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Save
time with a Texaco Employees Federal Credit Union Check Card
Join the
millions of customers who already are enjoying the convenience
of a check card. A TEFCU Card takes the place of a check,
so you can use it to make purchases at over 15 million Visa
merchants worldwide. And to provide even more convenience,
your TEFCU Card is also you ATM card. Use it to get cash and
check account balances at Cirrus and Pulse System, or Visa
Network ATM's around town and around the world. With a TEFCU
Card, there are no checks to write, no ID to show, and no
precious moments to lose. So, the next time you make a purchase,
remember to pay with your Texaco Employees Federal Credit
Union Card.
To get
your TEFCU Check Card – Free with any TEFCU checking
account – call us toll free at 877-833-2800.
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, money market rate accounts,
IRA's, etc. We also offer many types of loans – for cars,
boats, home improvements and more. Plus, you¼ll 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 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?
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Spring
Special
New
or Used Car Loans
6.9%
No Strings Attached
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|
1999
Spring Loan Special
$2,000.00 • 1 year • 8.00%
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 May 31, 1999
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Tap
the Equity in Your House
There's
something about spring that inspires people to take stock.
Does your house need sprucing up? Do you need a new car? Are
college expenses just around the corner? If so, consider a
credit union home equity loan to help you pay for it all.
You can
tap the equity in your house via a home equity line of credit
(open-end credit) or a home equity loan (closed-end credit).
A TEFCU
line of credit, like a credit card, provides you with a borrowing
limit. You access the money when you need it, but there's
likely a minimum withdrawal, typically $300 to $500.
A TEFCU
home equity loan is a lump-sum second mortgage, with an adjustable
rate and repayment period of fifteen years. It's appropriate
if you need a set amount for a specific purpose and you're
not looking for a future draw.
Loans
tied to houses are some of the only tax-deductible loans around.
You can deduct home equity interest on loans (confirm with
your tax advisor).
A sound
financial position and the equity in your house add up to
real savings when you take advantage of a TEFCU home equity
loan or line of credit. Let us help you pay for those home
fix-its, that new car, or rising college costs.
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Annual
Meeting Report
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|
The annual meeting of Texaco Employees Federal
Credit Union was held March 29, 1999 at the Norcross
Station Restaurant 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, Lois Water and Barbara Turner were
appointed to the Board of Directors to serve a
three year term.
The
financial report for the period ending December
31, 1998 as follows (see below).
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Win $15
If you find your account number hidden in this
newsletter, call one of the Credit Union offices.
We'll deposit $15 into your account. For every
quarter that no one claims their prize, we increase
the amount by $5.
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A 3% DIVIDEND was declared for
the first quarter by the TEFCU Board of Directors.
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OF PAGE
Texaco
Employees Federal Credit Union Financial Report
Period Ending December 31, 1998 |
| Assets |
$
|
| Loans
and Visa to Members - Net |
15,887,855.46
|
| Cash
and Investments |
13,430,247.86
|
| Other
Assets |
147,061.15
|
|
Total
|
29,465,164.47
|
| Liabilities
and Reserves |
|
| Savings,
Checking Accounts and Christmas Club |
16,604,850.77
|
| IRA |
3,484,349.72
|
| Certificates |
5,763,171.86
|
| Accounts
Payable |
362,921.74
|
| Dividends
Payable |
79,723.27
|
| Regular
Reserves |
821,239.60
|
| Undivided
Earnings |
2,348,907.51
|
|
Total
|
29,465,164.47
|
| Statement
of Income |
|
| Interest
on Loans |
1,253,768.57
|
| Income
from Investments |
510,283.06
|
| Miscellaneous
Income |
89,655.07
|
| Gain/Loss
on Disp. of Assets |
1,903.48
|
|
Total
|
1,855,610.18
|
| Distribution
of Income |
|
| Expenses: |
|
Salaries
and Benefits
|
318,509.92
|
Insurance,
Operating Fees, Ln Serv & Rent
|
106,620.57
|
Professional
Services & Promotional Exp.
|
106,871.99
|
Office
Operation Expenses & Data Pro. Services
|
222,693.51
|
Provision for Loan Losses
|
80,000.00
|
Other
Expenses
|
38,192.82
|
|
Total
Expenses
|
872,888.81
|
| Dividends
Paid to Members |
|
Shares,
IRA's, Christmas Club, Checking Accounts, and
Certificates
|
760,745.38 |
| Additions
to: |
|
Undivided
Earnings
|
221,975.99 |
|
Total Income Distributed
|
1,855,610.18
|
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Loan
Rates
| Type
of Loan |
Maximum
Amount |
APR |
Maximum
Term |
Requirements |
| 1st
Mortgage |
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% (9.0%) |
15
years |
Creditworthy;
80% of appraised value minus mortgage balance |
| New:
Auto, Truck, RV, Camper, Boat, Motorcycle (*2,5,6,7) |
100%
of sticker price |
6.90% |
1-5
years (*7) Longer terms available Call Credit Union |
Title |
| Used:
Auto, Truck, RV, Camper, Boat, Motorcycle (*2,3,5,6,7) |
85%
of NADA retail value |
6.90% |
1-5
years (*7) Longer terms available Call Credit Union |
Title |
| Share
Secured |
Amount
of Shares |
Adjustable
Rate
Passbook Rate plus 1% |
5
years |
Shares |
| Signature
(*5) |
$7,500 |
11.00%
|
1-5
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.
*7 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 form
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.
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OF PAGE
The
YEAR 2000…And
Your Insured Shares
A message
from the National Credit Union Administration (NCUA), regulator
of federally-insured credit unions and the fund that protects
members' savings, the National Credit Union Share Insurance
fund (NCUSIF).
Brought to you by your federally-insured credit union
Your
Money Is Safe…Now, and into the Year 2000
Credit
Unions, like all other financial institutions, are investing
substantial time and money to ensure that their computer systems
will work properly in the Year 2000. As we approach the Year
2000 date change, the National Credit Union Administration
especially wants you to know a very important fact:
The NCUA,
through its insurance fund (NCUSIF), protects your shares
up to $100,000 against loss due to the failure of a federally-insured
credit union for any reason, including a Year 2000 problem.
The Year 2000 Date Change Will Not Affect Your Deposit Insurance
Coverage.
Regulators
at NCUA have conducted special assessments of every federally-insured
credit union to make certain they have plans in place to
assure critical computer systems are modified and tested,
and will run smoothly when the Year 2000 arrives. Regulators
are closely monitoring the progress of these credit unions,
and will conduct additional assessments in 1999 and well
into the Year 2000.
The NCUA
wants you to be an informed consumer. Your credit union is
the best source of information about its plans to get ready
for the Year 2000 computer conversion. For more information
about the efforts of credit union regulators concerning the
Year 2000 date change, visit NCUA's website at http://www.ncua.gov.
Credit unions: Safe today, tomorrow, and into the next
millennium.
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OF PAGE
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.1 |
Rates
adjusted quarterly based on market conditions.
Fees-None |
| CD's
& IRA's*** ($500 minimum balance) Rates fixed at time
of purchase |
5.00%
5.50%
5.80% |
5.12%
5.64%
5.96% |
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 1-1-99 through 3-31-99. Call the Credit Union for
current rates. For current rates call the branch nearest you.
**Rates effective 1-1-99 through 3-31-99.
***Rates
effective 3-31-99 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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