online mortgage refinancing by smashingpumpkins


									S E P T Eu a rE R 2 0 0 9 6 200 Febr MB y

2410 N. Ocean Avenue, P.O. Box 9029 Farmingville, N.Y. 11738-9029

Since 1952 The Educated Choice


New East Northport Branch Now Open!

A Rush to Join Credit Unions is Predicted
A columnist for predicts that 2009 will bring a rush to join credit unions. Consumers will “flock to credit unions where they truly are more than three digits and a credit report,” according to John Ulzheimer, a contributor for CNBC’s “On the Money.” Ulzheimer listed 10 items in a recent column that the new year will bring for consumer credit. He listed credit unions as No. 2. “Little or no exposure to subprime mortgages, no shareholders to impress every three months and plenty of money to lend seems like a trifecta to me,” Ulzheimer said. “Add to that the same level of insurance for your deposits and overall better treatment of their members compared to that of the large banks and this is a slam dunk,” he added.

Opening a New Membership Account Online is Easy!
Your family members and eligible friends and work colleagues can enjoy the same benefits you have at TFCU, and now they can easily open their new accounts online at

Special IRA Certificate Account Dividend Bonus
Deposit new* funds in a TFCU IRA Certificate by April 15, 2009, and you’ll receive a .10% bonus † added to our current rates.
Deposit your retirement funds at TFCU and watch your money grow!
*Non-TFCU † Bonus not applicable to current TFCU IRA Certificates.

Suffolk County Banks vs. TFCU IRA Certificate Rates

Tax Year 2008 & 2009

Standard Limit $5,000

Catch-up Contribution (age 50+)

Total Limit for Age 50+ $6,000

Average of Suffolk County Banks



*TFCU rate includes .10% bonus dividend. Banks included in survey: Astoria Federal, Bank of America, Capital One, Citibank, TD Bank, Washington Mutual. Source: 1/8/09 Rates subject to change.


TFCU Can Travel With You
TFCU is part of the Credit Union Service Centers Network, giving you convenient account access at more than 3,500 locations nationwide, including over 50 on Long Island. Whether you are traveling across town or the country, are close to work or home, this partnership between credit unions gives you the ability to conduct a range of transactions just as if you were in a TFCU branch, including: •Deposits •Withdrawals •Loan Payments •Transfers •Balance Inquiries •And More! To take advantage of this FREE service, just bring your valid photo identification and TFCU account number with you. To find a nearby Credit Union Service Center: •Call 1-800-919-2872 for turn-by-turn directions •Visit •Download the directory into your personal navigation device (available at •Look for the swirl logo

Visit GrooveCar’s Newly Designed Website Featuring: Members Club Card •
• GrooveCar Goes Green Learn about hybrid cars • Young Drivers Guide Tips and advice for new drivers • GrooveTube Video Watch a video of your dream car • Build Your Car Build your car from scratch and get a price quote on it • Pre-Owned Dealer Inventory View interior and exterior photos

New and Certified Pre-Owned Auto Leasing

Receive special discounts and services • Sell Your Car Classified section for selling autos • 4 Steps to Saving Step by step guide to getting the best deal on your next automobile

Drive the Car You Want for the Price You Can Afford!
- No security deposit or down payment required* - Gap insurance included on all leases - Flexible terms and mileage allowance - “No surprise” wear and tear policy - Flexible options at lease maturity
*Subject to credit approval.

