Police FCU July 10 eNewsletter

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In this Issue

	Letter from the CEO
	Membership Referral Bonus
	Come Celebrate
	Are You Taking Full Advantage of Your Membership?
	Opt-in to Keep Your Coverage
	Don’t Let the Dealer Take You for a Ride. Check out Police FCU First!
	Going Away for Summer Vacation
	Word on the Street – Member Testimonial
	Plan for Your Future …
	Save Time and Money with Our Convenience Services
	Mortgages
	Police Federal Credit Union in the Community
	Enterprise Car Sales
	Coming Soon New Call Center Hours
	Regulation Z and You

Locations

Headquarters & Branch Office
9100 Presidential Parkway
Upper Marlboro, MD 20772
Branch Hrs: 9am-4pm, M-F
Sat. 8:30am – 12:30pm
Drive-Thru Hrs: 8am-6pm, M-F

Downtown DC Branch Office
300 Indiana Ave NW, #4067
Washington, DC 20001
Branch Hrs: 8am-3pm, M-F

Main Phone: 301-817-1200
Audio Response - Banking By Phone: 301-817-1201
Fax: 301-817-1230

E-mail Us

www.policefcu.com

Check Out Our
Current Rates

Locate a Shared Branch
or Surcharge-Free ATM

Holiday Closings

Independence Day Observed
Monday, July 5

Labor Day
Monday, September 2

Please call or check our website for updated branch closure information

POLICE FCU
by the numbers

As of May 31, 2010

Membership ......11,282
Assets ....$154,819,000
Shares ...$137,509,000
Loans.......$77,722,000

Letter from the CEO
(back to top)

Membership in the Police Federal Credit Union (Police FCU) is a privilege exclusively reserved for those individuals who serve or have served in law enforcement, and their immediate family members. From the young officer just starting a career in law enforcement, up to and including the Chief of Police, all are eligible to join and share in the benefits of ownership in Police FCU.

Over the last year, we have witnessed an alarming increase in our member police officers (and family members) petitioning the court for debt relief under provisions of the bankruptcy law or simply not repaying their loan(s) with Police FCU. This is indeed a troubling trend, and one never experienced before at this credit union, and most likely not at many police departments. It’s important that our membership, particularly those who contemplate filing bankruptcy or not repaying a loan, understand that to walk-away from a financial obligation is not simply a business decision solely between a member and Police FCU – that decision adversely affects the entire membership.

Credit Unions, unlike most other financial institutions, are not organized to make large profits for their shareholders (stockholders). Rather they are financial cooperatives whose members-owners benefit from the revenue the Credit Union earns in the form of higher dividends, lower loan rates, and where possible fee-free services and conveniences. When a Credit Union suffers a financial loss, all members suffer the loss in lower dividends, higher loan rates, and more fees for services. It could even affect the Credit Union’s ability to offer the services our members have come to expect.

We fully understand that financial setbacks affect all of us at one time or another. That’s another benefit of Credit Union membership. We are here to help our members through those tough times. We have financial counselors to assist in developing a workable budget and will take advantage of every available resource to help our members get out of debt and onto a sounder financial footing for the future.

Police FCU has a long history of working with members who declare bankruptcy. Those who voluntarily promise to repay their debt versus discharging the debt in bankruptcy are rewarded with all of the benefits of lifetime membership. They also have the satisfaction of knowing that they helped their fellow officers retain the benefits of membership – ownership at Police FCU. Members who cause Police FCU and its membership a financial loss, however, will no longer enjoy the lifetime benefits of ownership in Police FCU.

Loan losses affect each and every Credit Union member. In 2009, the loan rates at Police FCU could have been 1% lower had it not been for these costs, or the dividend rates could have been .60% higher. We urge our members to make bankruptcy an option of last resort because we know full-well of the long-term, costly consequences. It can adversely affect employment opportunities; the premiums you pay for insurance; and a person’s financial “character.” An individual’s character is a critical component of lending. A tarnished financial character could make it virtually impossible in the future to secure an affordable loan to purchase a home or an automobile.

Should it become absolutely necessary to file for bankruptcy or to default on a loan with Police FCU, don’t fall victim to short-term legal advice without fully understanding the long-term consequences. We are not a nameless, faceless financial organization. We are your fellow officers, your co-workers, and your family. We are “Police Helping Police.” Help us continue to serve all members with the products and services all of us have come to expect from OUR Credit Union.

