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May / June 2012 • Vol 47 • No.3

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•• Don’t Let Summer Savings Pass You By •• Before You Buy Your First Home

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•• The Debit Card Advantage •• Evaluating Credit Cards •• Connect with ORNL Federal Credit Union Anytime

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•• Sprint Savings •• Upcoming Events

Direct Deposit Saves Time And Hassle! D

irect deposit of your paycheck is the fastest, safest and most convenient way to get your wages into your checking or savings account. No more worrying about lost checks, waiting in line to make deposits, or delays if you are on vacation or out of town. Direct deposit puts your money to work faster, too. Direct deposit eliminates mail delays and is safer. Did you know that almost all mail theft takes

place after mail is delivered? Direct deposit erases this worry. Direct deposit can be used for your payroll checks, Social Security payments and other government checks. Most employers make signing up for direct deposit of your payroll check easy. Speak with your payroll or human resources department for more details. Usually with your ORNL FCU account number and our ABA routing number, 264281416, you can

sign up in just a few minutes. For Social Security or other government payments, call to get the form. Saving time, putting your money to work faster, eliminating the risk of theft and mail delays or avoiding another “trip to the bank” will make your financial life easier. For more information or to set up your own direct deposit, visit any branch or call 800.676.5328 today!

t often seems that saving money is almost impossible. Unexpected expenses or the temptation of some item or event can make the best plans unsuccessful. Yet, having a financial cushion is one of the most important things you can do to feel financially secure. Here are some ideas that may help:

Sign up for an automatic savings plan. If you transfer a set amount from your checking account into a savings account each month, you will come to view that amount as a regular “expense” and may not even notice it is gone from your checking account. Over time, it will add up and that account will probably pay a higher interest rate than your checking account. You can also use a similar type program to have an amount automatically deducted from your paycheck and deposited into a savings account.

of the minimum monthly payment required. You might also consider finding another credit card with a lower interest rate.

Contribute to your retirement plan at work. Many companies offer employees the opportunity to defer income into a 401(k) plan and will also help with a matching contribution of some level.

Reduce high interest rate debt. If you are paying interest on credit cards or some other loan that has a high interest rate, find a way to pay it off. Interest rates in the teens make it hard to get ahead

Do You Have a Financial Cushion?

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Skip a year’s vacation. As much as you may look forward to a lovely trip, consider staying home, visiting relatives or going someplace less expensive. Saving money is usually a case of self-discipline. It may be hard, but having a savings cushion can provide financial peace of mind and a source of funds if you need them. To find out more about how ORNL Federal Credit Union can help you build your nest egg with these ideas, visit any branch today!

Looking to Buy A New Car, Truck, Boat or RV? We’ll Get You Moving.

Drive Away Happier!

If it’s time for a new vehicle, then it’s time to save money with ORNL Federal Credit Union! We’ve dropped our rates to record lows! You can finance a car, truck, SUV, boat or RV at ORNL FCU for rates as low as 1.99%APR*!

Refinance Your Current Vehicle and Save! Already behind the wheel of your dream vehicle? You could save hundreds of dollars over the life of your loan by refinancing your loans from other banks and credit unions here at ORNL FCU. It’s a quick and easy way to have extra cash on hand for your summer plans!

Hurry in Today! Rates are low, terms are great, and payment options are plenty. So don’t walk, run to your nearest ORNL FCU branch or visit your local dealer and ask for ORNL FCU financing. For more information, visit ornlfcu.com, call 800.676.5328, or stop by any of our 32 branch locations today!

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Don’t Let Summer Savings Pass You By Get out on the lake this summer in a boat financed at ORNL Federal Credit Union! We have great low rates and excellent terms. Don’t want to leave the lake? That’s possible, too! Finance an RV at ORNL FCU and get the same low rates and terms. You can even apply on-the-spot at these participating dealerships. Just ask for ORNL FCU financing.

