IBEW Local 56 Federal Credit Union was chartered in 1961 - Once A Member ... Always A Member

Newsletter

  

August 2019

Current Loan Specials

Back to School Loan Special:  Rates as low as 5.99%APR*

Home Equity Loans:  Rates as low as 2.99%APR*
Mini-Mortgage Loans:  Rates as low as 2.49% APR*

*APR = Annual Percentage Rate

Click here for more information.

Check Out Our Low Vehicle Loan Rates!

New Vehicles: rates as low as 2.15% APR*

Used Vehicles:  rates as low as 3.15% APR*

Click here for vehicle rates.

28th Annual Youth Week Winners

Kid's Raffle: 

  • 1st Place:  Haily Ward
  • 2nd Place:  Chance Warren
  • 3rd Place:  Logan Miller

Teen Raffle:

  • 1st Place:  Cameron Warren
  • 2nd Place:  Charity Flint
  • 3rd Place:  Sarah Ward

Kid's Candy Count:  48 -  Winner:  Logan Miller, Guess: 46

Teen's Candy Count:  108 - Winner:  Leah Major, Guess: 86

 3 Credit Score Myths Debunked

Never assume a good credit score is out of reach.

Your credit score is just one of the many factors including your income, employment history, etc. that determine the amount of debt you can handle.  That being said, having a good credit score does give you more options.  The great news is that low scores can be improved over time.

Contrary to popular belief, a "bad" credit score is not a terminal diagnosis.  According to the Consumer Financial Protection Bureau, that's not the only myth that need to be cleard up.  Here are just a few:

Closing a credit card improves your credit score:  Actually, the opposite is true, especially if you close the card with a balance.  Why?  Credit bureaus and lenders look at how long accounts have been open, and the amount of credit being used to the amount of total credit available (aka the credit utilization ratio).  If you close an account with a high credit limit, that has a longer positive history and a balance, it could result in lowering your score not raising it.

Checking your credit lowers your score:  It's not only good to check your credit, but highly recommended.  You are not penalized for checking your own credit.  It's the best way to stay on top of any errors in reporting and identity theft.  You have to be aware of what's on your credit report to know what steps can be taken to improve your scores.  You are entitled to a free annual credit report from all three main credit bureaus (Equifax, Experian and TransUnion).  Since you don't know which bureau lenders use, it's best to check all three.

Building a good credit score=going into debt:  Just because you need to use credit products, doesn't mean you need to create more debt than you can afford.  Simply opening a credit card and having monthly charges that you pay off in full each month will give you the history needed to build a good credit score.

Do You Need Help With College Expenses?

A Smart Option Student Loan by Sallie Mae® may be the answer.  Get help paying for education expenses not covered by savings, scholarships, and federal loans.:

  • Multiple repayment options are available
  • Competitive interest rates
  • No origination fee or prepayment penalty
  • A creditworthy cosigner may help you qualify and/or receive a lower interest rate
  • Apply online today

Click here to learn more and get started.

Visa Purchase Alerts

We highly recommend that our Debit Cardholders sign up to receive email alerts when they use their Visa Debit Card* for purchases.  These alerts help provide security by allowing members to identify potentially fraudulent activity and they provide a means for members to track spending.

Sign up by logging into:

usa.visa.com/pay-with-visa/featured-technologies/purchase-alerts.html
Follow these steps to enroll:

  • Check eligibility by entering the first nine digits of your debit card.
  • Creat an account.
  • Register your email address.  A verification email with a code will be sent to your email address.  Enter that code to confirm your email address.
  • Choose which of the following three alerts you would like to enroll in:
  1. purchases reaching a certain dollar amount
  2. international purchases
  3. purchases made on the internet

*A qualified transaction is any transaction routed through Visa.

Banking at Your Leisure

Do you want the opportunity to look up account balances and account activity, transfer funds between your Credit Union Accounts, and look up copies of paid checks at your convenience?  If so, then Home Banking is for you!  Contact the Credit Union office for the required form to sign up for this convenient service.

You can receive your monthly and quarterly statements online.  When you log into your home banking account, click on the "Statements" tab to sign up for E-Statements.

Family Membership

Did you know that your family members and members of your household (persons living under your roof) are eligible to join your Credit Union?  To join, they need a current photo ID (unless they're a child), social security number, a $25 share deposit, and a .25¢ membership fee.

Family Members include your:

Spouse          Children          Stepchildren          Grandchildren

Parents          Stepparents    Grandparents          Brothers & Sisters

 

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