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MemberNews - January 2017

Over $5 Million Awarded to UECU Members Since 2011

In 2016, more members chose UECU as their trusted financial partner and used the Credit Union’s savings and loan products. To thank you for your loyalty, we have distributed another Member Loyalty Bonus™^. On December 31, 2016, UECU paid over $600,000 to members - bringing the grand total of member give-back to over $5 Million since the program began in 2011. While we can’t guarantee a bonus every year, we are pleased to issue another one for the sixth consecutive year.

Since UECU is a not-for-profit financial institution, not a bank, owned by its members, we are able to return profits back to YOU, not stockholders. As a member, you benefit from the Credit Union’s success. And, you have the ability to increase your bonus by using more of the Credit Union’s loans and savings products.

We calculate your bonus by taking the interest you earned on your savings accounts and paid on your loans in the previous year, and multiply that by the bonus percentage. For 2016, the bonus percentage was 3%. This percentage can change from year to year because it is based on the Credit Union’s profits for that particular year. To find out the amount you received for your Member Loyalty Bonus™, check your December Member Statement or sign into Advantages Online™.

In addition to the Member Loyalty Bonus™ Program, UECU returns profit back to members all year long by offering:

Low fees – You can easily avoid fees with our flexible checking account options and low-cost loans. Competitive Loan Rates – Save money by transferring high-interest credit card debt to a low-rate Visa® Power Card™, take advantage of our Mortgage specials, refinance an Auto Loan from another financial institution with UECU, borrow smart with a Student Choice Private Student Loan, or use UECU’s Home Equity Loan solutions to pay off debt or make home improvements.

Exceptional Savings Rates – With UECU’s competitive interest rates on savings and retirement accounts, you can watch your hard-earned dollars grow.

VantagePoints™ Rewards - Earn reward points every day with an Advantages Visa Debit Card™ and Visa Power Card™, the points you earn on your purchases* can be redeemed for cash back, loan rate discounts**, and gift cards at many national retailers.

^The Member Loyalty Bonus™ Program rewards members for using eligible UECU loan  and deposit products. UECU reserves the right to discontinue, change, or suspend this reward program at any time. For
complete program rules, visit www.uecu.org.
*Transactions must be signature-based; PIN-based transactions do not earn VantagePoints™. Points are earned net of credits.
**VantagePoints™  rate discount can be used on a new loan only and cannot be used on Visa Power Card™, Home Equity Loans, Mortgages, or Lines of Credit.


“When we needed money for an unexpected repair on our house, it was comforting that we could get a low-interest rate loan from someone we trusted and quickly.”
Rebecca, South Carolina

“I enjoy having UECU as my main banking institution. Excellent service everytime!”
Leslie, Pennsylvania

“I worked in the mortgage and loan business for over 10 years; therefore, I am familiar with the process on a Home Equity Line yet was amazed with the whole smooth process.”
Marvin, New Jersey

 


President’s Message

Looking back on 2016, I am pleased to share that UECU had another outstanding year. The year culminated with giving back almost $600,000 to our members through the Member Loyalty Bonus™ Program, this is in addition to the cumulative $4.7 million that we awarded since the program began in 2011. There are not many financial institutions that offer a give-back program like this, but we do because as a financial co-operative our focus is on you, our members. We also expanded our suite of mobile pay services, launched the Student Choice Loan Program, and created the My First UECU Program to help those beginning their financial journey.

In 2016 we also made enhancements to our Credit Union branding. You may have noticed a refreshed company logo and our new tagline: Exclusive. Exceptional. Empowering. Reflecting the People We Serve. We believe the new tagline better reflects our focus on serving the employees (and family members) of over 500 select companies, most of which are utility and energy companies, with 24/7 convenience and exceptional products and services. To capture what it is that makes UECU so unique, we created a new video that highlights our staff and three generations of Credit Union members and their experiences. Please share the video with your family and friends, at www.uecu.org.

Thank you for referring over 600 prospective members through our online referral program in 2016. They too benefit from UECU’s low-cost loans, exceptional savings options, and unique reward programs. We appreciate your referrals and welcome you to continue sharing the benefits of Credit Union membership.

