VOLUME 16 ISSUE 1
S H A R I N G T H E R E W A R D S O F M E M B E R S H I P
Need Some Extra Cash? Our Signature Loan rates have been lowered
Consider A Home Equity Line Of Credit to 9.90% APR!1 Ask for details.
Or A Fixed-Rate Home Equity Loan!
Home ownership greatly increases your borrowing options.
Consider these two great options: a fixed-rate Home Equity Loan,
where the borrower pays all closing costs, or an adjustable-rate
Home Equity Line of Credit3 where the Credit Union pays the Get A
Home Equity Loan
closing costs.4 These loans are now available in most states!5
Need a Home Equity Loan or Home Equity Line of Credit? And Receive
A $250 Visa®
Interior FCU makes it easy:
Apply online 24/7 at www.doifcu.org
No closing costs for the Home Equity Line of Credit 4
Borrow up to $250,000 with terms to fit your budget
Online and check access to your line of credit
Use your line of credit to rejuvenate your home,
buy a car or pay tuition – it’s up to you! Apply today! Call our 24-hour loan line at 866-654-3512,
1Annual Percentage Rate; subject to change. visit www.doifcu.org or visit us in person.
2Your loan must be funded to be eligible to receive the $250 Visa® Gift Card.
3HELOC is a variable-rate loan and the rate is subject to change.
4The average closing costs are $700-$1,700 depending on location and amount of the loan. If the Home Equity Line of Credit is paid off prior to one year, closing costs will be added back to the loan and must be paid
by the borrower. Interest payments may be tax-deductible. Consult your tax advisor.
5Home Equity Lines of Credit are available in most states, except FL, NM, ND, OK and TX. Fixed-rate Home Equity Loans are available in most states, except FL and TX. These loans are available to owners of
single-family homes, townhouses and condominiums.
You’re Invited To Our 74th Annual Meeting In This Issue ...
Wednesday, March 17, 2010 Your Words Or Pictures
Could Be Worth A Cool $1,000! 2
Locations: U.S. Geological Survey Building
Don’t Let Emotions Drive
Your Investment Decisions 2
Room: BA 102A-B
Time: 11:00 a.m.
Nominees For The 2010 Board
Of Directors 3
Main Interior Building
Current Rates & Holiday
Room: 7000 A-B We’ll be providing refreshments and
Time: 2:00 pm. door prizes, so be sure to attend!
Your Words Or Pictures Could Be Worth A Cool $1,000!
Are you or a family member headed off to college in 2010? Well, Any member of Interior FCU who is entering
Interior FCU is pleased to announce a college scholarship their freshmen through senior year of college
opportunity that may make it easier for you to meet your tuition may apply. “We’re pleased to offer this
costs. The $11,000 Credit Union College Scholarship Program for opportunity for our young members,”
2010 is under way now! Our college-bound members are eligible notes Mike Merryman, President &
to apply for one of ten $1,000 essay-based scholarships and one CEO. “The awardees receive
$1,000 video-based scholarship. needed financial assistance to help
them meet their tuition expenses, and the
Deadline for applications is March 31, 2010. Awards will be made in essay and video topics provoke innovative and useful responses to
May 2010. help us better serve our college-age members. And, the applicants
learn a little more about our Credit Union.”
This year’s 750-word essay topic is: How can your Credit Union
membership help you avoid financial pitfalls? Applications and complete details on the Credit Union College
Scholarship Program can be found at
The 2010 video challenge is: Create a 60-second advertisement
www.cufound.org/scholarship.htm. This scholarship is made
promoting Credit Union membership. Your video must be 60
possible by the Credit Union Foundation of MD & DC.
seconds or less in length.
Don’t Let Emotions Drive Your Investment Decisions
Content developed by CUNA Brokerage Services, provided by Byron Davis
Emotions play an important role in some of the most important Stay True To Your Goals And
decisions we make in our life. But when it comes to investing, Your Plan
emotions can do more damage than good. Here are four ways that When markets are volatile, it tends to
emotions play a detrimental role in our investment decisions and bring out our emotional side. Before we
what we can do about it. react emotionally to short-term market
gyrations, we should ask ourselves
Don’t Follow The Herd
some important questions. What is our
When stock prices start to fall, some people decide to sell their
long-term goal? Have our goals changed? Was our plan to reach
stock mutual funds. What starts as a few people selling their
our goals a sound plan? Are there any good reasons to abandon
investments can turn into a panic where everyone decides to sell.
our plan? Once we have asked and answered these questions,
It’s called “herding,” and it is one of the most common mistakes
our decisions are more likely to be driven by logic, not emotions.
that people make when markets decline.
