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January 2015 - UECU Member eNews

Utilities Employees Credit Union

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E-Posit graphicMobile Check Deposit Has Arrived at UECU!

You’ve asked for it and UECU has delivered. With the UECU Mobile Banking app, you have the ability to make check deposits directly to your account, from anywhere in the country, at any time of the day! Now enjoy the convenience of check deposits on-the-go with e-PositMobile.

Simply use your Apple or Android mobile device or tablet to make deposits to your UECU savings or checking accounts. And, if you have a UECU checking account, you can even enjoy immediate access to a portion of your deposited funds!* Check out our online video demo below:

Remote Deposit CaptureTo Get Started…

    1. Sign-up for Advantages Online™ Home Banking at

      2. Download the free UECU Mobile Banking app to your phone or tablet.

        3. Sign into Mobile Banking  & Choose Check Deposits!

        LEARN MORE by visiting the website.

        iPad® and iPhone® are registered trademarks of Apple Inc. Android™ is a trademark of Google Inc. e-Posit™ services cannot be used to deposit checks to UECU MyPay™ Accounts, Green Light Checking™ Accounts, Certificates of Deposit, Health Savings Accounts, Individual Retirement Accounts, or Coverdell Education Savings Accounts.

        *Immediate funds availability only from Money Market Savings and checking accounts.

          UECU is YOUR Virtual Credit Union!

          UECU - Your Virtual Credit UnionAdvantages Online™ home and mobile banking – Access your UECU accounts anytime, anywhere from your computer or mobile device.

          Advantages Bill Pay - View your monthly bills, set payment amounts, and schedule your payments online.

          E-Vantagesby Web – Transfer funds between your UECU accounts or an account at another financial institution online.

          E-Statements – Receive electronic account statements.

          E-Notifications - Choose automatic alerts about your account activities and UECU will notify you via email or text message.

          e-PositMobile – Use your mobile device or tablet to deposit checks to your UECU savings or checking accounts.

          e-PositOnline – Use your computer or laptop to deposit checks to your UECU savings or checking accounts.

          Online Membership & Loan Applications – Apply online at

          For additional information, visit or Contact a Member Service Representative at 800-288-6423.


          President’s Message

          Pat Zyma, UECU's President / CEOThe 2014 Member Loyalty Bonus™ – Loyalty Pays at UECU!

          As your Credit Union winds down another successful year, we are pleased to announce that UECU paid $1.1 million to our members on December 31st for the 2014 Member Loyalty Bonus™. This is in addition to the almost $3 million that was paid over the past several years, since the program’s inception in 2011.

          We began the Member Loyalty Bonus™ as an additional avenue to demonstrate our co-operative spirit. Credit unions differ from banks, in that we are owned by our members, and not by stockholders. It is our members that reap the benefits of participation. The financial benefits of your membership at UECU are far more extensive than the year-end Member Loyalty Bonus™. Our approach is to put more cash in your pocket all year long. Just a few examples of the many ways we do this include paying higher than market deposit returns, offering competitive loan rates and keeping fees low. Based on independent industry consultant Raddon Financial Group, our typical member household saves $310 each year on interest and fees by using UECU products and services (compared to the “average” credit union).

          So how does the Member Loyalty Bonus™ work? Simply, the more you use your Credit Union, the more you benefit. The Member Loyalty Bonus™ is based upon the amount of interest earned throughout the year on all types of UECU deposit accounts and the amount of interest paid on most UECU loans. We have taken the total of that interest earned and paid in 2014 and given you a bonus of 6% more. Let’s say the earnings on your share, money market savings, checking, CD and IRA accounts, plus the interest paid on your auto loan, home equity line and VISA® credit card totaled $1,000 last year. You would have received a bonus of $60 ($1,000 x 6%) at December 31, deposited to your Share Savings Account. If you originated a mortgage with UECU during 2014, we added $100 to your Member Loyalty Bonus™.

          We are proud to report that the 6% payment level was the highest since we started the program. Although the Member Loyalty Bonus™ cannot be guaranteed, since it is based on the Credit Union’s earnings for the year, a payment has now been made for four consecutive years!

          In addition to the Member Loyalty Bonus™, membership at UECU provides you with the opportunity to participate in two other unique reward programs. Through our VantagePoints™ program, you earn points that can be redeemed for cash, merchant gift cards or a rate reduction on your next eligible loan. Points are awarded on a variety of UECU products and services, which makes our program different than ordinary credit card reward programs. In using numerous Credit Union products and services, you may also qualify for a valuable award that offers a year’s worth of benefits through UECU’s MyChoice™ program. I encourage you to visit and select “Rewards” or contact a Member Service Representative for more details.

          As we begin a new year, the UECU team remains committed to providing our members with these unique programs and exceptional service. We know you have options, and sincerely thank you for selecting UECU as your trusted financial partner. We will continue to work hard to retain this trust.