Call 1-866-GROOVE4 or visit

Welcome to the Next Generation of Financial Education
TFCU recognizes the importance of financial education and we provide valuable resources for teachers, administrators and parents. Our commitment to teaching children about handling their money wisely is extended through our ongoing financial education efforts in schools and through information provided to our members about the importance of teaching children about the basics of money management. Many Suffolk County high schools, middle schools and elementary schools have already taken advantage of this FREE offer and partnered with TFCU in an effort to put their students on the path to financial independence. We offer classroom presentations on the following topics: 1. The Basics of Banking: Savings, Checking & Credit 2. Identity Theft & Your Credit Score 3. Small Business Basics & Small Business Loans 4. Managing Your Future: Investments & Retirement 5. Careers in Banking: The Credit Union Alternative Contact Jennifer Gunn at 631-698-7000, extension 3322 or e-mail for more information. Additionally, TFCU offers the National Endowment for Financial Education (NEFE) High School Financial Planning Program® (HSFPP). The NEFE program is FREE - materials include instructor’s Manuals and Student Guides, which can be ordered through TFCU by e-mailing or by calling 631-698-7000 ext. 3648. For more details about HSPP visit NEFE’s website at:

February 2009 • Page 2

Reverse Mortgages Offer Options for Seniors NEW
If you are age 62 or older and own a home, you may qualify for a reverse mortgage on your primary residence. You have the option of receiving payments: • In a single lump sum • As a fixed monthly amount • As a line of credit • Or, any combination of the above Repayment is made when you cease to occupy your home, whether you sell it, permanently move out or pass away. If the amount remaining on the loan at that time is less than your home’s value, the difference is given to your estate. You will never owe more than the amount your home is worth and the lender cannot seek repayment from income, other assets or your heirs.

A reverse mortgage turns the equity of your home into available cash. It works the opposite of a typical loan – the lender, in this case TFCU, will make payment(s) to you, rather than you making payments to us. You maintain ownership of your home, and no principal or interest pay- The amount you receive is different for everyone as it depends on your age, the value of your home and the current interest rate. ments are required for as long as you live in your home. Keep in mind there are a number of fees that can add up to thousands of dollars. In most cases, though, these fees can be financed as part of the reverse mortgage. If you are thinking of leaving your home to family members, remember that the house will first be subject to repaying the loan agreement and your heirs will then be entitled to any remaining equity, as outlined in your will. For questions on the application process, please contact John Macca, our Reverse Mortgage Specialist, at (631) 698-7000, extension 3018.

Congratulations to TFCU member Scott Deveney of Ronkonkoma. Scott visited our new Nesconset branch, entered our Grand Opening Raffle and won 10,000 miles of free gas! Pictured presenting Scott (center) with his prize are TFCU’s Executive Vice President/COO, Thomas A. Fallon, and Nesconset Branch Manager, Micki Cahill. Congratulations also go out to Sue Brown of Ronkonkoma. Sue won second prize of a child’s Ford Mustang ride-on car.

TFCU’s Annual Meeting
TFCU’s Annual Meeting will be held on Tuesday, April 28, at 6:00 p.m. in the credit union’s main office in Farmingville. All members are welcome.

Plus, For New Bill Payer Users:
• Sign Up for Online Bill Pay • Pay 2 Bills Online & Get $10
No purchase necessary. Void where prohibited. For complete rules and additional information, visit rules.html. Contest is offered through ORCC, TFCU’s online bill paying provider. Officials and employees of TFCU are not eligible to win.

• Visit for Details.

February 2009 • Page 3

Direct Deposit:
Safe, Convenient & Free
Direct deposit is the best way to get your Social Security and other federal benefit payments. Direct deposit offers: •One less thing to worry about because it is the safest way for you to receive your money •An easier and more convenient way to access your money •More control over your money and your time because it is predictable and dependable PLUS, DIRECT DEPOSIT IS NOW AVAILABLE FOR VA COMPENSATION AND PENSION BENEFITS! Sign up at TFCU now for direct deposit of your Social Security, SSI or VA Compensation and Pension payment -it’s easy!

Tax Refund Info: Check Names to Avoid Delays
If you are having your Federal and/or State Tax Refund deposited directly into a TFCU account, the name on the return must match the name of the account holder or the joint account holder. Electronic deposits not meeting this criterion will be returned to either the Federal or State Tax Office. For example: Your TFCU account is in the name Susan Smith and your husband, John Smith, is joint on your account. Your son, Sam Smith, does not have an account, so you offer to have his refund deposited into your account and you’ll give him the money. TFCU will not accept Sam’s tax refund and it will not be deposited because Sam is not on your account. It will be returned to the tax office that issued it.

