for months by jennyyingdi


									                                                                                                WINTER EDITION

                    Annual Meeting                                                         Having Trouble Managing
                                                                                               Your Finances ?
                      March 20, 2012
                                                                                          Have you run out of options
                    Our Annual Meeting will be held on Tuesday,
                                                                                          when managing your finances?
                    March 20, at 195 Norman Road from 4:00 pm
                                                                                          Maybe your best option is your
                    to 6:00 pm.
                                                                                          credit union. You may be able to
                    Election Procedures:                                find extra cash in your home. Contact the credit
                    Each year there are several incumbent Board         union to see what your options are. Our Home
                    and Supervisory Committee members whose             Equity program provides a great way to utilize the
                T   terms of office have expired. Those positions       equity in your home. You can:
        BALLO       are up for re-election unless they declare not to
                    run. However, any member of the credit union            Borrow what you need when you need it with
                    is eligible to run for any of these positions.           generous limits.

There are four (4) positions for the Board of Director and                  Quick approval
(2) positions for the Supervisory Committee up for election.
                                                                            Manageable payments with up to 15 years to
Board of Directors                                                           repay.
Any member in good standing interested in serving on the Board of
Directors at NBEECU must submit to the Nominating Committee a               Borrow up to $300,000.00
“Letter of Intent” which shall include a brief resume and a petition
signed by 50 NBEECU members in good standing. The petition and              Keep your payments steady with a low fixed
resume requirement is waived for incumbent candidates. Candi-                rate.
dates must also declare whether they are running for a two or
three year term. All documents must be received by the Nominat-         Our Home Equity loans are structured so that you
ing Committee by the close of business Friday, February 03, 2012.       can use them to pay for home improvements, va-
                                                                        cations, debt consolidation or college tuition.
Supervisory Committee                                                   Whatever your dreams are NBEECU can help you
Any member in good standing interested in serving on the Supervi-       get there.
sory Committee at NBEECU must submit to the Nominating Com-
mittee a “Letter of Intent” which shall include a brief resume and a    Contact your credit union for details on this great
petition signed by 50 NBEECU members in good standing. Please           product.
forward all documentation to:

Newark Board of Education Employees Credit Union                         Home Equity Limits Have been
Attention: Nominating Committee Chairperson
195 Norman Road                                                                   Raised!!
Newark, NJ 07106
                                                                            Home Equity limits have been raised to
Nominations will not be accepted from the floor at the Annual
                                                                            Take a look at our limits and our rates.
         Use BEE-LINE for account balances 24/7.
                                                                             Home Equity Rates Are Still as low as
                     866-803-6435                                              2.99% for 180 months

          Message From The Chair                                   Home Banking is Here!!
2011 was a complex and trying year for credit
                                                     You are now able to manage your account from the comfort
unions. The impact of the great recession has
                                                     of your home. Welcome to home banking services through
been felt by all aspects of the financial services
industry. Member confidence on a speedy re-
                                                     the Internet. We are pleased to offer you a convenient way
covery has helped shape a different model for
                                                     to pay bills, request a check, transfer funds, and check bal-
how they manage their financial affairs.             ances.

NBEECU has kept a constant visual on how eco-        Sign up is easy. Just go to the WWW.NBEECU.ORG web-
nomic trends and circumstances have affected         site and follow the easy instructions.
our membership. As Chair of the Board, I have
witnessed the desire of all the directors to ad-
dress the needs and concerns of the member-
ship while building a safe and sound institution
                                                                         BILL PAYER
for future years.

