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Year
2000 Update
As the
year 2000 rapidly approaches, so does the concern about the
Year 2000 challenge. This is an issue at the top of our agenda
at TEFCU. We have been working very closely with all of our
vendors in order to ensure the compliance of our systems.
We are
confident that TEFCU will function normally on January 1st,
2000 and has a contingency plan in the event of minor problems.
However, the global impact of the Year 2000 may bring unforeseen
glitches in the financial delivery systems. If you are concerned,
we recommend purchasing Travelers Checks in late 1999 (October-November
months) since they are as good as cash but much safer for
you to handle. If you do desire to make cash withdrawals due
to a Year 2000 concern, plan ahead and try to do so in the
October, November time period. December is typically a very
busy month for financial institutions and we expect that December
1999 will be especially hectic.
We have
taken a pro-active approach to ensure the safety of our member
accounts and we look forward to serving you in the next millennium!
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. The VISA CHECK CARD
is free. So stop spending your money on needless fees and
open a checking account today.
Two
Shell Plaza Grand
Opening Winners
To celebrate
the opening of our new office at Two Shell Plaza, a grand
prize drawing was held on Friday, April 30, 1999. Congratulations
to Gwen Jennings, a current credit union member, and new member,
Brenda Woods. They [9110] both won $500.00 each in the grand
prize drawing.
Look
What Your Credit Union Is
Doing For You!
Internet
Home Banking…
Log
on to the credit union website to access our new convenient
Home Banking. You are never more than a mouse click away from
your Texaco Employees Federal Credit Union accounts. With
Internet Home Banking you can make transactions, inquiries,
change your PIN, check our loan rates and much more! We will
be sending you a PIN number soon that will allow you confidential
access to Internet Home Banking. See you on-line!
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.
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It’s
A Family Thing!
You are
an important part of the family that makes up the membership
of our credit union. But you may not know that your own family
is part of our credit union as well — and can become
members, too.
New laws
and rules recently enacted make it clear that your own family
members are eligible for credit union membership. The new
rules ensure that both immediate family members and household
members, by nature of their close relationships to you, should
be entitled to join a credit union based on their bond with
you.
Under
the new rules, family members include:
- Your
spouse and children
- Your
parents, brothers and sisters
- Your
stepchildren and stepparents
- Your
grandchildren, grandparents and their spouses
In
Your Household, Too
All members
of your household (that is, those persons living under your
roof) can now become credit union members. That means any
person sharing a residence as part of a single family unit,
including domestic employees and others who live together
as part of a family unit. An individual may be considered
to be living in the same household although he or she is temporarily
absent from the residence, such as children in college or
the military.
Your
Family Benefits
When your
family members join our credit union, they immediately become
eligible for the same great benefits you’ve come to enjoy:
Low interest-rate loans, higher return on savings, low or
no service fees, personalized service, federally insured savings
and ownership in our credit union. Importantly, your family
will transact its financial business at a place that puts
service first. As member owners, your family members will
be treated fairly and equitably.
Check
with us for details on membership eligibility.
America’s
Choice…
Your family
now has the right to choose its provider of financial services.
If your family is looking for a financial institution that
emphasizes service, offers affordable loans, provides a good
return on savings and ensures all-around fair benefits —
our credit union is the choice for your family.
Need more
information? Visit our website
at www.texacoefcu.org
Our
credit union — it’s a family thing!
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You've
Worked Hard On Your Home... Now Let It Work For You!
Home Equity
Loans give you credit for the equity you’ve built in
your home. They can be used for a variety of good reasons:
- Education
- Medical
Emergencies
- Home
Improvements
- Weddings
- Investment
Opportunities
- Automobiles
The possibilities
go on and on. With a Home Equity Loan you have the freedom
to use the loan when and how you choose. It’s convenient
and for many people, the interest is completely tax deductible.
Why not
stop in and get the facts on Home Equity Loans today? TEFCU
current rate is prime plus 1/2%
Ready
For Takeoff!
Before
you leave on that long-awaited vacation, have you:
- Called
your newspaper office to stop paper delivery?
- Called
your post office to have them hold your mail?
- Had
your furnace checked (if it’s
heating season) to be sure it operates properly while you’re
gone?
- Asked
a trusted neighbor to keep an eye on your house?
- Packed
your credit union? Well, sort of. You can take us along
in the form of a Vacation Loan and Traveler’s Checks!
Also, don’t forget to bring your TEFCU VISA card and
your TEFCU VISA ATM/Check Card, which gives you access to
the worldwide Cirrus Network.
Bon Voyage!
And remember to take Texaco Employees Federal Credit Union
along with you!
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Win $20
If you find your account number hidden in this
newsletter, call one of the Credit Union offices.
We'll deposit $20 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 second quarter by the TEFCU Board of Directors.
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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
Call Credit Union
|
Creditworthy
subject to terms of secondary mortgage market; call Credit
Union for an application |
| 2nd
Mortgage & Home Equity |
$200,000 |
Prime
plus 1/2% (8.25%) |
15
years |
Creditworthy;
80% of appraised value minus mortgage balance |
| New:
Auto, Truck, RV, Camper, Boat, Motorcycle (*2,3,4,5) |
100%
of sticker price |
6.90% |
1-5
years (*5) Longer terms available Call Credit Union |
Title |
| Used:
Auto, Truck, RV, Camper, Boat, Motorcycle (*2,3,4,5) |
85%
of NADA retail value |
6.90% |
1-5
years (*5) Longer terms available Call Credit Union |
Title |
| Share
Secured |
Amount
of Shares |
Variable Passbook Rate plus 1% |
5
years |
Shares |
| Signature
|
$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 85% or retail value in
current NADA book.
*4 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.
*5 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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1999
VacationLoan 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 August 31, 1999
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Summer
Special
New
or Used Car Loans
6.9%
No Strings Attached
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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 |
5.00%
5.25%
5.50% |
5.12%
5.38%
5.64% |
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 4-1-99 through 6-30-99. Call the Credit Union for
current rates. For current rates call the branch nearest you.
**Rates effective 4-1-99 through 6-30-99.
***Rates
effective 6-30-99 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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