Newsletter
Fall 2009
It's a well-known fact that these economic
times are rough on many Americans.
A Home Equity Line of Credit (HELOC)
is becoming the first place smart
homeowners with good credit and ample
equity in their home turn for financing.
The HELOC is a revolving credit line in
which your home is used as collateral
against the money borrowed. Home equity
lines are often used to consolidate large
expenses at a low interest rate. Common
uses of a HELOC include paying off high
interest loans, consolidating credit card
debt, financing a college education,
paying off student loans or medical bills,
or adding on to, or improving your home.
In addition to a great low rate the interest
you pay is usually tax-deductable (consult
your tax advisor).
Today there is a way to cash in even more
on the savings a HELOC provides. Take
advantage of the economic stimulus
package by improving your home
with qualifying energy-efficient home
improvements, and receive valuable tax
credits in the process. These tax credits
are good for as much as 30% of the cost
of energy-efficient doors and windows,
insulation, air conditioners, furnaces,
heat pumps, and boilers (with a lifetime
cap of $1,500).
Typically a homeowner can borrow
as much as 80% of their home's value.
This is called loan-to-value (LTV) and
includes all loans against your property.
If you determine 80% of your home's
total value and then subtract the current
first mortgage, this will give you the sum
available for a HELOC.
Lines of credit are typically used as the
money is needed by the consumer. It's a
simple, easy-to-use process that allows
you to have money available at your
fingertips at all times.
NE PA FCU offers our members a variety
of loan options and terms to best suit
your needs. Please contact our office
today for more information or to apply
for your HELOC.
For your convenience, you may also apply
the following ways:
• www.nepafcu.org Any Hour Loan Online
• 877.421.5585 Loan by Phone
• 570.421.5585 Extension 1124
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2009 Verification of Accounts
Our Supervisory Committee is required
by law to conduct a verification of
member accounts every two years.
Now that it is time for the verification,
Carver and Associates, Certified Public
Accountants, has been contracted by
the committee to conduct the audit.
All members are asked to carefully
review their statements and report
any discrepancies to the Carver and
Associates' address found on their
statement. During this verification only,
members who normally receive their
statement via the e-Statement service
will also receive a paper statement in
the mail.
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Ask Bettyanne "Cash for Clunkers"
Who in this country
has not heard about
the federal government's recent
“Cash for Clunkers,” Car Allowance Rebate
System (CARS), stimulus program? If
you have not, you must be sleeping
right next to Rip Van Winkle. The media
frenzy following the program, along
with auto dealer advertisements touting
participation sparked an increase in new
auto sales. It accomplished what it was
designed to do.
Anyone who could afford to, and had the
slightest interest in trading in their gasguzzling
vehicle for a new more efficient
model did so. I remember when I was
in the business, and the manufacturers
competed with the “buy for what an
employee pays,” and similar programs.
Cars flew off the sales lot, but when
the promotion was done, so were the
buyers. No one wanted to pay full-price
for a vehicle that was drastically reduced
just days before. Look around. Lots
are basically empty. Inventory is nonexistent.
What's next?
My friends in the business describe the
expected fall-out as “starvation mode.”
There already is a reduced supply of new
and cheap used vehicles. What can this
mean for you the consumer? Well if you
were in the market for a car for your
teenage first-time driver, or looking for
an affordable used vehicle, forget the
under $4,000.00 buy. They were traded
and effectively destroyed. So maybe you
were thinking $5,000.00 to $10,000.00 was
affordable. Think again. There is demand
from commuters scaling down on their
car payments because of job insecurity,
and the competition at the auction is
fierce and is driving prices up. Simply put
it is the rules of supply and demand.
What should a potential buyer do? Shop
around and do your homework. I know I
have said it before but we as consumers
have available at our fingertips a vast
resource of car buying tips on the Internet.
Check out what a car is selling for in your
area. Print out the classified ads, as well
as dealer sales ads. Visit web sites such
as www.edmunds.com, www.nada.com,
www.kbb.com and www.autotrader.
com for information and availability.
Ask questions such as known defects,
recorded maintenance and ask for a
CARFAX or auto check vehicle history
report.
It is not the dealers fault if you pay too
much for a vehicle. They only asked for
the money but you agreed to pay it. Know
what the car you are buying is worth and
know what you can afford before you go
shopping. Call the credit union for preapproval
on your new or used vehicle
loan. This is like going with cash in hand
as you negotiate the purchase of your
vehicle.
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'Car Buying 101'
Workshop Wednesday,
October 14, 2009
6:00 pm - 7:30 pm
Are you in the market to buy a car, whether
new or used? If so, you must come to
our ‘Car Buying 101' Workshop. Learn
what you should do prior to going to the
dealerships, during your interactions with
the sales people, and during the haggling
process. Our Loan Officer, Bettyanne Nevil,
who has years of experience working at car
dealerships, will be holding this invaluable
workshop. If you do not attend, you could
ultimately pay too much for your vehicle.
Call us today at (570) 421-5585, ext. 1115, to
reserve your spot.
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We Need Your Favorite Recipes!
We are compiling recipes from our
members and staff in order to consolidate
them into a cookbook to celebrate our 50th
anniversary. If you would like to have your
recipe(s) considered for our cookbook,
forward them to us at mail@nepafcu.org.