Raising Money-Smart Kids
Every year, American children receive over $15 billion in allowance, gifts and wages - reason enough to start teaching children money management and consumer skills at a young age. Teach by example: The best way to instill good financial habits is by “walking the talk.” For instance, when you go shopping, include your kids in the process - planning, budgeting, and comparing prices and quality. If they urge you to buy something that is over budget, explain that spending more on the item you’re purchasing today is not as important as saving up for something else you need or want in the future. Live within your means: Children who learn to prioritize their spending learn the most valuable money management lesson: to live within their means. Reinforce the message by not jumping for the credit cards or giving extra money just because your children ask. When kids want an expensive “status” item, like hundred-dollar athletic shoes, consider having them pay the portion of the price that exceeds what you think is reasonable. They’ll appreciate the item more and may think twice about paying that much when they outgrow this pair in six months. If you choose, go ahead and lend money, but treat it like a regular loan. Charge reasonable interest and set a time frame for repayment - it will teach them how loans and credit in the real world truly work. Encourage savings: For your sake and theirs, encourage your children to make saving a fixed category in their spending plan. Discuss goals and calculate how much should be put away each month. Break down savings into long-term, for college or a car, and short-term, for a new bike or a senior trip to Europe. If you see your children about to make a mistake in spending their allowance, let them. Better to learn on a small scale now, than lose money with big mistakes later. As a benefit of membership in TFCU, you have access to personal financial counseling at no charge through BALANCE. A counselor can review your budget to see how much you have available for your debt, help you prioritize your accounts, and provide guidance on how you can improve your overall financial situation. Call BALANCE at 888-456-2227, or visit for more information.

Is Mortgage Refinancing Right for You?
If you bought your home at a higher mortgage rate than is being offered today, or if you have a high-rate second mortgage, opportunity is knocking at your front door. Today’s mortgage rates and our streamlined loan process make refinancing easy and more affordable. Refinancing may make sense if today’s interest rates are lower than your current interest rate, and the monthly savings in interest can allow you to recoup your up-front costs during the time you anticipate staying in your home. Some reasons you may wish to refinance: • You want to lower your monthly mortgage payment. By starting fresh with a 30-year conventional mortgage at a lower interest rate, your monthly payments would be lower, but you would lengthen the time before you actually own your home free and clear. • You want to reduce overall debt. By refinancing for a shorter loan term, you can build equity faster and trim your total interest charges. • You want to get cash out of your house now. By refinancing at a higher amount, you can draw money from the equity built up in your home to consolidate debt or to finance home improvements or other worthwhile goals. Call (631) 698-7000, press 2.
February 2009 • Page 4

Low Rates for Purchasing or Refinancing
• Fixed Rate Mortgages: 10 to 40-Year Terms • Co-op Financing • Second Home (NY, FL, PA, NC, SC) • Jumbo Mortgages Available

Which Type of IRA is Right for You?
Don’t Ignore Your Retirement Plan Dollars.
There are two main types of IRAs – traditional IRAs and Roth IRAs. Most people saving for retirement can contribute to a traditional IRA. And, if you meet certain requirements, your contributions are tax deductible. Whether your contributions are deductible or not, your earnings accumulate tax deferred, so you won’t owe income taxes until you make withdrawals. Deductible contributions and earnings are taxed at your regular income tax rate as you withdraw them. With a Roth IRA, contributions aren’t tax deductible when you make them. But in favorable contrast to a traditional IRA, earnings are free from income tax upon withdrawal if you meet the specified conditions. A Roth IRA also has more flexible early withdrawal rules than a traditional IRA, and you aren’t required to begin withdrawals at age 70½. Determining which type of IRA account is right for you largely depends on several factors including: • • • • • Your age at the time you’re contributing Your tax rates when contributing and during retirement Your plans for needing this money prior to age 59½ Your plans for leaving this money to heirs, and Your likelihood of actually setting aside the money you save in taxes and investing it in another account for retirement.

