Coins Newsletter - Summer 2013

In this issue...


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A Note From Your Board Chairman, Kirby Wright

On behalf of the Board of Directors I would like to thank you for being a member-owner of Piedmont Credit Union.  People often refer to their credit union as their “bank.” This is okay since many services are quite similar to what they would find at a bank.  But Piedmont Credit Union is much more than this.  Your credit union is actually a not-for-profit cooperative financial institution.  As a not-for-profit group, the credit union is not required to pay federal income tax on its revenue earned.  Lately this has been a topic of discussion in Washington D.C. as tax reform has come into the spotlight.  Now you might be wondering how the credit union can have earnings if it is in fact not-for-profit.  Here is how the revenues earned by the credit union are broken down.  First, expenses need to be paid.  After that, any excess funds get distributed back to credit union members in one of three basic ways.

  1. Dividends are paid to members with funds on deposit and are generally higher than interest paid by banks and other for-profit institutions.  Dividend rates are posted on our website.   Please feel free to compare them.
  2. Great Loan Rates.  Not having to pay a small group of stockholders allows the credit union to offer lower loan rates than other lenders.  Again, please compare our rates to other lenders.  We’re almost always a better choice.
  3. Offering free services and constantly staying abreast of the times with new services such as Mobile Account Access and the new branch which is planned for construction later this year.  

Given the nature of economics and the financial services industry, it is necessary for credit unions to set aside some of the revenues earned to offset potential future losses.  We all know that hard times will come and go, so we must prepare for them in order to weather the storm. 

Nationally, credit unions hold only 6% of all financial assets.  Banks hold the rest. Statistics show that for every $1 of new taxes on credit unions $10 in benefits to credit union members could be eliminated because many credit unions would be forced to reduce the benefits they provide their members or perhaps even be wiped out altogether.  Clearly taxes on credit unions are not the solution to our nation’s economy.  A tax on credit unions is simply another tax on credit union members.  I hope that you will join me in sending a strong message to Congress: “Don’t Tax My Credit Union.”  It’s easy to do.  Visit www.DontTaxMyCreditUnion.org to get started.

-Kirby Wright
Board Chairman
, Piedmont Credit Union

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Mobile Access Takes Flight!

In just six weeks Piedmont CU Mobile Access has already been downloaded by 10% of all members who use NetBranch.  To get started, simply login to NetBranch and click Services, then select Mobile Access from the list of services.

There is no charge to use Mobile Access, other than whatever cost you may pay for your phone’s data or messaging.  The service works with iPhone, Android or any phone that sends & receives text messages.

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Fish and Phones

Did you get a fishy sounding phone call or a text message from someone asking you to call them to “verify your account information?”  This is a popular scam that has been going around.  It takes various forms but this is the most common.

Here’s how it works:

  1. You receive a phone call or text message from someplace claiming to be a financial institution.  (It probably does not have the actual name because they’re sending to thousands of people and really don’t know where you have your account.)
  2. They ask you to call a phone number or visit a website to enter in your account information.  It’s almost always automated.
  3. The crooks take the information you entered and do whatever they can to make off with your money.

If you think you might have given your Check Card or Credit Card number to one of these scams let us know ASAP!  We’ll turn off that card and get a new one to you.

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We would like to honor...

...Sandra Strader, our Vice-President  of Lending.  Sandra has announced her retirement at the end of August 2013.  She has played an enormous role at Piedmont Credit Union for the past 21 years.   While we will miss her thoughtful, caring and consistent leadership, we are thankful for the positive difference she has made in each of our lives.  We wish her all the best as she embarks on a new chapter in life!

“I have loved working at Piedmont Credit Union and I believe so much in what credit unions stand for; people helping people.   There are so many members who have become like my extended family over the years.  Thank you for giving me the opportunity to serve you and be part of yours also.”
     ~Sandra Strader

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Did you like the table arrangements at our Annual Meeting?

They were handmade by our very own Stacey Saunders.  Stacey has been a faithful and friendly employee since 2005.  In addition to serving credit union members, she enjoys creating baskets, wreaths and floral arrangements for all kinds of events.

For a recap of the annual meeting and to download our Annual Report for 2012, please visit www.piedmontcu.org/meeting2013.

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Life Changes

We all undergo life changes.  Some are good, and others are not so good.  Most likely, we are not thinking about our accounts with Piedmont Credit Union while we are passing through any of these changes.  However, their affect on your accounts here is VERY important.  Please keep these very important points in mind:

  • Joint members have equal access to accounts on which they are joint. They can withdraw from, deposit to and even close the accounts. Please be sure that you know who is joint on your accounts and make the changes necessary if your personal situation changes.
  • All accounts should have someone named as Payable on Death. When a member passes away, the Payable on Death (POD) receives all funds on deposit in your account. The POD supersedes wills and estate designations. Please be sure to keep your POD up-to-date. For example, if the person named as your POD has passed away you need to name someone new. If you divorce and your POD was your spouse, you may need to name a new POD.
  • If you move or change your phone number or email, please notify us. Almost all members have an ATM or Debit card. It is VERY important that these cards are mailed to your correct address. Also, we sometimes need to contact you about your account and will not be able to if we do not have the correct contact number.
  • If you are joint on an account and the primary member passes away, please come into the credit union as soon after as you can to close the account and transfer the funds to an account in your name.

Change, even the good kind, is never easy.  As your credit union, we are here for you and will be happy to answer any questions you may have and work with you to make any changes that you request.

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Employee Anniversaries

Congratulations to the following who celebrated anniversaries at Piedmont Credit Union.

  • Deborah Powell - 18 years
  • Amanda Foster - 4 years
  • Sharon Chaney - 1 Year
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Upcoming Events and Holidays

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