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Members’ Resource PUBLISHED QUARTERLY BY PASADENA FEDERAL CREDIT UNION APRIL 2010 “0%” Financing Vs. the Rebate... Your Guide to a Great Deal! S pecial offers such as “0% auto financing” sound like a great deal. But often, taking the rebate and financing at an affordable PFCU rate may yield greater savings and/or a lower monthly payment amount. Here’s a guide to help you make the right loan choice: n Step 1: Your Preapproved PFCU Loan– Arrange your best PFCU loan rate and term BEFORE you visit the dealer show room, so you’ll have the bargaining power of a loan payment comparison. n Step 2: Do Your Homework– Your credit report determines if you qualify for 0% financing. A single blemish on your report can disqualify you, so know your credit score in advance. Also, dealers typically offer 0% financing for vehicles already on their lot, or for slower-moving models. To avoid disappointment, make sure you know in advance which models qualify for the 0% offer. (Remember, when you choose affordable PFCU financing, it is available for any make or model of YOUR choice.) Don’t Need a Car but Have a Relative n Step 3: Get Your Best Deal– Usually, the 0% financing option is offered only for or Friend Who Does? Invite them to terms of 24 to 36 months. As a result, this shorter-term loan payment amount might be Join PFCU and Apply for Auto Loans more than you want to pay, even with “0” interest. However, PFCU financing over a longer term can reduce that amount. Also, dealers may offer 0% financing OR a as Low as 3.99% APR!* rebate, but not both. In many cases, buyers can realize greater savings by taking the rebate and then financing the lower car price at a reasonable PFCU interest rate. Don’t Take the Bait on Online Scams . . . 2 n IMPORTANT NOTE: Just because you won’t pay interest with 0% financing doesn’t Five-Star Bauer Award . . . . . . . . . . . . . . . 2 mean the payment amount will fit your budget. NEVER consider it as a way to afford a more expensive vehicle. Shop smart, and make sure your deal works for YOU! 75th Anniversary Annual Meeting . . . . . 2 Online Tools . . . . . . . . . . . . . . . . . . . . . . . . . 3 Dealer PFCU PFCU Loan C, Less PFCU Loan D, Less May is E-Statement Month . . . . . . . . . . . . 3 Loan A Loan B $2,000 Rebate $2,000 Rebate “Reg CC” & Your Check Deposits . . . . . 3 Loan amount $20,000 $20,000 $18,000 $18,000 Sammy Rabbit’s Column for Kids . . . . . . 4 Term 36 Months 36 Months 36 Months 60 Months Interest rate 0% APR 3.99% APR* 3.99% APR* 4.49% APR* Important Dates Payment $555 $590 $535 $335 Thursday, April 15, 2010– Last Day to Open or Contribute to a 2009 IRA Rely on PFCU Auto Loans as Low as 3.99% APR! Tuesday, April 27, 5:30 pm– Annual Meeting (See page 2) As you can see, a PFCU loan option with extended terms and/or a rebate may offer a Monday, May 31 better deal than “0 %” financing. Use the chart above as a guide you can take to the Closed for Memorial Day dealership, or consult a PFCU loan officer for more information. Monday, July 5– * APR = Annual Percentage Rate. 3.99% APR is the best rate available for terms of 36 months or less and includes 1% discount for automatic payments from a PFCU checking account. Individual rates may vary. Subject to credit approval. Closed for Independence Day 2 O O O O O Five-Star Bauer Award... The Crown on Our 75th Anniversary Year! A Message from Your CEO, Ron Berry ince Pasadena Federal Credit Union was founded in September,1935, we have Don’t Take the Bait: Beware of the S focused our operations on providing a safe place for members to borrow and save money. During the 75 years that have ensued, PFCU has not only become a secure and convenient financial family for our members: We also have become a Latest Online Scam! trusted community partner, supporting local members, organizations and events. riminals are now using Internet Today, we are the credit union of choice for over 100 Select Employer Groups C technology to steal your identity and your money. Their latest scam works like this: who recognize the value of offering multi-faceted PFCU membership benefits to their employees, members and volunteers. With everything from small, family- owned businesses to large corporations like Jacobs Engineering and respected n You receive an email that claims to organizations like the 35,000 member Girl Scouts of Greater Los Angeles and be from PFCU, your bank or credit card company, asking you to update your other local non-profits, PFCU has gained recognition as a financial stronghold. account information or passwords. Bauer Financial Group, an independent