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Internet Home
Banking/Bill Paying
Make
yourself at home with our online banking system. Now you can
log on to the Credit Union website (http://www.texacoefcu.org/)
and access your account. You will need:
- IBM
compatible or Macintosh personal computer
- Modem
(minimum modem speed recommended is 28.8 baud)
- Internet access through an Internet Service Provider
or Online Service
- For
Windows 3.1 users: Netscape Navigator version 3.0 or
higher
- For
Windows 95 users: Netscape Navigator 3.0 or higher or
Microsoft Internet Explorer version 3.0 32 bit or Higher
AOL
To log on,
click on our website, click on home banking, enter your
account number and password. After you log in, you may browse
through the options listed. If you need any assistance, click
the help button. If you do not have the password that was
mailed to you, please call our main office toll free at
877-833-2800.
To ensure
security, change your password frequently, do not share your
password, and close your browser software before leaving your
computer.
With
Internet Home Banking you can change your password, and check
our rates. In addition to home banking access, you may also
pay bills. The bill paying capability is free for the first
three months. After the initial three months, the fee will be
$4.45 per month. Try us out; see what you (91764) are missing
in convenience. Pay bills from the comfort of your home or
office, save postage and supplies. Bill payer is as flexible
as it is convenient. For example, if the amount and due date
of a bill is always the same, you can easily set it up as a
recurring payment and have it paid automatically . If the
amounts or dates vary, it s just as simple to schedule it for
payment when you receive the bill. Either way, you re always
in control of this very secure service, and it s available 24
hours a day, seven days a week.
What about security for TEFCU online
services?
TEFCU Home Banking and BillPayer services feature the
most comprehensive security available. Access is highly
restricted and requires a password; you cannot access another
members accounts nor can they access yours.
TEFCU
database is a very sophisticated series of "firewalls" and
encryption technology is used to ensure account
privacy.
As a
result, if your browser does not support encryption, the Home
Banking and BillPayer services will not be available to you.
Therefore, we recommend that you use Netscape Navigator or
Microsoft Internet Explorer as your browser.
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The Board of Directors has named Ed Bresee
to
the Supervisory Committee. He is a Texaco retiree
and we are delighted to have him on
board. | |
|
Spring Special
New or
Used Car Loans
7.5%
No
Strings Attached
| |
|
2000
Spring Loan Special
$2,500.00
1 Year
8.50%
APR
Call your nearest TEFCU office.
Just meet the necessary credit criteria.
Excellent credit rating and debt ratios, NO
exceptions No
refinancing on existing TEFCU loans
This offer expires April 30,
2000
| |
|
Phone Number
Change
During the last half of 1999, the phone
number for Heritage Plaza in Houston was printed
wrong on all receipts. The correct number is
713-752-3803.
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Annual Meeting
Report
The annual meeting of Texaco Employees Federal Credit
Union was held March 29, 2000 at Norcross Station Cafe in
Norcross, Georgia.
Door
prizes totalling $700 were awarded to those present and annual
reports were given by Lois Waters Supervisory Committee, Frank
Baumann, and Eldon Smith, President. In addition, Bill Floyd
was appointed to the Board of Directors to serve a three year
term.
The
financial report for the period ending December 31, 1999 as
follows (see below).
ATM/Check
Card
Writing
checks is a thing of the past with your Texaco Employees
Federal Credit Union electronic checkbook. We offer a
combination ATM card and check card that automatically
withdraws your purchase amount from your checking account. The
card also allows you the convenience of ATM withdrawals and
transfers. You can purchase groceries, gas, or anything else
wherever VISA is accepted. So throw away your checkbook and
step into the future today with your TEFCU ATM/Check Card.
Subject to credit approval.
|
Win $15
If you find your account number hidden in
this newsletter, call one of the Credit Union
offices. We ll deposit $30 into your account. For
every quarter that no one claims their prize, we
will increase the amount by $5.
