New Home Loan Center! by aku13828


									                       J    U    L    Y      2    0    0     2             “Your Community Credit Union...
                                                                              Where People Mean More Than Money”

It’s About Time We Met Your
                                                                                              SPECIAL ANNOUNCEMENT
Friends, Co-Workers & Family!
                                                                                              New Home
      sn’t it about time you introduced us to your friends, co-workers and family? We’ve
      stood by you and helped you to finance your first home, your first car, helped put
      your children through college, handled your checking and money market accounts
and paid you above market rates on your certificates of deposit, savings and IRAs. As a
                                                                                              Loan Center!
member of Sierra Point Credit Union, your relatives are automatically eligible for CU         Sierra Point Credit Union is pleased to
membership and chances are, your neighbors, friends and co-workers qualify to take            announce our new partnership with Omni
advantage of our financial products and personalized service too!                             Funding Services. We are now able to
      We’re looking for members who can take advantage of our great rates on savings and      provide you with a complete mortgage
loans and need financial services. Members who refer a qualified member to SPCU will          solution, whether you are purchasing a
receive a $10 deposit to your share account and have your name entered into a drawing for a   home or refinancing one. Select us for
$100 cash prize at the end of each month during the months of July, August and September.     your mortgage needs and you’ll benefit
                                                                                              from our competitive rates, fast
Just make sure the new member
                                                                                              turnaround and friendly service.
gives you credit for the referral
                                               riend About SPC
– and we’ll take care of the rest.
We will also waive the new             Tell A F               U!                              Now you can apply for a wide variety of
                                                                                              loan programs featuring:
membership fee for every new                                                                  •   Fixed and adjustable rates
member you refer during July,                                                                 •   No point loans
August and September.                                                                         •   No cost loans
      We are aware that word-                                                                 •   Jumbo and conforming
of-mouth is the best advertising                                                              •   First time homebuyer programs
and we’re counting on each and                                                                •   Free mortgage analysis
every one of you satisfied                                                                    •   Debt consolidation
members to tell your friends                                                                  We also offer a variety of other loans
and family about Sierra Point                                                                 including land, commercial, investment
Credit Union. It can only make                                                                properties, construction and mobile
our Credit Union a stronger                                                                   homes. Call us at (800) 303-8887 or
institution and you get some                                                                  visit our website for up-to-the-minute
                                                                                              interest rates, 24 hour online applica-
extra cash along the way. It’s a
                                                                                              tion, pre-qualification calculator, tax
win, win proposition! s                                                                       benefits calculator, cost of living
                                                                                              calculator and more at

      CU Insight / July 2002

        If you are a prospective homebuyer, you are invited to an informative seminar to                         July 24th, 2002, 5:30-7 PM
      help give you a leg up in the often challenging world of real estate.                                      Sierra Point Credit Union

                                                                                                                 365 South Spruce Avenue, SSF
      San Mateo has a very competitive market, but it doesn’t have to be complicated.                            2nd Floor Training Room
        This free educational session covers almost everything you need to know,

                                                                                                                 RSVP required as seating is limited.
      including home qualification, understanding different types of loans, shopping                             Call (650) 588-6140, ext 108 or
      for the proper home, refinancing options and more! s                                                       contact

                                                What 0% Financing Really Costs
                                                           o you know that only 8% of last                    can handle. Typical payments may be $800 or
                                                           fall’s new car buyers walked out of                $900 a month – out of reach for most buyers.
    SEMINARS, SALES, HOLIDAYS                              the dealership with 0% financing                 • It is unlikely you will be able to negotiate
    & OTHER DATES TO REMEMBER                   and it has worked so well that this marketing                 the price of the vehicle and can end up
                                                ploy may linger longer, even permanently.                     paying much more for the vehicle in order

    WEDNESDAY, JULY 17TH, 5:30 – 7:00 PM        More than 90% of those people who went in                     to get the 0% financing.
    • Complimentary HR Workshop                 search of 0% financing were switched to                     Low-rate Offers:
      at SPCU, 365 South Spruce Avenue          standard financing rates. The 0% promo, as
      2nd Floor Training Room, SSF              usual, was a legal bait and switch to increase              • Low-rate loans, such as 1.9% financing usu-
                                                dealer traffic and sales, not finance cars.                   ally requires 10 or 20% down and is normally

