Northeast Family Federal Credit Union

Are your debts too much to handle?

Click here for a full page, full color view of the flyer to the left.

Then, once you've seen how we can save you money, click here to open an application.

Complete it and bring it in to any office. We can help pay off those debts faster, without increasing your monthly payment.

Making the Most of Low Prices . .

It can be really tempting. Prices are so low right before the holidays-and certainly after-that you just want to 'stock up' on things because you may need them later. If you've ever gone to the mall with a short list of things you want to buy but came home with tons of bags, not because you wanted to buy stuff to feel good, but because you couldn't resist the bargains, you know exactly what I mean. And it isn't just the mall. Ever go to Wal-Mart the day after Christmas and walk through the aisles of gift baskets, chocolates, and other holiday items that are all marked down to 50%? Enough said.

Here's a three-pronged approach that usually helps:

1. Avoid the situation if at all possible. Your Macy's credit card will get you deep discounts at Macys, but it comes at the price of high interest rates if you don't pay it off every month. Consider giving up the card, forgoing discounts in the long run, but buying what you truly need, not more than you can use because you had a savings pass in your pocket.

2. Decide in advance how much you'll spend, and what you want to get. For example, if you know the spa baskets at your drugstore are going to be marked down to ridiculously low prices, decide before leaving home how many you're going to buy. Be firm and don't go over that limit!

3. Return things. If you get home and realize you bought more tablecloths (yeah, I know, the price was unbelievable!) than you can realistically use, both at home and for gifts, return the others, no matter how cheap they were. All those $2.99 charges add up!

You CAN save money by shopping pre and post holiday sales. However, if you buy things just because the price is right, you'll end up with a closet full of clothes and nothing to wear, a house full of 'stuff' and nothing to do with it. Think ahead, decide what you need and be firm in your decision. When you get to the store, you'll be able to get what you've already decided to get at low prices and not be tempted to buy everything else.

Credit cards

Phishing Scam

Recently we've noticed an increase in debit card phishing. For your safety, please do not give out any type of personal information over the phone if you are not sure about the validity of the call. Northeast Family FCU will not ask you for personal information including your account number, debit card number or PIN. If you have recently been contacted about your debit card being blocked, or you have further questions, please contact the credit union immediatley at 860-646-8870.

Credit cards

How Can Credit Unions Offer Better Credit Cards Than Banks?
Well first of all, for the novices:

1) Credit Unions are non-profit and do NOT have stockholders as banks do. Credit Unions have "members" (you!), so any profits are returned to the members in forms of reduced loan rates and increased savings rates. Banks have stockholders to answer to-credit unions have their members to answer to (You!). And we all know what a FINE job the banks have been doing the past several years!.

2) Credit Unions do need to generate a certain amount of income to cover their expenses for offering a card program: Card Processing Costs, Charge Offs/Loan Losses, Fraud, Marketing, Insurance, Salaries, etc. So in all honesty, they do need to make some money.

3) Credit Unions do not saturate the market with extraordinary marketing expenses. Do you remember the time when pre-approval offers where showing up in droves in mail boxes? Their marketing costs are much lower, as they mostly have a loyal group of members. Credit Unions are not interested in being the BIGGEST, but are interested in being the BEST! The marketing expenses are a FRACTION of what banks have.

Typically the revenue generated by a credit union card program is as follows:

    55% Finance Charge Income
    10% Interchange
    35% Fee Income

Whereas, the typical credit card revenue for a bank card program:

    70% Finance Charge Income
    15% Interchange Fee Income
    15% Fee Income

See the difference here? Banks receive a GREAT DEAL of their income from FEES, which is why so many of you are seeing increases in your APR's and other fees the past several months, BEFORE the Credit Card Act takes effect in Feb 2009. The fact that the Overlimit Fee is going away with some issuers, is a bit misleading...as the banks will get you in other ways: higher APRS and higher fees are becoming rampant!

Stay tuned....because NOT ALL CREDIT UNION Card Programs are Created Equal!

Did you know?

Children are 51 times more likely than adults to have their identity stolen, said AllClear ID.
With children, the crime goes unnoticed for years and is usually not detected until the child attempts to obtain credit or applies for a job, college or government benefits. By then, the damage is done, said NFCC. (National Foundation for Credit Counseling.)
Other statistics related to child identity theft, from AllClear ID and the Carnegie Mellon Cylab:
The youngest victim is only five months old; About 54% of victims are under the age of 12;

The largest debt accrued with a child’s stolen identity: $725,000;
A two-year-old was placed into bankruptcy; and A nine-year-old was in debt collections.
Thieves are also stealing personal data left on old cell phones. “People are eager to cast aside their old phone in favor of the newest gadget, often forgetting that the old phone held passwords account numbers, PINs and other personal information that is a goldmine to a thief,” said Cunningham.

