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Stay Current With UIECU!
See additional Newsletters at the end of the articles!
Read what others are saying about credit unions - check out credit unions in the news!
GAO: No CUs Referred To DOJ For Fair Lending Violations
Government Accountability Office reports that no lenders regulated by NCUA have been referred to the Department of Justice for fair lending violations, reportbed by CUNA.
Fed Up With Your Bank's Fees? How To Move Your Accounts
Sandra Block, a columnist with USA Today, talks about how easy it is to make the move to a credit union.
Protect Your Finances From A Credit Card Backlash
CNN Money takes you through the new credit card rules and regulations, and helps you find ways to make the new changes work for you.
The Benefits of Credit Unions
U.S. News & World Report takes you through the many benefits of belonging to a credit union.
State of the Credit Unions
Despite problems with big banks, everyday credit unions are in good shape, says Dan Mica, Credit Union National Association president/CEO, in this CNBC video clip.
No Payments Until 2010!
The current recession has certainly made an impact on all individuals and businesses over the past 18 months. While many financial institutions have struggled, credit unions overall have been able to grow and serve their members with the products and services they need. There has been no credit crunch in credit unions - mortgage operations remain strong and credit card practices have held up to close scrutiny.
Member deposits remain safe and sound at credit unions. U of I Employees Credit Union deposits are insured up to $250,000 per member through the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration (NCUA).
As the credit union industry has been affected by the economy, the NCUSIF has done its job to protect the deposits of members and credit unions. Fortunately, UIECU has historically operated with a safe, sound, and conservative fiscal approach. This approach has allowed UIECU to fulfill its regulatory requirements to contribute to the strengthening of the insurance fund. This provides protection for member deposits and reinforces our commitment to our members and the credit union industry.
Regulators have issued requirements that all federally insured credit unions make additional contributions to the insurance fund to ensure all member deposits are protected. Our compliance with this requirement will eventually result in adjustments to our financial statements, the extent and timing of which is not yet known. These regulatory adjustments are not the result of our credit union’s operations and we do not believe they will have any impact on our ability to serve our membership and continue our strong growth. A more detailed outline of the impact of these requirements is available online at www.uiecu.org.
UIECU continues to experience record levels of membership, deposits, and lending. In today’s economy where financial institutions are rapidly changing, we continue to offer value, guidance, and peace of mind to our members. We are proud of our continued ability to provide financial solutions to our members during these economic times and for years to come.
New Loan Legislation Impacts UIECU
Congress recently passed new legislation, the Credit CARD Act of 2009, amending Regulation Z, the Truth in Lending Act (TILA). The legislation was meant to implement reform in abusive credit card lending, however the Act also requires changes for any current open-end loan.
In order to comply with the Act, UIECU has implemented a uniform due date and will now issue monthly statements for all open-end loans. This change impacts most UIECU loan types; excluded are loans closed at our network of area auto dealers, Auto Tax Advantage loans, and Fixed Home Equity loans. As of September, 2009 the due dates on all open-end loans at UIECU will be changed to the 28th day of each month. This change is an amendment to the terms of any existing advance taken under your Credit and Security Agreement.
Members are not required to take any action at this time.
As the new 2010 model vehicles roll out, UIECU wants to give you the opportunity to own the vehicle you really want, without hurting your holiday budget. Finance your vehicle now and don’t make a payment until 2010.*
With great rates and terms for members, it’s no wonder you’ve made UIECU the #1 local auto lender! Ask for credit union financing at the dealership, get pre-approved at www.uiecu.org, or call Anytime Loan at 800-353-6666.
We’re waiting to help you into the car of your dreams.
*APR= Annual Percentage Rate. Rates vary based on individual credit history, loan term and applicable discounts. No payments until January 2010 for loans closed between October 1, 2009 and October 31, 2009. No payments until February 2010 for loans closed between November 1, 2009 and November 30, 2009. All loans subject to credit approval. Other restrictions may apply.
Cash In With Your Cash & Check Card!
From now until November 30, 2009, each time you use your Cash & Check Card for a purchase, either signature or PIN based, you’ll be entered to win.*
One member will win the value of their day’s purchases on the date selected, up to $500. The more you use your Cash & Check Card for your purchases, the better your chances to win!
Use your Cash & Check Card anywhere VISA debit cards are accepted:
• restaurants
• gas stations
• grocery stores
• retailers
The more you spend, the more you could win!
* NO PURCHASE NECESSARY. The prize winner will win the value of their purchases posted on the date selected. Date and winning member will be selected at random. The maximum purchase reimbursement will be $500.00. The minimum purchase reimbursement will be $50.00. Odds of winning will depend on the number of eligible entries received. Members must be 18 years of age or older at time of entry to be considered eligible for the drawing. Employees of the credit union, board members, and their family members are not eligible. Other restrictions may apply. This drawing is subject to change and may be withdrawn at any time. Call 217-278-7700 or visit www.uiecu.org for more details. Promotional Period 10/01/2009 through 11/30/2009.
Step Up To MVP Savings!
UIECU wants to help you take advantage of the best we have to offer with our MVP Certificate! Enjoy a great rate now, and the potential to step up the rate in the future.
The MVP Certificate is a 44-month Silver Share Certificate with a minimum balance of $5,000. The MVP Certificate pays dividends at our 48-month rate, giving you access to greater earnings! Take advantage of this great special today, and know the thrill of a financial touchdown!
The MVP Certificate offers you a great, secure savings rate*. Plus, if rates rise during the term of your investment, you’ll have the option to upgrade to the 48-month rate in effect at the time of your choosing – twice if you want!*
Don’t delay, this limited time offer ends November 30! Ask a Member Service Representative for more information.
