The Messenger | Fall 2008

MORTON R. LANE STATE UNIVERSITY FEDERAL CREDIT UNION

Issue #82

The Credit Union Newsletter

Fall 2008

what’s in this issue…           

Enterprise Used Car Sale Home Equity Programs? Visa Win Win Win Contest Contest Winners Pandemic Planning Holiday Office Closings NCUA Loan Rates Dividend Rates Office Hours & Staff

October 10 – 11, 2008 9 am to 5 pm Eastern Hills Mall – Transit Road Williamsville, NY

6.50% APR (with payroll deduction)

 

8.25% *No Annual Fee *25-Day Grace Period *For an application, visit www.mortonlanedirect.com

Up to 72 Months Payback Every member who buys a car during this sale from Enterprise AND finances it through the credit union will receive a $250 Gas Card!

Are you ready for another Buffalo Winter? Is your house ready? Do you want to be a snowbird and fly South for a vacation? Be ready with our Home Equity loan programs. Choose from our fixed-rate at 6.50% or our variable-rate home equity loan. Our variable rate (based on Prime rate) will never fall below 6.00% or rise above 14%. We lend out 90% of the equity in your home for both programs. Your equity is the appraised value minus any home loans/lines of credit. Our home equity loans can provide the financial flexibility you need. You may use the funds for anything, such as home improvements, tuition, or debt consolidation. Your equity, your funds, your options. Call for more details and apply today.

Enter to win a $20 Deposit to your Savings account. Here’s how to win! Answer the following questions and return the questionnaire to one of our offices or log on to our website at www.mortonlanedirect.com and navigate to the forms section.

3 winners will be randomly selected out of all entries which contain all 4 correct answers. Not sure of an answer, don’t worry. Read our newsletter carefully. All answers are somewhere in this newsletter. The winners will be selected on December 1, 2008. Here are the questions: 1.

2.

What is the APR FOR THE 2-DAY ENTERPRISE SALE October 10 -11, 2008? What types of home equity loans does the credit union offer?

3. What do we recommend that all account holders have during a pandemic? 4.

Your savings are federally insured up to what amount by NCUA?

Pandemic Planning Remote Access to your Funds! A pandemic is defined as an epidemic of infectious disease that spreads through human population across a large region; for instance a continent, or even worldwide. A disease or condition is not a pandemic merely because it is widespread or kills many people. It must also be infectious. For instance, cancer is responsible for many deaths, but it is not considered a pandemic because the disease is not infectious or contagious (Wikipedia). This article is certainly not intended to scare anyone. In the (unlikely, but possible) event of a pandemic, it is important that you have access to your money. We are recommending that all account holders have an ATM or DEBIT card. Most of our members already have one of these cards. To order your card, call us or come to one of our offices or visit our website. If you have accounts at other financial institutions, follow the same advice and get a card to access your account there.

NAME ______________________________________ ACCT# __________ DAY PHONE ______________ ADDRESS ___________________________________ CITY ______________STATE ______ ZIP _______ EMAIL: _____________________________________ Only one entry per member. Deadline to submit your entry is Friday, November 28, 2008.

Congratulations!!! Congratulations to the 3 lucky winners of our Spring newsletter WIN WIN WIN contest. Donald Krzeminski, Diane Niespodzinski, and Dawn Greil each won a $20 deposit into their savings account.

Happy Holidays! The Credit Union will be Closed on the Following Holidays! Monday, October 13, 2008 – Columbus Day Tuesday, November 4, 2008 – Election Day Tuesday, November 11, 2008 – Veteran’s Day Thursday, November 27, 2008 – Thanksgiving Thursday, December 25, 2008 – Christmas Day Thursday, January 1, 2009 – New Year’s Day Monday, January 19, 2009 – King’s Birthday Monday, February 19, 2009 – President’s Day Monday, May 25, 2009 – Memorial Day Friday, July 4, 2009 – Independence Day

National Credit Union Association (NCUA) Share Insurance

Place your ad here! Call the Credit Union for details at 837-2007.

The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUIF), an arm of NCUA. This share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation. (FDIC). This insurance covers Savings (Share), Checking (Draft), Club, and IRA’s.

VERTINO PAINTING Painted for UB Presidents since 1983. Painted for Junior League show houses. Wall preparation before Painting: Repairs cracks, stains and water damage. Homes, Offices & Workspaces Custom Painting Custom Finishes

The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most statechartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government.

Best Painters…Best Prices

Ken Vertino 876-9615

VIP SUPER SAVER MOVIE TICKETS

$6.00 All Ages

Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government.

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

Here are some important facts to remember about your share insurance:

No Expiration Date

Perfect Gift for Every Occasion! Available at the Englewood Avenue Office.

Not one penny of insured savings has ever been lost by a member of a federally insured credit union. For Individual accounts the maximum insurance is $100,000 per person in one credit union. Joint account ownership entitles that same person to have additional insurance up to a maximum of another $100,000. If you have any questions, feel free to call us during business hours. On the web, you can visit www.ncua.gov for more information about the NCUA Share insurance Fund and you can use the Estimator which appears there to calculate your insurance coverage. You may also call the NCUA Insurance Call Center at (800) 755-1030.

