*APR=Annual Percentage Rate. Rates based on evaluation of credit score, and actual rate may vary. Rates subject to change without notice, and not all applicants will qualify. Other rates and terms available. No coupons or discounts available. Offer expires October 31, 2015. Home Equity (HE) Fixed Rate Loan – Payment Example: $28.87 per month for every $1,000 financed at 2.50% APR. $50 government recording fee due at time of application. HE loans are limited to 85% of property value minus any existing liens. Loans are limited to one-to-four family, owner-occupied or second homes that are residential properties. Loans are limited to Berks, Bucks, Carbon, Lehigh, Montgomery, Northampton and Schuylkill Counties. An appraisal may be required at time of application at borrower’s expense, and any amount over $200,000 requires an appraisal. New/Used Auto Loan – Payment Example: $28.21 per month for every $1,000 financed at .99% APR. Personal Loan – Payment Example: $30.99 per month for every $1,000 financed at 7.25% APR. Seasonal Loan – Payment Example: $84.92 per month for every $1,000 financed at 3.49% APR.
 Children’s Christmas Party
(ages 10 and under)
Before you know it, the holidays will be here! Save the date for the Children’s Christmas Party which will be held on Saturday, December 5th at Trexler Middle School. Children can enjoy a snack & juice, receive a craft bag, and have the opportunity to sit on Santa’s lap and tell him what they want for Christmas! Watch your mail for more information. This event is limited to the first 200 members age 10 & under. Look for your invitation in the mail in October and sign-up early! The RSVP deadline is November 1st.
Kirby & Claim Your Youth Summer Reading Program & More
Once again our Summer Reading Program was a huge success! 178 Kirby and CYY members participated in the program by reading more than 170,454 pages! Great work by all our young members! Also, CYY member Caleb Smith was our 2nd quarter drawing winner. Caleb received a $100 deposit. If you’re age 13-17, stop into the credit union and enter.
International Credit Union Day Celebrates People Helping People
On October 15, 2015, credit unions around the world will celebrate International Credit Union Day (ICU Day).
Since 1948, on the third Thursday of every October, credit unions have celebrated a simple but radical idea—that by working together, people can improve their financial well-being. “People helping people,” this year’s ICU Day theme, is the foundational philosophy of the credit union movement, going back to the very beginning.
 In 1850s Germany, a group of weary workers formed the world’s first credit union. Suffering through an economic downturn and tired of loan sharks exploiting them, they banded together to provide affordable credit to each other. Not-for-profit and governed by and for the people who created them, credit unions not only gave working-class people a way to break a cycle of debt that had bled them of any financial gains. It showed them, for the first time, a path to prosperity.
It’s no wonder then that when economic times are hard, credit unions flourish. Credit union membership swelled during the Great Depression and again during the recent Great Recession. Today, there are more than 200 million credit union members worldwide—100 million of them in the United States.
The World Council of Credit Unions, supported by credit unions in the U.S., works to develop credit unions around the world because they believe that every person deserves access to affordable, reliable financial services. As not-for-profit financial cooperatives, credit unions are governed by their members—one member, one vote. In many countries, credit unions offer people their first true taste of democracy.
“Credit unions must do their part. We must share our knowledge, our experience, and our dreams,” World Council Board Chairman Grzegorz Bierecki said earlier this year.“ It is the duty of free people to support freedom.”
At its most basic level, a credit union is people pooling their money to provide each other with affordable loans—a credit union is literally people helping people. This is why we celebrate ICU Day at LVECU. This simple idea empowers people, wherever they are in the world or life, to take control of their own financial future.
So when we wish you a Happy ICU Day at LVECU, know that we’re thanking you for belonging to a movement that’s helping your neighbors—and people around the world—grow and thrive and follow their dreams.
Board of Directors Election 2016 ... Your Chance to Make a Difference!
Elections for the 2016 Board of Directors will be here before you know it. Make sure to let your voice be heard by voting for the credit union leaders who will work for you.