Participating Dealerships: • Alcoa Good Times • Buddy Gregg Motor Homes • Camper’s Corner • Camping World • Chilhowee Trailer Sales • Smoky Mountain Harley Davidson/Buell • Tennessee RV • Thompson’s Yamaha • Tommy’s Motorsports • Ultimate Toys Motorsports • Weekend RV Center

Before you buy your

First Home First Before You Buy Your

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RNL Federal Credit Union wants to help you achieve the “American Dream” of homeownership. The pride of ownership and sense of “belonging somewhere” have been strong motivating factors for many of our members. In addition, there can also be financial rewards from homeownership. Before you buy, there are some financial issues to consider… 1. The costs of buying a house (realtor’s commission and closing costs), moving (hiring a mover or renting a truck) and getting a mortgage (points and loan origination costs) can add up. 2. There are tax advantages with owning your home. Many homeowners are able to itemize deductions for mortgage interest and property taxes on their home. This can result in savings when you file your tax return. 3. You build up equity in your home as you make mortgage payments. Every mortgage payment you make includes interest and principal repayment. Over time, the principal

repayment reduces the remaining amount you owe. In the first few years, most of your payments will be interest. It is in later years that your equity build-up really takes hold. 4. If you plan to stay in an area only a short period, renting may be economically advantageous. If you have a great apartment and a great deal on rent, it may be very difficult to own the home you want at anything close to your current costs. So, if you are like millions of others, owning your own home is a primary financial and lifestyle goal. The pride of ownership and the financial rewards are attractive. Just make sure you understand all your options when considering buying. For more information on the loan products ORNL FCU offers or to request information or apply for your own home loan, contact the Credit Union at 800.676.5328 or apply online at ornlfcu.com.

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The Debit Card Advantage E

Evaluating C Credit Cards

redit cards can be a convenient part of your financial life. This is why they are also the subject of intense marketing campaigns from all types of financial organizations. Often, you will find your mailbox filled with offers. ORNL Federal Credit Union knows that choosing the right credit card and using it wisely is important and can make a big impact in your future financial life. We want to make sure you are well prepared when choosing to use a credit card; so we compiled a small summary of what you need to know before applying.

Connect With Us Anytime!

What to look for: Choosing the card that is right for you should be dependent on several factors

ven though debit cards have become much more widely used, ORNL FCU realizes that some of our members may still be unfamiliar with them, and therefore may be uncomfortable with using them. In order to make our members more aware of the perks associated with this feature, here is a short breakdown of the advantages of using a debit card. Debit cards look like credit cards, but they function like cash or personal checks on your account. When you use your debit card for a transaction, the money is quickly and safely taken from your account. Cards are also easily obtained, you can usually just request a debit card for a specific share on your account and receive it. Since you aren’t applying for credit, there

is no waiting period (for information on which of our branches offer instant issue debit cards, visit ornlfcu. com). Debit cards are also much more convenient and safe since they reduce your need to carry cash and can be quickly deactivated in the event that it is lost or stolen. Also, ORNL Federal Credit Union debit cards are readily accepted anywhere you see the VISA logo—this includes out of town or out of the country purchases. You can also easily setup overdraft protection on your debit account using either another share or a Personal Service Loan. If you would like more information about debit cards or would like to request one for yourself, contact your Credit Union at 800.676.5328, ornlfcu.com or any branch.

- fees, rates and benefits for using it. Few, if any, credit cards will rank highest on each of these factors and you should choose the card that ranks highest based on how you use it. You should also consider the organization providing the card.

electronic gifts, discounts on cars and other benefits. If a card with these types of benefits is important, make sure the benefits are those you will use and that the other aspects of the card do not offset the benefits.

Fees: Many cards are offered with no annual fees whiles others charge up to $50 or $60 per year. Ideally, you would want to choose a card with no annual fee. There are also fees that companies charge for late payments or going over your credit limit. Be sure to pay close attention to the credit agreement, especially if you are occasionally late with a monthly payment.

Summary: Be sure your credit card provides the right combination of fees, rates and benefits. If you do not carry over balances and pay finance charges, you might be willing to accept a card that has high rates and maybe even an annual fee if the benefits were your main focus. However, if you normally pay finance charges or interest, pay extra attention to the interest rate.

Interest rates: Obviously, if you carry over balances and are subject to finance charges, you want a card that offers a low rate. Rates can vary by over 10 percentage points and can exceed 20%. Make sure that the card you choose makes you aware of your grace period for avoiding finance fees, if possible, and if the rate is a promo rate. You should also know how often interest rates are evaluated so you know when to check on whether or not your interest rate has changed.

You should evaluate the company providing the card. Be sure their level of service is acceptable. You may also want to consider the benefits of using a card offered by the financial institution where you do most of your banking. ORNL FCU does offer a Platinum VISA credit card with no annual fee, no cash advance fees, no transfer fees, and low interest rates.

