- Making it Through Layoffs & Short Time
- Money Market Accounts
- 41st Annual Meeting Details
- From the PCU Inbox: Is My Money Used Responsibly
- Food For Thought - Tax Refunds
- Employee Anniversaries
- Mark Your Calendar
Read this newsletter online at http://www.piedmontcu.org/content/spring-2010-newsletter
In each issue of coins we'll feature a Savings Story from our website. You are invited to share your very own stories and experiences relating to money & savings at www.piedmontcu.org/savingsstory.
Making it Through Layoffs & Short Time
A layoff or job loss is a difficult experience for anyone, no matter how prepared you may have been. Many Piedmont Credit Union members have experienced some type of short time or layoff over the last few years. There is a good chance that you know at least one person who has involuntarily lost their job temporarily or perhaps permanently. This issue's features Savings Story is a list of 18 ideas that will hopefully be a help for those facing a reduction of income.
-Shared by Dan Veasey - Member Since 2003 (PCU Employees Since 2006)
This is a special type of savings account which offers…
- A dividend rate comparable to a Share Certificate (CD).
- The funds accessibility of a regular savings account.
- Limited check writing privileges.
- The safety, soundness and stability of a federally insured deposit in an institution that you already know and trust.
You might consider a Money Market Account if…
- You do not want to tie your money up in a Share Certificate but you still want to earn a better rate than Regular Share Savings. There is no term on Money Market Accounts. You may make withdrawals and deposits as you like.
- You have a significant amount of money that you expect to need all or part of in the next 12 months.
- If you want to wait and see if rates go up or down you might use a Money Market Account as a holding tank for your money. You’ll earn a competitive rate until you decide where to put the money for the long term.
- You need an 'Emergency Fund' that earns a higher dividend than Regular Share Savings and has enough deterrent to keep you saving until a real emergency comes along.
Money Market Account Restrictions
Money Markets are a type of savings account. As such they fall under the same federal laws which govern savings accounts.
- The number of withdrawals and transfers is limited to six per month. This includes transactions made in person, over the telephone, through NetBranch, Telephone Teller, a written check, electronic withdrawal, or overdraft transfer.
- The minimum withdrawal amount is $100.
- The minimum balance to earn dividends on a Money Market Account is $1,000. The balance may dip below $1,000 but it won't earn any dividends until it comes back up above that threshold. Higher balances will earn a higher dividend rate. Check our website, www.piedmontcu.org/rates, for the most up-to-date deposit and loan account rates!
- If a Money Market Account becomes overdrawn by check or electronic withdrawal a non-sufficient funds fee is charged.
Be careful not to confuse our Money Market Accounts with the Money Market Mutual Funds offered by many stock brokers. Our Money Market Accounts are fully insured by the National Credit Union Administration, NCUA, just the same as all our deposit accounts. Presently the maximum insurable amount of all account balances owned by a single person is at least $250,000.
Opening a Money Market Account is easy! Simply contact any of our Member Service Representatives. You will need at least $1,000 to start your new account. Checks are very inexpensive and may be ordered at any time.
On Thursday, May 13 at 6:00pm we're having a Good Ole' Credit Union Cookout! So come on out to the Stratford Conference Center just down the street from our office. First we'll share some good food with good friends. Then we'll review how your credit union fared during its 41st year and how things look starting off in 2010. Of course there will be door prizes too! Ticket costs are as follows:
- Members............................ $8
- Non-Members................... $12
- Members age 6-12........... $7
- Members age 0-5.............. Free
- Non-Members age 0-12... $7
Buy your tickets by May 7, 2010!
Nik, a new Piedmont CU member, asked a great question on the piedmontcu.org contact page.
"I'd like to know a little bit about how PCU invests its members' money. How much of it goes to low-interest rate loans to families in the region? Is the credit union purposeful about its outreach to less well-off parts of town or does it try to make its members the most money possible by giving high-rate loans? I'm not sure what other specific questions to ask, but if someone could address the general question of 'Is my money used responsibly?', it'd be great. Thanks so much for taking time to do this."
To read our repsonse, visit our website at www.piedmontcu.org/inbox.
- Sandra Strader, 18 years
- Miracle Hopkins, 10 Years
"Thought is the original source of all wealth, all success, all material gain, all great discoveries and innovations, and of all achievement."
~Claude M. Bristol, Author
Why does your tax rebate feel like extra money if it was actually yours in the first place?
When you get that tax rebate check, it feels like a windfall. So much money at one time and you didn't plan to spend it for anything! Time to shop and have fun?
Not so fast. The money was yours in the first place the IRS is just giving it back to you now. Here are some things you can do that'll improve your overall financial picture:
- Pay off a credit card. It's not as much fun as a night on the town, but think of all the interest you won't be paying.
- Open an IRA, or use your refund as your annual contribution if you already have one.
- Add to your rainy day fund, especially if the economy is still shaky and you work in a troubled industry.
- Refinance your house. Interest rates are low, and your refund might pay a chunk of your closing costs.
- Add to your mortgage payment and pay down that principal.
- Get your car serviced thoroughly. Most people don't take good care of their cars. A properly maintained car with correctly inflated tires burns less gas and saves you money in the long run.
And think about having less money taken out of your paycheck for taxes during the coming year. If you're getting a refund, it means you've been giving the government an interest-free loan all year. Who needs that money more, Uncle Sam or you?
Please take note of the following dates:
- Easter Monday - Monday, April 5, 2010 - Closed
- Credit Union Youth Week - April 18 - 24, 2010 - Special Offers for Youth Accounts!
- 41st Annual Meeting - Thursday, May 13, 2010 - 6:00pm (CU Closes at 4:00pm)
- Memorial Day - Monday, May 31, 2010 - Closed
- independence Day (observed) - Monday, July 5, 2010 - Closed
Share your important dates and community events on the Piedmont CU online calendar...