| |
|
A 3% DIVIDEND was declared for the first
quarter by the TEFCU Board of
Directors. | |
Financial
Report
Period
Ending December 31, 1999 |
| Assets |
$ |
| Loans and Visa to Members - Net |
16,647,364.77 |
| Cash and Investments |
14,213,873.47 |
| Other Assets |
191,397.85 |
|
Total |
31,052,636.09 |
| Liabilities and Reserves |
|
| Savings, Checking Accounts and Christmas
Club |
17,210,269.21 |
| IRA |
3,204,199.44 |
| Certificates |
6,666,776.39 |
| Accounts Payable |
310,191.06 |
| Dividends Payable |
85,378.37 |
| Regular Reserves |
856,021.87 |
| Undivided Earnings |
2,719,799.75 |
|
Total |
31,052,636.09 |
| Statement of Income |
|
| Interest on Loans |
1,243,156.74 |
| Income from Investments |
653,637.31 |
| Miscellaneous Income |
109,629.40 |
| Gain/Loss on Disp. of Assets |
(462.52) |
|
Total |
2,005,960.89 |
| Distribution of Income
|
|
| Expenses: |
|
Salaries and
Benefits |
351,923.03 |
Insurance, Operating Fees, Ln Serv &
Rent |
80,371.10 |
Professional Services & Promotional
Exp. |
123,789.22 |
Office Operation Expenses & Data Pro.
Services |
245,143.46 |
Other Expenses |
20,844.77 |
|
Total
Expenses |
822,071.58 |
| Dividends Paid to Members - Shares, IRA's,
Christmas Club, Checking Accounts, and
Certificates |
928,004.83 |
| Additions to: |
|
Undivided
Earnings |
255,884.48 |
|
Total
Income Distributed |
2,005,960.89 | |
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Can the credit union take care of all my
financial needs?
For many
people, yes. We offer a full line of deposit services savings
accounts, share draft accounts, IRA s, etc. We also offer many
types of loans for cars, boats, home improvements and more.
Plus, you ll appreciate our low interest rates!
Your
credit union has three main functions:
- Help
you save regularly
- Loan
money at fair interest rates
- Advise
you on how to use your money wisely
Why not
visit with one of our office staff today and see if the credit
union isn t the answer to your financial needs?
Did you know we offer free
checking?
We hear
this from our members all the time so we thought we should run
this piece again. The TEFCU established a checking account to
help our members pay no monthly service charges or check
charges they were paying at the large banks. Our checking
account has no monthly service charges or check charges. A $25
minimum balance is required. The only fee assessed to this
account is for using ATM machines and check orders. The VISA
CHECK CARD is free. So stop spending your money on needless
fees and open a checking account today.
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Loan Rates
| Type of
Loan |
Maximum
Amount |
APR |
Maximum
Term |
Requirements |
| 1st Mortgage
(*1) |
Up to
$203,000 |
For current
rates, and more info, call 1-800-503-6855 or
(770)723-1382. |
30
years only
15 years only
7/23 years only
5/25
years only
Call Credit Union
30 years only
15
years only
Call Credit Union |
Creditworthy
subject to terms of secondary mortgage market; call
Credit Union for an application |
| 2nd Mortgage
& Home Equity (*5) |
$200,000 |
Prime plus
1/2% (9.00%) |
15
years |
Creditworthy;
80% of appraised value minus mortgage
balance |
| New: Auto,
Truck, RV, Camper, Boat, Motorcycle (*2,5,6) |
100% of
sticker price |
7.50% |
1-5 years
(*6) Longer terms available Call Credit Union |
Title |
| Used: Auto,
Truck, RV, Camper, Boat, Motorcycle
(*2,3,5,6) |
85% of NADA
retail value |
7.50% |
1-5 years
(*6) Longer terms available Call Credit Union |
Title |
| Share
Secured |
Amount of
Shares |
Variable
Passbook Rate plus 1% |
5
years |
Shares |
| Signature
(*5) |
$7,500 |
1 year
11.00%
2 years 12.00%
3 years 13.00%
4 years
14.00%
5 years 15.00%
|
5
years |
Creditworthy;
past credit record; reviewed annually |
| VISA |
$10,000 |
13.56% |
Unpaid
Balance |
Creditworthy |
| CD
Secured |
100% of CD
face value |
1% above rate
on CD |
Terms of
CD |
Certificate |
*1
Conventional mortgages up to 90% of appraised value with
private mortgage insurance. Loan amounts of $80,000 to
$100,000 have discount, origination and closing costs of 3.5%
loan amounts of $100,000 to $159,000: 2%. Buy downs available.
Call for details.
*2 TEFCU auto loans cannot be refinanced
to get a lower rate.
*3 Refinanced auto loans are made at
loan values in current NADA book.
*4 Titles are accepted as
collateral at NADA retail value and stock at 80% of current
value.
*5 Texaco Employees Federal Credit Union will pay
off any new or used auto loan held with another financial
institution. Above rates would apply to refinancing in the
absence of any special loan promotion. Note: Auto loans
currently held by Texaco EFCU not eligible for
refinancing.
