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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 Meeting. $300,000 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 DID YOU KNOW THAT YOUR SAVINGS AT THE CREDIT UNION ARE FEDERALLY INSURED TO $250,000? 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 FREE!!! 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 (www.nbeecu.org). 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- ing. 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 Sincerely, and earn rewards! If Not, be sure to activate your uchoose rewards program. Go to www.uchooserewards.com to register your Mary Hogue card and start earning points for all of your purchases at the retailers you choose. DID YOU KNOW THAT YOUR SAVINGS AT THE CREDIT UNION ARE FEDERALLY INSURED TO $250,000? 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!! Sincerely, 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 www.uchooserewards.com 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 added. DID YOU KNOW THAT YOUR SAVINGS AT THE CREDIT UNION ARE FEDERALLY INSURED TO $250,000?
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