Benefits for use: Using a credit card can bring rewards of airline mileage, discounts on travel,

For more information on credit cards or ORNL FCU’s Platinum VISA, visit any branch, call 800.676.5328, or check out ornlfcu.com.

If you haven’t followed ORNL Federal Credit Union on Facebook or Twitter yet, you should! We post lots of useful information for our members, and it’s a great way for members to leave feedback for us. Connect with us at facebook.com/ornlfcu or on Twitter@ornlfcu. We look forward to seeing you there!

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R

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P.O. Box 365 Oak Ridge, TN 37831

3 7950

National Credit Union Administration, a U.S. Government Agency

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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government

STANDARD U.S. POSTAGE

PAID

PERMIT NO. 1

Get Great Deals At Sprint & More Just For Being A Credit Union Member!

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id you know that ORNL Federal Credit Union is part of the Invest in America program? Invest in American has thousands of partner merchants all over the United States offering discounts, cash backs, or other rewards for purchasing with them. Just one example of these many opportunities to save is Sprint! Sprint offers credit union members discounts on phones, plans or packages, software, and much more. For more information contact your local Sprint store or navigate to lovemycreditunion.org to see this and other exciting offers exclusive to credit union members.

Upcoming Events May

for Memorial Day

Officials

28

Closed

July

4

Closed for Independence Day

Mason Oakes, Chair Herb Debban, Vice Chair Marcella C. Catron, Treasurer Wanda McCrosky, Secretary Leigha Edwards Randy Gorman Jama Hill Samuel P. McKenzie James E. Payne Mary Helen Rose, Recording Secretary

Supervisory Committee Harvey Gray, Chair David Watkins, Vice Chair Gerald Smith, Secretary Vickie Caughron Joel E. Pearman

President

Chris Johnson

Telephone: 865.688.9555* Or Toll-Free: 800.676.5328 *All locations except Madisonville, Morristown, and LaFollette

* Annual Percentage Rate. Lowest rate based on Credit union’s Qualified Loan Program. New money only. Other rates and terms available. All rates and terms subject to change without notice. Other restrictions may apply. Please speak with a Credit Union loan representative for full details.

CyberBranch™

https://www.ornlfcu.com

Locations

Directors

Anderson County

Roane County

Clinton 1117 N. Charles Seivers Blvd.

Kingston 1204 N. Kentucky Street

Clinton Food City 507 S. Charles Seivers Blvd.

Oak Ridge National Lab P.O. Box 365

Oak Ridge Main Office 221 S. Rutgers Avenue

Rockwood Walmart 1102 N. Gateway Avenue

Oak Ridge Wal-Mart 373 S. Illinois Avenue

Loudon County

Knox County

Lenoir City 895 Highway 321 North

Bearden 5505 Kingston Pike

Lenoir City Food City 1900 Highway 321

East Knoxville 3634 East Magnolia

Loudon 2859 Highway 72

Farragut 11405 Municipal Center Drive

Campbell County

Farragut Kroger 11240 Kingston Pike Fountain City 5208 N. Broadway Karns 7228 Oak Ridge Highway Halls 4510 Emory Road Middlebrook Food City 9565 Middlebrook Pike Millertown Pike 5409 Millertown Pike Morrell Road Food City 284 Morrell Road North Knoxville 808 Victor Drive

LaFollette 2229 Jacksboro Pike

Blount County Alcoa 103 Hamilton Crossing Drive Maryville Walmart 2410 U.S. Hwy. 411 South

Monroe County Madisonville 4201 Hwy. 411

Hamblen County Morristown 1730 W. Andrew Johnson Hwy.

Sevier County

Northshore Kroger 9501 Northshore Drive

Sevierville 699 Parkway #5

Powell Kroger 6702 Clinton Highway

Union County

South Knoxville 7325 Chapman Highway

Maynardville Food City Union Square Shopping Center, Hwy. 33

West Knoxville 8721 Kingston Pike

UPDATE is published bi-monthly by ORNL Federal Credit Union as an information service to its members. Questions, comments, and suggestions should be sent to: ORNL Federal Credit Union UPDATE, P.O. Box 365, Oak Ridge, TN 37831.


Ornl update 2012 vol 47 no 3