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Online Banking Conveniences
TEFCU loves to see your smiling face. But when you don't have time
to
visit us in person, how about visiting us online? Online banking can
save you
time. You'll no longer have to wait at an ATM to check your balance, and
you
can view your accounts anytime--not just during branch hours of
operation.
You'll be able to check your balance, view transaction records, transfer
money between accounts, and communicate with TEFCU via e-mail.
As long as you have access to the Internet, online (4515) banking
allows
you to contact us from anywhere. It's especially convenient for members
who
aren't always in close proximity to the credit union--those who travel a
lot
or are away from home--maybe in college dorm rooms.
TEFCU has years of experience helping members manage their money and
protecting their members' privacy and safety, so security and
confidentiality
play a leading role in our online banking service. We have highly
sophisticated encryption procedures in place to prevent unauthorized
users
from reading confidential information, and following some simple
guidelines
can also help ensure your safety.
How to play it safe:
- Choose password of four numbers,
and keep them to yourself.
- Keep personal identification
numbers (PINs) to yourself.
- Don't leave account numbers lying around where others can
see
them.
- Don't ignore security messages-- your personal computer
(PC)/Internet screen will indicate whether or not you're
operating in
a secure environment.
- Contact the credit union if you
have any problems or concerns.
- Use common sense.
Internet Home Banking/Bill Paying
Make yourself at home with our online banking system. Log onto the
credit
union website (www.texacoefcu.org) and access your account. 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 are missing in
convenience. Pay bills from the comfort of your home or office, save
postage
and supplies. And it’s available 24 hours a day, seven days a week.
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New & Used Car Loans 7.9%
No Strings Attached | |
|
A New Super Money Market Account
(checking account)
Presently at 6.00%
if you keep a minimum balance of $10,000.
*Rate subject to change monthly. | |
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Unusual Financial Transactions
We review large or unusually repetitive transactions, such as
withdrawals
by checks, debit/credit card transactions and wires, because they can be
the
result of fraud or error. We are especially concerned over transactions
outside the United States. We therefore request that members notify the
main
office by phone, fax or email of intent to withdraw amounts over
$10,000.
Avoid ATM fees
- Find ATMs that dispense cash to non- customers at no
charge.
There’s a list for 11 cities at bankrate.com on the Web.
- Use the debit cards issued by TEFCU. When you buy with a debit
card, cash is moved from your account into the merchant’s
account. Many supermarkets let you draw cash, above what your
groceries cost, and there’s no ATM surcharge.
Warning!
When you order new checks, do you check them to make sure no one has
tampered with them? Has the box been opened and then taped shut? Do you
check
all the consecutive number sequences, account #, name, address, and
phone #?
Do you check your bank statement immediately, to make sure your checks
have
not been altered to a different amount than you wrote it for?
There are many scams that take advantage of peoples banking
accounts, and
we need your help in resolving many of these dishonest transactions.
Please
be alert to all aspects of your checking account.
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We have a Winner!
Jim Taylor of Houston, TX was the winner of $30 because he found his
account number hidden in the last newsletter. Congratulations Jim!
Win $5
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 second
quarter by the TEFCU Board of
Directors. | |
Use of Debit Cards
A debit card looks like a credit card. It usually carries a
MasterCard
or VISA logo and is accepted wherever those credit cards are used.
Typically
your debit card is your ATM card.
But when you use a debit card to make a purchase, you’re not buying
on
credit. You’re effectively paying by check. The merchant’s bank will
"cash" the debit by taking money directly out of your TEFCU account.
(Remember to deduct the purchase on your checking-account register.)
The American public is rapidly adapting to debit cards.
There are two ways to pay with TEFCU debit cards:
- An offline transaction. The merchant swipes your debit card through
a
machine and you sign a receipt. It feels just like buying
something
with a credit card. In fact, TEFCU calls this the "credit"
function of
debit cards. Offline transactions are processed within a few days.
- An online transaction. You put your card into a reader and punch in
your
PIN number. Typically the money will jump to the merchant’s
account
that very day.
From your point of view, it hardly matters which type of transaction
you
use.
So, apply for your TEFCU debit card today!
YOUR MONEY IS PROTECTED. EVEN WHEN YOUR CARD IS LOST OR STOLEN.
PROTECT YOUR ACCOUNT. REPORT LOST OR STOLEN CARD IMMEDIATELY.
CALL 1-800-554-8969.
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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.
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Loan Promotion
Are you aware of our low loan rates? Effective immediately, we will work
to
assist you with your particular loan needs. Our many loan programs are
available including loans secured by signature, VISA credit card, new
and
used automobiles, and various mortgage loan programs. Our loan process
is
simple and quick. We can refinance existing automobile loans with other
financial institutions, or we can finance purchases of used automobiles
1-5
years old at 85% of NADA retail value and new automobiles at 100% of
purchase
price at an interest rate of 7.9%. |
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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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