*6 Longer terms are available. Please call
nearest office for more details.
*For current first
mortgage rates, please call 1-800-503-6855.
The
following is required by the Truth In Lending Act - Regulation
Z: You pay a FINANCE CHARGE for all money borrowed from
the Credit Union. The FINANCE CHARGE is computed at the time
each payment is made. For each day since the previous payment,
the unpaid balance of your loan is multiplied by the daily
periodic rate. The sum of this product equals the FINANCE
CHARGE.
How we
compute loans: Texaco Employees Federal Credit Union
calculates simple interest based on a 365-day year. For
example, take your loan balance from the last date of payment
or day of a new loan, multiply times the number of days
elapsed from that date to present, multiply by the interest
rate (10%:.1), divide by 365 days and that equals the current
interest due. Example: Your last statement was 1/1/95, loan
balance $5,000.00, interest rate is 10% today's date is
2/25/95. The calculation is $5,000 x 56 days x .10 365: $76.71
interest due. Standard repayment procedure is payroll
deduction, but a cash pay schedule is also available to
members without access to deductions. Additional payments or
total payoff of a loan may be made at any time without any
prepayment penalty. Interest is computed only on the unpaid
balance.
Everyone in Your Family Can
Join!
Any Employee is eligible for membership
Any Retired
Employee is eligible for membership
Family Members are
eligible for membership
Spouse " Brothers "
Sisters " Children " Parents " Grandparents "
Grandchildren
Loans
Many different
types of loans are available for members. You can apply in
person, by phone or mail. But remember, no
one can borrow until someone saves... that s why thrift is so
important.
Deposits
Deposits may be
mailed or brought to the Credit Union. Or, you can save by
payroll deduction. Withdrawals can be
handled by phone, by mail or in person. Withdrawal checks are
issued promptly.
Savings
Our Credit Union
welcomes your savings and protects every dollar you save.
Our
membership in the National Credit Union Administration (NCUA)
means that the savings of each member is
insured up to $100,000 by an agency of the U.S.
Government.
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Savings Rates
| Type of
Account |
Annual %
Rate |
Annual %
Yield |
Rate
Changes |
Charges &
Dividends |
| Passbook
Savings and IRA's ($100 minimum balance) and Christmas
Club ($10 minimum) |
3.00% |
3.03% |
90 day
account, interest accrued and paid quarterly.* |
Rates
adjusted quarterly based on market
conditions.
Fees-None |
| CD's &
IRA's*** $500 minimum balance) Rates fixed at time of
purchase |
5.75%
6.00%
6.25% |
5.90%
6.17%
6.43% |
12
months
30 months
60 months |
Rates subject
to change weekly based on market
conditions. |
| Money Market
Accounts** ($1000 minimum balance) |
1.50% |
1.51% |
No service or
per-check fee Interest paid monthly |
Rates subject
to change monthly based on market conditions. No
monthly fees or service charges except for check order
charges. |
| Regular
Checking Accounts** |
1.00% |
1.02% |
No service or
per-check fee Interest paid monthly |
Rates subject
to change monthly based on market conditions. No
monthly fees or service charges except for check order
charges. |
*Rates
effectove 1-1-00 through 3-31-00. Call the Credit Union for
current rates. For current rates call the branch nearest
you.
**Rates effective 1-1-00 through
3-31-00.
***Rates effective 3-31-00 and are subject to
change.
Free Life Insurance on Share
Accounts
When you
open your share account, you become an owner of Texaco
Employees Federal Credit Union. That is why it's called a
share account: you own shares of the Credit Union. One of the
benefits you receive as an owner of the Credit Union is life
insurance at no charge. Coverage is based on the total balance
on deposit in your share account up to $3,000.00. Terms
subject to the qualifying requirements of the Credit Union's
group life insurance policy.
Call the
Credit Union for a copy of the Certificate of Insurance
explaining the benefits in detail.
This
insurance is provided for you free of charge. The amount of
your insurance is based on the insured balance of your savings
on the date of your death and how old you were on the date of
each deposit that makes up that balance as follows:
If your age
on the date
of an insured deposit was: |
The amount of
your
insurance is equal to: |
| 0-6 months |
25% of that insured deposit |
| 6 months through 54 years |
100% of that insured deposit |
| 55
years through 59 years |
75%
of that insured deposit |
| 60
years through 64 years |
50%
of that insured deposit |
| 65
years through 69 years |
25%
of that insured deposit |
| 70
years or older |
0%
of that insured deposit |
Please
note your insurance is based on your age on the date of each
deposit for which you are insured and does not decrease as you
grow older. Withdrawal of savings will be on a last in - first
out basis. The insured portion of your savings balance may not
exceed $3,000.00.