To become even more involved, you can contribute your time and talents by running for one of three board positions. Any member in good standing who would like to be nominated for the positions available may send a letter of introduction (100 words or less) to: Nomination Committee, c/o LVECU, 3720 Hamilton Blvd., Allentown, PA 18103. The deadline for receiving letters is November 30, 2015. Ballots and biographies will be mailed (if necessary) to all members age 12 and over after the close of nominations.
By a resolution of the Board of Directors, incumbent directors will be automatically re-nominated if they wish to run. The Nominating Committee may nominate one additional person for each position. Anyone not nominated by the committee may have his/her name added to the ballot for any position by submitting a nominating petition with the signatures of 25 LVECU members. Petitions are available at the LVECU Main Office.
Nominees must be members in good standing as defined by the following criteria: all entrance fees have been paid, all loans with the Credit Union are current, and the Credit Union has suffered no losses as a result of a charge-off or discharge in bankruptcy of any loans or obligations.
 Visa Travel Money Cards Now Available with EMV Chip Card Technology!
- Can be used at ATMs and most merchants
- Cards are issued instantly
- $3 fee when purchasing card
- Can be funded for amounts from $100 to $5,000
Other fees and restrictions, ask for details or click here.
2016 Scholarships
LVECU will be awarding ten $1,000 scholarships to members who will be full-time undergraduate students during the upcoming 2016-2017 school year. Applications will be available November 1, 2015 on our website or at either office.
How You Can Do Better Than 0%
by Consumer Education editors
When it comes to auto loans, a 0% interest rate is a head turner. But it’s not always the best deal.
Car dealerships generally advertise 0% offers in the summer when they’re looking to make room in the showroom for newer models. The offers come from the financing arms of the large auto manufacturers, who unlike traditional lenders profit directly off the sale of the car and don’t necessarily need the interest revenue.
But like any great deal—there’s a catch. The New York Times reports that only about 10% of consumers actually qualify for 0% interest loans, which require pristine credit—usually a FICO score of 720 or higher. And the loans typically are reserved for a limited number of models and are not available if you’re shopping for a used car, which obviously tend to cost less than newer models.
These 0% loans often are paired with shorter-term loans, which cost you less overall but mean a higher monthly payment.
Before you head to the dealership, click here and keep these points in mind.
 2015 Holiday Loan
If you’re like most people and didn’t save enough for the Holidays again this year, try a Holiday Loan from LVECU. With rates as low as 3.99%* apr for 12 months, you can borrow from $500 to $2,500 and stop stressing out about how to pay for everything on your list.
*You pay $85.15 per month for every $1,000 borrowed. Not all applicants will qualify and your actual rate may vary. Rates subject to change.
Defaulting on Your Student Loans Is Awful Advice
by Center for Personal Finance editors
NEW YORK (6/23/15 – A nascent movement encouraging young people to default on their student loans is starting to gain media exposure, and if it gains traction, it could spell doom for thousands of borrowers’ finances.
In a widely circulated opinion piece titled “Why I Defaulted on My Student Loans” that ran in The New York Times earlier this month, writer Lee Siegel encouraged the millions of young people who collectively owe more than $1 trillion in student loan debt to follow his lead and stop paying them back (June 6).
“The Department of Education makes it hard for you, and ugly,” Siegel writes. “But it is possible to survive the life of default. You might want to follow these steps: Get as many credit cards as you can before your credit is ruined. Find a stable housing situation. Pay your rent on time so that you have a good record in that area when you do have to move.”
As many consumer financial experts quickly pointed out – this is truly terrible advice.
For some facts that Siegel failed to mention, click here.
Financial Literacy Help for Educators!
If you’re looking for a way to introduce financial literacy to your students, LVECU can help! We have a financial literacy resource available through our website called Practical Money Skills for Life. You can find Practical Money Skills for Life on our Links page, click on the ‘For Educators’ tab (or follow the link below), and you will have access to teaching guides and lesson plans for students age K-12 and beyond. It’s a great resource, it’s FREE, and it’s just one more benefit of being an LVECU member!
Click here for more information.
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