ORANGE COUNTY’S CREDIT UNION
M e mb e r N e w s l et t e r
ViewPoint
Spring 2008
Sharpen Your Financial IQ
In this Issue
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Is this a good time to get a home loan? Our expert says ”Yes“!
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Catch “Biz Kid$” a new series on KOCE-TV that teaches kids how to manage their money. Members share stories about their experiences at Orange County’s Credit Union. Find out what’s happening this Spring in and around the Credit Union.
Know Where Your Money Goes
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f cash seems to disappear from your wallet, it’s time to find out where it’s going. Being keenly aware of cash flow helps reduce budgetary waste – and leaves more money in your pocket for truly important goals and purchases. Here’s a couple of ways to keep track of spending: • Carry a small notebook and record the details of each purchase you make. • Keep receipts from each of your purchases and tally them up daily. • Use a debit card for all or most of your shopping. Every purchase and cash
withdrawal will be noted on your statement. • Use expense-tracking software. You’ll soon have an accurate picture of where your cash is going. Need more help tracking? As a benefit of membership at Orange County’s Credit Union, you have access to personal financial counseling at no charge through BALANCE. A counselor can review your budget in detail and offer suggestions to make the most of every incoming dollar. Call BALANCE at (888) 456-2227, or visit www.balancepro.net.
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This Just In
There's still time to discover just how easy finishing your taxes can be—with TurboTax. Prepare, print and file your federal return FREE* with TurboTax® Federal Free Edition online at www.orangecountyscu.org.
My First Account
Good savings habits start young. Learn more about the Sand Dollar Savings Club and Pacific savings and checking accounts at www.orangecountyscu.org.
*State additional. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners.
Got a Question? Call Us at (888) 354-6228 or visit us at www.orangecountyscu.org
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Orange County’s Credit Union M e m b e r N e w s l e t t e r
ViewPoint
Firsthand Knowledge
Is Now A Good Time To Get A Mortgage Loan? by Jeff Harper, Vice President, Lending
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any of us have read the news about the economic “credit crunch” – how the sub-prime lending era has caused a mortgagemeltdown, and our housing market is in turmoil. Numerous financial institutions are failing and Americans are losing their homes in record numbers. With all this bad news, one has to wonder, “Is now a good time to get a mortgage loan?”
If you’re a member of a credit union, it definitely is. Unlike other lenders, our lending practices have allowed us to continue to be financially sound and strong. Because of our unique structure as a member-owned financial cooperative, we have available money (funded by member deposits) to lend (to borrowing members) and are not subject to a “credit crunch” in the way so many other financial institutions are. With that said, is now the right time for a new mortgage loan? If you’re considering the purchase of a new home, experts agree that the combination of moderately low rates and falling home prices make the prospect of purchasing a new home more affordable in today’s market. In addition, Congress’ new Economic Stimulus Plan will help lower rates for Jumbo loans (those greater than $417,000), which are so common in Southern California. There are restrictions, but many will benefit from the mortgage aspect of this plan if they act before the deadline (year-end 2008). Other motivations are to avoid a pending Rate Reset on an Adjustable Rate Mortgage, or to get out of a bad loan. If this is a consideration for you, now is a good time to talk with one of our Mortgage Loan Consultants. In closing, I couldn’t complete this article without addressing members who may be in financial trouble and facing the loss of their homes. There’s no doubt that our economy is in a tough place and some members are finding it difficult to navigate themselves out of financial troubles. Lenders want to help, but equity is on the decline and mortgages are upside-down. Because we are “With You All The Way,” we have partnered with an excellent program called BALANCE that offers free financial counseling by certified counselors. Counselors are available by phone at (888) 456-2227 or online at www.balancepro.net offering debt management guidance, at no cost to you. At Orange County’s Credit Union, we’ve made great efforts to provide programs and services that are valuable to members and we’re continuing our endeavor to bring more affordable options to you. We appreciate your confidence in the Credit Union and thank you for your business.