In February 2017, we will be launching two new checking accounts, the Rewards Checking Account and the Rewards Checking PLUS Account. The transition to two checking options is an outcome of an initiative to simplify our product lineup to make it easier to understand, and reflects our commitment to continually enhancing our products and services to better serve you. These new accounts continue to help you save money with low to no fees, and provide several new features, including a lower minimum balance requirement on interest checking, fee forgiveness, and new mobile capabilities. With a UECU checking account and Visa® Debit Card, you are able to easily accumulate reward points redeemable for cash, merchant gift cards or a rate reduction on your next eligible UECU loan.

As we begin a new year, the UECU team remains committed to providing you with unique programs and exceptional service; empowering you to reach your financial goals. We know you have options, and sincerely thank you for choosing UECU as your trusted financial partner. We will continue to work hard to retain that 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


Understanding the Effects of Your Credit Score

Your credit score can have a major impact on many things in your life – including interest rates on loans and credit cards, insurance premiums, as well as your ability to rent an apartment or purchase a home. Credit scores are often reviewed by creditors and companies extending services to you because they want to confirm that you have a solid payment history and are able to pay bills on time.

So if you are thinking of applying for a loan or shopping around for a better rate on your car insurance, you may want to get a free copy of your credit report first. But beware of free credit score and credit report offers. There are many online companies that provide the information, and then target you with loan and credit card deals. Some even encourage you to take advantage of an offer to improve your score. While it’s easy to take advantage of these offers, they may not be the best option for you. Before you consolidate your credit card debt, refinance your mortgage, or apply for a loan, check with UECU. As a not-for-profit financial institution, UECU provides low-cost loans to help members save money. And, when you apply for a loan, we’ll provide you with a copy of your credit report and credit score. Our Financial Service Consultants can also answer any questions you have about your credit and provide you with tips for improving your score.

Monitoring your credit report on an on-going basis is also important; it enables you to be in control of your finances and helps you catch errors that could be related to identity theft. To access a free copy of your credit report from the only source authorized under federal law, visit www.AnnualCreditReport.com or call 877-322-8228. Through AnnualCreditReport.com, you can get one free credit report from each of the credit
bureaus (Equifax®, Experian®, and TransUnion®) once a year*. You can also find helpful tips on their website for what to look for on a credit report and how to protect your identity, as well as how to place a fraud alert on your file with the credit bureau. For more information about Fraud and Identity Theft Protection, visit UECU’s online resource center at www.uecu.org/protectyourself.

We hope that you find these tips helpful and we encourage you to contact a Financial Service Consultant at 800-288-6423 ext. 4001 to find out how you can save money on your loans and credit cards.

Mike Malone
Vice President of Lending

*AnnualCreditReport.com does not provide a free credit score.


You can now keep tabs on your UECU Visa accounts, anytime, anywhere. With Visa’s new purchase alerts, you can set up text and email alerts for purchases made with your Advantages Visa® Debit Card™ and Visa® Power Card™. The near real time alerts can help you reduce fraud and monitor your spending. And, the service is free!

Alerts can be customized for purchases over a specified dollar amount, for purchases online, over the phone, or through the mail, for cash withdrawals at an ATM, or purchases made outside the US. Set up your custom alerts today! To get started, visit www.uecu.org and click on the Visa Purchase Alert logo.


*Transactions must be signature-based; PIN-based transactions do not earn VantagePoints™. Points are earned net of credits.
**Rewards Checking PLUS account holders can waive one NSF fee, overdraft fee, or minimum balance fee per calendar year.
Fee Forgiveness must be requested by the account holder, it is not automatic.


Love Your Savings

Everyone is looking for ways to save money, and that's just what Love My Credit Union Rewards is all about. UECU is excited to offer you exclusive discounts and benefits on products and services you use every day. Credit union members have already saved nearly $2 billion with Love My Credit Union Rewards discounts. So along with lower loan rates and fewer fees, here’s another way you can save
even more.

  • Save up to $15 on TurboTax federal products!
  • Get an exclusive smoke communicator and a $100 gift card with a new ADT monitored home security system.
  • Get trusted protection at true savings with TruStage Auto & Home Insurance Program.
  • Shop and get cash back at over 1,500 online retailers with Love to Shop

Start saving today at LoveMyCreditUnion.org. You get all these offers and discounts just for being a member of UECU.


 

Notice of Annual Meeting

The Annual Membership Meeting will be held at 10:00 a.m. on Thursday, March 30, 2017 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 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 19, 2017. 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.