Byron Davis is a Financial Advisor with Member Financial Services
Avoid Extreme Thinking
located at Interior FCU. If you have any questions or would like
When markets fall, people often start to think in extremes.
to provide feedback regarding the information presented in this
Everything in the market begins to look black and white. The
article, you may contact Byron Davis at (202) 208-5925 or
facts can have many meanings and we need to think intelligently
Byron.email@example.com. Representative is not a tax advisor
about how these facts affect us before we make any investment
or legal expert. For information regarding specific tax situations,
please contact a tax professional. For legal advice, consult an
Be Aware Of Our Short-Term Bias attorney.
When it comes to investing, most of us have a short-term bias. Representatives are registered, securities are sold, and investment advisory services
That means that recent market gains lead to excitement and offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered
higher expectations. On the other hand, recent market losses lead broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free
to suspicion and caution. The challenge for investors is not to (866) 512-6109. Non-deposit investment and insurance products are not federally
insured, involve investment risk, may lose value and are not obligations of a
forget both the long-term history of the markets and their own guarantee by the financial institution. CBSI is under contract with the financial institution,
long-term goals. through the financial services program, to make securities available to members.
Don’t Forget To Vote!
Nominees For The 2010 Board Of Directors
The 2010 election for Interior FCUʼs Board of Directors will be in various capacities at the park
held by mail ballot. For this cycle, there will be three vacancies and national levels. In addition to
for three-year terms and one vacancy for a one-year term. coordinating the NPS Volunteers-In-
Parks program, Joy currently serves as a member of the
Casey Dunagan Federal Interagency Team on Volunteerism (FITV), whose 10
Casey Dunagan is a policy analyst and Presidential member agencies represent 3 departments including Interior,
Management Fellow for the Minerals Management Service Agriculture and Defense. Joy also assists in the management
in the Policy and Management Improvement Office. He and design of the federal land management agencies’
graduated with a degree in Industrial Engineering from volunteer portal, www.volunteer.gov/gov. In 2004, Joy worked
Mississippi State University and worked after graduation with Interior FCU to roll out a new membership drive. She also
for Schlumberger Oilfield Services in Luanda, Angola. Mr. briefly served on Interior FCU’s Board of Directors in 2007 to
Dunagan returned to the U.S. to get a Masters of Engineering finish out a former member’s unexpired term. Joy has a B.A. in
and Public Policy degree from the University of Maryland. Political Science with a concentration in International Relations
As a graduate student, he worked part-time at the Energy and a minor in French from West Chester University.
Information Administration and joined Energy FCU. Mr.
Dunagan became a member of Interior FCU in 2009 and Loren Thompson
is a member of the Credit Committee. Loren Thompson is an attorney and works in the Minerals
Management Service as an Appeals Analyst, deciding oil and
Tom Krispinsky gas disputes. He has been an Interior FCU member for 16
Tom Krispinsky has been a member of Interior FCU since years and has been on the Board of Directors since 2001,
joining the Department of the Interior in 2004. He received most recently serving as Chairman of the Marketing
a B.S. degree in Business Administration from Youngstown Committee. Mr. Thompson graduated from Colorado College
State University, graduating with Magna Cum Laude honors with a degree in Business and an emphasis in Accounting, and
in Finance. He has also completed several classes toward his has a law degree from Georgetown University. Mr. Thompson
M.B.A. in Finance. He is currently a Budget Analyst in the formerly served as a Special Assistant United States Attorney,
Office of the Secretary’s Budget Office, supporting various working as a prosecutor in the District of Columbia Superior
budget and planning roles at the Departmental level, including Court System. He currently volunteers as a mediator in a
the capital planning and investment review process. Tom’s program that provides government-wide mediation services
priorities for the Credit Union include providing great rates for agencies.
and benefits for our members.