firm which rates financial institutions, gave n The email will direct you to click a us Five Stars (their highest rating). This prestigious award crowns 75 years of link to a website. It will look “legitimate:” dedication to providing the safe and secure financial home our members deserve. But instead, it’s a fake website designed to steal your financial information! In addition, creditcardconnection.com, touted by Suze Orman, the Huffington Post and others, placed our VISA™ Cards on the Dean’s List and also gave us Five Stars Don’t take the bait... fight back with (again, highest rating). In this, our Diamond Anniversary year, we are clearly the these tips: diamond standard even among credit unions. n Copy PFCU’s URL address, i,e,, www.pfcu.org and place it in your However, your Credit Union does not operate to win awards. We operate to serve “favorites” or “bookmark” list. Then YOU, our valued member-owners, and to provide a financial environment in which use this convenient link when you you can place your full faith and trust. As we prepare to celebrate our 75th want to visit us, instead of clicking the links in an unverified email. Anniversary Annual Meeting, we thank each and every member for your support. You are the reason why we succeed! n NEVER reveal your personal account information via email or a phone call which you have not initiated. PFCU will not ask you to do this. Annual Meeting Is Tuesday, April 27th n If you think you are an Internet All members are invited to attend the 75th Anniversary scam victim, contact the Internet Crime Annual Meeting of Pasadena Federal Credit Union, Complaint Center at http://www.ic3.gov/ Tuesday, April 27, 2010, at 5:30 p.m. in our lobby. (a partnership between the FBI and the National White Collar Crime Center) There will be door prizes, refreshments, Be Aware and Protect Your Personal and an opportunity to socialize with fellow Information. Remember, PFCU will member-owners. Please mark your calendars never ask you to reveal your account and plan to attend this special, anniversary event! or financial information. We already have it, and keep it safe and secure! How “Reg CC” Affects Online Tools Your Check Deposits for Everyday A Federal law known as “Regulation CC” will affect the way your check deposits are Finances processed. Effective immediately, the Federal Reserve Bank has consolidated its check-processing infrastructure into a hen it comes to keeping our finances in W good working order, we can use all the help we can get... that’s why PFCU offers an online “toolbox” of services to help out: single check-processing region located in Cleveland, Ohio. The immediate effect of this consolidation is that, in most cases, your funds will be available on checks two business days following the date of deposit. FREE Debt in Focus This interactive tool can provide a helpful overview of your financial status and There are some exceptions to the standard empower you to improve it. Just visit www.pfcu.org and click the “Debt in funds availability policy. These include: Focus” link near the top of the page. It will direct you to answer a few questions n A hold of one additional business day can about your income and current debts. Then, a simple financial analysis will be applied to cashier’s, teller’s, certified provide: Your debt to income ratios; debt payment schedules; and suggested and “on us” checks otherwise subject to personal action strategies to move your finances forward. Debt in Focus is safe next-day availability and completely anonymous. The data used to analyze your income and current debts cannot be used to identify you. Try this helpful, FREE tool today! n A hold of five additional business days can be applied to checks subject to second Credit Counseling business day availability For personalized, one-on-one assistance, get free and low-cost help from National n A hold of five additional business days can Founder of Credit Counseling trained, certified counselor who can: Advise you on be applied to checks deposited in non- managing your money; offer solutions to your current financial problems; develop a proprietary ATMs personalized plan to help you prevent future difficulties; and more. To access Credit Counseling, visit our website and use the pulldown menu for “Tools.” n A hold of up to nine business days may be applied to checks deposited in new “Help You Thrive” accounts This service provides on-the-spot answers to questions about your everyday n Additional “hold” days can be applied to finances... from calculating the cost of operating a car to safety tips for shopping large deposits, re-deposited checks, online