    WEDNESDAY, JULY 24TH, 5:30 – 7:30 PM                                                                      available for only 24 months. 36, 48 and 60-
    • Homebuyers Workshop                       Hidden Costs:                                                 month loans carry rates which escalate much
      at SPCU, 365 South Spruce Avenue          • Dealers’ 0% financing, low-rate loans and                   higher than most Credit Union loans, which
      2nd Floor Training Room, SSF                rebates almost always are available on slow-                require no down payment.
                                                  selling models and these cars often have                  • These short-term loans make monthly

    THURSDAY, JULY 25TH, 5:30 – 7:30 PM
                                                  lower resale values.                                        payments unrealistic. It is to the buyer’s
    • Long Term Care:
                                                • Dealers’ 0% financing or low-rate loans                     advantage to take the dealer rebate without
      How To Protect Your Assets
                                                  can have bigger prepayment penalties and                    the low-rate financing and finance the
      at SPCU, 365 South Spruce Avenue
                                                  can require bigger down payments.                           vehicle at a Credit Union.
      2nd Floor Training Room, SSF
                                                • Dealer financing plans usually are limited                What’s the bottom line?

    FRIDAY & SATURDAY, JULY 26TH & 27TH           to dealer stock. That means you have to
                                                                                                            If you purchased a vehicle when interest rates
    • Enterprise Car Sale for Members Only        sacrifice color, style and/or options you
                                                                                                            were higher or you took advantage of the
      Over 110 Locations Nationwide               want. Unwanted options can add 25% to
                                                                                                            recent 0% financing and now your financial
      Call 1 800-227-7253 (800) CAR SALES         30% to the sticker price of your car.
                                                                                                            situation has changed-you’ve lost a second job
                                                Who “Qualifies” for 0% Offers:

    SPCU WILL BE CLOSED ON THE                                                                              or your hours have been reduced, it is probable
    FOLLOWING HOLIDAYS:                         • Fewer than 10 of 100 people * qualify for 0%              that you can no longer afford that hefty car
    • Labor Day: Monday, September 2              financing. “Qualification” is up to the auto              payment.
    • Columbus Day: Monday, October 14            manufacturer, who relies on a consumer’s credit           EXAMPLE : If you bought a $20,000 car at 0%
                                                  rating. Only consumers with “pristine” credit             dealer financing, with a loan term of two-years,

                                                  may qualify. The definition of “pristine” credit          your monthly payment would be about $833 –
    • Rosh Hashanah: Saturday, September 7
                                                  varies among manufacturers and most are not               out of reach for most buyers. If you refinance at
    • Grandparents Day: Sunday, September 8       willing to disclose that definition. What                 your Credit Union, for example, at the rate of
    • Yom Kippur: Monday, September 16            happens to those who don’t qualify? They get              7.5% and lengthened the term to 48 months,
                                                  MOVED UP to a higher rate.                                your monthly payment would drop to almost
    • International Credit Union Week:            *Consumer Task Force for Automotive Issues Survey, 2001   half or $443. Of course you will only pay
      Monday, October 14 – Friday, October 18
                                                Be Sure to Read the Fine Print:                             interest for the length of the loan.
    • Daylight Savings Ends:
                                                • They are usually restricted to short-term loans           No matter what your situation is, when you
      Sunday, October 27, 2002
                                                  under 36 months. These short terms make the               have questions about the best vehicle financing,
                                                  loan payments much higher than most people                talk to our lending representatives. s
                                                                                                              CU Insight / July 2002

Loan &                                                  LOAN
                                                             FIXED RATE LOANS
                                                                                           TERM             TYPE
                                                                                                                   SAVINGS RATES
                                                                                                                        LEVEL      DIVIDEND

Savings                                              Vehicle


                                                                                        Up to 72 Mo.

                                                                                        Up to 72 Mo.

                                                                                                         IRA Savings
                                                                                                                       $100-up     1.25%


                                                     Line of Credit     10.0%*           Revolving
                                                                                                       The last declared dividend date is June 30,
                                                                                                       2002. This rate is in effect from June 1, 2002

