Credit Connection Spring 2019

SPRING 2019

4296-0419-CCNEWS

VOLUME 21, NUMBER 2

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NEW SEASON – NEW SAVINGS LOAN RATES AS LOW AS 2.99%* Spring is the perfect season to update your vehicle, boat or ATV. We have consumer loan rates as low as 2.99%* for 36 months. We understand that your time is valuable so we make the lending process quick and easy. See us for pre-approval and then go shopping. If you already made a purchase this spring and are looking for a lower rate, call us about refinancing your loan to Crow Wing Power Credit Union. * Current CWPCU loans are not eligible for these rates. All loans subject to credit approval. Other rates and terms available based on collateral and credit. Rates based on credit scores, so your rate may be higher.

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HOLIDAY SAVINGS your holiday gifts by setting aside some extra ' ' ' ' ' ' ' ' ' Avoid ' charging ' ''K#'G>@#'*():-.#"',(>)'">&#:'>:',(9'>:' /money' this' spring ' and ''K#'-)$#":&>)$'&G>&'I(-"'&%.#'%:'@>,->3,#':('9#'.>M#'&G#',#)$%)='<"(*#::'N-%*M' summer. Our Holiday Savings Account allows you to save up to $100 per month. The > ' '';##'-:'H("'<"#7><<"(@>,'>)$'&G#)'=(':G(<<%)=D''OH'I(-'>,"#>$I'.>$#'>'<-"*G>:#'&G%:':<"%)='>)$' money is available to you on' October 1, 2019.

Just in' time' to start your' holiday shopping. > ' ' ' ' ' ' ' ' ' ' ' ' ' '' ' ' '

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' RATES AS LOW AS 3.45%* ON HOME '' EQUITY LOANS ' ''

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DID YOU KNOW? Credit Union Annual Meeting is April 18, 2019 at 9:30 AM at Crow Wing Power.

Regular board meetings are May 16 and June 20, 2019

Union is offering CCrow 'Wing Power ' Credit ' ' (CWPCU) ' ' ' ' Home ' Equity ' Loans ' with ' rates' as low ' as 3.45%*. ''S-"' If your current Thome equity ' ' has a 'higher 'rate,' now ' is 'the' time ' to 'give' the Credit ''JG#'.()#I'%:'>@>%,>3,#'&('I(-'()' loan Union a call to see how easy it is to move your loan, S ' ' ''W-:&'%)'&%.#'&(':&>"&'I(-"'G(,%$>I':G(<<%)=D''' lower your rate, and save money. No closing costs if your loan is under $100,000.** ' ' ' ' ' ' ' ' ' '

This program is perfect for those that plan to pay their small balance loans off within three to five years. You avoid huge closing costs associated with fixed B ' ' ' ' ' ' ' ' '' AND you departments are all right here in our office. !rate' mortgages ' ' ' are' keeping ' it' local. The ' processing, ' ' underwriting, ' ' 'closing ' ' and ' servicing ''OH'I(-"' *

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• Loans or' less' can 'be amortized for' up' to 15' years' and balloon ' ' $50,000 ' ' ' ' ' ' ' in five' years. ' • Loans $100,000 or less can be amortized for up to 20 years and balloon in three years. ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' • Loans over $100,000 can ' ' ' ' be' amortized ' ' for up to ' 30' years ' and ' balloon ' ' in three ' ' years. '

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' * Current CWPCU loans are not eligible for these rates. All loans subject to credit approval. Other rates and terms available based on collateral and credit. Rates based on credit scores, so your rate may be

' purchases. ' ' ' ' ' higher. **Excludes ' ' ' ' ' ' ' ' ' ' ' '

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FIXED RATE MORTGAGE LOANS

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Buying your first home, moving up or down-sizing, purchasing a vacation or investment property; you can get a fixed rate mortgage at your Credit Union.

The Credit Union along with AmeriCU Mortgage have the mortgage solution for you. The experienced staff will help guide you through the maze of loan programs to find the right loan to fit your needs.

Come to the people you know and trust. Save money on the closing costs and work with Crow Wing Power Credit Union for your mortgage loan solution.

CWPCU NMLS #408088, AmeriCU NMLS #3028.

PROTECT YOURSELF Never answer the phone if you don’t recognize the name or number on caller ID. Identity thieves sound very convincing and may pose as a representative of your financial institution, internet service provider, IRS agent or lottery prize agent. These calls are from scammers who would love to separate you from your hard earned money. You have NOT won a new car, your computer does NOT have a virus, you do NOT have to pay taxes before you collect a prize, and you will NEVER get a call from the IRS demanding that you pay them NOW! “Phishing” is the process of sending fraudulent emails to people asking them to provide confidential information or “update” their personal account information. A link is provided to a website that appears to belong to the real company. Remember, financial institutions already have your personal information - they will not call you to “update” this information.

• Never disclose personal information via a phone call or email that you did not initiate.

This includes your SSN, account number, complete credit card number, PIN numbers or your driver’s license number.

• Change your passwords regularly. Use combinations of numbers, upper case and lower case letters and/or symbols.

• Do not open or reply to emails from people/companies that you do not know.

• If you don’t have caller ID, get a new phone or answering machine.

• Buy a crosscut shredder and never put financial information in your trash.

• Keep your information (phone numbers, address and email address) current with your financial institution.

• You can check your credit report for free at www.annualcreditreport.com

TEENS AND SUMMER INCOME It’s never too early to talk with your kids about money management. If your teen will have a job this summer, sit down and discuss how that paycheck is to be spent and more importantly, how much should be saved.

Having a financial cushion provides a sense of security. Automatically put a small amount from every paycheck into a savings account.

• What will the teenager be responsible for paying? The cell phone bill, their car insurance, or both? Learned early, the discipline to live within a budget is a skill that will pay benefits for a lifetime.

• There is a difference between a “need” and a “want”. Designer brands may not be as important when the teenager has to pay for them. Life is not a competition of who has the most or best stuff.

• Always know what you have in your checking account. Being refused at the merchant is embarrassing and it’s super expensive to be charged an overdraft fee.

Kids learn their financial habits from their parents – good and bad. Watch what you do and say with money. This isn’t a “once and done” discussion.

Starting and maintaining an open dialogue for money management will send the message that it is OK to ask questions and share ideas.

MORTGAGE LOANS

SAVINGS RATE

APY

Regular Savings

.40%

.40%

Holiday Savings

.80%

.80%

Home Equity Up to 80% of tax assessed value Rates as low as 3.45% Up to 30 year amortization with 3 or 5 year balloon Primary Residence, Cabin, or Land loans

(maximum deposit $100 per month)

Home Equity Line of Credit

IRA Savings

.50%

.50%

Checking

Up to 80% of tax assessed value Variable rate tied to Wall Street Journal Prime Rate Up to 15 year amortization Primary Residence, Cabin, or Land loans

.15%

.15%

(with a $500 average daily balance)

Fixed Rate 15,20,30 year Mortgages available.

Certificates ($1,000.00 Minimum) IRA Certificates available in 1 & 2 year term only

Your local loan processor Loans serviced by AmeriCU Mortgage NMLS #3028

Dividend penalty for early withdrawal

6 month Certificate 1 year Certificate 2 year Certificate

1.12% 2.25% 2.40%

1.12% 2.27% 2.42%

APY=Annual Percentage Yield Rates subject to change without notice. effective 4-1-2019

NMLS #408088

FINANCIALS February 28, 2019 Members.................................................... 5,340 Assets ............................................ $87,864,468 Deposits ...................................... $79,854,493 Loans ............................................ $51,609,936 Reserves .......................................... $7,051,061