MONEY MARKET ACCOUNTS: A SMART CHOICE IN UNSTABLE ECONOMY
Take advantage of this incredible opportunity to grow your money using your existing Money Market Account. Simply make a deposit of at least $500 and receive a 90 day BONUS interest rate increase. 1
Here’s How It Works:
Make your initial deposit into a new or existing Money Market Account between August 11 and October 31, 2008 and receive a bonus interest rate increase. Your interest rate increase is effective for 90 days from the date of your initial deposit and applies to your entire money market account balance. Take a look at the chart below to see the levels of interest rate increases that you can receive.
Initial Deposit Amount |
Interest Rate Increase |
$500-$9,999 |
0.25% APY* over current interest rate |
$10,000-$24,999 |
0.50% APY* over current interest rate |
$25,000-$49,999 |
0.75% APY* over current interest rate |
$50,000+ |
1.00% APY* over current interest rate |
The higher your initial deposit, the more interest you will earn. It’s just that simple!
Here’s Why It Makes Sense:
With the uncertainty of today’s economy, it is important to be able to access your money in case of emergencies. High rate CD offers from other institutions require long term commitments that will cut off access to your funds, limiting your ability to respond to changing economic conditions. An SC Telco Money Market Account allows you access to your funds 2 in case of emergencies while providing you a high yield return. It’s the best of both worlds! Plus, our Money Market Accounts are federally insured by the NCUA.
ACT NOW:
Stop in at any one of our eight branch locations to make your initial deposit and claim your bonus interest rate increase today or call us at 1-800-922-0446. We value your membership and look forward to continuing our partnership to improve your financial life.
*Annual Percentage Yield.
1 Rate increase based on dollar amount of initial deposit made between 8/11/08 and 10/31/08 and is applicable for 90 days from date of initial deposit. $500 minimum deposit required to receive rate increase. Terms, rates and conditions subject to change without notice.
2 Maximum of six (6) transactions per month with a maximum of three (3) of those withdrawals being by paper check. Fee of $8 applies for transactions over the 6 allowed monthly transactions. Cash withdrawals, transfers, checks or drafts must be for a minimum of $500.00.
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Dear Valued Members:
I would like to take just a moment to address concerns of the stability of our organization and the financial services industry in light of the recent bank failure of Indymac Bank and the government bailout of Fannie Mae and Freddy Mac.
First, let me reassure you that SC Telco Federal Credit Union is financially rock solid. There has never been a better time to be a member of SC Telco than there is right now. Through this tough economy, we have consistently found safe ways to grow the credit union. We never entered into marginal practices such as subprime mortgage lending, our capital is 145% of the regulatory requirement of a "well capitalized" credit union and our net income is well above our peers. Also, delinquency and loan losses are at near record lows for the last 20 years. In short, this simply means that we are growing a strong and stable financial institution through sound lending practices, quality products, and tremendous member service.
SC Telco has been issued a clean audit opinion for 2007 by our independent audit firm and the same practices that delivered this clean audit opinion are making us stronger in 2008. While banks and mortgage providers struggle with the issues such as high foreclosure rates and poor lending practices, SC Telco continues to be a beacon in the storm. Your money and your future are safe within the rock solid walls of your credit union.
"Not one penny of insured savings has ever been lost by a member at a federally insured credit Union."
– National Credit Union Administration
As a reminder, your deposits are insured to at least $100,000 by the National Credit Union Share Insurance Fund, an arm of NCUA, established by Congress in 1970 to insure member share accounts at federally insured credit unions. Higher amounts are possible – talk to your local branch manager for details. In addition, a share insurance estimator (calculator) is available on NCUA’s website at http://webapps.ncua.gov/ins/.
Please feel free to review our Annual Report for year ending 2007 for more detailed financial information. If you have any additional questions or concerns, please feel free to call us at 1-800-922-0446. As we march onward into the future we hold our mission statement close to our hearts, and that mission is to improve the financial lives of our members.
