News Items

On November 1, 2004 over sixty of our members will receive funds averaging over $2,000.00 each to spend on the upcoming holidays. They have been putting money away for the past year in a Holiday Club. This account, separate from your regular account earns the same dividend rate as the regular share and can be started anytime. This year, for the first time, members also were able to chose how they wanted to receive their funds, either by check, or balance transfer. It is easy to start one and if you do, your holidays next year can be a little bit less stressful. Call 227-8511 to begin today.

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While Christmas and other Holidays may seem a long way off, it is only two months, less by the time you read this. We have some ideas to make your holidays a little easier.

American express gift checks make a great gift for that difficult to buy for person. Available in amounts of $25, $50, and $100, they can be spent like cash and, unlike cash, can be replaced is lost or stolen. With a discounted fee of $2.00 per check, they are a bargain.

Tired of the hassles of writing a check? Don't want to pay a high rate of interest on a credit card? The VISA Check card is for you. Use it like a credit card wherever VISA is accepted and the funds will come right out of your share draft (checking) account. Apply for one now so you will have one in time for your holiday shopping.

Do you have a young child who received money as a gift? Do you want to start teaching them good financial management? Open a share account in their name. Teach them how to save up for the things they want. Show them that by opening an account for as little as $5.00 and making regular deposits, they can build their accounts and buy the things they need. It is never too early to learn this lesson.

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This spring your credit union will turn 50! This is quite an accomplishment. I have been around for most of this time as a member (33 years) and as an employee (21 years), but there are those of you who have been around longer, and we need your help.

To help us celebrate our golden anniversary we would like to but together a commemorative book for the annual meeting this coming spring. We need your pictures, your stories and your memories, especially of the early days of the 50's, 60's and the70's. If you have photo's of the annual meetings, copies of the newsletters, and just want to jot down your memories, anything would be helpful. You can send them to us at the office or email them to tri-townt@snet.net . All photo's and documents submitted will be scanned and the originals returned to the senders. Help make this anniversary really golden by preserving our past for the next 50 years. 

We will be celebrating at Cobbs Mill Inn in Weston and all members are invited to attend at 4 PM on May 11, 2005.  H'ors d'oeuvres and your first drink are on us!!!  Please RSVP to 227-8511 by May 1st if your will attend.

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On May 11, 2004 Tri-Town Teachers FCU of Westport awarded its third annual scholarships at its 49th Annual Meeting. The Scholarships are co-sponsored by M & M Group Benefits, a provider of Discount Group Auto and Homeowner's Insurance to Credit Union Members.

Each year two scholarships are awarded. The scholarships are named after Phyllis and Jay Van Zandt and Constance K. Dion. Phyllis & Jay Van Zandt ran the credit union from their home from it's infancy in 1955 until Phyllis' retirement in 1977; Jay Van Zandt remained involved as a member of the Board of Directors and a consultant until his passing in 1993. Constance K. Dion was a fifteen year employee of Tri-Town, starting as a part-time Member Service Representative and growing with the credit union as it grew, rising to the position of Operations Specialist. Connie was a fixture in the office until her untimely passing in 1996.

Scholarships are awarded "blind". All identifying information is removed before being sent to the committee. Applicants are chosen based on Academic Achievement, Written Essays, Personal Recommendations, and Financial Need

Velvet Ritch, a resident of Bethel, is the niece of a Credit Union Employee. Velvet has been accepted at Western Connecticut State University where she will be studying Biology as a step to accomplish her dream of becoming a Veterinarian.

Marissa Miraval, a resident of Fairfield, is the granddaughter of a Westport Town Employee. Accepted at six schools, Marissa will be attending Villanova to study Environmental Sciences

For more pictures of the Annual Meeting, click here

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Scholarship Funds Raised

Loan Specials

On-Line Banking Has Arrived!

Enterprise Car Sales

There has been a lot in the news recently about the increasing amount of credit card debt in this country. It is said that the average person carries over $7,000.00 in credit card debt. What most people don't realize is that credit card debt is the most expensive form of borrowing.

