FEDERAL CREDIT UNION Member Matters The quarterly newsletter of RiverLand Federal Credit Union because Members Matter! April 2017 riverlandfcu.org No Pay for 90 Days No Money Down Up-to 60 Months Terms * 1.99 % APR* Cars, Trucks, and SUVs! New, Used, and Refinanced Vehicles If you have a vehicle financed elsewhere, we may be able to refinance your loan and reduce your rate. Depending on your loan balance, rate, and remaining term, you could save hundreds, maybe even thousands, of dollars and put your saved cash to good use elsewhere. And, if your vehicle is paid for, and you own it, you may qualify to finance it at our low rates and use the funds for whatever you choose! 3.99 %APR* Boats, Motorcycles, RVs, ATVs, Tractors, Wet Bikes, & More! Apply now, these rates won t last forever! riverlandfcu.org 504.576.5800x2 800.586.4RCU(4728)x2 *As low as rate is subject to borrower s credit history, repayment term, and collateral. These rates and terms are available for a limited time to qualifying borrowers on specified collateral loans with qualified automated payments and may increase if qualified automated payments cease. Monthly payment examples per $1,000 borrowed: 1.99% APR=60 payments of $17.52 and 3.99% APR=60 payments of $18.41. Refinancing excludes current RiverLand loans. Restrictions and limitations apply. Call for details.
CREDIT SCORES Demystified What is a Credit Score? A credit score is a numerical value calculated from information in your credit report. It predicts what kind of risk you are and helps determine the probability that you will repay a debt. Credit scores are specific to each individual and vary based on the factors in your personal credit history. They also change when your debt or payment habits change. While there are a wide variety of credit scores available, the FICO score is the most popular, used by 90 percent of all lenders in the U.S. It ranges from 300 850 with anything over 700 considered very low risk. How Credit Scores Affect You Credit scores can impact just about every significant aspect of your life and can determine... your ability to qualify for any kind of credit, the amount of money loaned to you, and the interest rate you are charged. how much you pay for utility deposits. if you are approved for a cell phone and any advance deposit requirements. whether you qualify to rent an apartment. your insurance premiums on auto, home, and renter s policies. Want to Learn More? We offer FREE Credit Scores Demystified seminars to our members. To schedule a seminar for your group, contact Lana Kornick: lkornick@riverlandcu.org 504.576.5775 What Affects Your FICO Score? These five categories contribute to your score: 35% Payment History 30% Amounts Owed 15% Length of Credit 10% Credit Mix 10% New Credit 35% 30% Facts: Credit Inquiries 10% 10% 15% Payment History: Making payments on time boosts your credit score. Amounts Owed: The less you use of your total available credit, the better your score. Length of Credit: A long history of good credit habits raises your score. Credit Mix: A healthy mix of various types of credit will likely lead to a better score: credit cards, car loans, mortgages, and retail accounts. New Credit: FICO considers the number and age of new accounts. One inquiry usually has a negligible impact on your score Rate shopping by applying for the same type of loan within a 14 day period will be treated as a single inquiry A credit report ordered by you or an employer has no effect on your score FICO only considers inquiries from the past 12 months Source: Understanding Your FICO Score 2005
Anything is Possible! 3.75 % APR * HOME EQUITY LOANS Home values are on the rise and now is the perfect time to take advantage of the increased value in your home. Just imagine all of the possibilities our low rate home equity loan can offer. Find out how you can economically exchange built-up equity for cash with a home equity line of credit. Credit Limits up to $200,000 Low to No Closing Costs* Affordable Payments Up to 15-year Terms No Application Fees No Annual Fees Fast Turnaround But hurry and apply now to take advantage of today s low rates! riverlandfcu.org 504.576.5800x2 800.586.4RCU(4728)x2 *Annual Percentage Rate (APR) is variable and may change quarterly. APR will be based on the published Wall Street Journal Prime and may vary according to combined loan to value and borrowers credit score. A.25% rate reduction will apply if borrowers make qualified automated payments. Your APR will never be less than 3.50% or exceed 18% or the maximum allowed by law. RiverLand shall pay customary closing costs excluding; parish/county assessed documentation fees or a borrower elected certified appraisal. Loan cancellation within the first 36 months may result in the repayment of credit union paid closing costs. Minimum initial draw is $2,500 or as determined by state law. Property must be owner occupied. Restrictions and limitations apply, call for details.