Of Local Interest
Catch “Biz Kid$”, a fun, fast-paced new series that teaches kids how to manage their own money on KOCE-TV, Orange County’s local PBS station. The show teaches the basics of saving, budgeting, investing, and giving back to the community, through clever skits and educational segments. Spoofs on old TV shows and comedy sketches performed by a humorous cast of characters make the series a hit with both kids and parents alike. Our Sand Dollar Savings Club is a sponsor of the weekly broadcast which airs at 11:30 California each year. “Biz Kid$” targets 6-12 years olds, and in addition to at-home viewers, reaches 80% of the Orange County public school classrooms participating in KOCE Classroom. Development of “Biz Kid$” was sponsored in part by credit unions nationwide, and was produced in coordination with Junior Achievement Worldwide. Orange County’s Credit Union was also a contributor to the nationwide fundraising. For more information, go to www.koce.org or www.bizkids.com.
a.m. on Wednesdays through June 2008. KOCE-TV is the 6th most-watched PBS station out of 347 in the nation, reaching nearly 6 million viewers in Southern
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Got a Question? Call Us at (888) 354-6228 or visit us at www.orangecountyscu.org
Spring 2008
The Latest and Greatest
Beware of E-Mail Scams
You might’ve heard the term “phishing”, still many members have no idea how these scams work or the dangers they pose. The scam begins with an unsolicited e-mail that appears to come from a trusted source. The e-mail might incorporate familiar graphics or text, and many are indistinguishable from their genuine counterparts. Fortunately, there are simple steps to protect your privacy: • Never follow any hyperlink in an unsolicited e-mail. • Never transmit your personal information in response to an unsolicited e-mail. • When in doubt, close all browser windows and ask the business for verification. Orange County’s Credit Union will NEVER send you unsolicited e-mails asking you to follow a hyperlink in order to verify your information, claim a prize, or correct a problem. If you receive an e-mail of this nature, please report it immediately.
Optimum Plus Money Market Account
2.00 2.75 3.00 3.25
% APY* $25,000 MINIMUM % APY* $40,000 MINIMUM % APY* $100,000 MINIMUM % APY* $250,000 MINIMUM
Annual Meeting and Elections
Orange County’s Credit Union’s Annual Meeting will be held Wednesday, June 18, 2008, at 5:00 p.m. at the Credit Union’s Administration Offices, 1701 E. St. Andrew Place, Santa Ana. Elections for three open Board of Directors seats and one Supervisory Committee seat will take place at the meeting. Nominations can be made by petition. No nominations can be made at the annual meeting. The three Board candidates and one Supervisory Committee candidate receiving the most votes will be elected. Petitions are available at any branch and must be signed by at least 820 primary members (1% of the credit union membership). The Secretary of the Board, in care of the Credit Union, must receive the petitions no later than 4:00 p.m., Friday, May 9, 2008.
Be sure to visit our Web site frequently, or call us at (888) 354-6228, to get the latest updates on special rates for deposit products including savings, money market, and term share certificates.
*APY is Annual Percentage Yield as of April 1, 2008. Rates and terms are subject to change. $2,500 minimum opening deposit and $2,500 average daily balance needed to avoid monthly service fee. This is a tiered account.
Members Share
It’s refreshing to see that customer service still exists in the financial industry and people do still matter, which is evident in Shannon. You should be proud to have this caliber of employee working for you! If the Credit Union gives out awards for superior customer service, Shannon has my vote and support. Kevin B., Mission Viejo
Duane has always been friendly, professional, and with my recent auto loan, helped me save $800 when he saw that a GAP insurance policy had been added at the dealer without my permission. He then arranged a GAP policy through the Credit Union for one-third the price. Excellent employees like Duane are one of the reasons I always enjoy doing business with Orange County’s Credit Union. Antonio V., Cypress
I’m writing in praise of one of your employees. When I was in California last November, I posted my MasterCard® payment before making my deposit to cover it, not realizing it could take up to 5 business days for the check to clear. Jessica took it upon herself to personally track the progress of the check and phoned me at my daughter’s to let me know it had cleared within 2 days. I can’t tell you how relieved I was and how thankful I am to Jessica. She is truly an asset to Orange County’s Credit Union. Jane B., County Cork, Ireland
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ViewPoint
April 2008
APR
Orange County’s Credit Union M e m b e r N e w s l e t t e r
What’s Happening This Spring
Estrella Awards The Orange County Hispanic Chamber of Commerce will present Orange County’s Credit Union with the Business Member Of The Year Award, Disneyland Hotel, Anaheim, (714) 953-4289.