Our planning, while conservative in nature has
                                                                                  is at
addressed the many present and future needs of
our membership. The dedication of our remod-                                  NBEECU
eled facility was one of many steps we have
taken on our journey to becoming your financial
resource, regardless of the economic landscape.
                                                                                and it’s
Credit unions grew during the worst of times.
History has shown that we knew during the
great depression what we know now, we are
here for our members.
                                                                                  Scholarship Awards
The new year is a few days away. 2012 will
present a different set of challenges and will
                                                                         NBEECU will be awarding scholarships to high
weed out those that do not adapt to the change.
                                                                         school seniors who are children of NBEECU
The Board of Directors of NBEECU is poised to
                                                                         members in good standing.
address any and all challenges that keep us
from fulfilling our purpose and that of the credit                       The scholarships will be awarded at the end of
union movement...people helping people. The                              the school year in 2012, and may be used at
people helped foremost in our quest are the                              any accredited institution of higher learning.
members of this great credit union.
                                                     To apply, you can print out the scholarship application from our web
NBEECU has changed its loan policy to address
                                                     -site or request one from the NBEECU office and submit it to the
the changes in the borrowing habits of its mem-
                                                     credit union. Additional information will be available on our web-
bership. We have developed new lending prod-
                                                     site (
ucts to help our members survive and prosper
during these troubling times.                        All applications must be received by the Scholarship Committee no
Our mortgage products are designed to help our       later than the close of business April 06, 2012.
members dig out of a turbulent housing market.
Our unsecured loans are designed for members
                                                     We look forward to awarding these scholarships to our member’s
                                                     children who represent a bright future for all of us.
to consolidate and manage their consumer lend-
                                                                                         Have You Taken
While our products won’t fit all of our member-
ship, we will educate those that need assistance                             Advantage of the Debit MasterCard
in adapting to the changing financial landscape.                                        Program??
As the New Year approaches, I wish you and                                  Did you start earning rewards during the Holiday
your loved ones a healthy and prosperous 2012.                              Season? Did you use your new debit Master-
                                                                            Card at thousands of retail locations worldwide
                                                                            and earn rewards! If Not, be sure to activate
                                                                            your uchoose rewards program.            Go to
                                                                   to register your
Mary Hogue
                                                                            card and start earning points for all of your
                                                                            purchases at the retailers you choose.

                                      You need a car? Newark Board of Education Employees Credit Union wants you to
                                      have it. In fact, we’ll do what it takes to make the vehicle of your dreams the lowest
                                      -cost reality. We offer the widest variety of auto loan rates, with terms ranging
                                      from 12 to 84 months to meet every budget and alternative down payment amounts
                                      to include 0 percent down. It’s simple to do: Just apply for before you go shopping.
                                      You’ll be pre-approved up to your certain limit.

You need to consolidate some bills? Newark Board of Education Employees can make it happen. We do unse-
cured loans up to $10,000. Our rates are so good that you can consolidate all of those left over bills from holiday
shopping and not break your budget. Contact a Member Service Rep and see how NBEECU can make holiday shop-
ping less painful.

Mortgages designed with you in mind. NBEECU has the mortgage product you need. You can go for a low
guaranteed fixed rate. Get a 30-year repayment for extra low payments; go for 15 years to pay it off sooner and
save money. Or split the difference with a 20-year. NBEECU can make debt consolidation or home repairs afforda-
ble. None of our loan products have prepayment penalties. Contact a Member Service Rep and see how we can
make your budget do more.

         What is my payment?                                 Need A New Car??                                What Will $400 A Month Buy Me?

Most of us get trapped by the car dealer          Whether you want a new, new car or a new                  The monthly payment on an auto
by asking “what is my payment?” Once              used car, check out the rates* at the cred-               loan can buy you a lot or a little.
we ask that question, we allow the deal-          it union. Our rates are second to none.                   If you can afford $400 a month for
er to structure the auto loan to fit the          Check the rates below to see which term                   36 months, you can afford a $13,000
payment. We then loose the ability to             fits your budget.                                         auto at 3.00%.
negotiate a better price or interest rate
                                                  *All rates are subject to individual credit worthiness.   $400 a month for 48 months, you can
on our purchase.                                                                                            afford a $17,000 auto at 3.25%.
                                                  New Auto                         Used Auto
Get pre-approved first. Once you get                                                                        $400 a month for 60 months, you can
your auto loan pre-approved, you can               3 years        3.00%         3 years     4.00 %          afford a $21,000 auto at 3.50%.
negotiate the best price. Let your credit          4 years        3.25%         4 years     4.25%           $400 a month for 72 months, you can
union help you get the most auto for the
                                                   5 years        3.50%         5 years     4.50%           afford a $24,000 auto at 3.75%.
monthly payment you want.
                                                                                                            $400 a month for 84 months, you can
The next time you shop for an auto, ask            6 years        3.75%         6 years     4.75%
                                                                                                            afford a $27,000 auto at 4.00%.
what can I get this for. Then negotiate            7 years        4.00%
                                                                                                            While every circumstance is differ-
the best price. You already know your
                                                                                                            ent, contact the credit union for your
payment, so now get your price.
                                                                                                            best deal.

Message From The CEO

WOW. 2011 was an eventful year. We saw a multitude of changes here at the credit union. These changes were designed to make your ex-
perience here at Newark Board of Education Employees Credit Union enjoyable and rewarding. We will continue to make the changes you
request to address all of your financial needs. Have you visited our new web-site?

