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ATM/Check
Card
Our VISA
debit cards are free. Your VISA card is not just a debit card;
it’s a check card and an ATM card. Our VISA card works
like a check with the added power of the VISA symbol wherever
you see the logo. When you use your card as a debit card,
you present your card at the time of transaction, and the
amount is automatically deducted from your checking account.
• No
checkbook to carry
• No waiting for check approval
• No monthly checks to write
Think
of the VISA card as a check card and an ATM, and checkbook
rolled into one.
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.
Internet
Home Banking/Bill Paying
Make
yourself at home with our online banking system. Now you can
log on to the Credit Union website (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.
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 (1034) 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.
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Member
Awareness: Y2K Checklist
From the
smallest to the largest, federally insured financial institutions
have been working hard to make sure their computer systems
will operate smoothly in the Year 2000 (Y2K). In addition,
federal and state regulators are closely monitoring the progress
of institutions they supervise to make sure Y2K issues are
being addressed. Despite the best efforts of the industry
and the regulators, no one can guarantee that everything will
work perfectly. That’s why financial institution customers
may want to consider taking steps in anticipation of the date
change. You can refer to the following checklist to prepare
yourself for Y2K.
Educate
Yourself About Y2K
Find out what your institution is doing to address concerns.
If you have questions, speak with a representative
who knows
about the institution’s Y2K program.
Keep
Copies of Financial Records
As always, keep good records of your financial transactions,
especially
for the last few months of 1999 and until you
get several statements in 2000.
Make
Prudent Preparations
Remember your payment options (checks, credit cards,
debit cards,
ATMs and tellers) in the event that one
doesn’t work as planned. The Federal Reserve has plans
to ensure that there will be sufficient cash available for
consumers. If
you withdraw money, make reasonable decisions based on solid
information; don’t put yourself at risk of being robbed
or losing
valuable interest payments.
Be
on Guard Against Y2K Scams
Be skeptical if someone asks for your account information
or tries
to sell you a product, service or investment that’s
supposedly
Y2K "safe." Protect your personal account information,
including your bank account, credit card and
Social Security numbers.
Review
Deposit Insurance Coverage
The federal government’s protection of insured deposits
will not
be affected by Y2K. If you have more than $100,000
in an insured
bank, thrift or credit union, you may want to make
sure you understand the insurance rules. Check with your
financial
institution or call the Federal Deposit Corporation
at 1-800-934-FDIC
(for banks and savings institutions) or the National
Credit Union Administration at 703-518-6330 (for
credit unions).
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Holiday
Closings
The staff
at Texaco Employees Federal Credit Union would like to wish
you the happiest of holidays. We will be closed November 25
and 26 for Thanksgiving.
The Main
Office in Atlanta will close at noon on Friday, December 24,
Christmas Eve, and will be closed all day Monday, December
27. The Main Office will resume operations on Tuesday, December
28th.
The Main
Office will also close at noon on Friday, December 31st, New
Year’s Eve, and remain closed on Monday, January 3rd.
Regular office hours will resume on Tuesday, January 4, 2000.
Please
check with your local branch office for dates and times of
its holiday closings.
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Christmas
Club Checks...
...will
be mailed out after the payroll is posted on November
15, 1999.
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Win $25
If you find your account number hidden in this
newsletter, call one of the Credit Union offices.
We'll deposit $25 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 third quarter by the TEFCU Board of Directors.
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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% (8.75%) |
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 |
7.50% |
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 |
7.50% |
1-5
years (*7) 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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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.
NOTICE
The
Supervisory Committee as part of the third quarter, September
30, 1999, statement distribution, is verifying member accounts.
If you do not receive a statement of your account or if your
statement is incorrect, please notify:
Paul
J. Meyer
Post Office Box 88782
Dunwoody, GA 30356
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, 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 7.5%.
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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 7-1-99 through 9-30-99. Call the Credit Union for
current rates. For current rates call the branch nearest you.
**Rates effective 7-1-99 through 9-30-99.
***Rates
effective 9-30-99 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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