John Nyce Bing Topper has been an Interior FCU member for over 24
John W. Nyce is the Associate Director for Acquisition Services years and has been a member of the Board of Directors since
in the National Business Center of the Department of the 1997. Mr. Topper is serving his second term as Chairman of
Interior. John has over 30 years of experience in the federal the Board. He has also served as the Credit Union’s Treasurer
government, with the last 8 years at the Department of the and as the Credit Committee’s Chairman. During his service
Interior. Currently, as the Director of the NBC Acquisition on the Board, the Credit Union’s assets grew from less than
Services Organization, John is responsible for the management $40.0 million in 1998 to more than $113.7 million at the end
of 5 offices across the U.S., 200 employees and the obligation of August 2009. Mr. Topper’s goals are to continue moderate,
of $1.5 billion of contractual actions annually. John has an low-risk asset growth and to pay better than average returns
M.B.A. degree from The George Washington University with on members’ deposits. Periodically, he works as a consultant
a major in Finance and Investments and a B.S. degree from for the Interior Department’s Office of Budget. From 1981 until
Penn State University with a major in Business. John is a his retirement from federal service in January 2006, Mr. Topper
member of Interior FCU and will work to ensure the soundness worked in the Office of Budget as the budget officer for the
of the Credit Union, while expanding the financial services Office of the Secretary. Altogether, he has worked in the
available to the employees, family members and the associates budget field for over 34 years, including 6 years with the
of the Department. Department of the Navy. Prior to government civil service,
Mr. Topper managed the main office of the Annapolis Banking
Joy Pietschmann and Trust Co., now part of PNC. He is an Air Force veteran
Joy Pietschmann is the Servicewide Volunteer Program and graduated from Kutztown University with a degree in
Coordinator for the National Park Service, coming to the Economics. Mr. Topper resides in West River, Maryland where
Washington office in April 1999. Throughout her 20 years he serves as treasurer for his homeowners association.
with the National Park Service, she has worked with volunteers
Share Dividend Rates
Current Loan Terms
The following rates are effective December 1, 2009 and are subject to change without notice.
For updated information, inquire at any branch office or contact (800) 914-8619.
Annual APR Estimated The following rates were paid for the period of
Type of Loan Maximum Maximum Percentage With 1/4% Monthly Payment September 1, 2009 through December 31, 2009.
Amount Terms (Mth.) Rate (APR) Discount per $1,000
REGULAR SHARES** APY*
$25 - $1,499.99 0.76%
(without APR discount)
5/30 First Mortgage - 80% LTV (1) $417,000 360 (6) 4.15% N/A $4.87 $1,500 and up 1.01%
5/30 First Mortgage - 90% LTV (1) $417,000 360 (6) 4.60% N/A $5.13 SHARE DRAFT CHECKING**
Home Equity Line of Credit - 80% (2)++ $250,000 240 4.00% Variable N/A $6.07 Up to $1,499.99 0.26%
Home Equity Line of Credit - 90% (2)++ $250,000 240 4.00% Variable N/A $6.07 $1,500 and up 0.51%
Home Equity Loan/2nd Trust VACATION CLUB** 1.01%
Mortgage (0 points) (1a) HOLIDAY CLUB** 1.01%
80% LTV $250,000 Up to 60 4.65% N/A $18.72 INDIVIDUAL RETIREMENT ACCOUNTS**
90% LTV $250,000 Up to 60 4.85% N/A $18.81 Traditional/Roth/Coverdell IRA 1.76%
80% LTV $250,000 Up to 120 5.50% N/A $10.86
Rates Effective December 1, 2009
90% LTV $250,000 Up to 120 5.70% N/A $10.96
80% LTV $250,000 Up to 240 6.00% N/A $7.17 MONEY MARKET ACCOUNTS**
90% LTV $250,000 Up to 240 6.50% N/A $7.46 Account Balance
New Vehicle* 24 3.80% 3.55% $43.34 $1,000 - $4,999.99 1.11%
(85% Financed) No Limit 36 3.80% 3.55% $29.44 $5,000 - $9,999.99 1.16%