We will be selling this cookbook during the
coming year, and the proceeds will go to
benefit a local charity. Submit your favorite
recipe(s) to us and you, as well as your
recipe, could be famous.
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50th Anniversary Preparations
2010 will be our credit union's 50th
Anniversary. To prepare for our celebration,
we are asking members to submit stories
or remembrances that they would like to
share regarding their experience with the
credit union, both from the early years as
well as today. Please send a letter to the
credit union address or email them to
mail@nepafcu.org. Help us by being a part
of our celebration!
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Coming Soon!
Your credit union will be updating our NE
PA Home Branch (online banking) and
our NE PA Bill Payer programs in the near
future. This will be an exciting change since
the new programs will allow more options
and add additional conveniences for you to
access your credit union accounts. One of
the main differences with the new program
will be the convenience of using mobile
devices, i.e. Blackberry, iPods, etc., to access
your accounts and even to pay bills through
the bill payer system. Imagine, watching a
sporting event and having the ability to pay
your bills electronically at the same time.
Now that's convenience at your fingertips!
Keep tuned for future updates.
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International Credit
Union Day - October 15, 2009
More than 177 million people worldwide
belong to a credit union just like yours. When
you go to the credit union, you're not just a
customer-you're a member. It really is "your
credit union." Banks belong to shareholders,
hoping to profit from your transactions. At
a credit union, any earnings are returned to
you in the form of better rates on loans and
savings. Help us celebrate credit unions on
their accomplished history, shared values,
and bright future. Please plan to visit the
credit union on Thursday, October 15, 2009
to enjoy some refreshments to help us
celebrate this important day.
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Save Money With
Credit Card Balance
Transfers
With the recent passage of the Credit Card
Act of 2009, many credit card companies
are increasing rates before provisions of
the act which make it difficult for them
to raise rates takes affect. 
While they are
raising rates, your credit union continues
to offer the same cards at the same great
rates, and we are now offering an incentive
for those of you who would like to transfer
balances on other cards to our Visa Credit
Card. From September 1 to October 31,
2009, all credit card balance transfers will
be charged 4.99% Annual Percentage Rate
(APR) through April 30, 2010. After that,
the balances will revert to the regular rate
of either 8.99% APR for the Platinum Credit
Card, or 11.50% APR for the Classic Credit
Card. If you are currently paying 20% APR
on that credit card balance, consider the
huge savings you will make by transferring
the balance to your credit union card.
Call us at (570) 421-5585 option 3 for more
information. The sooner you contact us,
the sooner you start saving money.
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Salvation Army Angel
To be an “Angel”
stop by the credit
union office after
November 23, 2009
and pick a card of
a child from our
Holiday angel tree. The card will describe
the age, sex, and first name of the child.
Shop for the gift and then bring the
unwrapped gift to the credit union office
by December 18, 2009. Gifts will be picked
up and distributed by the Salvation Army.
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Holiday Club
Account Update
Your 2009 Holiday Club Account funds
will be transferred to your share draft
or share account on November 2, 2009.
We will begin receiving deposits on
November 3, 2009 for next year's Holiday
Club Accounts. Don't have an account?
Take advantage of this great way to
save throughout the year for seasonal
expenses. Call (570) 421-5585 x 1140,
1141, 1142, or stop by the office to open
an account today!
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Holiday Loan Special
If you have something special in mind
for this holiday season, but lack the
financial resources to make it happen,
let us help you. Borrow up to $2,500 for
1 year. Rates as low as 8.50% Annual
Percentage Rate. This offer is available
from November 23 to December 31,
2009.*
*Rates are subject to change without notice. Other
rates and terms available. Contact the credit union
for complete details. The loan approval is part of
our Risk-Based Lending Program. Your rate will
bedetermined by your credit history.
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Holiday Closings
• Monday, October 12, 2009 Columbus Day
• Thursday, November 26, 2009 Thanksgiving Day
• Thursday, December 24, 2009 Christmas Eve (close at 1:00 pm)
• Friday, December 25, 2009 Christmas Day
• Thursday, December 31, 2009 New Year's Eve (close at 1:00 pm)
• Friday, January 1, 2010 New Year's Day
• Monday, January 18, 2010 Martin Luther King Jr. Day
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Visit NE PA for Your Holiday Needs:
Visa Credit Card – Make holiday shopping convenient with a great low fixed rate.
Visa Check Card – Make purchases easily
from your checking with the Check Card.
Visa Gift Card – Need a gift? Gift cards
can be used anywhere Visa is accepted.
U.S. Savings Bond – Great gift for the
investor. We offer both EE and I Series
Bonds.
Entertainment Books – Discounts on
dining, entertainment, cultural activities,
travel, and more.
Camelback and Jack Frost/Big Boulder
Lift Tickets – Purchase discounted lift
tickets for the skiers on your holiday list.
Gift of Membership – Help friends and
family enjoy the benefits of credit union
membership, by providing an initial deposit.
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Hours of Operation:
Monday - Thursday 9:30 AM - 5:30 PM
Friday 9:30 AM - 6:00 PM
Saturday 9:00 AM - 12:00 PM
Drive-Thru Hours of Operations
Monday - Thursday 8:30 AM - 5:30 PM
Friday 8:30 AM - 7:00 PM
Saturday 9:00 AM - 1:00 PM
Tel. 570.421.5585 Fax 570.421.5288
NE PA Loan by Phone
Tel. 877.421.5585
www.nefafcu.org
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