Sincerely,
Steve Harkins
President and CEO
MORE INFORMATION FROM THE SOUTH CAROLINA CREDIT UNION LEAGUE:
How safe is your money? Hear a top federal official explain how savings in a credit union are fully insured by a U.S. Government Agency in a video posted today to CUNA's website.
In the presentation, NCUA Board Vice Chairman Rodney Hood explains in clear and familiar terms how credit union savings are insured – “just like the FDIC does for banks” – by the NCUA. Vice Chairman Hood made the comments last spring during an appearance on “Home and Family Finance Radio,” presented by America’s Credit Unions.
Click here to view this presentation.
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We Will Lower Your Car Payment!
Gas prices are not only driving up the cost at the fuel pump, but it is now affecting everything from the cost of food to additional fees for pizza deliveries. With no relief in sight, you need to find ways to off set these costs. WE CAN HELP!
Give us 5 minutes and we'll show you how we can lower your car payment. Lower monthly payments will free up additional dollars to off set the rising cost of gas, food and other commodities. If we can't save you money, we'll refinance your car and give you no payments for 3 months and no interest for 2 months. Either way, you save!
Stop in today for more information or call 1-800-922-0446.
** Rate varies based on credit worthiness. Offer good May 5, 2008 to September 30, 2008. Some restrictions may apply. Actual term of the loan begins no sooner than 60 days after the loan origination and payment is based on actual term. All loans subject to credit approval. Existing SC Telco FCU auto loans are not eligible for refinancing with this offer. Programs, rates, terms and conditions are subject to change without notice.
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NO PAYMENT, NO INTEREST!
Buying a car? Talk to us first! With rates as low as 4.9% APR*, now is the time to finance your new car with us. PLUS, get NO PAYMENTS for 3 months, NO INTEREST for 2 months. When you finance through SC Telco, you can be approved for your loan BEFORE you shop for your new car.
PLUS, when you buy a used car that is 3 years old or less, you qualify for NEW CAR RATES.
RATES AS LOW AS 4.9% APR*
NO PAYMENTS FOR 3 MONTHS
NO INTEREST FOR 2 MONTHS
APPROVAL BEFORE YOU SHOP
NEW CAR RATES FOR USED CARS 3 YEARS OLD OR LESS
Why wait? Stop in today for more information or call 1-800-922-0446.
*Annual Percentage Rate. Rate is based on an A+ credit rating, 48 months or less financing, and having three eligible services. Rate varies based on credit worthiness.
** Rate varies based on credit worthiness. Offer good May 5, 2008 to September 30, 2008. Some restrictions may apply. Actual term of the loan begins no sooner than 60 days after the loan origination and payment is based on actual term. All loans subject to credit approval. Existing SC Telco FCU auto loans are not eligible for refinancing with this offer. Programs, rates, terms and conditions are subject to change without notice.
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WIN $100 AND A LAPTOP COMPUTER
What if I told you that you could be registered to win $100 and a laptop computer while keeping your identity safe and saving the environment? How you ask? The answer is simple. Register today for e-statements. E-statements protect your identity from mail box thieves who seek any type of information that would assist them in stealing your identity. They also reduce the number of statements we mail out, saving trees in the process.
Every month in 2008, we will select one member who has registered for e-statements within that month to receive a $100 Visa gift card. All members who register for e-statements between January 1 and June 30, 2008 will be registered to win a laptop computer. Members who register between July 1 and December 31, 2008 will be registered to win another laptop computer.
Protect my identity. Check
Do my part to save the environment. Check
Win $100. CHECK
Win a Laptop Computer. CHECK
What could be easier? Click here to find out how to register for e-statements!
Drawing for new e-statement registrations only. $100 Visa gift card winner will be drawn monthly from a list of e-statement registrations received within that month. Laptop computer winners will be drawn from a list of e-statement registrations received 1/1/2008-06/30/2008 and 07/01/2008-12/31/2008.
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