Briefs CommonWealth One Federal Credit Union July 2010 Big rewards from Enterprise, but only Mortgage rates are the until July 31 lowest in decades Buy a used vehicle from Enterprise Car Sales, finance it at How good are you at predicting the CommonWealth One by July 31, and get your choice of a: bottom of the housing market? • 32” flat screen TV Unless you have a crystal ball, • $300 AMEX® gas card waiting too long could leave you • $500 over Blue Book® Trade-In Value on your vehicle! on the sidelines as housing prices All Enterprise vehicles come with a: rebound. And that new home • 109-point inspection by an ASE Auto loan rates you’ve had your eye on? Gone! as low as Certified technician Once-in-a-lifetime housing • 12-month/12,000-mile limited powertrain warranty • 7-day buy-back agreement. If you 2.99 % prices aren’t the only reason you should act now. Our mortgage rates are at historic lows – the lowest APR change your mind within 7 days or they’ve been in years! 1,000 miles, Enterprise will buy it Also, consider refinancing your back. current mortgage to lower your When you combine this valuable offer from Enterprise monthly payment and keep a little with our special, more money in your wallet. limited-time auto But don’t try to navigate this loan rates as low as volatile mortgage market alone. 2.99% APR, you’ll You need professional guidance, end up with one of the and we can help. Our experienced greatest deals ever. mortgage consultants will provide First, come to the help you need to make the right CommonWealth One mortgage decision when purchasing for your pre-approval; apply online at cofcu.org, call a new home or refinancing your (703) 823-5211 or (800) 424-3334, or visit a branch office. current mortgage. Then go to cuautodeals.com for Enterprise Car Sales Contact: locations and hours, and for detailed information on this • Mónica Malavé in the Washington special promotion. DC Metro area, (800) 424-3334, ext. 7615, and in the Harrisonburg area, (540) 801-1293. Or Hurry! These car loan rates won’t last forever email her at monica.malave@ Get our great rates and superior service right at the memberadvantagemortgage.com. dealership through our • Myrna Perkins in the Front Royal partner, Credit Union Auto area, (800) 424-3334, ext. 1036. Loan Network. Visit Or email her at myrna.perkins@ cualn.com to find a memberadvantagemortgage.com. participating dealer. President’s Report w! equity loan rates Lower home What is a credit union? The Ne Taxes are on everyone’s mind. “How answer to that question is can I pay less?” “What can I deduct to lower my tax obligation?” more relevant than ever Here’s one way: improve your because credit unions can really make a home by using one of our home equity loans. You’ll get a great rate, difference in these difficult financial times. easy access, and a tax deduction on The short answer is that we are a cooperative of like-minded the loan interest. Don’t take that as individuals who pool our savings to provide funds to loan to tax “advice.” Rather, it’s a provision other members at the lowest possible rates and the best terms. in the IRS tax code. You report it on CommonWealth One is the perfect result of the “people helping Line 10, Schedule A of Form 1040, people” tradition of credit unions in America. “Itemized Deductions.” At least once a week, I read of consumer advocates who You won’t be alone. Many members improve, rather than move, recommend joining a credit union if you want the best rates on because they love their home, the all of your financial products. That’s because, as a cooperative neighborhood, and the schools. Our business, we: home equity loan options include: • Are owned by those who use our services EquityLine, a line of credit. • Are an autonomous, independent, democratic organization When you need funds, write an controlled by our members EquityLine check or transfer funds to • Show concern for our communities your CommonWealth One checking • Provide economic benefits to our members. account. There’s an interest-only At a time in our economic history when it’s needed most, payment option. CommonWealth One is working especially hard at providing EquityPlus, which provides a economic benefits to our members. Translation: loaning money lump-sum payout, with a fixed rate to members at rates that help you succeed financially. and fixed term up to 15 years. Your For example, two of the biggest expenditures in life are your payments are the same each month. home and the multiple cars you’ll buy over the years. And those EquityFive, which has an are exactly the areas in which CommonWealth One excels. adjustable rate that may adjust every Our mortgage rates are at historic lows. It’s been decades five years. Take up to 20 years to since rates have been this low, and we encourage you to take repay. advantage of the savings you can realize by refinancing your To apply, go to cofcu.org, call current mortgage. In some cases, you may be able to save (703) 823-5211 or (800) 424-3334 or thousands over the life your mortgage loan, and that always visit a branch. makes good financial sense. For members currently renting, this clearly is the time to buy