What’s New
Our First Mortgage Rates Are Good...With a Quarter Percent Off, They're GREAT!
Save big with an extra reduction on your interest rate! Apply now through July 31, 2008 for Putnam FCU’s low-rate, hassle free mortgage and receive a quarter percent off the interest rate for the life of the loan. We don’t want you to miss out on this. If you’re unable to submit a mortgage application by the July 31, 2008 promotion deadline, just fill out a registration form and submit it by July 31, 2008. We’ll extend the quarter percent discount for your new loan application through December 31, 2008. As your Credit Union, we go the extra mile to offer our members mortgages with more choices, more flexibility and exceptional service. We provide numerous options, with many benefits, designed to meet each member’s unique needs.
• Your own personal loan consultant.
• Prompt, friendly attention.
• Fixed and adjustable-rate mortgages.
• Competitive interest rates.
• Flexible terms.
• Affordable closing costs.
To find out more, call us at 845-225-8962.
SAVE EVEN MORE! Additionally, a discount of $200 will be applied to your mortgage loan at closing! Ask us for details...
HELOC as low as 4.50% APR.
Home Equity Loans: Low-Cost Tax Advantaged Credit
HELOC as low as 4.50% APR.
* No Closing Costs.
* No Points.
PFCU has real estate money to lend!!
If credit card payments are eating up your disposable income each month, or if you need cash to remodel your kitchen – or to buy a new car – a Home Equity Loan or Home Equity Line of Credit (HELOC) might be your best bet. There's even a tax advantage. Unlike almost any other consumer loan type, the interest on a home equity loan or HELOC of $100,000 or less is likely to be tax-deductible (consult your tax advisor).
Home equity loans and HELOCs are two distinct products. With a home equity loan, you borrow a lump sum of money repayable over a set
term, usually five to 15 years, giving you the security of a locked-in rate, a fixed interest rate, and a consistent monthly payment. People tend to use home equity loans for large, one-time expenses like a major home-improvement project. You also might use one to start a business, make a big-ticket purchase, or consolidate high-interest credit card debt. This type of loan makes sense if you don't foresee future borrowing needs.
On the other hand, a HELOC is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to your credit limit. With online banking, you can transfer funds from your HELOC to your regular checking or savings account. A PFCU HELOC is a variable-rate loan, so your monthly payments will change based on your outstanding balance and fluctuations in the Prime Rate.
A line of credit offers flexibility and ready access to funds, making it ideal for unexpected expenses like large medical bills. A HELOC also can help finance a child's college education, especially for higher-income families who don't qualify for financial aid.
Since home equity loans and lines of credit use your home as collateral, if you don't make your payments, you could lose your home. But if you don't take on excessive debt and you do make timely payments, you can't beat the low interest rates and tax-deductible interest of a home equity loan or HELOC.
A Putnam FCU loan officer can explain which type of home equity loan may work best for you. Call (845) 225-8962 for more details.
PFCU 41st Annual Meeting
Please join us on Tuesday, May 20, 2008 for the 41st PFCU Annual Meeting. The meeting will be held at 4pm at Carmel High School (30 Fair Street, Carmel) in Casey Hall.
Banking Online is Easy! Point … Click … Relax
Putnam FCU loves to see your smiling face. But when you can’t stop by our branch, how about visiting us online with our FREE Online Banking and Bill Payment Service. You don’t have to be a computer whiz! In fact, if you know how to use a mouse, you can get “clicking” in no time!
Get it all done in just minutes!
Use Online Banking any time of the day or night. So whether you’re busy at work, spending time at home, or traveling out of town, it’s easy to view your account balances, transfer funds, make a loan payment and more.
Paying bills is a breeze.
Our Bill Pay service lets you pay anyone, any time, anywhere in the United States. Save on stamps, envelopes and the checks you use to pay bills. Best of all it's FREE with your PFCU Checking account.
Discover how easy money management can be. Sign up for Online Banking or Bill Payment today through the links on this site's Home Page.
“Perk Up” Your Retirement Savings
Small financial changes can really pay off in the long run. So skip that morning latte at the local coffee chain, and put the money you save into an IRA!
If you’re like most people, your personal savings will make up a large part of your retirement income. Don’t get nervous about saving – get moving! Open an Individual Retirement Account at Putnam FCU. The Credit Union offers:
- Traditional and Roth IRAs.
- Coverdell Education Savings Accounts.
- No annual fees.
- A variety of investment choices.
- Competitive rates.
- Federal deposit insurance up to $250,000.
Make a one-time deposit, or save a little each month with automatic transfers to help your account grow effortlessly. Just call or stop by today to open an IRA. We’ll keep your Retirement Savings percolating happily for years to come.