Chris Hibbard, ChFC, CFS
Senior Financial Advisor Trust Liaison Officer 5439 Sunrise Hwy. Holbrook, NY 11741 (631) 698-7000 ext. 6020

Terry D’Amico, CRPC
Financial Advisor 2410 North Ocean Ave. Farmingville, NY 11738 (631) 698-7000, ext. 3692

Financial Services Representatives at other branches:
Amityville – Katherine Piccinnini East Northport – Ron Rebaldo Nesconset – Micki Cahill Port Jefferson Station – Diane Jensen Rocky Point – Catherine Garnier Smithtown – Linda Davis South Setauket – Donato Surace

For more information about IRA eligibility rules and help determining which IRA is best for you, contact Chris Hibbard at 631-698-7000, ext. 6020, or Terry D’Amico at 631-698-7035. They are the TFCU Trust & Financial Services Representatives serving the members of Teachers Federal Credit Union.
Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with Teachers Federal Credit Union, through the TFCU Trust & Financial Services Program, to make securities available to members. B2MM-1104-7399 (1207)

New Online Banking Feature Tells You “What’s on Hold?”
Members can now view online any holds TFCU has placed on their accounts. Whether you have a check being held against your account or a share secured loan, you can now see the amount and reason for the hold. Click on the “Accounts” button and you will now see two columns, one says “Balance” the other says “Available”. If you click on the dollar amount listed in the “Available” column, you will be taken to a screen that will show you any hold placed on that account. The example to the right shows a balance of $501.00 with $500.00 available. By looking at the chart we can see that the $1.00 difference is the Minimum Share Deposit of $1.00 that is held on all member’s primary share account.

Available 500.00 0.00

Balance 501.00

Overdrawn Amount

Description - Minimum Shares Total Hold Amount:

Hold Amount 1.00 1.00

Notice to Members with TFCU Visa Check (Debit) Cards:
The TFCU Visa Check (Debit) Card Program enables members to access their designated accounts at TFCU ATMs, as well as ATMs that are associated with the NYCE and VISA/PLUS networks across the globe. You may also use your Check Card to purchase goods and services at retail merchants that have Point-of-Sale (POS) terminals. The NYCE network recently expanded their suite of services to also support Bill Payment transactions with certain vendors,

such as utility companies and certain insurance companies. If you arrange for bill payments directly with these firms using your Check Card, you will only need to provide them with your card number and not your Personal Identification Number (PIN). VISA requires that we advise you that these transactions are processed through the NYCE network and are not associated with VISA, its rules or regulations.
February 2009 • Page 5

Since 1952

The Educated Choice
2410 N. Ocean Avenue, P.O. Box 9029 Farmingville, NY 11738-9029
*Outside the Long Island, Westchester and New York Metro areas.
Convenient Branch Locations Amityville 355 Broadway (Rte. 110) Bay Shore 3rd Ave. and Sunrise Hwy. Brookhaven National Lab† 400 Brookhaven Avenue Central Islip orthport 118 Wheeler Road East N OPEN! OW Commack N ld Rd. 556 Larkfie 10 Vanderbilt Pkwy. † Entenmann’s 1724 5th Ave., Bay Shore Farmingville/Main Office 2410 N. Ocean Ave. Holbrook 5439 Sunrise Hwy. Nesconset (Now Open!) 127 Smithtown Blvd.
North Babylon 1134 Deer Park Ave. Port Jefferson Station 450 Jefferson Plaza (Rte. 112) Riverhead 176 Old Country Rd.(Rte. 58) Rocky Point 561 Route 25A Selden 301 Independence Plaza, (Rte. 25) Smithtown 1 West Main Street South Setauket 260-A Pond Path SUNY Stony Brook Student Activities Center/ Health Sciences Center
† Facility employees only

Educated Choice Discounts: Sign up for the Educated Choice Package and as long as you maintain a combined minimum deposit balance of $5,000 or more, your consumer loan discount is 0.50%; $2,500 to $4,999, your discount is 0.25%. Call us or go online today for an Educated Choice request form.