LOAN RATES

Annual Percentage Rate with Payroll Deduction ** Rate Formula

Rate as of 09/18/08

Prime* Plus 0.00%

5.00%

VARIABLE SHARE SECURED LOAN

Prime* Minus 0.50%

4.50%

NEW AUTOMOBILE (Up to 72 Months) 100% of Purchase Price Plus Sales Tax

5.90%

5.90%

USED AUTOMOBILE (Up to 60 Months) 100% of Purchase Price Plus Sales Tax OR NADA Retail Value Plus Sales Tax

6.90%

6.90%

RECREATIONAL VEHICLE

6.50%

6.50%

NEW MOTORCYCLE

7.25%

7.25%

USED/REFINANCED MOTORCYCLE

7.75%

7.75%

PERSONAL LOAN (Up to $20,000)

9.00%

9.00%

Prime* Minus 0.50% Adjusted Quarterly

6.00%

FIXED-RATE HOME EQUITY LOAN

6.50%

6.50%

VISA CREDIT CARD

8.25%

8.25%

Prime* Plus 2.50%

7.50%

FIXED SHARE SECURED LOAN

388 Englewood Avenue Buffalo, New York 14223 (716) 837-2007 (Please direct all inquiries to this office.) Mon, Tues, Wed, & Fri Thurs

8:00 a.m. - 5:00 p.m. 8:00 a.m. - 6:30 p.m.

BUFFALO STATE COLLEGE

HOME EQUITY LOAN (Variable Rate) Prime* Minus 1.50% for first 6 Months

HEADQUARTERS

Floor 6%/Ceiling 14%

HOLIDAY LOAN (Avail. Nov. – Dec)

Call 837-2007 for details.

FIRST MORTGAGE

* PRIME RATE AS OF SEPTEMBER 18, 2008, WAS 5.00%. ** ANNUAL PERCENTAGE RATES ARE 1% MORE IF NOT REPAID THROUGH PAYROLL DEDUCTION. THIS DOES NOT APPLY TO VISA, SHARE SECURED, HOME EQUITY OR FIRST MORTGAGE LOANS. ALL RATES, TERMS & FEES SUBJECT TO CHANGE WITHOUT NOTICE!

1300 Elmwood Avenue (HA-105) Buffalo, New York 14222 Mon Thurs Fri

8:00 a.m. - 12:00 p.m. 1:30 p.m. - 4:00 p.m. 8:00 a.m. - 12:00 p.m.

AMHERST OFFICE State University of New York North Campus, 326 Crofts Hall Amherst, NY 14260 Tues & Fri Wed

1:00 p.m. - 4:00 p.m. 8:00 a.m. - 12:00 p.m.

ROSWELL PARK OFFICE Roswell Park Hospital Elm & Carlton Streets (Science Bldg. 1927) Buffalo, New York Mon Tues & Thurs

12:30 p.m. - 4:00 p.m. 8:00 a.m. - 1:00 p.m.

M A T T Member Access Touch-tone Teller (716) 837-0649

DIVIDEND

NEWS

Dividend amounts are calculated on your average daily balance for the quarter and posted on the last day of each quarter. Accounts must remain open to the last day of the quarter.

ACCOUNT TYPE PRIMARY (REGULAR) SHARES $ 500 TO 1,999.99

Annual Yield

VISA CREDIT CARD ACCOUNT ACCESS

3rd Quarter 2008

3rd Quarter 2008

www.mortonlanedirect.com

0.30%

0.30%

$

2,000 TO 4,999.99

0.50%

0.50%

$

5,000 TO 9,999.99

1.00%

1.00%

1.75% 3.00%

1.76%

$ 50,000 OR MORE $100,000 + MORE

3.25% 3.50%

3.29% 3.55%

INDIVIDUAL RETIRMENT

2.50%

2.52%

HOLIDAY CLUB

1.00%

1.00%

SHARE DRAFT ($500 or more)

0.30%

0.30%

$ 20,000 TO 49,999.99

3.03%

Notice From The Supervisory Committee Day-to-day account questions should be directed to the Credit Union personnel. If your problem is not solved to your satisfaction at the Credit Union office level, direct these problems to the Supervisory Committee. The following members of the Supervisory Committee are authorized to handle your Credit Union related concerns. Michael Bondanza (Chair) 833-9670

www.mortonlanedirect.com

Annual Percentage Rate

\

$ 10,000 TO 19,999.99

HOME BANKING INFORMATION

Khuda HS. Rahman 849-6754

Margarita Vargas 645-6000

EMAIL [email protected] BOARD OF DIRECTORS Thomas Schroeder. . . . . . . . . . . . . . . . .President Lawrence Lane . . . . . . . . . . . . . . .Vice President Margarita Vargas. . . . . . . . . . . . . . . . . .Treasurer Ronald Rabin. . . . . . . . . . . . . . . . . . . . .Secretary Susan Earshen Marsha Jurkowski L. Jean Young OFFICE STAFF Judy Bleichfeld. . . . . . . . . . . . . . . . . . . . . . CEO Bonny Chambers . . . . . . . . . . . . . . . . . .Manager Amy K. Kelly . . . . . . . . . . . . . Admin. Secretary Wanda Hasbrouck . . . . . . . . . . . . . Senior Teller Candy Carroll . . . . . . . . . . . . . . . . . . . . . . .Teller Ryan Kruse. . . . . . . . . . . . . . . . . . . . . . . . . Teller Marie Munley . . . . . . . . . . . . . . . . . . . . . . .Teller