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September / October 2012 • Vol 47 • No.5

•• Wise Borrowing Strategy

Page 2

•• Christmas Club Payout •• Credit Score Seminar •• Time For New Wheels?

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•• Reducing Financial Anxiety •• Shred Day Schedules

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•• E-Statements •• Upcoming Events

You Could Win a Trip To Super Bowl XLVII from VISA® magine while 11.3 million others will be watching Super Bowl XLVII on TV, you could be watching it from the stands! This fall, Visa® is giving you the chance to experience the trip of a lifetime and attend Super Bowl XLVII! Plus, the winner will receive a VIP pass to be on the field as the players enter through the tunnel! One grand prize winner will receive a 5 day/4 night trip for two to New Orleans to attend the Super Bowl, a tailgate party, and so much more! So turn your everyday purchases into chances to win.* Simply use your Visa Debit or Credit Card, issued by

Keep Track of Your Budget With Online Banking

D

id you know that with ORNL Federal Credit Union’s Online Banking you can create a

budget, categorize your spending, and even set up email alerts to keep you on top of your purchases? Best of all, it’s free to members! Simply click on the “My Finances” button inside Online Banking to get started. Your ORNL FCU accounts, as well as accounts with other financial institutions, credit cards, etc. can be imported to provide you with your complete financial picture.

Not enrolled in Online Banking? Visit ornlfcu.com to sign up today!

ORNL Federal Credit Union and sign for purchases between October 1, 2012 and November 30, 2012, and you’ll be automatically entered for a chance to win* the trip of a lifetime.

Visit ornlfcu.com for complete rules and details. *NO PURCHASE NECESSARY. Void where prohibited. PIN-based, Debit & International transactions ineligible. Starts 10/01/12. Ends 11/30/12. Restrictions apply.

All branches of ORNL Federal Credit

Credit Union Holidays

I

Union will be closed in observance of the following holidays:

October 8 – Columbus Day November 12 – Veterans Day November 22 – Thanksgiving Day December 24 – Christmas Eve December 25 – Christmas Day Remember: You can visit us at ornlfcu. com or via your mobile device with our iPhone and Android apps even when our branches and call center are closed!

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Developing and Using a Wise Borrowing Strategy T

he sensible use of debt should be part of a sound Otherwise you can order a report from one of the financial strategy. Debt can enable us to enjoy three large credit reporting agencies: things that otherwise are beyond our current reach. • Equifax  800/997-2493 Borrowing can also have its ugly side. Too much, too • Experian  888/397-3742 expensive or the wrong kinds of debt can make life • TransUnion  800/888-4213 difficult.

The basics Borrowing costs money. That is not necessarily bad. It just means that when you pay it back, you have to pay more than you borrowed. The components of a good debt strategy are quite simple: • Choose when to borrow and what to borrow for carefully. • Find the best interest rate and terms, based on your needs and wants. • Live up to your repayment responsibilities. • Periodically review your debt. Refinancing your mortgage or an auto loan may save you money.

Common sense borrowing habits

• • • •

Never borrow what you cannot repay. Never borrow for a luxury if you cannot afford the necessities. Prioritize your borrowing. Reserve some borrowing capacity for emergencies.

Getting help if needed Take action immediately if your borrowing is getting out of control. If credit cards are the problem, stop using them or even cut them up. Contact lenders to develop a workable repayment plan. A qualified credit counselor can help.

The importance of a good credit record

Consider all the terms

A good credit record does more than just make future credit approval easier to get. Most lenders use your credit record to determine credit limits and what rates to charge. A good credit record will save you money. A new program enables you to get a free credit report once a year. You can request your free report at the Website – www.annualcreditreport.com.

Comparing credit cards can be confusing. You have to consider interest rates, fees and associated benefits. The right card for you should reflect how you use it. If you pay the full balance monthly, the interest rate is of little concern. Focus on any annual fee and benefits such as airline miles or rewards features. If you carry over balances, the interest rate

Christmas Club Payout

It’s that time of year again! If you are one of the many members that have been saving smart this year by making regular deposits in to your ORNL FCU Christmas Club Account, you will see your payout transfer on October 31st! Funds will be deposited in to the share you designated upon opening your club account. Any and all funds in any Christmas Club Accounts will be transferred and new deposits after October 31st will go towards next year’s payout. ORNL FCU is looking forward to gearing up for the comes-way-too-soon holiday season. If you have any questions please visit any branch or call 1.800.676.5328.

should be a top concern. The “right mortgage” for you should balance interest rate, length, and down payment requirements that fit your situation. Adjustable rate mortgages usually have lower rates, but your payments may rise. Longterm mortgages usually lock in a higher rate. If you expect to stay in your current home only a few years, an adjustable rate mortgage may be best. If an increase in monthly payments would be too painful, look at a fixed rate mortgage or an adjustable one with rate adjustment limits.