As Low As*
New Auto 4.99% to 5.99% Fixed 2.75% Variable 5.99% to 6.49% Fixed 2.75% Variable 4.99% to 6.99% Fixed 2.75% Variable 5.99% Fixed Used Auto Boats New & Used Motorcycle Recreational Vehicles 4.99% to 6.49% Fixed 2.75% Variable Homeowner Loans 6.75% to 8.25% Fixed 3.50% Variable Unsecured Personal Loans 10.65% to 12.15% Fixed Teachers Advantage Line of Credit 7.50% Variable 8.50% Fixed 7.00% Variable Also Available: • Student Loans • New/Used Auto Leasing Alternative Student Loans

631-698-7000 • 1-800-341-4333*

Consumer Loan Products

APR Range

Maximum Term (Months)
96 96 84 84 240 240 60 180 180 180 180 60

Open-end 180 180

Holiday Closings

TFCU will be closed Monday, February 16, in observance of Presidents’ Day.

Board Of Directors Chairman – Fred H. Schaefer Vice Chairman - Nicholas Maletta Treasurer – Raymond P. Grossman Secretary – George L. Dornhoefer F. Jane Harris Robert J. Ney Juan C. Nuñez Mario P. Shortino Frank D. Spencer Director Emeritus Lester J. Gosier Executive Management President/CEO – Robert G. Allen Executive Vice President/COO – Thomas A. Fallon

Supervisory Committee Chairman – Ronald A. Mincio Paul E. Misut April Neitlich James F. Nohe Mario P. Shortino

Home Equity Products Up to 80% financing available
Home Equity Line of Credit

As Low As

Maximum Term (Months)
180 Months 240 Months 240 Months

2.75% Variable

Mini Home Equity Closed End Loan

4.625% Variable

sured ccounts In 00 A to $250,0A by NCU

Mini Home Equity Closed End Loan

5.99% to 7.24% Fixed

Visa Credit Cards - No Annual Fee!

9.48% 12.36% 9.36% 6.72%

“Cash Back” Classic

Dividend Rates

“No Frills” Classic and NEW STUDENT CARD

For quarter ending 12/31/08



Share Secured Classic

Share Savings ($1 min. to open, $50 min. to earn dividends), IRA, YES Club, Vacation & Holiday Clubs Share Draft Checking No minimum deposit; dividend paid on $2,500+



Business Credit Card – Variable Rate

Prime + 6%


.30% APY 1.65% 1.91% 2.42% 2.68% 2.93% 3.19%

*APR = Annual Percentage Rate. Above rates effective 2/1/09. All rates and terms are subject to change without notice. Rates shown are the lowest rates available. Applicants who are not approved at these rates or terms may be offered credit at a higher rate and/or different terms. Rates are available for loans with Preauthorized Debit from TFCU savings or checking account excluding Home Equity & Credit Cards. Loan Rates without automatic payments will be .50% higher than those displayed. Rates shown assume maximum discount for Educated Choice. Add .50% without maximum Educated Choice discount. For Visa credit cards, add .48% without maximum Educated Choice discount. Discount can be applied to existing credit cards, discount cannot be applied to existing consumer loans.

Account Balance Money Market As of January, 2009 $2,500 - $24,999 $25,000 - $49,999 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,999 $500,000+

Convenient Loan Call Center Hours 24/7 Loan Information & Applications 631-698-7000, Ext. 3340. TFCU’s Routing Number: 221475786
February 2009 • Page 6

Share and IRA Certificates - Terms from 3 to 60 months. Minimum $1,000. See your statement for current rates.

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