Applications for the Lee Flack scholarships will be available at the office on April 15. The credit union awards two $500 scholarships to graduating high school seniors. To qualify, the student must have been a credit union member by December 31, 2010, completed an application and have been accepted to a post secondary school or program. Scholarships will be awarded to the two students with the highest QPAs.
VASCO Federal Credit Union is committed to making available financial products and services that will enable you to meet your financial needs and reach your financial goals. Protecting personal information and using it in a manner consistent with your expectations is a high priority for everyone associated with your credit union. As a member of your credit union, you also have a responsibility to safeguard your financial information.
- your credit union will collect only the personal information that is necesaary to conduct your business. That means just what is necessary to provide competitive financial products and services and nothing more.
- Your credit union will protect your personal information. We will maintain strong security controls to ensure that member information in our files and computers is protected.
- you will always have access to your information. As a member of your credit union, you have the opportunity to review your information and make necessary changes to ensure that our records are complete and accurate.
- your credit union will only share information whenever it's absolutely necessary to do so. We will only share information to administer the products and services we provide, when required to do so by a government agency or when we partner with businesses that we select to offer a broad array of products and services.
A recent change in the Federal Reserve system's check processing operations has caused us to change our Funds Availability policy. For the most part you will not be affected by this change. Your credit union will, in most cases, make funds from your deposits available at the time of deposit. In some cases we may put a hold on your deposit. In all cases the first $200 will be available on the first business day after the deposit is made. The rest of the funds will be available on the second or seventh business day following the date of deposit. We will notify you if we are electing to place a hold on your deposit. If you would like a copy of our Funds Availability Policy, please contact us.
Credit unions are often categorized as being either full service or plain vanilla. The difference between the two is usually based on the quantity of services each offers. At your credit union we feel that we are closer to being a full service financial institution than plain vanilla. Are you taking full advantage of your credit union? If not, why? What could we do better? Are there services we do not offer that you would like to see us offer? As your credit union has added additional services we have found that fewer and fewer members take advantage of them.
How many of you are using a checking account at another institution? Do you have a debit card to use with your checking account? Are you aware that your credit union offers a debit card that allows you to use your card at either an ATM or at the cashier's desk or checkout line? Carrying a debit card is much safer than carrying cash. A lost debit card can be replaced, lost cash cannot. If your debit card is stolen, it can be blocked. Unauthorized purchases are not your responsibility. If cash is stolen, it is gone.
Our debit card program is in realtime. You can track your purchases on our online banking system. Ifyou have not signed up for our online banking system, what are you waiting for? Visit our website at www.vascofcu.com today and check it out. Our online banking system is in realtime. You see at home what we see at the office. (Our online system is unavailable during month end closing processing.) Because our system is in realtime you need not worry about overdrawing your account with your debit card. If you do not have available funds to cover a purchase, the purchase will be denied at the point of sale. Please call us with any questions you might have.
2009 is in the books. While it is common at the beginning of a new year to look back at the previous year and review what happened, there wasn't a lot of good to look back on as a whole. Sure the Steelers and Penguins both brought home championships but most of the talk was about the economy but we don't want to talk about that any more than we want to talk about the Steelers five game losing streak that finally came to an end as this newsletter went to print.
Let's resolve to have a better year in 2010. Interest rates are at an all time low. Despite this fact your credit union has been nearly overwhelmed by memeber deposits. Our assets have eclipsed $18 million. That's up over $5 million since December 2006. Our loans to members decreased slightly in 2009. This rapid increase in savings coupled with the decrease in loan demand will cause us to lower the dividend we pay on shares to 1.00% (APY of 1.01%) effective January 1, 2010. Our operating costs remain low despite the new services we introduced in 2009. The realtime home banking and debit and ATM card processing went live in November. This exciting product allows you to view your accounts as we see it from the credit union computers. Debit card and ATM transactions can be seen as they are conducted. If you haven't yet signed up for our new home banking product please visit our website at www.vascofcu.com. If you need help getting enrolled, please contact us at (724) 539-2858.
We wish you all a Happy New Year and promise that we will pay you the best dividend we can while offering our products and services at the lowest possible price! Thanks for belonging!