3% Home Equity Loan Members
save BIG over Bank Customers!

If a Home Equity Loan is on your 2010 to do list, look to your credit union.  Prime is at 3.25%, yet bank customers are paying over 5% on their home equity loans due to built-in rate floors. Plus, banks will likely have an annual fee and require customers to have additional products to qualify for their so-called “low promotional rate”.  Good thing credit unions are not banks.  

Compare Premier CU's rate to the National Average listed on Bankrate.com. Just look at how much a member can save in interest on a $30K Line of Credit!

Premier CU Member                    Bank Customer
3.50% Rate                                    5.30% Rate
Pymt:  $174                                   Pymt:  $203
Total Interest: $11,787                  Total Interest: $18,718

Premier CU's Home Equity Line of Credit is an excellent way to make a large purchase, consolidate debt, or plan for future expenses. Rates vary depending on the line of credit approved.

Credit Lines
$100,000 of greater         Prime - .25%:    3.00%
$ 50,000 or greater                    Prime:    3.25%        
$ 10,000 or greater         Prime + .25%:   3.50%

All loans require 80%LTV and a minimum first draw of $5,000.  These rates are as low as and may change based on a member’s credit history.  Prime Rate as printed in the Wall Street Journal. 

Premier CU can refinance loans from other financial institutions.  So, if you’re currently paying more elsewhere, call our Home Equity Specialists, Roseann & Roberta at 847-496-1634.  They can provide trusted advice and recommend the right program for you.  Click for all rates

*National Average rate published on Bankrate.com 12/7/09. This comparison does NOT take closing and annual fees into account.  Premier CU does not charge a fee; however, we do pass along 3rd party fees. Fees depend on individual loan circumstances.  However, the typical loan averages $360 in fees.  There is no annual fee.  HELOC = Home Equity Line of Credit.

*The Prime Rate as listed in the Wall Street Journal.  Prime Rate as of 12/15/09= 3.25%.  3.00% APR is based on Premier CU's Home Equity Line of Credit with a minimum credit limit of $100,000.  Lines of Credit $50,000 and above receive rates at Prime.  Lines of Credit under $50,000 receive a Prime +.25% rate.  Home Equity Line of Credit Loans require 80% LTV (Loan to Value).  Certain restrictions may apply.  **Each individual situation varies.  Please consult your tax advisor.      

University of Illinois Tuition Waiver

We would like to inform our members that a there is a tuition waiver available for children of Veterans living in Illinois. The waiver may be used for any University of Illinois campus. Up to six waivers per Illinois county are awarded each year, one for each of the following conflicts: World War II, Korean Conflict, Vietnam Conflict, Vietnam Conflict, Southeast Asia Conflict, Operation Enduring Freedom and Operation Iraqi Freedom.

Applications are now available and the deadline is March 1, 2010. To learn more about this tuition waiver, go to: http://www.DanRutherford.com.

Any questions can be directed to The Office of Student Financial Aid, Ph: 217-333-0100.

Premier CU VISA

Low Fixed Rates:                                   

13.92% Classic Card                              12.60% Gold Card

No Annual Fee                                                  No Default APR                                         ScoreCard Pts. for Travel or Gift Rewards         ScoreCard Pts. for Auto Loan Rate deductions

For more information or to apply click here.       

Pay Attention to Recent Notices from Other Credit Card Companies

Credit card companies have been disclosing the “changes” to consumers’ account terms.  If you take a look, you’ll notice that most credit cards rates are variable, likely indexed to the prime rate.  However, what used to be Prime + 4.99% is turning to Prime + 17.99%.   Well, it is not surprising.  Credit card companies will be held to tighter regulations in 2010 and profits must continue.  These higher variable rates also allow the credit card companies to change your rate whenever necessary.

Another trend you probably noticed is the lowering of credit limits.  Limits are being lowered on even the very best of cardholder accounts.  This can be troublesome for consumers in various ways.  The consumer has less ability to spend, especially in an emergency.  Consumers may be more apt to incur an over limit fee, especially if they didn’t realize their limit had been lowered.  Plus, credit scores can be negatively affected since FICO scores factor in consumers propensity to borrow. 

Call Premier CU’s VISA cards “old school”, but we haven’t made changes to our basic program in years.  We simply offer a straightforward VISA card with FIXED rates.    We’ve never added hidden restrictions or fees to make extra profits from members.  So now, our simple fixed rate credit card with reward points is in fashion again.  Imagine that. 

For more information or to apply click here.                               

Turn your Auto Loan
into a Tax Benefit

Yes, it’s true!  If you are a qualified homeowner…you may be able to deduct your auto loan interest. Yet, so many homeowners continue to miss out on the possible tax savings. 

Why?  The majority of consumers are not aware of the possible tax savings gained by this type of vehicle loan.  Most people assume they have to take out a full home equity loan to pay for their vehicle in order to receive tax benefits.  However, you can begin reaping the tax benefits within a couple days with an Auto Equity Loan.  This type of auto loan is the best-kept secret of the financially savvy, and it is available right here at your credit union!

An Auto Equity Loan is very smart and easy way to finance your vehicle. The loan is as simple as an auto loan.  There is no long application process or application fee.  No appraisal or title search is needed.  All that is required is a $50 recording fee.  The loan rate is the same as our regular auto rates.