911 Cell Phone joined the PYIW campaign to help consumers safely rid themselves of unused cell phones. 911 Cell Phone wipes the phones clean and returns them to law enforcement officials across the country to distribute free to those in need, such as senior citizens and abuse victims.

Good reason to utilize the www.annualcreditreport.com site. Pull reports on your children and grandchildren, no matter the age. regularly to help combat Identity theft.

We serve you.

Skip-a-Pay

Home Equity

Home Equity Loans Give You Room For Improvement
It's a tough choice for a homeowner: Move into a new house, or improve the one you have. It seems so easy to call a realtor and arrange a showing. But your current home has something no new home can offer--equity.

Home equity is on the rise, providing homeowners a ready financing source to turn home sweet home into home sweet dream home. On average, homeowners spend 18 months planning home improvements. It's time well spent; some renovations pay off better than others. Bathroom and kitchen renovations provide the greatest return, between 90% and 95%. Decks and home offices hold the low end, between 65% and 70%.

As you plan, look beyond your house to your neighborhood. Will renovations put you in a different league--and price range--than your neighbors? Also, keep in mind how long you'll be in your house. If you're going to fix it up and sell in six months, you'll get all the pain of remodeling and not much gain. But if you plan to live in the house more than three years, it makes economic sense to remodel.

How do you calculate your available equity? First step: Say you made a down payment of $20,000 on a house priced at $100,000 five years ago. Since then, you've paid $15,000 toward the principal, and the market value of your house has increased to $115,000. The sum of your down payment ($20,000), principal paid ($15,000), and the increase in property value ($15,000) gives you $50,000 in equity.

Second step: Ideally, what you owe on your home--mortgage plus home equity loan--shouldn't exceed 80% of your home's value. So 80% of $115,000 suggests, if you meet other lending yardsticks, you may be eligible for as much as a $27,000 home equity loan (house is worth $115,000; 80% of that is $92,000; you still owe $65,000 on the first mortgage; so $92,000 - $65,000 = $27,000).

Call Erika, Alex or Sandy to discuss your home equity loan options today. 860-646-8870.

Surcharge-FREE ATM

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Newsletters

February 2010 January 2010

Expert advice available

Get expert advice any time of day on the following topics:

Credit Management
How to Avoid Identity Theft
Checking Account Management
Used Car Buying
New Car Buying
Home Buying
Couples & Money

Just click on a link below to be redirected to the tutorials (in english or spanish):

Current Credit Union Financials

This is a copy of our latest financial report.

These reports are unaudited.

Please feel free to call or e-mail the credit union if you have any questions.

A message from the President

The current economic crisis has many members asking how Northeast Family Federal Credit Union is doing. I am pleased to report that your credit union is performing well and is safe and sound.

Northeast Family Federal Credit Union…

has a large capital base that is 9% of assets and is considered well capitalized by the National Credit Union Administration.
has not participated in predatory sub prime lending.
cannot invest in stock, so Northeast Family is not exposed to the unpredictable stock market.
members’ deposits are insured up to $250,000 by the National Credit Union Administration and backed by the full faith and credit of the United States Government.*
has always adhered to prudent lending standards and only lends to members. As a result, delinquency and charges offs are manageable.

As a cooperative, Northeast Family Federal Credit Union is owned by its members. We are truly a locally owned financial institution whose mission is service to members. We have money to lend and want your deposits. If you have questions, feel free to contact me directly at 800-201-2031 extension 123 or through our website www.nefamily.coop. Thank you for your continued support and confidence in Northeast Family Federal Credit Union.

Sincerely,

Joanne Todd

President/CEO

HOLIDAY CLOSINGS

2011 Holiday Closings:

January 1                         New Year’s Day
January 17                       Martin Luther Kings Day
February 21                     President’s Day
April 22                            Good Friday
May 30                            Memorial Day
July 4                              Independence Day
September 5                    Labor Day
October 10                      Columbus Day
November 11                   Veteran’s Day
November 24                   Thanksgiving Day
December 26                   Christmas Day

2012 Holiday Closings:

January 2                         New Year’s Day
January 16                       Martin Luther Kings Day
February 20                     President’s Day
April  6                            Good Friday
May 28                            Memorial Day
July 4                              Independence Day
September 3                    Labor Day
October 8                      Columbus Day
November 12                   Veteran’s Day
November 22                   Thanksgiving Day
December 25                   Christmas Day