I recently picked up an application for a credit card just to read the disclosures. This card was offering 0% on balance transfers. Sounds good huh? Let's read the fine print. The 0% only lasts for 10 months, so you won't pay most of the balance off before the rate expires. After that the rate jumps to 15.99%. There are some other catches as well. If you make purchases with the card, they accrue interest at the 15.99% rate. When you make a payment, the full amount of the payment is applied against the 0% balances, not the new purchases. On a $1,000.00 balance that amounts to $13.32 per month interest that has accrued. Over the 10 months that is over $130.00 in interest that will accrue and you will not be able to pay.

So the 0% interest can cost you $130.00 or more. And that is if all goes well. If you are even one day late with a single payment, you will lose the 0% and the interest and the entire balance will accrue interest at 15.99%. Miss a second due date, the rate goes to 19.99%, a third, 24.99%. Suddenly you could have a very large interest rate and you might actually lose ground as the interest accrues.

Let's look at another way people use credit cards. Most credit cards have a required monthly payment of 2.0% of the outstanding balance. Usually the lowest payment is around $20.00. If we take the average credit card debt of $7,000.00 and apply the 15.99% interest from above, then make just the minimum monthly payment each month without any new purchases, it would take (are you sitting down?) 376 payments or 31 years and four months to pay the balance off. Then how much interest would you pay? Over $12,600.00! Paying $12,600.00 in interest on $7,000.00? Not a good way to spend your money

If you were to borrow from us $7,000.00 and pay off the credit card, in just four years the debt would be gone. How much would you pay in interest? Around $1,600.00; a savings of $11,000.00 and 26 years. This is a much better use of your money

There are ways to manage your credit card debt and save your self money in the long run.

First, consolidate as much of the debt into one card or loan. If it is on a credit card, DO NOT USE THE CARD! Put it away. By using the card, you will make no progress in getting out of debt. Use a second credit card and only charge what you can pay each month

Second, always pay more than the required monthly payment. As the required payment will drop as your balance drops, less goes against principal and this is what stretches your payment term out longer

Third, always make payments on time. Late payments can not only raise your interest rate as in the example above but there are late charges of up to $35.00 depending on your balance

Fourth, get the lowest interest rate you can. The examples above are based upon the card rate of 15.99%. The highest rate we have at the credit union right now is 10.9%, considerably less than the credit card rate.

Proper money management is not difficult; all it takes is discipline and common sense. It is easy to get into difficulty if you don't pay attention. And it can happen to anyone. For many years I carried credit card debt of up to $12,000.00 and was getting nowhere. By using the above methods I paid off my credit card debt in about five years. That was six years ago and I have been credit card debt free ever since. It wasn't easy, but I did it and so can any one. If you are not sure how to start, call us. We will set up a time to go over your finances with you to see how we can help. Take it from someone who has been there, I am much better off now than 10 years ago and it is a great feeling.

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Identity Theft

In recent years the crime of identity theft has risen dramatically. Government officials estimate the over 750,000 Americans are victims of identity theft each year and the number is rising. The scary part is that the crime could go on for weeks or even months before the victim even knows it happened.

Identity theft occurs when a criminal obtains personal information about an individual and uses that information to fraudulently obtain credit in that person's name. Then, they can go on a buying spree and, without the victim's knowledge, proceed to destroy their good credit rating.

Each month we all receive dozens of offers for low rate credit cards in the mail. We also receive other items which may contain personal information that could help a thief obtain credit in our names. While nothing is foolproof, there are ways to protect yourself from being a victim of identity theft.

• Shred all documents that contain personal information including bank statements, credit card bills and receipts, and solicitations.
• Empty your mailbox quickly; do not let mail sit in an unlocked mailbox.
• Do not carry your social Security Card with you. Your Social Security Number
  is the most valuable tool an identity thief can use.
• Never leave any receipt behind, ATM, credit card etc. If you shop online,
  use only one credit card, this will make it easy to spot unauthorized charges.
• Most importantly, protect your personal information. Do not give personal
  information over the phone to anyone you do not know.
• Check your credit report at least once a year. If credit cards are obtained
  illegally, they should appear on your credit profile.