                                                     Share            3% points above     Up to
          ividends on all accounts are paid                             the current
          and compounded monthly.                    Secured           dividend rate     120 Mos.      through June 30, 2002.
          Dividend rates are also reported as
                                                     Share            3% points above                  Money Market Account: $2,500-up
an annual percentage yield (APY). For more                                                Up to
                                                     Certificate        the current                    Call SPCU at 650-588-6140 for current APR.
information about account terms, conditions          Secured
                                                                       dividend rate     120 Mos.
and fees, call SPCU at (650) 588-6140.                                                                 IRA & Share Term Certificates:
Account disclosures are available upon               VISA GOLD            9.9%           Revolving     6, 12 Month & 2 1/2 Year
request. Call the Credit Union for current                                                             Call SPCU for effective dividend periods,
dividend rates and APY’s.                            VISA
                                                                                                       current dividend rates, annual percentage
                                                     CLASSIC            14.00%           Revolving
                                                                                                       yields, account terms & conditions at
                                                     VISA:                                             650-588-6140.
        6 month T-Bill: 1.875%                       Share Secured      12.00%           Revolving
                                                                                                       Home Equity Lines of Credit:
      Please review your loan documents to           STUDENT                                           Call the credit union for current rates.
determine the percentage point charged over          VISA               16.00%           Revolving
the T-Bill for your current annual percentage                                                          Real Estate Loans:
rate (APR), which will be in effect July 1, 2002                                                       SPCU does offer an extensive program of
through September 30, 2002. The above-             * Our best rate offered to qualified members        real estate loans. Call the SPCU’s real estate
published T-Bill rate index applies to all         on approved credit. Loan Rates are subject to       loan department for more information at
variable consumer loans.                           change at any time.                                 800-303-8867. s

                                                                                                       Other Country Checks
                                                A C L O S E R L O O K AT                               Thirty-Business Day Hold
                                                                                                       Includes checks drawn on financial institu-
                                                                                                       tions outside of the United States, including
                                                                                                       Guam and Puerto Rico.
                                                                                                       These guidelines refer to check holds for
                                                                                                       members in good standing. Longer check
                                                                                                       holds may apply to those members who have
                                                                                                       created a negative condition in their account.
Check holds have been used at Sierra               Non-Local Checks
Point Credit Union since before the                Five Business Day Hold                              Several alternatives are available to
mid-nineteen eighties. Their origin                Includes checks drawn on financial institu-         members who find it difficult when
date is illusive, but we know for sure             tions from outside of the bay area counties         check holds are placed on deposits to
that they were being used in 1985.                 listed above.                                       their checking account.
The below schedule is our current                  Out-of-State Checks                                 • You can arrange to have the deposit
Check Hold Policy:                                 Seven-Business Day Hold                               amount held in your savings, money
                                                   Includes checks drawn on financial institu-           market or certificate balance.
Local Checks:                                      tions outside the state of California.              • Consider applying for an overdraft line of
Two-Business Day Hold
                                                                                                         credit with a credit limit that would handle
Includes checks drawn on financial institu-        New Member Checks
                                                                                                         whatever regular deposit may be held.
tions from the following counties: San             Twenty-Business Day Hold
Francisco, San Mateo, Marin, Santa Clara,          Includes all checks submitted for deposit from      • If payroll checks come from out-of-state, you
Alameda, Contra Costa, Solano, Sonoma,             members who have established membership               may want to pursue having your paycheck
Napa and Santa Cruz.                               with SPCU within the last 90 days.                    deposited directly through ACH. s

 “The best preparation for tomorrow is to do today’s work superbly well.” – SIR WILLIAM OSLER
                                                                                                                    CU Insight / July 2002

                                                                                 ability to serve you in a   computer to access its products. There is an
Message         FROM THE            CEO                                          cost effective manner.      800 number as well as a voice response number.
                                                                                      We have also           Many members have asked us to recommend an
  Deborah Trapani,                                                               incurred numerous check     excellent brokerage service – now I can
  President & CEO                                                                frauds in the last year.    comfortably do that through Members
                                                                                 These are occurring in      Financial Network.