If your auto loan is financed through a finance company and not your credit union, you still have time!  We can refinance your loan with an Auto Equity Loan.  Others have been taking advantage of this money saving tool, why aren’t you?

View Auto Loan Rates

Loan interest may be up to 100% tax deductible. Please consult your tax advisor for your possible tax savings. Each individual’s tax situation may vary. APR= Annual Percentage Rate.

Teaching Young Adults  Financial Literacy

Premier CU offers our members a free online tool to aid in teaching young adults about personal finance.  The tool is an interactive, online course taught by young people, for young people.  The program, FoolProof, is a turnkey financial education program consisting of online “modules” taught by young people.  The program not only teaches  young consumers about the importance of maintaining their finances, but it actually demonstrates the consequences of poor decisions.  Young consumers are attractive targets of financial scams.  It is important to arm the young adults in your family with information before they fall victim.   To access FoolProof click here.  You can preview the interactive modules yourself.  You may even learn a thing or two!

Attention Teachers:

Premier CU offers FoolProof for Students FREE for your school district. FoolProof offers self-grading tests and support materials for nine 45-minute classroom sessions.  There is NO cost to your school, and it is easy for teachers to add to their curriculum. (It really is turnkey – grading and all!) The program has been approved by the Jump$tart program and is designed to fulfill most major curriculum guidelines presented in both NEFE® and Jump$tart programs.  Please email Jennifer Fournier at jfournier@mycu.org if you are interested in learning more.

Your Money is SAFE at Premier Credit Union

Each Premier Credit Union share account is federally insured to at least $250,000 by the NCUSIF and privately insured for an additional $250,000 by Excess Share Insurance (ESI), the largest private deposit insurer.  Traditional and Roth IRAs are insured up to $250,000 by the NCUSIF and are also covered for an additional $250,000 by ESI.

Learn about Share Insurance                                           Your money at Premier Credit Union is federally insured by the National Credit Union Administration (NCUA).  The NCUA is an independent United States government agency that insures the deposits of credit union members nationwide.  The NCUA examines, supervises and insures both federally chartered and qualifying state chartered credit unions.  Premier Credit Union is a qualified state chartered credit union.

The National Credit Union Insurance Fund (NCUSIF) is backed by the full faith and credit of the United States Government.  The fund was established by Congress in 1970 to insure member share accounts at federally insured credit unions.  The NCUSIF is managed by NCUA under the direction of the three-person NCUA Board.  Not one penny of insured savings has ever been lost by a member of a federally insured credit union - NCUA.  

Basic Facts about your Share Insurance:

• Individual accounts with same account holder are totaled and insured up to $500,000
• Joint accounts are insured separately from individual accounts up to $500,000
• Includes funds in share, checking, money markets, and share certificate (CD) accounts
• IRAs insured separately up to $500,000
• There is no charge for share insurance protection

Financial Strength & Stability of your Credit Union    Premier Credit Union is financially strong.  We remain well capitalized.  Under our regulatory guidelines we must maintain a minimum capital ratio of 7% (net worth to total assets).  As of June 2010, our Capital ratio was 10.59% based on our quarterly filing with our regulators.  We are very highly capitalized especially compared to many of the largest banks in the country, which operate with a similarly computed ratio of approximately 6%.

Premier Credit Union has never made any of the highly publicized sub-prime loans that placed other financial institutions in troubled waters.  As of June 2010, Premier Credit Union has a minimal number of delinquent member loans.  We know that you trust us with your money and we will only invest and lend in an appropriate manner.

Our financial strength is also derived from our structure. The North Carolina Credit Union League President/CEO, John Radebaugh, explains why credit unions remained healthy due to the key difference in their structure.  "As cooperative financial institutions, credit unions are not reliant upon the capital markets for funding --but are instead funded through member deposits," he noted.  "As the credit crunch hits much of the economy, credit unions by contrast have money that they're ready to lend out to their members."

Lending Capacity Remains Solid                                        Our financial strength, structure, and lack of these risky sub-prime loans gives us the ability to lend in this environment.  That means our members can borrow as normal.  Our lending guidelines have not been scrutinized or tightened as with many other lenders today.  Our members do not have to jump through hoops to be approved for real estate, auto, and other consumer loans.

Thank You                                                                            We appreciate that you have chosen to be a member of Premier Credit Union.  We will always treat your money with the respect that it deserves.  As we consistently state:  we do, and will continue to, operate IN YOUR BEST INTEREST, ALWAYS.                                                                   

To view a short video about NCUA Insurance featuring Jane Bryant Quinn click here.

In fact, the credit union sector overall is solid and healthy.  The industry's federal regulator, Michael Fryzel, said as much on Friday when addressing the corporate situation:  "Credit unions that serve consumers remain very strong."

Similarly, Congressman Barney Frank, the chairman of the House Financial Services Committee, said recently that "If credit unions made all of the mortgage loans, then there would have been no sub prime crisis, and therefore no economic crisis."  And just a week ago, the Wall Street Journal published a big feature pointing out that while some of these "corporate" credit unions have had problems, in today's economy regular credit unions that serve consumers continue to be a safe haven and offer great value.

Premier CU has been serving members since 1961 and we remain SAFE, STRONG, & SECURE.