your own home and start building And the winners are... equity for your future. Rates are so low, your monthly mortgage Congratulations to our 2010 Kathryn payment may be at, or lower than, your monthly rent. R. Coleman Scholarship winners. If you’re considering a new or used car, remember that Jace Ross, a graduate CommonWealth One is offering – for a limited time – car loan of Marist High School rates at a level not seen in decades. in Chicago, will attend These are the issues that make your CommonWealth One the Fashion Institute of membership valuable, for you and for your family members Technology in New York, and major who may not yet be members. Remember, the fact that you’re in journalism and minor in fashion already a member makes them automatically eligible to become management and merchandising. a member of CommonWealth One. Encouraging them to join College winner Abigail could be the best gift you ever give them. Barnes will enter her senior year at Vanderbilt University and is majoring in human and organizational development and child studies. Ask how to get even lower auto loan rates! Loa n R ate s (APR as low as) New & Used cars up to 2 years old Fixed Var. To 48 months 2.99% 49 - 60 months 3.99% 61 - 72 months 1 3.99% 73 - 84 months 2 5.99% Used car: over 2 years old To 60 months 4.99% 61 - 72 months 4.99% Motorcycles 48 months (up to $10,000) 6.24% 60 months ($10,000-$15,000) 6.24% 72 months (over $15,000+) 6.24% New/Used boats & RVs 60 months ($0-$9,999) 6.49% 84 months ($10,000-$24,999) 6.49% 120 months ($25,000+) 6.49% OneLine line of credit Limits up to $25,000 8.00% EquityPlus 80% LTV More tax breaks for you when 5 year 7 year 4.99% 4.99% you “go green” 10 year 15 year 5.99% 5.99% It may actually pay to “go green.” The American EquityFive 80% LTV 4.99% EquityLine 80% LTV 3.50% 3 Recovery and Reinvestment Act (ARRA) offers tax Vacation Loan 7.90% Signature Loan credits for some energy efficient home improvements. 36 months 9.90% Get a 30% tax break (up to $1,500) when you add 60 months 10.90% VISA Classic: No annual fee ® 11.90% insulation, energy-efficient windows, doors or skylights, Platinum: No annual fee 8.90% Balance transfers 8.90% or heating and cooling systems. And get a 30% tax break Business loans: Call for rates or visit cofcu.org for alternative energy equipment like solar water heaters, APR = Annual Percentage Rates effective 7/1/10 and subject to change. Rates and terms based on evaluation of applicant(s) credit. Your actual rate may vary. Some rates reflect.25% discount geothermal heat pumps and small wind turbines. for electing automatic repayments and an additional .25% discount for checking relationship (Checking Account, Visa® Check Card, E-Statements and direct deposit/allotment.) Example: 3.49% (current rate) less .25% (automatic payments) less .25% (checking relationship) equals 2.99% (your Go to irs.gov and click “Tax Benefits of the American final APR). For more information, please contact us. LTV = loan to value. 1. Terms of 61 to 72 months require a minimum $15,000 purchase price. Recovery and Reinvestment Act of 2009” for details on 2. Terms more than 72 months require a minimum $25,000 purchase price 3. 6-month introductory rate. Thereafter, Prime plus or minus margin based on creditworthiness. energy credits available to help save you money. sav i ng s R at e s This Information is not tax advice. See your tax advisor for your personal situation. Share Savings Portion of bal. earns: APY $0 – under $2,500 0.20% $2,500 – under $10,000 0.20% – 0.22% Your chance to win an iPod Touch $10,000 – under $25,000 25,000 – under $50,000 0.22% – 0.25% 0.25% – 0.30% Sign up for E-Statements between Jul. 1 and Aug. 31, $50,000 and over 0.30% – 0.38% IRA & Coverdell Share Savings and you’ll be automatically entered into a drawing for an $0 – under $2,500 0.30% $2,500 – under $10,000 0.30% – 0.35% Apple 8GB iPod Touch, a retail value of $199. $10,000 – under $25,000 0.35% – 0.45% With E-Statements, you’ll: $25,000 – under $50,000 0.45% – 0.53% $50,000 and over 0.53% – 0.70% • Reduce paper clutter. Just save statements to your PC. Relationship PLUS Checking $10,000 avg. daily bal. to earn dividends 0.30% If you need a paper copy, just click “print” Money Management $2,500 avg. daily bal. to earn dividends • Fight ID theft because statements will no Less than $2,500 $2,500- less than $10,000 0 .26% 0.26% – 0.33% longer be sitting in your mailbox $10,000 or more 0.33% – 0.55% Money Management Plus $10,000 avg. daily bal. to earn dividends • Enhance your “green” stature because Less than $25,000 0.73% they’re environmentally friendly $25,000 - less than $50,000 0.73% –0.77% $50,000 or more 0.77% –0.83% • Have easy 24/7 access through Online Share/IRA Certificate Min. Dep. 6-month $500 0.40% Branch. (The past 12 months of statements are available 12-month $1,000 0.80% online.) 