          Our best wishes go out to you and your family for a happy and healthy New Year,

          Pat Zyma
          President/CEO and UECU Member

          Lender's Message

          Mike Malone, VP of Lending401(K) Loans
          What You Need to Know About Borrowing from Your 401(K)

          You plan for your retirement and save money, often times in a 401(K) account where you work. It is a wise investment option because you receive pre-tax benefits. In addition, many employers actually contribute to their employee’s 401(K) accounts, helping the balance to grow significantly over time.

          Even though you work very hard to save your money, you may encounter financial difficulties throughout life that require you to borrow. If you do not have cash reserves, you may need to borrow against a revolving loan product that you already have established. You may opt to apply for a new loan, such as a personal loan, line of credit, home equity loan or a home equity line of credit. You may also choose to borrow money from your 401(K) account.

          Most 401(K) plans allow you to borrow against your own investment; the money that you have already saved in your 401(K) account. Members may choose this route for a variety of reasons, such as convenience, attractive repayment terms or possibly as a last resort due to credit history or other financial circumstances.

          While there are benefits to borrowing against your 401(K) account, it is not without consequence. For example, if you don’t make a payment for 90 days, that money is considered a distribution and taxed as income. Plus a 10% penalty is applied if you are under age 59½. Also, if you choose to leave your job, you must repay the loan within 60 days or incur those same penalties.

          While it may seem like you are borrowing your own money and for free, it really is not. The money that you are borrowing is not earning any interest until it is paid back. Plus, the interest payments that you are paying on the 401(K) loan are not tax deductible, as they would be with a home equity loan. These are some of the costs associated with borrowing from your 401(K). You are also undoing the hard work that it took to build your retirement savings account in the first place.

          Many members borrow against their 401(K) accounts, and that number seems to be growing by leaps and bounds. We understand and would also encourage you to keep in mind that we offer borrowing and refinancing solutions at UECU. We can look at your circumstances and help you to determine the best financing option. You may choose a personal loan to pay off a smaller 401(K) loan or a home equity loan to pay off multiple or large 401(K) loans. Since some 401(K) loans can require large payments, refinancing may help you with cash flow. Paying off your 401(K) loan will also enable you to continue to grow your retirement savings.

          For additional information or to refinance your 401(K) loan, contact a Financial Services Consultant at 800-288-6423, ext. 4001.

          UECU Welcomes New Supervisory (Audit)
          Committee Member Jamie Noon

          Jaime Noon, UECUJamie is employed as the Director of Finance at Strategic Reports, Inc. and has over 25 years of financial reporting, accounting and auditing  experience. Formerly, she owned a private practice that provided accounting services to not-for-profit and business clients. Jamie also served as Accounting Manager for Air Products and Chemicals, and began her career as an auditor for a regional CPA firm. She holds a Bachelor of Science degree in Accounting and is a Certified Public Accountant. Jamie is active in the community; she has served as the Treasurer of the Kutztown Area Schools Music Association. She also volunteers at her church, where she has served as the Finance Chairperson and Choir Director; she is currently the Education Chair. Jamie and her husband Paul, and two children reside in Kutztown, PA. UECU is pleased to welcome Jamie to our Supervisory Committee.

          Thank You, Craig Fink

          UECU thanks Craig Fink for his many years of dedicated service! Craig has shared his time and talents as a member of the Credit Union’s Supervisory Committee for over ten years. We wish him well as he begins

          Notice of Annual Meeting

          The Annual Membership Meeting will be held at 10:00 a.m. on Thursday, March 26, 2015 at the Utilities Employees Credit Union office, 11 Meridian Boulevard, Wyomissing, PA. The agenda will include the election of Directors and reports by the Board of Directors, the President, and committees.

          Nominations for three Director vacancies will be submitted by the Nominating Committee. Nominations may also be made by petition signed by 1% of the members and may be submitted to the Secretary at the Credit Union no later than February 13, 2015. Please contact Pat Zyma, Secretary for details on the nominating petition process. The election of Directors will be conducted at the Annual Meeting and nominations from the floor are not permitted by the bylaws.

          UECU's 2015 Scholarship Contest

          2015 Scholarship ContestIt’s almost time for the annual UECU Student Scholarship Contest!

          Look for contest details and official rules on our website during February.


          Visit the website to learn more about this great opportunity for Utility & Energy Workers and Family.

          TurboTax® Discounts Available for UECU Members!

          Prepare your taxes without having to leave the house! Use TurboTax and
          maximize your deductions with their easy step by step process. UECU members save money by receiving $5.00 off the Federal Deluxe Program. Enjoy peace of mind knowing that once your returns have been approved the refunds can be electronically deposited into your UECU account within 8-10 business days.

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          UECU's    Auto Loan Promo

          20 Year Home<br />
     Equity Loan

          Mortgage Promotion

          Home Equity Line Promotion

          UECU Credit Card Promotion