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How to figure
your
Average Daily
Balance |
| For
share drafts, Christmas Club, IRA, and passbook
savings, it's easy to figure your average daily
balance. For example, say you have a savings
account with a balance of $352.40 on November
first and wan to know your average daily balance
for that month. Add each day's balance in the
dividend period: |
| Day in Period |
Date |
Daily
Balance $ |
| 1 |
11/1 |
352.40 |
| 2 |
11/2 |
352.40 |
| 3 |
11/3 |
352.40 |
| 4 |
11/4 |
252.40 |
| 5 |
11/5 |
252.40 |
| 6 |
11/6 |
251.40 |
| 7 |
11/7 |
199.25 |
| 8 |
11/8 |
165.54 |
| 9 |
11/9 |
165.54 |
| 10 |
11/10 |
165.54 |
| 11 |
11/11 |
40.44 |
| 12 |
11/12 |
40.44 |
| 13 |
11/13 |
0.00 |
| 14 |
11/14 |
0.00 |
| 15 |
11/15 |
1030.84 |
| 16 |
11/16 |
941.83 |
| 17 |
11/17 |
901.83 |
| 18 |
11/18 |
901.83 |
| 19 |
11/19 |
890.77 |
| 20 |
11/20 |
11.07 |
| 21 |
11/21 |
11.07 |
| 22 |
11/22 |
11.07 |
| 23 |
11/23 |
11.07 |
| 24 |
11/24 |
261.41 |
| 25 |
11/25 |
261.41 |
| 26 |
11/26 |
261.41 |
| 27 |
11/27 |
261.41 |
| 28 |
11/28 |
261.41 |
| 29 |
11/29 |
261.41 |
| 30 |
11/30 |
261.41 |
| |
|
9131.41 |
|
Calculation: The
sum of the daily balances divided by 30 days in
period equals the Average daily balance $9131.41 ÷
30 =$304.38. Multiply th Average daily balance by
the number of days in divided period: $304.38 x 30
=$9131.40. Multiply this amount ($9131.40) by the
dividend rate (3.00%) and divide by 365 (days in a
year): $9131.40 x .03 ÷ 365 =$.75.
Note: On share
drafts, money market accounts, Christmas Club
savings, and IRA passbook accounts, dividends are
paid only on balances of $250 or more. On savings
accounts, we pay on balances of $100 or
more.
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Day-in, day-out
calculation |
| For
certificate accounts, it's wasy to figure your
day-in, day-out balance. For example, say you have
an account with a beginning balance of 452.40. Add
each day's balance in the dividend
period: |
| Day in Period |
Date |
Daily Balance $ |
| 1 |
11/1 |
52.40 |
| 2 |
11/2 |
52.40 |
| 3 |
11/3 |
52.40 |
| 4 |
11/4 |
52.40 |
| 5 |
11/5 |
52.40 |
| 6 |
11/6 |
51.40 |
| 7 |
11/7 |
199.25 |
| 8 |
11/8 |
165.54 |
| 9 |
11/9 |
165.54 |
| 10 |
11/10 |
165.54 |
| 11 |
11/11 |
40.44 |
| 12 |
11/12 |
40.44 |
| 13 |
11/13 |
0.00 |
| 14 |
11/14 |
0.00 |
| 15 |
11/15 |
30.84 |
| 16 |
11/16 |
941.83 |
| 17 |
11/17 |
901.83 |
| 18 |
11/18 |
901.83 |
| 19 |
11/19 |
890.77 |
| 20 |
11/20 |
11.07 |
| 21 |
11/21 |
11.07 |
| 22 |
11/22 |
11.07 |
| 23 |
11/23 |
11.07 |
| 24 |
11/24 |
261.41 |
| 25 |
11/25 |
261.41 |
| 26 |
11/26 |
261.41 |
| 27 |
11/27 |
261.41 |
| 28 |
11/28 |
261.41 |
| 29 |
11/29 |
261.41 |
| 30 |
11/30 |
261.41 |
| |
|
6631.40 |
|
Calculation:
Multiply this amount ($6,631.40) by the dividend
rate (3.00%) and divide by 365 (days in year):
$6631.40 x .03 ÷ 365 =$.55.
Note: On IRA and regular
certificates, dividends are paid only on balances
of $500.00 or more. These accounts carry a fixed
rate. | |
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