To order a credit report call:

• Equifax 1-800-685-111
• Experian 1-888-397-3742
• TransUnion 1-800-916-8800

To report identity theft, call the Federal Trade Commission at 1-877-438-4338 or your local police department.

More information is available on the web by just typing the words identity theft into a search engine or go to www.consumer.gov/idtheft/ . This is a Federal Trade Commission site that provides information and resources to protect you from this ever growing crime.

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VISA Check Card is Here!

Isn't it a hassle some times to write a check in a store? Now you don't have to put up with it. Apply for a VISA Check Card for your Share Draft Account. Use it like a credit card, and the money comes right out your share draft account just like a check.

Fast, easy and convenient is the best way to describe it. Why carry your check book anymore, just ask for an application and slip the VISA check card into your wallet. Use it like a credit card to make purchases any where VISA is accepted. It will also work as an ATM card to get cash worldwide.

It only takes a minute to apply for, but it will save hours in stores waiting for checks to be approved. Stop by or call the office for an application today and start saving time.

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Refinance Your Car Loan

It has recently come to our attention in conversations with several members that some of you may be paying a very high rate on a car loan. We have heard of members paying as much as 18% on a car loan with another institution.

If this is your situation, call us. We may be able to refinance your current high rate car loan with a much lower rate credit union loan. The actual rate will vary depending on the length of the term, but it would be no higher that 8.79% and most likely lower. It's worth a phone call to check it out.

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Use Your Car to Pay Your Credit Cards

Are you tired of pay 18% or more on your credit cards? Do you own a car, but not a car loan? With today's low rates on used cars, you could cut your interest rate by up to two thirds. For example, if you owe $10,000.00 in credit card debt and wanted to pay it off in three years, you would pay over $3,000.00 in interest at a rate of 18%. By using a car valued at $10,000.00 or more to secure a Tri-Town loan your rate would be 5.79% for three years and your interest cost would be around $900.00, less than one third the cost. In three years you would save over $2,000.00!!

We will lend up to the NADA Average Loan Value on a used car up to 7 years old. As the loan is secured by the title to the vehicle, the rate is less than an unsecured loan and, depending on the value of the car, you can borrow more than the $7,500.00 unsecured maximum. I did this my self several years ago and have credit card debt free ever since. Before that I had been carrying over $10,000.00 in credit card debt for more than a dozen years. Give us a call to see if we can help you break the cycle of credit card debt.

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CUMEX Mortgages

$1,000,000.00 Deal!

These rates are in effect until a total of $1,000,000.00 is loaned. Call 227-8511 for an application or stop by the office before the rates go back up.

New cash loans only, no refinance of existing Credit Union loans. Loan rates are subject to change without notice.

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Credit Line Mortgages

If you have been listening to the news, you are aware that interest rates are at historic lows. In my 25 years in this business, I have never seen them this low. What this means is it is a good time to borrow.

If you own your own home, the best way to borrow is with a Home Equity Loan, which we call a Credit Line Mortgage. You can establish a line of credit, secured by the equity in your home of up to $100,000.00. Once established, you can take advances in increments of $2,500.00 up to four times a calendar year. You only pay interest on the money you borrow and there are no fees involved. In addition, there are no fees or closing costs to set up this loan, it will only cost you the interest on the money you actually borrow. There is also the advantage that you may be able to deduct the interest paid on your income taxes, but you will need to consult a tax professional to be sure.

What about that interest? These loans are a variable rate loan, with the interest rate based on the 26-week Treasury bill plus 4%. As of this writing the rate is 6.02%. This rate can change four times a year each January, April, July and October. The payment, however, does not change with the interest rate. It will only change if you increase the amount you borrow. This makes it much easier to plan for the summer months.

The process can take time, as we have to use outside organizations for appraisals, title searches etc. So plan ahead, call the office today for a CLM packet to start the process.

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