Payday Loan Cycle BREAK THE CLOSING DATES:

Transcription

1 emoryacu.com EMORY ALLIANCE CREDIT UNION NEWSLETTER WINTER 2019 CLOSING DATES: New Year s Day Tuesday, January 1 Martin Luther King Jr. Day Monday, January 21 President s Day Monday, February 18 BREAK THE Payday Loan Cycle A payday loan is a short-term, high-interest loan, generally for $500 or less, that s usually used for bridging the gap between paychecks. The quick cash is nice, but when you apply for a payday loan, you may wind up getting more than you bargained for. UPCOMING EVENTS: Home-Buying Seminar Wednesday, February 28 6pm-8pm Annual Meeting Wednesday, April 24 Shred Day Saturday, April 27, 9am-12pm The good news? The New Year is the perfect opportunity to take back control of your finances! Check out these four action steps from BALANCE that can help you break the payday loan cycle: When you take out payday loans, it s easy to fall into a trap. While they are convenient, these loans charge exorbitant interest rates. (According to one study, typical interest ran as high as 381 percent APR.) Pretty soon, you have to take out another loan to pay off the money you owe from the one before it, and so on. But if you re stuck in the payday loan cycle, you should know that it doesn t have to be permanent. As an Continued next page

2 BREAK THE PAY DAY LOAN CYCLE (Continued from page one) alternative, try these tips to achieve financial relief: 1. ATTACK HIGH-INTEREST DEBT FIRST If your debt is spread across multiple accounts, write down what you owe and focus on the ones with the highest interest. Your payday loans will probably be at the top of the list. Now that you know which debt is costing you the most, you can put more money into paying it off first. 2. ASK ABOUT AN EXTENDED PAYMENT PLAN Many payday loan lenders belong to the Community Financial Services Association of America (CFSA), and allow borrowers to enter into an Extended Payment Plan (EPP). Under this plan, you get more time to repay your loan without being subject to additional fees or interest. 3. SEEK CREDIT COUNSELING If a Repayment Plan is not available to you, you may want to seek help from a credit counseling agency such as BALANCE. A professional counselor can offer suggestions and strategies on how to best attack your payday loans and other debt. But be careful of scams. Never pay high fees to an agency that makes too-good-to-be-true offers. 4. EXPLORE OTHER PAYBACK OPTIONS Finally, you can try paying off your debt by applying for another low-interest loan. Of course, this is a last resort since, while you re eliminating one loan, you re adding another. But trading loans isn t always a bad solution. Certain credit unions offer payday alternative loans (or PALs), which are less expensive and give you a longer repayment period. You can also ask your family or friends for help, or perhaps turn to your church or religious community. If you find yourself taking out one payday loan after another, it s time to break the cycle. Otherwise you may be stuck paying them off for a very long time. FOR MORE FINANCIAL EDUCATION RESOURCES, VISIT BALANCE AT EMORYACU.BALANCEPRO.ORG! NOMINATIONS Board of Directors One very important way in which credit unions differ from other financial service providers is our volunteer board of directors. Each year, Emory Alliance Credit Union, like many other credit unions, asks members to select individuals to serve on the board of directors. These board members volunteer their time to set the policies of the Credit Union and provide direction for the management staff. A nominating committee recommends a slate of Credit Union members to fill open board positions for the upcoming year. Currently, Emory Alliance Credit Union has eleven (11) directors, and three (3) board positions open for nomination and placement. Nomination Procedures According to Emory Alliance Credit Union bylaws, director nominations may also be made by petition. To have a valid petition: b It must be signed by one percent of its members. b Each petition must include a statement of qualifications and brief biographical data on the person being nominated, b The person being nominated must sign an acknowledgment stating that, if elected, he or she is willing to serve. Petitions may be obtained at any Emory Alliance CU office. Petitions must be received at the Credit Union no later than March 10, The election will not be conducted by ballot and there will be no nominations from the floor when there is only one nominee for each position to be filled. The minimum age for voting is 16, and the minimum age to hold office is 18. The secretary of the Credit Union will post all nominations for board vacancies at each Credit Union office. And, if there is more than one nominee for each available position, the secretary will send out ballots to all eligible Emory Alliance Credit Union voters at least 30 days prior to the Annual Meeting date. Be on the lookout for mailed nomination procedures along with the biographies of the nominees by February 8, 2019.

3 EMERGENCY BANNER We ve rolled out a new way for our members to receive emergency messages more efficiently. Instead of a rotating web banner, a drop-down bar will appear right under Online Banking on the homepage of emoryacu.com. In the future, if we have a late opening, closure, emergency situation or other important message, one can find the most up-to-date information here OR on social media. PRODUCT SPOTLIGHT CardGuard coming soon! CardGuard, our new branded app, is taking the place of CardValet. The free app will let members control and remotely manage all aspects of existing EACU debit cards. The app, working seamlessly with our mobile app, allows you to turn on and turn off your cards from your mobile phone. CardGuard will allow our members to manage their cards in multiple ways: b Set alerts based on transaction amount or type b Turn card on and off b Location parameters The app is expected to launch in March and will be available in the App Store and Google Play. Keep watching the website for more details.

4 WITH HOME EQUITY Home Equity Line of Credit as low as Introductory fixed rate for the first 12 months Visit emoryacu.com to get started today! * Annual Percentage Rate. After the introductory period, the rate will adjust to the standard rate of Wall Street Prime plus 1% - 4% based on creditworthiness. Any increase or decrease in the Index will result in an increase or decrease in your applicable rate. Maximum annual interest rate that can apply is 12% or the maximum permitted by law, whichever is less, and the annual interest rate will not go below 4% at any time during the term of the loan. Minimum monthly payment is 1% of the outstanding balance or $50.00, whichever is greater. Closing costs waived unless the loan is paid in full and closed within 24 months of closing. All loans are subject to credit approval. Promotion available for a limited time and may be withdrawn by EACU at any time without advance notice. Main Office Emory Midtown Branch Saint Joseph s Branch emoryacu.com Clairmont Road Decatur, GA W.W. Orr Building 478 Peachtree Street, NE Suite 101A Atlanta, GA Peachtree Dunwoody Rd. Suite 150 Atlanta, GA NMLS # INSURED BY NCUA P

5 Mike Butts LPL Financial Advisor Located at: 1237 Clairmont Rd. Decatur, GA Office Fax