Step-UP Your certificate earnings! 1.25 % APY* 24-Month Certificate Just $1,000 minimum With rates expected to rise, RiverLand has removed the rate risk from long-term, guaranteed investments! With a Step-Up Certificate, you may increase, or Step-Up, your earnings rate one time (for the remainder of your term) to the current rate on a liketerm certificate. Activating Step-Up is easy, there s no cost, and it can be done after just half of the certificate term. All you have to do is request the Step-Up rate option when you purchase or renew your certificate; then contact one of our friendly Investment Specialists and let us know when you want to Step-Up your rate! Plus, all RiverLand accounts are federally insured to at least $250,000. We also offer Money Market Accounts!.40 % APY* Just $1,000 minimum Invest today by phone or visit one of our convenient office locations. But hurry, this offer ends soon! *APY = Annual Percentage Yield. Rates are effective as of April 1, 2017, and are subject to change without notice. Restrictions and limitations apply. Call for details. Certificate early withdrawal penalties may apply.
888 MEMBER SERVICES MANAGEMENT STAFF LOCATIONS, HOURS, & PHONES FOR EVERYONE Shared Branching Checking Accounts Checking Accounts with Courtesy Pay Money Market Checking Accounts Fresh Start Checking Accounts Debit Cards FREE ATM Services Online Imaged Check Copies Internet Banking Internet Bill-Paying Service Mobile Banking FlashDeposit SendMoney FlashView Money Manager Electronic Account Statements Electronic Account Transfers TONEY Audio Response Teller (24/7) Internet Website Direct Deposit & ACH Deposits Lifetime & Full Family Membership FOR THE SAVER Savings Accounts Money Market Accounts Certificate Accounts HSAs (Health Savings Accounts) Christmas Club Accounts IRAs (Individual Retirement Accounts) FOR THE BORROWER New & Used Car, Truck, Boat, Motorcycle, RV, & ATV Loans New & Used Car Refinancing Home Equity Loans Home Mortgages MasterCard Accounts (Platinum, Gold, Classic, & Secured) RCAs (Revolving Credit Accounts) Seasonal Loans (Low Rate/12 Months) Signature Loans Savings & Certificate Secured Loans GAP Vehicle Loan Protection Mechanical Repair Coverage for Vehicles Low-Cost Loan Payment Protection: Life, Disability, & Involuntary Unemployment LOAN SERVICES Fast Loan Approvals Loans-by-Phone Application Processing Secure Internet Application Processing Free New Car Cost Values Online Free Used Car Cost Values Online ADDITIONAL SERVICES Wire Transfers of Funds Western Union Wires U.S. Savings Bonds Redemption Official Checks Money Orders TurboTax for the Web Postage Stamps Quarterly Newsletter Courteous, Professional Service INSURANCE SERVICES Free Accidental Death & Dismemberment Insurance Affordable Auto, Home, & Personal Lines President/CEO Chief Financial Officer Vice President of Operations Vice President of Marketing Vice President of Lending Vice President of Info Technology CURRENT RATES Carol L. Irby Lori Lassere-Bourg Rhonda Cubbedge Charmaine Bocage Russo Patricia Unsworth George Lunsford March 2017 March 2016 Total Assets $232,372,593 $205,398,606 Total Funds $211,696,304 $185,855,047 Total Loans $186,998,145 $171,533,871 Total Members 14,454 14,604 LOAN RATES STATISTICS Annual Percentage Rate New, Used, & Refinanced - Cars, Trucks, & SUVs (100% financing/60 months/) as low as 1.99% ** New, Used, & Refinanced - Recreational Vehicles such as Boats, Motorcycles, RVs, ATVs, Motor Homes, & Tractors (100% financing/60 months/) as low as 3.99% ** Home Equity Loans rates as low as prime minus.25% Signature Loans (12 months) 5.99% * MasterCard (no annual fee) Platinum 7.90% For a complete list of loan rates and terms, call