When was the last time your checking account put a smile on your face? If the answer is never, then it’s time to change. With a Putnam FCU checking account, you have plenty of reasons to smile.
- No monthly fees or per-check charges.
- No minimum balance requirement.
- 24-hour access by internet, phone or ATM.
- Initial deposit of just $30.
- First box of checks free.
- Free unlimited ATM transactions.
- Free VISA Check Card.
- Free Bill Payment service.
- Unlimited check-writing ability.
- Pre-approved $500 overdraft protection.
- Convenient direct deposit and payroll deduction.
Our goal is to make you happy, so we offer lots of convenience and loads of free features. We skip the hassles and hidden fees you find elsewhere. And we encourage you to use your account your way. Write a check, swipe your VISA Check Card, transfer funds or pay your bills online. The choice is yours! After you check things out, we think you'll find PFCU is the place for Checking. Don't wait any longer...if you haven't opened an account because it's a hassle to close your old checking, we can help. Our simple, hassle-free Checking Account Switch Kit is designed to make switching accounts easy and convenient—in four easy steps. Pick up a kit at either PFCU branch, call to get one sent to you in the mail, or print PDF files from our website at www.putnamfcu.org!
How to Cut the Cost of Driving
Gasoline prices are rising again, but fuel is just one factor in the high cost of driving an auto. According to AAA, you can drive a small sedan 15,000 miles a year for 41 cents per mile. You'll spend 66 cents a mile, or $3,750 more a year, to put 15,000 miles on a four-wheel-drive. Many factors feed the cost of driving, including the following:
Financing: Credit unions often offer the best rates on loans, but you also should compare the loan term, fees, and prepayment penalties. If the dealer offers a rebate, you may save more money by taking the rebate and financing at Putnam FCU than taking the low-rate loan.
Depreciation: Depreciation is usually the largest part of the cost of driving: AAA estimates the average annual depreciation on a sedan driven 15,000 miles per year at $3,392. Kelley Blue Book says that after five years, the average car is worth 35% of its sticker price. But some cars, especially Honda and Acura, have much lower depreciation. Ignoring the current value of a used car can put you "upside-down" if you trade the car and pay off the loan: You owe more on the car than it's worth.
Maintenance and repair: AAA estimates the maintenance costs of sedans at about five cents per mile, which is—surprise—about half of the gasoline cost per mile.
Insurance: AAA estimates insurance expense for the average sedan at $985 per year, which would cover a 47-year-old male driver with a good record, and a short commute. Insurance for drivers who are male, younger than age 25, poor students, or have a record of moving violations and/or accidents is more expensive. Raising the deductible and reducing the maximum coverage can lower premiums but will increase your risk.
Driving habits:
* Drive defensively. Try to stay off the road late at night when most accidents occur.
* Keep tires inflated to improve mileage and cut the chance of a blowout.
* Drive mild, not wild: Accelerating slowly and coasting up to stoplights can improve gas mileage up to 30%.
* Use the cruise control to save 4% to 14% in gas.
* Drive less: Think about carpooling, taking public transit, biking, or walking. Then you’ll save on gas, oil, maintenance and depreciation.
Putnam FCU can help with all your auto needs. Contact us today at (845) 225-8960.
Quick Links
FRAUD ALERT ~ Email and Cell Phone Phishing Warnings!
1) The FDIC has received a number of reports of a phishing email that has the appearance of being sent from the FDIC. This email asks "Who is the FDIC?" and "What can the FDIC do for you?" It warns against identity theft and states that the "FDIC is presenting a new card insurance which can restore you up to $500 if you are a victim of Internet fraud." The email directs recipients to click on a link to be redirected to "an online signup page for this program."
This email is a fraudulent attempt to obtain personal information from consumers. Consumers should NOT access the link provided within the body of the email and, under any circumstances, NOT provide any personal information through this media.
2) Also, keep in mind that several credit unions have contacted CUNA Mutual to report recent phishing attempts also designed to obtain several key pieces of personal information. The fraudsters' e-mail starts by suggesting that you can help the government fight terrorism and related money laundering by verifying your personal information. Then, they attempt to lead consumers to a counterfeit Web site designed to trick recipients into divulging financial data, such as credit card numbers, account user names, passwords and Social Security numbers.
Detecting a fraudulent e-mail can be difficult. Here are a few things to keep in mind:
- Be suspicious of any e-mail with urgent requests for personal financial information.
- Don't use the links in such an e-mail.
- Phisher e-mails are typically NOT personalized.
3) NCUA recently issued a fraud alert to inform us of a scam that involves unsolicited text messages being sent to cell phones. The message urges the recipient to call a number provided for information about account discrepancies and then solicits individual account and pin numbers. Please remember, never respond to unsolicited text messages, email messages or telephone calls that ask for any account information or other private information.