48 4.80% 4.55% $22.94 $10,000 - $24,999.99 1.21%
60 4.80% 4.55% $18.79 $25,000 - $49,999.99 1.26%
72 5.10% 4.85% $16.16 $50,000 - $74,999.99 1.31%
84 5.35% 5.10% $14.30 $75,000 - $99,999.99 1.36%
New Vehicle* 24 3.85% 3.60% $43.36
HEALTH SAVINGS ACCOUNTS**
(100% Financed) No Limit 36 3.85% 3.60% $29.46
48 4.85% 4.60% $22.96
$0 - $1,999.99 1.66%
60 4.85% 4.60% $18.81
$2,000 - $4,999.99 2.01%
72 5.30% 5.05% $16.25
$5,000 - $14,999.99 2.27%
84 5.60% 5.35% $14.42
$15,000 - $24,999.99 2.52%
Used Vehicle* $25,000+ 2.77%
(NADA Retail Value) (3) 24-48 3.95% 3.70% $22.56
Rates Effective December 1, 2009
(NADA Wholesale Value) (3) 24-48 3.90% 3.65% $22.54
SHARE CERTIFICATES+ (including IRA and HSA Certificates)
Used Vehicle* 6 months - $500 min. 1.51%
(With Negative Equity) (4) 48 6.30% 6.05% $23.63 12 months - $500 min. 1.76%
Recreational & Boat Loan No Limit 144 7.60% 7.35% $10.61 2 years - $500 min. 2.01%
Signature $20,000 12-24 Months 9.90% 9.65% $46.10 3 years - $500 min. 2.32%
36-60 Months 9.90% 9.65% $21.20 4 years - $500 min. 2.72%
Debt Consolidation $20,000 60 13.70% 13.45% $23.13 *Annual Percentage Yield.
**Dividends on regular share, share draft checking, club accounts and
Line of Credit $10,000 11.65% 11.40% $30.00/month money market accounts are computed on a day-in/day-out basis and
Fixed Rate Fixed Rate $15.00/bi-wk. are compounded quarterly. Individual Retirement Accounts and Health
Savings Accounts are compounded monthly. Dividends are declared by
Visa® Classic (Rewards) $10,000 (5) 11.90% the Board of Directors and are subject to change. Fees may reduce
Visa® Gold (No Annual Fee) $15,000 (5) 7.90% N/A N/A earnings.
+Early withdrawal penalties may be imposed. Please call
Visa® Platinum (Rewards) $20,000 (5) 9.90% (800) 914-8619 for current rates.
Share Secured Available
Call for rates
Board of Directors
Bernard (Bing) Topper, Chairman Glenda Owens, Vice Chairperson
KEY: (1) For primary residence – MD, VA, DC & WV (4) 100% of auto loan up to 48 months Brenda Rodriguez, Treasurer Loren Thompson, Secretary
(1a) Nationwide except FL & TX (5) Variable based on amount John Nyce David Holland
(2) All states except: FL, ND, NM, OK & TX (6) 5-year balloon; 30-year payment amortization Peter Probst Paula Johnston
(3) Lower of cost or NADA value Jack M. McBride
*For the above rates, the loan officer will have the authority to match the lower rate offered by a financial institution. The member may be required to
furnish proof of such rate and that rate cannot be less than 3.90%. Credit Committee
+Rate reflects 1/4% discount if member has an Interior FCU checking account, direct deposit and Visa ® Check or ATM Card. Terms set by Gladys Battle, Chairperson Mark Oliver
Board of Directors 12/15/09. The minimum loan payment is $30.00 per month. Jacqueline Jackson Rene Amacker, Secretary
++Property insurance is required. Closing costs typically range between $700 and $1,700 depending on the location of the property and the Robert Quint Casey Dunagan
amount of the loan. Payment of closing costs is deferred and deferred closing costs are waived entirely if the line is open for one year.
Maximum APR: 18%.
Money Matters is published as a service for the members of Interior Federal Credit Union. The articles and opinions in this publication are for
general information only and are not intended to provide specific advice or recommendations for any individual. Please consult your attorney,
January 18 – Martin Luther King Jr. Birthday
accountant, financial adviser or tax adviser with regard to your individual situation.
February 15 – Presidents Day
Interior Federal Credit Union Locations
DC: 1849 C Street, NW VA: 12201 Sunrise Valley Dr.
Room B038 BA208 MS700
is also our
Washington, DC 20240 Reston, VA 20192
Phone: (202) 208-3936, Fax: (202) 219-9326 Phone: (703) 648-7544, Fax: (703) 648-7260
(800) 914-8619 • www.doifcu.org