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RPIEFCU Newsletter
April 2012 (Vol. 34 No. 1)
Annual Meeting
The annual meeting and election of board members was held on March 14th at the Faculty Staff dining hall. It was attended by 55 people.
Board Members elected:
Eleanor Burns, Jackie Farmer, Tom Whalen
Credit Committee elected:
Eleanor Burns, Terry Burns, Lori Winslow
Dividend Declared
The Board of Directors has authorized a dividend of 0.25%, 0.2502% APY, for share balances below $10,000 and 0.50%, 0.5009% APY, for balances of $10,000 or more for the quarter ending March 31, 2012.
Competitive Loan Rates
It is an excellent time to consider the many things you could or should be doing, and if they require a few extra dollars up front, the Credit Union may be able to help.
We have the very popular Seasonal Special Loan, up to $1,500 for 12 months at 7%, and the equally popular Manager’s Special Loan, up to $3,000 for up to 18 months at just 7% to 8%! (Not everyone will qualify for the lower rate.) These loans are ideal for:
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Debt consolidation: Get out from under all those expensive monthly credit card bills. Reduce your interest rate and lower your monthly payment.
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Home Improvement: Time to think about repairs needed after the winter weather.
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Birthday / Wedding / Anniversary. A few extra funds may be just the thing to make that special event a perfect event.
Be sure to look over our rates on vehicle loans, too. Some of the interest rates quoted at the car dealers may sound too good to be true. That is because they are. Consider negotiating the sale price for the car without special dealer-financing, and you may find the bottom-line cost less with the loan through us.
(All credit applications incur a $10.00 pass-through charge for processing a credit report.)
Policy Update:
On January 23, 2012 the Board of Directors reviewed and approved the Loan Delinquency Policy and Procedure. Part of the policy requires that the RPIEFCU membership be informed in writing of the costs typically incurred by the credit union on delinquent loans. It is important to note that some members believe our credit union is part of RPI. That is not true. The members of our credit union “own” the credit union and therefore if loans are not paid in full all of us suffer financially. Listed below are typical costs you have to pay when someone defaults on their loan.
- Lawyer fee - $225.00 per hour
- Filing fee – minimum $100.00 per filing, typically more
- Charge off the loan – could be and has been many thousands of dollars
- Repossession fee – 33% of collected money to the collection agency
As you can see not paying back loans affects us all. If your circumstances have changed please contact Joanne or any board member and together we will work out a solution.
Annual Meeting Raffle Winners
Dawn Weaver, 2 tickets to the EGG, Spirit of Uganda
Nancy Beattie, $50.00 gift card to RPI Bookstore
Martin Strock, 2 tickets for the Aqua Ducks
Kathy Burniche, Afghan, donated by Eleanor Burns
Sharon Sorell, Afghan, donated by Debbie Riggi
Donna Hoglund, Afghan, donated by Debbie Riggi
Kathy Stebbins, Afghan, donated by Debbie Riggi
Sue Miller, Scarf, donated by Debbie Riggi
Ann Marie Strack, Scarf, donated by Debbie Riggi
Dave Zimmerman, Godiva Coffee Sampler, donated by Eleanor Burns
Matt Grey, CU Share Certificate
Mary Wagner, CU Share Certificate
Wayne Snow. CU Share Certificate
Karyl Contois, HP Printer, RPI Computer Store
Contact Us:
We are always glad to hear from our members. If you have good suggestions for improved service or just some comments, contact Eleanor Burns.
Contact us
- (518) 276-6593
- (518) 276-6715 fax
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313 West Hall, RPI
110 8th Street
Troy NY 12180-3590
Hours
- 9:30am-2:30pm
(Wed: 11:30-2:30pm) - Exceptions
- May 28 - Memorial Day
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Chartered and serving the Capital District since 1978.