DIRECTORY Telephone Banking, Call Center, and 24-Hour Rate Line (714) 755-5900 Outside the “714” area Call Toll Free (888) 354-OCCU (888) 354-6228 LoanLine (714) 755-5900, press 2 Loan FAX (714) 755-0443 Auto-Buying Service (714) 755-5900 ext. 7595 Retirement and Investment Services Division (714) 755-5900 ext. 7591 Insurance Services (714) 755-5900 ext. 7596 Mortgage Lending (800) 506-5070 Web Site www.orangecountyscu.org
BOARD OF DIRECTORS DAN DILLON Chair CAROL GANDY Vice Chair WALT KRAUSE Secretary GARY BURTON Treasurer FRED BRANCA CHRIS CHASE MIKE JENSEN DICK KATAOKA FRANK KIM SUPERVISORY COMMITTEE VICTORIA BEATLEY Chair MAUREEN LI GAYLAN HARRIS
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Awards 37 Orange County Human Relations Commission will honor outstanding individuals who contribute to human relations in our schools, community, and police departments, The Grove of Anaheim, (714) 834-7181. Long-Term Care Seminar Protect your retirement savings with Long-Term Care Insurance, Orange County’s Credit Union Administration Offices, Santa Ana, (714) 755-5900, ext 7591. Thurs., May 15 at 10:00 a.m. and Thurs., May 22 at 4:00 p.m.
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Fun With Chalk A weekend street painting festival for the whole family. Our Sand Dollar Savings Club will be there with games and crafts, Norman P. Murray Community Center, Mission Viejo, (949) 367-1222.
CU Service Centers (888) 287-9475 CO-OP ATM Network www.co-opnetwork.org BRANCHES Anaheim 2390 E. Orangewood Ave. Buena Park 6591 Beach Blvd. M-F 8:30 a.m. - 5:00 p.m. Sat Closed Fountain Valley 18287 Brookhurst Street Fullerton 1469 S. Harbor Boulevard Irvine Albertsons 3825 Alton Parkway Lake Forest 23778 Mercury Road M-F 10 a.m. - 7 p.m. Sat 9 a.m. - 2 p.m. Long Beach 1802 Ximeno Avenue Mission Viejo 28221 Marguerite Parkway Norco Albertsons 1100 N. Hamner Avenue Santa Ana 1721 E. St.Andrew Place Santa Ana 856 N. Ross Street M-F 9 a.m. - 6 p.m. Sat 9 a.m. - 2 p.m. All branches are open M-F 9 a.m. - 7 p.m. Sat 9 a.m. - 2 p.m. except as noted above.
LOAN COMMITTEE BART BARTLETT DEVIN BAKER ORANGE COUNTY GROUP, INC. A wholly-owned subsidiary of Orange County’s Credit Union BOB GEGGIE Chair FRANK COURTNEY Vice Chair JOHN IAGJIAN JOHN SAWICKI
June 2008
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Annual Meeting Orange County’s Credit Union Administration Offices, Santa Ana, (714) 755-5900.
More Local Interest
Latino Youth Leadership Institute Orange County’s Credit Union hosted over 40 local teens from the Latino Youth Leadership Institute who participated in a workshop titled “Higher Education: Preparing for our Financial Future”. Several community leaders and dignitaries were presenters including State Senator Lou Correa, City of Fullerton Mayor Sharon Quirk, and City of Santa Ana Council members Vincent Sarmiento and Michele Martinez. Keynote speakers included: Santa Ana Ruiz, Associate Director at UC Irvine; Sara Lundquist and Dorothy Nacita from Santa Ana College; and Leticia Mata, Assistant Vice President, Orange County’s Credit Union. The presenters stressed the importance of higher education and shared the financial challenges they faced while attending college.
Holiday Closure
May 26
Memorial Day
While the Credit Union is closed in observance of Memorial Day, members have full access to their accounts through Orange County’s Credit Union ATMs, Telephone Banking, and Online Banking services, 24 hours a day, seven days a week including holidays. And, most 7-Eleven stores provide surcharge-free ATM and shared branching access via an automated kiosk. To find the one nearest you, visit our Web site and click on ATM/Branch Locator. 4
25,000FreeATMs Nationwide
Got a Question? Call Us at (888) 354-6228 or visit us at www.orangecountyscu.org