or visit us online. *Available for a limited time to qualified borrowers. Restrictions and limitations apply. Call for details. Monthly payment example per $1,000 borrowed=12 payments of $86.06. **As low as rate is subject to borrower s credit history, repayment term, and collateral. These rates and terms are available for a limited time to qualifying borrowers on specified collateral loans with qualified automated payments and may increase if qualified automated payments cease. Monthly payment examples per $1,000 borrowed: 1.99% APR=60 payments of $17.52 and 3.99% APR=60 payments of $18.41. Refinancing excludes current RiverLand loans. Restrictions and limitations apply. Call for details. SHARE (SAVINGS) ACCOUNTS Dividend rates are declared monthly. Earnings are paid on the last day of the month and are compounded monthly. Below are rates paid during the 1 st quarter of 2017 on accounts with balances of $105 or more: SHARE CHRISTMAS CLUB APR APY APR APY Jan, Feb, & March.25%.25% $105 - $9,999.10%.10% $10,000 or more.25%.25% INVESTMENT ACCOUNTS APY=Annual Percentage Yield Dividend rates on investment accounts are reviewed each Wednesday. Rates shown below were paid March 31, 2017. Yields reflect monthly compounding. The minimum balance requirement on most investment accounts is $1,000 (see Truth-in-Savings Disclosure for complete information). TERM/TYPE Annual RATE Annual YIELD 60-month certificate 2.08% 2.10% 36-month certificate 1.34% 1.35% 24-month certificate.99% 1.00% 18-month certificate.64%.65% 12-month certificate.54%.55% 6-month certificate.39%.40% 3-month certificate.25%.25% Money Market IRA $100 - $99,999.49%.50% $100,000 or more.74%.75% Money Market Savings.39%.40% Money Market Checking.15%.15% HSA.74%.75% Early withdrawal penalties may apply, see account disclosures. Main Office 504.576.5800 800.586.4RCU (4728) 639 Loyola Ave. Suite 220 New Orleans, LA 70113 ATM Location 6 a.m. 6 p.m. Entergy Inter-Office Mail Unit L-ENT-RCU Entergy UDC 8.576.5800 Gretna Office 504.365.3646 1001 Virgil St. Gretna, LA 70053 Jackson Office 601.368.5200 1340 Echelon Pkwy. Jackson, MS 39213 10 a.m. 3 p.m. Mon Fri ATM Location Building hours Jefferson Office 504.840.2600 4809 Jefferson Hwy. Jefferson, LA 70121 9 a.m. 1:50 p.m. & 2:30 4 p.m. Mon Fri ATM Location 24 hours Morgan City Office 985.380.8017 1234 David Dr. Suite 107 Morgan City, LA 70380 9 a.m. 4 p.m. Mon Fri Port Gibson Office 601.437.6472 Grand Gulf Nuclear Station 7003 Bald Hill Rd. Port Gibson, MS 39150 Taft Office 504.739.6860 Waterford 3 17265 River Rd. Killona, LA 70057 9 a.m. 1:50 p.m. & 2:30 4 p.m. Mon Thurs (Closed Fridays) ATM Location 24 hours Woodlands Office 281.297.5556 10055 Grogan s Mill Rd. The Woodlands, TX 77380 9 a.m. 1:50 p.m. & 2:30 p.m. 4 p.m. Mon Fri ATM Location Office hours Shared Branch Locations More Than 5,000 Nationwide Toll Free: 888.SITE.COOP (888.748.3266) Mon Fri Hours: Vary by location Saturday Hours: Vary by location Baton Rouge 6725 Siegen Ln. - Ste K Hammond 1115 W. University Ave. Harvey 1530 Lapalco Blvd. - #5 LaPlace 350 Belle Terre Blvd. Mandeville 238 Lafitte St. Metairie 5500 Veterans Blvd. Slidell 1512 Gause Blvd. Free ATM Locations More Than 75,000 Nationwide Toll Free: 888.SITE.COOP (888.748.3266) Loans by Phone & Internet 504.576.5800x2 800.586.4RCU(4728)x2 TONEY Audio Response 504.525.9447 800.648.2342 MasterCard Debit & Credit Card 24 Hours Lost or Stolen Card Transaction Assistance Line 800.682.6075 888.526.0404 Fax Website 504.576.5805 riverlandfcu.org HOLIDAY CLOSINGS Year 2017 May 29th... Memorial Day July 4th... Independence Day September 4th... Labor Day November 23rd... Thanksgiving Day December 25th...Christmas Eve December 26th...Christmas Day