*APY = Annual Percentage Yield. Offer good on 44-month Silver Share Certificate only, excludes IRA Certificates. Early withdrawal penalties may apply. MVP Certificates will roll over into a standard 48 month Silver Share Certificates at maturity. Not valid with any other offers, discounts, bonuses, or price adjustments. Two rate increases are allowed per certificate during the 44-month term; the member is solely responsible for requesting the change in writing. This promotion is subject to change and may be withdrawn at any time. Member must be in good standing with UIECU. Rates subject to change. Other restrictions may apply. Promotion Period 10/1/09-11/30/09.
Mortgage Closing Cost Credit: Save Up To $250!
 It’s a buyer’s market – and you could be in the home of your dreams with a little help from your credit union.
UIECU offers home buying solutions to fit every lifestyle, and through November 30, 2009, we’re offering a Closing Cost Credit to help make your transition as easy as possible.
Apply for your UIECU mortgage by November 30 and receive a $200 Closing Cost Credit*; members with an Illini Advantage or Illini Advantage PLUS checking account will qualify for an additional $50 Discount!
This limited-time offer is valid for homes being purchased in Champaign County and the counties bordering Champaign County. Closing costs typically range from $1,023 to $1,200, depending on the property being purchased.
Make an appointment to discuss your options with our friendly mortgage professionals by calling 217-278-7700.
*The Closing Cost Credit only applies to first mortgage purchase loans originated by UIECU. Not available on home equity loans or lines of credit. Credit cannot be combined with any other offer. All loans subject to credit approval. Closing Cost Credit offer good for applications received from 10/1/09 through 11/30/09 and closed by January 31, 2010. Consult mortgage professional for more information. Rates vary based on individual credit history, loan term, and applicable discounts. All loans subject to credit approval. Illinois counties eligible for the Closing Cost Credit include: Champaign, Piatt, McLean, Ford, Vermillion, Edgar, and Douglas. Other restrictions may apply.
Operation Sleighbell
Since 1985, Operation Sleighbell has helped thousands of area families obtain holiday gifts by coordinating with local department stores to “recycle” returned and discounted merchandise. Monetary contributions are needed to supplement the merchant donations used to purchase sizes or items that weren’t available. Through Thanksgiving, UIECU will match donations up to a total of $1,000. Please consider making a donation the next time you’re at the credit union.
Funds Availability Policy Changes
Effective September 12, 2009, all checks will be considered local checks due to centralization of check processing by the Federal Reserve Bank. Holds may still be applied to any check on a case-by-case basis. If you have questions about a particular check, please contact us at 217-278-7700 or visit any of our four branches.
Game Tickets Now Available! Enter for Your Chance to Win $100
 At the U of I Employees Credit Union, nothing pleases us more than to receive your vote of confidence when you personally refer a new member to our family.
Now, for a limited time, when you refer new members to the credit union you will be entered into a drawing for a $100 VISA Gift Card. The more new members you refer, the more entries you get in the drawing and the more chances you have to win!
Get your game tickets today! Follow the link for easy-to-print tickets.
Good luck, and remember, it’s great to be a member!
* No purchase necessary. Odds of winning determined by number of eligible entries received. Members 18 years of age and older in good standing with UIECU are eligible to enter and win. Existing members can refer as many new members as they like. Referred members must not have any prior relationship with UIECU. Potential/referred member must be eligible for membership, must sign-up for a membership, and open a share savings account. A $5.00 minimum balance and deposit is required at opening of share savings account. UIECU staff and board members are not eligible for prize winnings. One (1) drawing each month will be awarded to one (1) referring (existing member) and connected referred (new member) by random drawing. All prize winnings will be in the form of a $100 VISA Gift Card. Winners will be notified by telephone, mail, or email. This drawing is subject to change and may be withdrawn at anytime. Other restrictions may apply. Contact a credit union employee for more details. Promotion period 6/1/09-12/31/09.
Home Equity Line of Credit: Get What You Need For Less!
Whether you need a little extra cash for home repairs, college tuition, or debt consolidation – the UIECU Home Equity Line of Credit could be just the right fit at a great rate!
Apply for a Home Equity Line of Credit and you could qualify for a fixed APR through December 31, 2010 of 3.75%* on lines of credit $75,000 and greater or 4.00%* on lines of credit less than $75,000!
So get what you need tomorrow, for a great rate today. To apply for a Home Equity Line of Credit, call 800-353-6666 or apply online at www.uiecu.org.
*APR=Annual Percentage Rate. Introductory rate offer valid for a limited time. Home Equity Line of Credit APR fixed at 3.75% on credit lines of $75,000 or greater and 4.00% on credit lines less than $75,000 until 12/31/2010. The rate will then convert to a variable rate of Prime + 0% for 80% or less Loan to Value (LTV) or Prime + 2% APR for 81%-90% LTV, or Prime + 3% APR for 91% or greater LTV. Rates are subject to adjust monthly. Maximum APR is 18.00%. Minimum APR is Prime Rate. $10,000 minimum Line of Credit. The maximum Line of Credit is $150,000. Closing costs are waived – however, if the member closes the home equity within two years, they must reimburse UIECU for all fees involved with opening the home equity. Fees may range from $133 to $400. No annual fee. Offers not valid on existing UIECU loans. Disclosure information is accurate and effective as of 1/1/2009 and is subject to change. To inquire about changes in these disclosures, call toll free 877-678-4328. Other restrictions may apply. Subject to credit approval. All terms and conditions of this offer are subject to change at any time without notice. Additional terms and conditions may apply.
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