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We know that for various reasons, our members sometimes borrow money from another lender. Here is a great opportunity to move that loan back to DuTrac and save yourself some interest or pocket some additional spending cash!
For a limited time DuTrac Community will buy back any consumer loan you have with another lender and charge you up to 1%* LESS THAN YOU'RE CURRENTLY PAYING for the remaining term of that loan! If our standard rate is even lower, we'll give you the lower rate. Or, choose to receive up to 1%* cash back of the remaining loan amount! If you bring back a $25,000 loan you could pocket up to $250 cold hard cash!
To apply simply contact a Financial Services Consultant at (563) 582-1331 or (800) 475-1331 or apply online.
*A minimum rate of 4.74% APR applies. Loan payments must be current and standard credit criteria apply. Does not apply to real estate, home equity, or business loans. Cash Back offer to be re-paid if loan financed is paid off within 18 months. Minimum loan amount for Cash Back offer is $5000. Maximum Cash Back of $500. Offer expires 09/30/2008. Contact a Financial Services Consultant for further details.
Upcoming Seminars, Trips and Events For All Ages
Looking for something for yourself, children, or grandchildren to do this summer. Check out our Calendar of Events for upcoming trips and seminars for both young and old. Yes, there is place making your summer just a bit more fun!
Reward Yourself with a VISA Platinum
Our VISA Platinum credit card has always been an exceptional card that offers a higher credit limit with a low interest rate and no annual fee. But now this card doesn't stop there! We've upgraded our VISA Platinum to offer you the opportunity to obtain multiple cards with different card numbers as well as enroll in a free optional rewards program.
The free optional rewards program allows you to earn points for every dollar spent on purchases*. Our Choice Rewards brochure shows some of the great options available for points redemption.
By giving you the opportunity to obtain multiple cards with different card numbers you are able to carry a "spare" card in case of emergencies, have one card joint with your spouse and one individual card for yourself, or even give your child a card with a smaller limit for emergencies or to teach them how to use credit.
To enroll your VISA Platinum in free Choice Rewards or to sign up for additional cards, contact a Financial Services Consultant at (563) 582-1331 or (800) 475-1331.
If you do not currently have a VISA Platinum, but would like to take advantage of these great options simply apply now!
*Balance transfers and cash advances are not considered purchases. If points have been rewarded and an item is returned you will forfeit any points earned for initial purchase of the item.
Go "Green" With A CheckCard Plus!
 A DuTrac Community Credit Union CheckCard Plus has many pluses! A CheckCard Plus is a great way to save both time, money and paper. With a CheckCard Plus you are able to make purchases anywhere MasterCard is accepted and the funds are directly withdrawn from your checking account. It's like writing a check, without carrying around a checkbook. Plus there is no need to purchase checks. Using a CheckCard Plus is also much safer than carrying around cash. Sign up now to start taking advantage of all the CheckCard Plus has to offer!
* A DuTrac Community Credit Union Checking Account, in good standing, is required in order to receive a CheckCard Plus.
DuTrac Community Credit Union will never ask you for any personal and/or private information via e-mail. Should you ever receive a request for such information please contact a Financial Services Consultant at (563) 582-1331 or (800) 475-1331.
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Credit Unions: Safe and Sound
by Center for Personal Finance editors
Savings in every federally insured credit union are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury. The NCUSIF is administered by the National Credit Union Administration, an agency of the federal government, which insures your savings up to at least $100,000. Federal insurance protects your money at your credit union in share savings, share draft/checking, money market, share certificate, trust fund, and retirement accounts.
And funds in a federally insured credit union can be insured to a level much higher than $100,000, depending on how you establish your accounts. For instance, jointly owned accounts and accounts with named beneficiaries are separately insured up to $100,000. And individual retirement accounts (IRAs) and Keogh accounts are separately insured up to $250,000. The summary boxes illustrate coverage limits for various accounts.
NCUSIF coverage is to credit unions as the Federal Deposit Insurance Corporation (FDIC) coverage is to banks. The "full faith and credit" of the U.S. Treasury backs both funds.
So it's important to understand that, depending on the type and ownership of accounts, you can have more than $1 million in share insurance coverage. These examples show how account ownership and type affect insurance coverage.
Keep in mind, your federal insurance protection is calculated separately for each federally insured credit union or bank where you have savings.
Single Ownership Account
One person owns this type of account, including those in the owner's name; those established for the benefit of the owner by others; and those established by the person as a sole proprietorship business.
To determine coverage, the amounts in all single ownership accounts are added together and insured to a maximum of $100,000.
Accounts you hold in a fiduciary capacity are insured separately from funds in your individually owned account/s.
Joint Ownership Account
NCUA insures funds in joint ownership accounts--those owned by two or more individuals--separately from funds in single ownership accounts, in these cases:
• All co-owners are people; corporations or partnerships are not eligible.
• Co-owners have equal withdrawal rights and no dollar withdrawal limits.
• Each co-owner has signed the deposit account signature card.
Unless stated on the deposit account records, each co-owner's share of the account is equal in calculating insurance coverage.
To figure coverage, each individual's interests in all joint accounts are added together and insured up to $100,000.
So Susan has up to $100,000 insurance coverage on the funds she owns in her own name and up to an additional $100,000 insurance coverage for the joint accounts she owns with her husband—or any other person.
Revocable trust account (such as payable-on death, living trust, or testamentary accounts)--
NCUA separately insures, up to $100,000 for each beneficiary, accounts where the depositor indicates that upon his or her death, funds will be owned by one or more beneficiaries and these qualifications are met:
• The named beneficiary/ies is the account owner's spouse, child, grandchild, parent, brother, or sister, including those who are adopted or a result of remarriage, such as a stepchild or stepbrother.
• The owner spells out the intent for funds to belong to the named beneficiary by using terms such as "in trust for" or "payable on death" in the account title.
To figure account coverage, each account is insured up to $100,000 per owner for each qualified beneficiary. Jointly owned revocable trust accounts will have separate insurance coverage.
If a bank or credit union holding these revocable trusts were to fail, the government would pay out the funds to the people who are the owners of the funds—in this case to Susan and Joe. And there is separate insurance coverage for irrevocable trusts.
The self-directed retirement account
This account category includes IRAs and Keogh accounts. These accounts are insured separately from nonretirement funds, with each type insured up to $250,000.
Funds in traditional IRAs and Roth IRAs are added together and insured in the aggregate to $250,000. For deposit insurance purposes, the Coverdell Education Savings Account isn't considered an IRA, but is treated as an irrevocable trust account. Thus, your Coverdell funds will be added with your other irrevocable trust account funds and insured separately up to $100,000. A Keogh account is insured separately up to $250,000.
As shown, your credit union accounts can be insured well beyond the $100,000 general insurance limit.
Two other safeguards
First, your credit union operates with a safety net of capital--its undivided earnings and other reserves. The capital cushion helps each credit union weather temporary setbacks. And, your credit union maintains an "allowance for loan losses" account. This sets money aside to make up funds lost when members fail to repay loans.
Second, the U.S. government stands behind the NCUSIF. If widespread economic problems threaten the country's financial system, the "full faith and credit" of the U. S. Treasury assures that your savings in each federally insured financial institution are protected up to the federal insurance limits. And your credit union is examined regularly by federal and/or state regulators to make sure it is engaged in safe and sound operations.
Published September 3, 2008
From Home and Family Finance
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