15-month $250. * 1.02% 18-month $1,000 1.30% To enroll, login to Online Branch and click the 24-month $1,000 1.61% 36-month $1,000 2.07% E-Statement tab. 48-month $1,000 2.40% 60-month $1,000 2.84% Jumbo Share Certificates: Call for rates or visit cofcu.org Business deposits: Call for rates or visit cofcu.org. HURRY! APY = Annual Percentage Yield. Rates effective 7/1/10 and subject to change. * Additional deposits allowed in $50.00 increments during the term of the certificate. Do you have an adjustable-rate mortgage that will adjust soon? Now is the time to refinance. Fixed-rate mortgages are the As of MAY 31, 2010 lowest in decades. In many cases, they may be lower than Members 37,233 the adjustable rate you now have, so refinancing could Shares $262,372,595 save you money. Loans $198,329,747 Assets $291,552,267 saving for college If your assets or income are too high to qualify for “need-based” P.O. Box 9997 • Alexandria, VA 22304-0797 • cofcu.org educational financial aid, we can help. CommonWealth Phone numbers One Financial Network has strategies to (703) 823-5211 (800) 424-3334 Fax: (703) 823-9065 help pay for college, even while you save PhoneOne (703) 823-3510 or (800) 426-2328 VISA 24 - hour info line & lost or stolen card: for retirement and other priorities. Rick Credit Card: (800 ) 654 -7728 Stroemple, our Financial Consultant, will Check Card: (800 ) 472-3272 CUNA Mutual Insurance Company: (877) 636-2377 help you customize a strategy to help increase CommonWealth One Financial Network: (866) 287-3783 your income, reduce your taxes, and reduce your overall Check re-ordering: (800 ) 500-2441 expenses. Call (800) 424-3334, ext. 1294, to find out how branch locations Rick may help your family reduce your college expenses. alexandria, Va Securities offered through Securities America, Inc. a Registered Broker/ main 4875 Eisenhower Ave. Dealer, Member FINRA/SIPC, Richard Stroemple, Registered Representative. M-Th: 8:30am-4pm; Fri: 8:30am-6pm; Sat: 9am-1pm Securities America, Inc. and CommonWealth One Federal Credit Union are humphreys engineer ctr. (employee access only) separate entities. 7701 Telegraph Road Not NCUA Insured. No Credit Union Guarantee. May Lose Value. M-F: 8:30am-4pm city of alexandria 1416 Duke St. M-F: 9am - 5pm; Th: 9am - 6pm t.c. Williams high school (restricted access) Identity theft: How you can fight it 3330 King Street A thief steals your name, birth date, and social security M-F: 8am-3:30pm Front royal, Va number, then, pretending to be you, calls your credit card north side Professional center 1516-A N. Shenandoah Ave. company and changes the account address or opens a new M-Th: 9am-5pm; Fri: 9am-6pm; Sat: 9am-1pm credit card in your name. Because the statements now go to harrisonburg, Va a new address, you don’t realize changes have been made. regional office 42 Terri Drive The thief uses the new credit card, the bills go unpaid, and M-Th: 9am-5pm; F: 9am-6pm; Sat: 9am-1pm Drive-up: M-F: 8am-6pm; Sat. 9am-1pm your credit is ruined. James madison university Gibbons Hall It’s ID theft, and the damage to your credit can be M-Th: 9am-5pm; F: 9am-5:30pm ATMs: Gibbons Hall, Lot G bus stop, CISAT devastating. But you can fight it: Washington, Dc • Visit AnnualCreditReport.com for your free yearly Gao bldg., 3rd floor (employee access only) 441 G Street NW credit reports and review them carefully for unauthorized M, W, F: 8:30am–12:30pm accounts or delinquencies. T & Th: 8am-Noon Providence hospital • Immediately review monthly statements, as well as 1150 Varnum Street, NE M-F: 9am–4pm other bills, and call the financial institution if anything is Washington Post (employee access only) 1150 15th Street NW suspicious. Sign new credit and debit cards promptly. T & Th: 2-4pm • Don’t leave credit or debit card receipts at the ATM or ATMs at all locations anywhere else; don’t put PINs or passwords on your cards. • Shred personal records. President/ceo John R. Blair, Jr. • Never give personal information over the phone or board of Directors Internet unless you initiate the contact. CommonWealth Rupert J. Jennings III, Chairman William P. Jackameit Vice Chairman One has your account numbers and other necessary Maurice B. Johnson, Secretary information. We’ll never phone or e-mail you to ask for it. Roderick M. Bricksin, Treasurer Michael A. Cook Robert G. Darius Archie B. Ford H I G H L I G H T S Daniel A. Neckels Mary L. Summers holiday closings Lyle C. McLaren, Jr., Director Emeritus supervisory committee Independence Day: Mon., July 5 Ben Perchik, Chairman Labor Day: Mon., Sept. 6 Georgia Wright-Hewitt John D. Hulvey important notice about overdraft protection John F. Knight New Federal regulations require checking account holders Kathleen C. Ognibene to opt-in to use Overdraft Privilege for Visa Check Card signature transactions, a service to help prevent the cost and The articles and opinions in this publication are for general information only and are not intended to provide specific inconvenience of having your Visa® Check Card transactions advice or recommendations for any individual. declined, checks bounced and ACH payments returned on your checking account. You must opt-in by aug. 15, 2010 to continue to use Overdraft Privilege for Visa Check Card signature transactions. Go to cofcu.org, click “Checking/ Saving,” then “Checking” for the opt-in form, and fax to We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. (703) 823-9065. Or call (703) 823-5211 or visit a branch.