and more. Just visit our website and use the pulldown menu for “Tools.” repeated overdrafts and other emergency conditions Calculators Also available through our pulldown menu for “Tools” is a complete range of We reserve the right to place holds on calculators... everything from how much you can afford for mortgage payments to checks deposited. If we do not notify you auto loan payments to savings and retirement calculators. Check it out! of a hold at the time of deposit a written notice will be mailed to you the following business day. “Go Green” by changing from paper to electronic statements this April. PFCU will plant a tree on April is Arbor Day, April 30, for every E-Statement member who signs up... and together we’ll save Month! time, money and the environment! What is “Compound” Money? Ask Sammy Rabbit! Members’ Resource is published by Pasadena Federal Credit Union ime to Spring Our Savings Forward: When we sow savings, our choices, on recycled paper, using soy-based inks. PASADENA FEDERAL CREDIT UNION 1038 South Fair Oaks Avenue Pasadena, CA 91105 Mailing Address: P.O. Box 7132 T Compound = Grow ⇒ Multiply ⇒ Increase ⇒ Expand ⇒ Accrue Hello Friends! freedom, and security grow. So with that being said, spring your savings ahead! Do your part or the Pasadena, CA 91109-7132 Hours: Monday - Wednesday 8:00 am - 5:00 pm compounding will never start. Spring is in the air and things are Thursday 9:00 am - 5:00 pm Friday 9:00 am - 6:00 pm blossoming everywhere. It is especially Special Saving and Money Words Saturday & Sunday Closed grand to see things multiply and expand. Savings or Principal– This is money we ATM Locations put away to use later Even things that don't spring from the Pasadena Federal Credit Union 1038 South Fair Oaks Avenue (24/7 access) ground are fun to watch compound. Yes, Interest or Simple Interest– Extra money Deposits accepted at this machine money likes to grow just like flowers do. we earn and receive when we choose to Pasadena Police Department 207 North Garfield Avenue (24/7 access) And that’s exactly what money & regular save. This money is ours to keep in Deposits accepted at this machine addition to our savings. savings will do – grow and accrue – from Pasadena City Hall 100 North Garfield Avenue (business hours only) little amounts to large amounts that are Compound Interest – Extra special Art Center College of Design exciting to count. "amazing money" our interest earns that 1000 Lida Street (business hours only) gets money and savings to grow fast over Jacobs Engineering Group–Cypress Imagine the thrill you will feel seeing your long periods of time. This money is also 5757 Plaza Drive, # 100 (business hours only) Cypress, CA 90630 dimes turn into dollar bills as surely they ours to keep and is in addition to our And Fee-Free ATM access at CO-OP ATMs will. That will happen in time, dime after savings and our interest. www.co-opnetwork.org Bank of the West (24/7 access - fee free) dime. There's the money we put in to www.bankofthewest.com save... and the interest it earns. That's I know you can do it. Now, go get to it! CONTACT US: how growing and compounding begins. Your friend, 626/ 799-0882 800/ 445-PFCU Toll-Free Telephone Teller, Ext. 1 But that's not where it ends. That's E-Mail email@example.com where it starts to ascend. And what an Website www.pfcu.org amazing surprise right before your eyes, VISA Credit Cards www.ezcardinfo.com as you see your savings rise and rise. BOARD OF DIRECTORS H. Crusberg, Jr., Chair That will happen when your interest D. Hoffman, Vice Chair starts to earn interest of its own and R. Bicker, Secretary/Treasurer M. Korpal, Supervisory Committee Chair when that begins the compounding J. Wynn Peck, Director really kicks in. B. George, Director R. Derderian, Director Learn more about Sammy and his mission to help kids get in the habit of saving money and make dreams come true at www.itsahabit.com B. Weitkamp, Director Emeritus H. Dean, Director Emeritus SUPERVISORY COMMITTEE M. Korpal, Chair M. Broomfield Skate into Summer... with a Special Party! C. Hany PFCU is planning a special Summer event for our young members PRESIDENT/CEO Ron Berry and their families... a roller skating party to benefit Rosemary Your savings are insured up to $500,000 through a combination of federal insurance by the National Credit Children’s Services! The event will be held in late July, and will Union Administration (NCUA), a U. S. Government Agency and private insurance by American Share Insurance (ASI). include fun activities, refreshments and more... watch for details!
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