Sincerely,

Danny C. Gregg
President/CEO & MPD, Retired

Membership Referral Bonus (back to top)

Get $25 When You Refer a New Member

Did you know your immediate family members are eligible for Police FCU membership, including your spouse, children, parents, siblings, grandchildren and grandparents? And now you can receive $25 when you refer a member.

Membership benefits include:

Warm, friendly, caring member service
Lower interest rates on loans
Higher interest rates on savings
A vast network of surcharge-free ATMs and shared branch locations for member convenience
Lower and no fee services

Come Celebrate (back to top)

Join us for our week-long Member Appreciation Event as we celebrate 75 years of service in the community with prizes, specials, giveaways and refreshments. It’s our way of saying thank you for your loyal membership.

We are today just as we were 75 years ago; an organization dedicated to meeting the financial needs of our members without the complications of big banks and special interest. We are here to meet you where you are and partner with you in your financial well being.

We are excited about our progress this year and celebrate the solid financial partnership with our members. Our success wouldn’t be possible without you. Stop by and join the festivities.

DC branch (Aug 23 - 27)
There is double the reason to celebrate, as this event will also be the celebration for the DC branch renovations.

MD branch (Aug 30 - Sep 3)

Are you covered? Apply for your Backup today!

Are You Taking Full Advantage of Your Membership?
Make Police FCU Your #1 Choice! (back to top)

Loans – We have a solution for your money needs.

Whether you are buying a new car, attending college this fall, buying a new home or making additions to your existing home, Police FCU can help you get the loan you need at an affordable rate. Take a look at what we have to offer:

New and Used Auto Loans
Mortgages
Backup Line of Credit
Signature Loans
Share Secured Loans
Home Equity Loans

Refinancing options available

Take advantage of the coupon to save you even more money on your home equity loan!

Checking – Hassle-free checking is here

Start a Police FCU checking account today. No hassles. No hidden charges. No hidden fees. Plus you get the benefit of:

The Signature Police FCU Visa® Check Card
FREE online banking
FREE online bill pay
FREE e-Statements
No minimum balance
No per check charges
Free Audio Response – telephone banking

Please check our website www.policefcu.com, or contact us for more great online services, did we mention reduce clutter??

Opt-in to Keep Your Coverage (back to top)

Police FCU Member Privilege Provides Overdraft Protection

Opt-in by August 15, 2010 to stay protected

Member Privilege:

Ensures your account is covered in the case of an unexpected event or unfortunate oversights
Saves you the embarrassment of a declined transaction, returned checks, and unnecessary fees from other institutions

In compliance with the new regulations, effective August 15, 2010, Police Federal Credit Union will no longer offer Member Privilege on ATM and one-time debt card transactions unless you opt-in for coverage.

We would like to continue to offer you the same convenience that you currently receive through your Member Privilege option, where we pay up to $400 including fees, on your account if you inadvertently overdraw your checking account through ATM cash withdrawals or when you use your debit card at retail merchants. However, the new regulations do not allow us to honor such transactions UNLESS you ask us to do so in advance.

Opting in – you can visit our website and click the “Opt-in” banner for an opt-in form, or stop by a branch.

If you have any questions concerning this change, please call us at 301-817-1200 or visit one of our branches. One of our representatives will be happy to discuss your options so that you can make the right decision for you.

Don’t Let the Dealer Take You for a Ride. Check out Police FCU First! (back to top)

New low rates on used auto loans – please visit our website for current rates
Up to 100% financing (used vehicles are based on NADA book value)
Online applications with quick approvals (typically within 24 hours)
Get pre-approved with us and walk into the dealership knowing your financing is secured

PLUS you can get $75 when you close a New or Used Auto Loan or Refinance with us***

Refinance your current outside auto loan with Police FCU and save.
The chart below illustrates a real-life savings

Going Away for Summer Vacation (back to top)

Don’t forget your Police FCU check card!

Need cash before you go or at your destination? You can easily locate surchargefree ATMs or a shared branch service center by visiting our website and clicking the ATM/Branch locator link. There are now over 4,000 shared branches nationwide that you can use when you are away from home.

Word on the Street – Member Testimonial
(back to top)

Dream cars are possible through the PFCU!

