6877
Seward Meridian: 761-4610
Eagle River: 694-7701
Meadow Lakes: 357-3965
Big Lake: 892-4892
Willow: 495-6272
Sunshine: 733-4892
Palmer Carrs: 745-8124
Average rates at these converted institutions generally fell between credit
union averages and the other bank averages. The converted institution
rates on fixed rate mortgages, however, were higher than both credit
union and all-bank averages.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the
United States Government. National Credit Union Administration, a U.S. Government Agency.