       t has almost been a year since                                            many fashions and have            Check out our web site and check out
       September 11th and much has                                               cost the credit union       MFN. I think you will find that through Sierra
       changed for all of us, but in particular, for   several thousands of dollars in losses. To protect    Point Credit Union, all your financial needs can
  financial institutions throughout the Nation.        the credit union and you, we are using check          be met now and in the future.
  When new regulations for Homeland Security           holds to minimize these losses. We have always        Sincerely,
  were implemented, executives found ourselves         used checks hold but are much more diligent           Deborah A. Trapani
  investigating our member accounts for names          today than in the past. It is important that you
  and activity that might be related to terrorism.     understand the need for this security measure
  Those lists have thousands of names and              and understand that every financial institution
  organizations that must be cross-referenced          uses check holds to protect against fraud as well
  against our database. Furthermore, any               as people misusing their accounts. Check holds
  “suspicious activity”, such as regular cash          are also required by our insurance company to
  deposits or withdrawals of $3,000 or more and        minimize losses. In this newsletter you will
  regular wire transfers sent overseas, must be        find the timelines for check holds. Please take
  reported immediately to various government           the time to review them because they affect
  agencies. While we have always been required to
  verify social security and driver’s license
                                                       almost every check deposited with SPCU.
                                                              We know that many of our members are
  numbers, we now ensure that members opening          very busy finding it difficult to manage their          A Quarterly Publication of
  accounts do not fall under any of the above-         credit unions accounts. Some members want and           Sierra Point Credit Union
  mentioned lists issued by our government. No         need home banking products and we have found
  longer can we just “trust” people based on           that some potential members will not even               Editor: Jill Faenza
                                                                                                               Design: Wayne Smith
  information they give us, but everything must        consider SPCU as a viable financial institution         Printing: Gateway Graphics, SSF
  be checked and double-checked.                       without it. The Management staff and I have
                                                                                                               365 South Spruce Avenue
        Why do I explain all of this to you? Well it   been researching various companies to provide a
                                                                                                               South San Francisco, CA 94080
  really is pretty simple. We are required to verify   viable home or Internet banking system. Believe         ATM on site
  identification for every member entering the         me, these programs are expensive. No matter
                                                                                                               phone: 650-588-6140
  credit union that is unknown to us personally.       which company we choose, there will be a cost           fax: 650-588-0509
  Every SPCU staff member does not know each           associated with this service. However, we are           web:
  and every one of you; so when we ask you for         working hard to keep the fee reasonable while
  identification, please comply with our request. I    ensuring that you are provided an excellent             Monday-Thursday: 9:00-4:30,
  have been working in the Member Services area        product. We expect to roll out a pilot program          Friday: 10:00 - 5:30
  for the past few months and have noticed an          sometime in the fourth quarter of this year. I will     TOUCH TONE TELLER: 650-244-9555
  increased resistance to provide identification. In   need members who will beta test the home                (24 Hour Information System)
  fact, I actually heard one member demand to          banking product. If you are interested, please
                                                                                                               SPCU BOARD OF DIRECTORS:
  close his account because he was asked to            email me at so that we can            Rev. Joe Landi, Chairperson
  provide ID. Remember, we also require it for         include you in our pilot program.                       George Rix, Vice Chairperson
  your protection as well as the protection of all            Recently, we updated our web site,               Jim Kaestner, Treasurer
  our members.                                — it has a great new look. It is           Olga Sample, Secretary
                                                                                                               Dick Battaglia, Director
        Technology has helped us in more ways          much easier to find things you need and it offers       Elaine Burrell, Director
  that most of us can count. Information is now        more products and services. We added a new              Joe Fernekes, Director
  at our fingertips and within minutes we can          link to the site – Members Financial Network or
  research almost any topic that used to take days.    MFN. Through this site you can purchase                 SPCU MANAGEMENT STAFF:
                                                                                                               Deborah Trapani, President and CEO
  With technology, came innovative ways to             stocks, bonds, annuities and it has educational
  perform financial fraud. To protect your             information to help you plan your financial             Jill Faenza, Executive Vice President
  accounts, SPCU has been using numerous tools         future. MFN is part of our credit union                 Ann Marie Dabo, Manager of Information Systems and
                                                                                                               Business Development
  to detect fraud. However, we need your help to       insurance network, CUNA Mutual Group.
  do so. It is important that your debit and credit                                                            Kristine Sandmeier, Supervisor of Member Services
                                                       CUNA Mutual provides many products such as
  cards are carefully monitored by you to ensure       life, health, auto and home insurance and it is         Queen Tofaeono, Supervisor of Lending Services
  they are still in your possession — treat them as    owned by credit unions exclusively for credit
  a negotiable because they are. Also, you must        union members. It is rated very highly by
  review your account statement monthly. SPCU          insurance rating services and has been in               Your savings federally insured to $100,000

  has only a limited amount of time to report          business for about 60 years. SPCU uses CUNA
  fraudulent activity, otherwise, the credit union     Mutual to protect our facility and utilizes the
  must expense the fraudulent items reported by        401K plan for the staff retirement fund as well
                                                                                                                 National Credit Union Administration,
  you. Without your diligent review of your            as life and disability insurance. The best part of             a U.S. Government Agency
  accounts, losses will occur that will affect our     MFN is that you do not need to have a

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