4) Finally, the Credit Union National Association (CUNA) has taken measures to shut down another bogus web site that spoofed CUNA's website, www.cuna.org, in an attempt to phish for consumers' personal financial data. Such attempts occur periodically and in waves. The latest attempt, with a subject line "Claim your 200 USD reward" was received by a daughter of a friend of a CUNA editor in an e-mail addressed to "Dear CUNA Member." It says the member has been successfully selected in a random contest to win $200 "as one of our Credit Union's member."
The catch: To claim the prize, the recipient must complete an online form by clicking a link which boots the recipient to a bogus look-alike site.
The form, entitled "CUNA Survey," asks for the recipient's full name, credit union name, ATM/debit card number, expiration date, the card's CVV security code and the card's personal identification number or PIN. Please keep in mind, CUNA would never make an unsolicited attempt to collect personal financial information via e-mail or the telephone. The best thing to do is ignore the link and delete the message!
Small Businesses Benefit from Multiple Accounts
Having all of your financial accounts at Putnam FCU gives you more than convenience. It gives you peace of mind, knowing that the people at your financial institution truly understand your needs.
Many small-business owners are finding our Credit Union is well equipped to meet a wide range of personal and business needs. That saves valuable time and money for those who struggle to accomplish everything required in a day. And a small-business owner who puts all of his or her business in Putnam FCU benefits even more, because if our Loan Officer knows all aspects of a members' financial situation, he or she can provide a more intelligent response to member requests. Equally important, an expanded relationship often pays off financially because our Loan Officer is equipped to make wise recommendations for day-to-day services as well as long-term planning. Most of all, there's the benefit of lower fees and interest rates.
While business and personal needs will vary, experts agree that credit union members benefit from growing a lifetime relationship. Call Putnam FCU today to discuss how we can help with all your small business and personal banking needs.
Direct Deposit: Safe, Convenient & Dependable!
Saving for a new car, home, or education can be a challenge. You cash your paycheck and, before you know it, you've spent it. Instead of collecting your next paycheck, have your employer directly deposit it into one of your Putnam FCU accounts. Millions of Americans rely on direct deposit because it's quick, easy and safe!
With direct deposit your paycheck arrives in your account at the same time each pay period (even if you're on vacation or home sick). There's no need to wait for a paper check, take it home, endorse it, and then stand in line to deposit it. With electronic deposit, there's no check to get lost or stolen.
And direct deposit is the best way to receive Social Security or other federal benefits. One program offered by the Treasury and Federal Reserve, Go Direct, encourages seniors to have their Social Security checks directly deposited. (Visit www.GoDirect.org or call 800-333-1795 for more information).
Call Putnam FCU today at (845) 225-8962 for more information about getting your checks directly deposited into your Credit Union accounts.
Privacy Notice
Putnam FCU, your member-owned financial institution, is committed to providing financial products and services to meet your needs and help you reach your financial goals. We are equally committed to protecting your privacy - be assured that your financial privacy is a priority of this credit union. Each year, we are required by law to provide this privacy notice to explain how we collect, use and safeguard your personal financial information.
Information We Collect and Disclose About You
We collect nonpublic personal information about you. This information comes from the following sources:
- Applications and other forms.
- Credit union transactions.
- Consumer reporting agencies.
- Current or past employers, or other institutions where you conduct financial transactions when we verify the information you provide to us in an application or other form.
We may disclose all of the information we collect, as described previously and as permitted by law, to companies that perform marketing services on our behalf or other financial institutions with whom we have joint marketing agreements. To protect our members' privacy, we only work with companies that agree to maintain strong confidentiality protections and limit the use of information that we provide. We do not permit these companies to sell the information that we provide to other third parties.
To conduct credit union business, we may also disclose nonpublic personal information about you under other circumstances as permitted or required by law. These disclosures typically include information to: process transactions on your behalf, conduct the operations of our credit union, follow instructions you have authorized, or protect the security of our financial records.
If you terminate your membership with Putnam FCU, we will not share information we have collected about you, except as permitted or required by law.
How We Protect Your Information
We restrict access to nonpublic personal information about you to those employees who have a specific business purpose in utilizing your data. Our employees are trained in the importance of maintaining confidentiality and member privacy. We maintain physical, electronic, and procedural safeguards that comply with federal regulations and leading industry practices to safeguard your nonpublic personal information.
What You Can Do to Help Protect Your Privacy
Putnam FCU is committed to protecting the privacy of its members. You can help by following these simple guidelines:
Protect your account numbers, card numbers, PINs (personal identification numbers) and passwords. Never keep your PIN with your debit or credit card - it can provide free access to your accounts if your card is lost or stolen.