If you think 2011 was exciting, check out what is planned for 2012. Home Banking is up and running. Bill Pay is here and its free. We are an-
ticipating Shared Branching to be implemented by the end of the first quarter of the new year. Our Home Equity program is unsurpassed by
none. We will also roll out a new mortgage program in the first quarter of 2012. A new credit card should be ready by the second quarter of
2012. Wait, that’s not all.

We do all of these things to make your ownership of the credit union as rewarding as possible. 2012 is the year of service here at NBEECU.
We will be sending out a survey so you can tell us how we’re doing. All these things are a way of us saying thanks for your membership here
at NBEECU. Have a great New Year!!


Eddie W. Daniels, CEO
                 Fee Schedule
                                                   Office Closings
           Effective Jan 01, 2011                  Monday, January 02, 2012
Telephone Transactions            2.00             New Year’s Day Observance                   Mary Hogue                  Chair
Loan Application                  5.00                                                         Helena Lowther              1st Vice-Chair
                                                    Monday, January 16, 2012
                                                                                               Charles Cooper              2nd Vice Chair
(Home Equity Not Included)                            ML King Jr. Birthday
                                                                                               James Davis                 Secretary
Administrative Fee               10.00                                                         Sameerah Muhammad           Treasurer
                                                    Monday, February 20, 2012
                                                                                               Perry Jackson               Director
(To close an account open                                President’s Day
                                                                                               Shirley Watson              Director
 less than 6 months)             25.00

Returned Mail Fee                 2.50

Returned Check Fee               20.00                                          BRANCH LOCATIONS
ACH/ATM Overdraft Fee            20.00

Third Party Return Check         20.00                       Norman Road Branch:                                Cedar Street Branch:
                                                      195 Norman Road, Newark, NJ 07106                   2 Cedar Street, Newark, NJ 07102
Stop Payment On Check             20.00

Wire Transfer Fee                25.00           973-375-9182             973-374-5362 (fax)                       973-375-9182

Express Delivery Fee             10.00           Walk In Hours: Mon-Friday, 9:30am to 4:30pm         Walk In Hours: Tues & Thurs, 9:30am to 1pm
(Plus Express Company fees;                                  Saturday,      9:00am to12:00pm

 weekend delivery extra)

Statement Copies (per page)       2.00
                                                                                                    0% Financing
after 15th of month                                                                 Most of us are attracted to interest rates when buying
                                                                                    or shopping for an auto. Some of us believe that
Check Copy                        2.00                                              someone can lend you money at 0% interest. Auto
                                                                                    dealers know that all of us want low financing and
Account Reconciliation (per hr) 25.00
                                                                                    that some of us believe that you can get 0% financ-
Dormant Account                  10.00           ing. that we are attracted to low financing. The trouble with the two perspectives is
                                                 that while you can find low financing, you can not find 0% financing. How do they do
( Monthly Service Charge after 6 months)
                                                 that? Isn’t it illegal. The answer to the second question first. No it is not illegal if they
Fax Fee (per page)                2.00           use the discount or rebate on the auto to pay down the interest on the car. Two things
                                                 happen when you sign this contract. 1.) You can’t negotiate a lower price. 2.) You take
Transfer Fee                      2.00
                                                 longer to pay down the depreciation.
Money Orders (per item)           1.00           What’s the remedy. Come to you credit union and arrange your financing then shop for
ATM Card Replacement             10.00           the best price. You’ll already have the best rate. Then use the rebate or negotiate a
                                                 lower price.
ATM Transaction (first 8 free)    1.00
                                                 If you talk to the credit union before you make the purchase, we can tell you the price
Liens & Levies                   25.00           you should be paying for the car and we can also tell you if there are any rebates on
                                                 that particular auto. We can also give you a breakdown on what your payments should
Verification Letter               5.00
                                                 be. Remember…
Replacement Pin Fee              10.00
                                                        when buying an auto, see your credit union first!
Rewrite Loan (Borrowers error) 25.00

Cancel written Loan              25.00
                                                                                                         Be sure to activate your uchoose
Early withdrawal (Holiday/Vac) 10.00
                                                                                                         rewards       program.      Go to
Domestic Outgoing Wire           25.00                                                          to regis-
International Outgoing Wire      25.00
                                                                                                         ter your card and start earning
                                                                                                         points for all of your purchases at
Credit Report                     5.00                                                                   the retailers you choose.
Additional fees if co-applicant or co-borrower


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