Prioritize Borrowing Base d On Long-Term Value 1. College educations 2. Housing 3. True necessities 4. Autos 5. Major furniture purch ases 6. Vacations 7. Expensive jewelry rar ely worn

Summary Being conservative in your use of borrowing can help you take control of your financial future. Borrowing for the right reasons and living up to your repayment responsibilities can make borrowing a useful financial tool.

Understand & Improve Your Credit Score Seminar

C

ome learn how your credit

score is calculated, how you can improve your score, as well as how lenders use your score. Learning how to improve your credit

score is knowledge that can save you thousands of dollars in interest and payments during your lifetime of borrowing money. Your host, Brett Christensen, is an industry expert and will provide a learning experience that will be interesting, motivational and guaranteed to greatly improve your financial health.

November 14th • 6–7pm Oak Ridge Main Office • 221 S Rutgers Ave November 15th • 6–7pm Location TBD This seminar is free to the public, but RSVPs are required. To sign up, call 865.220.1014

.

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Time For New Wheels? Does a change in seasons mean a change to a new car, truck or RV? With rates as low as 1.99%APR*, we can get you moving!

•• New car purchases: Get behind the wheel of a new car, truck, boat or RV!

•• Used car purchases: Upgrade to a new-to-you vehicle that fits your lifestyle!

•• Refinancing: Move your loans from ••

other institutions to ORNL FCU and save big on your monthly payments! Dealership deals: We’ve made arrangements with participating dealerships for on-the-spot financing to get you out the door and into your new car quickly!

And if you close your loan before October 31st you’ll automatically be entered to win $2500 cash**! So apply today online at ornlfcu.com, by calling 800.676.5328 or visit any of our branch offices. *Annual Percentage Rate. Lowest rate based on Credit union’s Qualified Loan Program. New money only. Your rate may vary and is determined by your credit qualifications, amount financed, collateral, and loan terms. 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. **Visit ornlfcu.com for complete sweepstakes details.

Tips to Reduce Financial Anxiety Simplify your finances with these steps to take control of your financial future. 1. Have your paycheck or government check

Shred Days

O

RNL Federal Credit Union is

once again teaming up with Cintas Document Management Company for Document Shred Days. Credit Union

deposited directly into your ORNL Federal

members, as well as

Credit Union checking account.

the public, are invited

2. Establish a regular savings program by having

to bring any unwanted documents, especially those

$300 (or some other amount) transferred into

containing personal information, to one of the

a ORNL Federal Credit Union money market

Document Shred Day locations and have it safely

account each month.

and securely destroyed at no charge.

3. Have your auto loan and credit card payments

The following dates and locations of Document

automatically made from your checking

Shred Days are complements of ORNL FCU and are

account.

open to the communities.

4. Establish a home equity line of credit to be available for unexpected expenses. 5. Save for a child’s college education with an automatic transfer into a special savings account. 6. Review your 401(k) elections to make sure you are taking full advantage of the program. 7. Commit to having a financial review, including your estate plan and investment strategy, over

November 17, 2012 Lenoir City and LaFollette Branches

January 26, 2013

Madisonville and Morristown Branches

the next three months.

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R

MA

P.O. Box 365 Oak Ridge, TN 37831

3 7950

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

ZI P C

DE

IL E D F

OM

O

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

E-statements O

RNL FCU has a great way to keep you informed and help you “go green!” Enrolling in eStatements is quick and easy. Just log in to your Online Banking account, click on the eStatements link and follow the online instructions. While you’ll no longer receive a paper statement in the mail, you will continue to receive other mail correspondence from us. Every month, you will get an email sent to the address you provide letting you know that your statement is available through our secure Online Banking. Help ORNL Federal Credit Union do its part to save the environment by signing up today at any branch, or calling 1.800.676.5328.

Upcoming Events Parade Of Homes 28–30

November

14 &15

November

17

October

5–7

October

12–14

Seminar Improving Your Credit Score (see page 2 for more details)

Shred Day Lenoir City & Lafollette Branches (see page 3 for more details)

Officials

September

Marcella C. Catron, Chair Herb Debban, Vice Chair Jama Hill, Treasurer Wanda McCrosky, Secretary Leigha Edwards Randy Gorman Cindy Mayfield 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 January

26

*All locations except Madisonville, Morristown, and LaFollette

Shred Day Madisonville & Morristown Branches (see page 3 for more details)

Online Banking™

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 Walmart 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 189 Brooklawn Street 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 5