Use caution when disclosing your account numbers, social security numbers, etc. to other persons. If someone calls you, explains the call is on behalf of the credit union and asks for your account number, you should beware. Official credit union staff will have access to your information and will not need to ask for it.
Keep your information with us current. It is important that we have current information on how to reach you. If we detect potentially fraudulent or unauthorized activity or use of an account, we will attempt to contact you immediately. If your address or phone number changes, please let us know.
Should you have any questions about Putnam FCU's Privacy Policy as described above, please call a Member Service Representative at (845) 225-8962.
Holiday Helper Loan
Do you dread those holiday bills or the thought of running up high-interest credit cards during the upcoming holidays? We have a solution. Apply for a Holiday Helper Loan from PFCU and have the money you need, when you need it! Our loan features a fixed rate as low as 9.99% APR (based on your credit history and credit score). That's lower than most credit card rates. And you'll enjoy one simple payment, with terms that fit your budget.
We require no collateral and approval takes less than 15 minutes, in most cases. Call our Loan Department 24-hours a day at (845) 225-8962 for details. We can even deposit funds from your loan directly to your Putnam FCU Checking Account. Hurry—the Holiday Helper Loan is only available through December 31, 2007!
Start an Energy Diet: Save Money Around Home
The typical American family spends $1,600 per year on energy at home. Here are some "biggest-bang-for-your-buck" techniques for saving money on energy:
1. Maximize the use of daylight. Use "task lights" to illuminate only the area you need to light. Install motion detectors in the garage, basement, or bathroom. Shut off unneeded incandescent lights immediately after use. Shut off fluorescent bulbs when they will not be needed for 15 minutes. Shut off your computer and monitor when they will be idle for more than two hours (computer) or 20 minutes (monitor).
Compact fluorescents bulbs (CFLs) screw into the same fixtures as incandescents, but are three to four times more efficient. A CFL comparable to a 100-watt incandescent would save $63 during the bulb's 4.5-year lifetime.
2. Check wattage. The wattage label on the bottom or back of an appliance describes its electricity consumption, but high-wattage equipment that runs only briefly—for example, a hairdryer—will use fewer kilowatt hours than products like space heaters, which run for long periods.
A refrigerator built before 1993 is ripe for replacement with a newer, higher-efficiency model. The federal Energy Star label identifies high-efficiency appliances and electronics. Air-dry dishes instead of using the heated drying cycle, and run dishwashers and clothes washing machines only when full. Save hot water by substituting short showers for baths.
3. Perform basic maintenance.
Install an insulating blanket on older water heaters, and insulate all accessible air ducts and hot-water pipes. Replace furnace filters, and get a tune-up on your furnace or boiler every couple of years.
4. Set back the thermostat. If you set a programmable thermostat "back" (cooler in winter and warmer in summer) for eight hours, you can save around 10% on your annual heating and cooling bills.
5. Get the tax credit.
High-efficiency furnaces and boilers are among many energy improvements on existing homes that are eligible for a federal tax credit through the end of 2007. Other qualified improvements include insulation, windows, exterior doors, circulating fans, and solar heating and photovoltaic systems.
6. Schedule an audit. During a home energy audit, an expert examines your house with a thermographic scanner and a blower door, which detect leaks through different methods. Visit the Department of Energy's Web site at energy.gov for more information about energy audits.
Putnam FCU is ready to help with all of your home improvement needs. Give us a call today at (845) 225-8962.
Switch and Save!
Do you know what would happen if you went over the credit limit on one of your credit cards, or if you made a late payment? If you got the card from a large national card issuer, chances are you'd be charged high penalty fees, and you might find your interest rate hiked to more than 30% APR. If you're not sure about the fees and penalties for your credit card, ask your card issuer. The terms may have changed since you opened the account, and you may not have seen the notification, which generally accompanies your account statement. You should know:
- Your interest rate.
- Whether there are different rates for balance transfers, cash advances, and purchases.
- The order in which payments apply to different types of transactions some banks pay off low interest-rate balances first so the high-rate ones stay on your account longer.
- Whether the rate could increase to a higher penalty rate, and under what circumstances (such as a late payment on this card or any other card).
- Annual fee, late fee, and over-limit fee amounts, and when they're charged.
- What other fees are charged, and when.
- The grace period, or number of days from the billing date you may pay in full without incurring finance charges.
If you're not satisfied with the answers, maybe it's time to shop for a better card. And be sure to ask these questions up front. In most cases, you'll find credit union credit cards are the most consumer friendly. Stop by Putnam FCU to get a better deal on your credit card.
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