“Since 2006, the Credit Union has enabled me to purchasecars at verycompetitive rates withquick turnaround timeframes – 5 cars and counting! The CU staff are professionals at what they do – factual, friendly and expeditious – they will always deliver. Other CUs and commercial banks do not compare to the friendly atmosphere and know each member on a first-name basis like our CU. Look no further – PFCU has a package or plan for you – go buy your dream car!”

– Jebo Lopez
PFCU Member since 2003

We want to hear from you.
At Police Federal Credit Union, we are truly about our members; and as your credit union, we welcome and encourage your feedback. Please share your experiences, questions, comments, concerns with us at feedback@policefcu.org

Plan for Your Future … (back to top)

Borrowing for School?
The fall semester is right around the corner, do you have your school funding in place? Police FCU is here to help you achieve your educational goals by providing the financial resources you’ll need to help further your education. We have loans that can be tailored to fit the needs of our individual members. We know everyone has differing educational goals, let us know what you need.

To get started drop by one of our branches and ask to speak with one of our helpful and knowledgeable loan specialists.

…and Guide Your Childrens’
Summer time is the perfect time to start your children on the path to a sound financial future. Take advantage of the kids being out of school and bring them by one of our branches to help them establish their own account with Police FCU. Habits developed in childhood will serve them well in the future, and there is no better place to start than right here at YOUR credit Union, Police FCU!

Save Time and Money with Our Convenience Services (back to top)

Online Bill Pay – Secure, convenient and reliable. Police FCU’s online bill pay helps save you time and money and it’s FREE!

e-Statements – Make the switch to e-Statements today. Electronic statements reduce paper consumption and clutter. Plus they reduce the risk of identity theft because they are far more secure than your mailbox.

Don’t Forget Direct Deposit – Fast, easy, secure. One less thing to worry about, no more lines, no weather worries, no more lost checks. Set yours up today!

Saturday Drive-Thru Service – The Maryland branch drivethru is available on Saturdays from 8:30 a.m. – 12:30 p.m. for both Police FCU and credit union shared branch members

Mortgages (back to top)

Start Your Search Here with Us

When it’s time to start looking for a mortgage, Police FCU can help make the process easier with our Credit Union Mortgage Association partnership. We can help answer your questions and put your mind at ease. We’ll also assist you with pre-qualifying and pre approval.

Helping our members achieve their goals is our business. Don’t go out unprepared. We can help you shop smarter, so you can concentrate on getting the deal that’s best for you!

Get started online by visiting our Online Mortgage Center!

To access, from the homepage, scroll over “Lending” on the menu bar and click the “Online Mortgage Center” link from the lending item list.

Police Federal Credit Union in the Community (back to top)

Police FCU is proud to support law enforcement community events.
Recent Events:

DC Police and Fire Field Day, May 2, 2010
MPD 1st District Awards Banquet, May 18, 2010
MD C.O.P.S. Ride, June 13, 2010

Please stop by and see us at these upcoming events:

HEROES Golf Tournament, July 8 & 9, 2010
DC- C.O.P.S. Classic Golf Tournament, August 16, 2010
Hogs and Heroes Poker Run, September 11, 2010
FOP 1 Golf Tournament, September 28, 2010

When you see us out and about in the community, please stop by to say hello. We
are always happy to see our members at these events.

Visit our website for details and event locations. Click News & Updates.

Enterprise Car Sale (back to top)

Regulation Z and You … (back to top)

Regulation Z amendments, intended to improve the effectiveness of disclosures consumers receive, have been enacted. Beginning next month, your account statement will provide a separate section for transaction fees and total interest on your loans - monthly and year to date. If you have any questions about these new statement changes, please contact us and we will be more than happy to assist you.

Coming Soon New Call Center Hours (back to top)

As we continue to improve efficiency and delivery channels at the credit union, we have decided to update our call center hours to closer reflect the growing needs of our membership.

Scheduled for the end of the summer, the call center will be available from 8:00am to 6:00pm. We will keep you updated as to when this change will take effect.

Please remember, for 24/7 access to your account, we encourage members to use our FREE online banking.

		Police Federal Credit Union 9100 Presidential Parkway Upper Marlboro, MD 20772 Phone: 301.817.1200
	Police Federal Credit Union. Serving Your Needs. Protecting Your Future.

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