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What's New - U.S.
Busch Gardens & Water Country USA Ticket Discounts
Credit Union Stabilization: National Credit Union Administration
Notice from your credit union
Creditors may be hurting your credit score
Invest in America
New 24/7 Call Center available
Credit Card Statistics
Where do you read your Entrust FCU newsletter?
TurboTax
Newsletters On-line
Busch Gardens & Water Country USA Ticket Discounts
Discounted tickets are available at Entrust FCU:
Busch Gardens Adult - $52.00 (savings of $9.95 from face value)
Busch Gardens Child - $42.00 (savings of $9.95 from face value)
Water Country Adult - $36.00 (savings of $6.95 from face value)
Water Country Child - $29.00 (savings of $6.95 from face value)
Credit Union Stabilization: National Credit Union Administration
On January 28, 2009, the Board of the National Credit Union Administration (NCUA) acted to stabilize a part of the credit union system that is under stress due to the dislocations in the mortgage market. These actions resulted in all federally insured credit unions being required to write-off a portion of their deposit in the National Credit Union Share Insurance Fund (NCUSIF), and the assessment of a premium in order to maintain a robust and strong federal insurance fund for credit union members.
NCUA is committed to protecting your funds in a federally insured credit union, and will continue to take all steps necessary to preserve a safe and sound credit union industry.
These difficult economic times are affecting all financial institutions, including credit unions, particularly in the area of earnings. Your credit union has information available that will clearly detail the impact that the insurance assessment may have had on your credit union's earnings. It will enable you, as a member-owner, to get a better picture of the financial condition of your credit union.
It is important to remember that your funds in a NCUSIF-insured credit union are backed by the full faith and credit of the United States Government, up to at least $250,000 per account.
If you have questions, please talk to your credit union or visit the NCUA website at www.ncua.gov.
RESPONSE FROM ENTRUST FEDERAL CREDIT UNION
The effect of the write-down and assessment on this credit union was $513K. It reduced our net worth to 9.56%. A credit union is considered well-capitalized at 7.00% or higher so we continue to be very strong and healthy financially. If you have any questions, please feel free to direct them to Susan Adams, President/CEO. Thank you for your continued support and making us your financial institution of choice.
Notice from your credit union
You may have recently seen news about the decision by the National Credit Union Administration (NCUA) to place into conservatorship two wholesale corporate credit unions: US Central Federal Credit Union and Western Corporate Credit Union. Many institutions are struggling during these difficult economic times. But rest assured, these actions do not impact you as a member of Entrust Federal Credit Union. Our credit union remains safe, sound and strong.
The two institutions in question are corporate credit unions, chartered to provide products and services only to the credit union system, specifically the credit unions who are members of the corporate credit unions. These corporate credit unions do not serve consumers. The conservatorships mean that these corporates services to credit unions will continue uninterrupted. There is no impact on any of the 90 million credit union members nationwide or to the members of Entrust Federal Credit Union.
Credit unions remain extremely strong, even during these challenging economic times. Nationwide, credit union net worth is at near all time highs at almost 11%. Regulators consider a credit union well-capitalized at 7%. Of more importance to you, Entrust Federal Credit Union has more than $5 million in net worth (approximately 9.56% net worth ratio) and your accounts are federally insured up to $250,000.
Creditors may be hurting your credit score
Once upon a time the credit card issuers handed out credit lines to customers and potential customers easily and with glee. But one day, the economy was not as good as in the "old days" and the credit card issuers became uneasy. They began to chop, chop, chop away at the lines of credit they had once been proud of issuing. Angry cardholders protested but this was to no avail. Unfortunately, nobody lived happily ever after ...
This is not a fairy tale. Today, most major credit card issuers are trimming back the lines of credit they have offered to their cardholders. A survey conducted in 2008 by Javelin Strategy and Research said that of the 13 major card issuers, 8 of them were reducing customer's credit lines. All of this is a direct result of the current economic conditions and card issuers trying to limit their exposure to bad debts.
An unknowing victim in this line reduction is your credit score. Thirty percent (30%) of your FICO (or beacon) score consists of the ratio of available credit to credit used. If you have only one credit account with a $10,000 limit and have a balance of $2,500, your ratio would be 25%. According to experts, this ratio should never exceed 30% in order to keep your credit score optimized. If your card issuer cuts your limit to $6,500 (because maybe you've never used more than that or some other means of determination) and your balance is $2,500, this would result in a ratio of almost 40%. This would push you out of the recommended 30% ratio and would have a negative impact on your credit score.
Why is your credit card limit important to your score? This score provides an unbiased rating of your ability to repay your debts. A higher credit score shows a greater indicator of your ability to repay your debts. The score is not perfect and does not take into account your willingness to repay the debt. Therefore if you are using up most of the credit available to you, the score can only assume this will affect your ability to repay all of your debts. The more you owe, the more you'll have to repay, thus leaving less to go around to other debts such as mortgages, autos or even other credit cards.
What can you do to help maximize your score?
Be knowledgeable of your credit. Go to www.annualcreditreport.com and review your report for free every 12 months. This will help to ensure you have only accurate information being reported.
Don't let credit cards go dormant. Use them every once in a while, even if you pay the balance in full. This will show your issuer that you still intend to use the card.
Understand your available credit ratio and know where you stand. Strive to keep that ratio of available credit to credit used to under 30%.
Ask your card issuer if this is a practice that they employ.
Entrust Federal Credit Union does not arbitrarily lower a member's credit limit, unless there is a specific reason, such as a significant change in a member's creditworthiness, persistent delinquency or over limit.
By understanding what is going on in today's roller coaster economy, you can turn your credit experience into a fairy tale, not a nightmare.
Invest in America
Now credit union members across the country have access to terrific discounts on new GM and Chrysler vehicles through the Invest in America program. Through this program, credit union members can save thousands of dollars on new vehicles. Click on one of the following for more details:
Chrysler
GM
Ford
New 24/7 Call Center available
We understand that not everything revolves around East Coast time in the U.S. Now when you call us after hours, you will be tranferred to a Call Center with specialists who can answer your questions and help with all your needs, any day, anytime.
Credit Card Statistics
Did you know the typical American family today pays about $1,200 annually in credit card interest?
What is your credit card interest rate?
Did you know the average graduate student has six credit cards and one in seven owes more than $15,000?
What is your annual fee on your credit cards?
Did you know the average credit card debt among all American households is $8,400?
What are all the perks (REWARDS points, auto insurance, giving back program etc.) of your credit card?
Entrust FCU wants to educate you on the proper choosing of a credit card! After answering the above questions about the credit card you currently use, click here to learn more about what Entrust FCU has to offer.
Statistics Source: www.bankrate.com
Where do you read your Entrust FCU newsletter?
We want to know where you like to read your credit union's newsletter! Is it in the brush? Or on the beach? Or in a hut? Send us a picture of you reading our newsletter somewhere unique. One photo may be included in the next quarterly newsletter. If your photo is selected, we'll deposit $10 into your account!
Please email your photo to mktg@entrustfcu.com or mail it to:
Entrust FCU
Attn: Marketing
1801 Dabney Road
Richmond, VA 23230
Questions? Contact Entrust FCU at 804-353-8012, 800-944-3622, or mktg@entrustfcu.com.
TurboTax
TurboTax is back by popular demand! Save time and money on tax preparation! Entrust FCU members can now use the TurboTax Online Edition for FREE to SAVE 10% on TurboTax Deluxe Online. Click here to go to Entrust FCU's TurboTax website.
Newsletters On-line
Click on the links below to download and read the newsletters.
Summer 2010
Spring 2010
Winter 2010
Fall 2009
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