A Message from Douglas R. Samuels,
President/CEO
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As I write this column, the bad news in the financial services industry continues to flow so quickly that it is difficult to absorb. This stream of bad news is causing concern about the stability of all financial institutions, which is a reasonable concern. However, it is important to take some time to understand the underlying facts surrounding these events in order to avoid panic and overreaction. There are, indeed, issues to be concerned about, and there may be corresponding actions for you to take to protect your household’s interests.
If you are not sure what direction to take at this time with your savings, retirement plans, or mortgage, I urge you to contact SCCU. We can assist you in making an informed decision and in planning reasonable actions.
To read the full article, visit SCCU.com. |
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Attend one of the many complimentary Financial Workshops offered by our team of educated, knowledgeable and caring professionals. Take advantage of this valuable member benefit and meet with your CFS* Financial Services representative this month.
NOVEMBER | 12 |
What is Annuity?
SCCU Merritt Island Branch, 4:30 p.m.
Offered by: Philip MacDonald,
Financial Advisor
Reservations required.
RSVP: 321-752-2222, ext. 9227
philipm@sccu.com
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Investments and investment advisory services offered through CUSO Financial Services, L.P. (CFS) an independent broker-dealer and SEC Registered Investment Advisor are not NCUA/NCUSIF insured, are not credit union guaranteed and may lose value. Space Coast Credit Union is in partnership with CFS. Financial Advisors are employees of Space Coast Credit Union and registered through CFS. (Member FINRA/SIPC). |
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Branch Closings
Lobbies and drive-thrus will be closed: Monday, October 13 for Columbus Day.
For a listing of ATM locations, please visit SCCU.com/locations.
Now Available- External Transfers!
You now have the ability to transfer funds into and out of your SCCU account to or from another account at another financial institution. For more information, visit SCCU.com/transfers.
SCCU belongs to you!
International Credit Union Day is October 16, 2008. Refreshments will be served in all branch lobbies. Stop in and show your support for credit unions!
Get the Red Carpet treatment at SCCU!
From now through December 2008, your SCCU Visa® Debit Card can earn you a chance to win $1,000! Visit SCCU.com/redcarpet for complete sweepstakes rules.
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If you’re a first time homebuyer, a seasoned homeowner, or are even just thinking about getting into a new home, chances are you’ve been reading and hearing plenty about the mortgage market. Over the last few months, some high-profile banks have closed their doors and well-known lenders have taken hits to their stocks based on the loans in their portfolio. On the other hand, home prices and mortgage rates have dropped significantly. So, where does this leave you?
Well, if you’re buying a home with a Space Coast Credit Union mortgage, you are in a great position! Your credit union has been serving the community since 1951, and since we continue to grow responsibly, we’re able to provide more mortgages than ever to our members. Now, more than any time in our recent history, our promise to work for you and not for profit means you can feel secure with the loan we give you, and the loans we’re giving to your fellow members.
Consider all of the benefits of an SCCU mortgage:
- Personal Loan Officers to walk you through the home buying process and to answer all of your questions about First Time Homebuyer Programs, FHA Loans, the first time homebuyer tax credit, and more
- No intangible tax
- No origination fees
- No prepayment penalties
- Fast and easy application process
- Close in an average of 8 days (and sometimes even less!)
The easiest way to make sense of today’s mortgage market is to contact one of our home lending experts. Call our Mortgage Loan Officers to set-up a FREE, no obligation mortgage consultation and make the market work for you.
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Space Coast Credit Union constantly strives to maximize the amount of interest earned on the funds entrusted to us by our members, providing revenues which make it possible to pay competitive dividends and interest to members, and to provide for the overall soundness of our member-owned credit union.
To that end, our Accounting Department is in the process of launching a program which will potentially allow us to shift several million dollars from non-interest earning cash accounts with the Federal Reserve Bank into interest-earning accounts. To do that, we will make a change in the way we report member checking account balances as part of an aggregate total to the Federal Reserve Bank (FRB). This change will allow us to lower our balance at the FRB and increase the amount of funds available for loans and investments, thereby increasing our ability to serve our members. Rest assured, this change will not affect your available balance, earnings on dividend/interest bearing accounts, NCUA insurance, or any other feature of your checking account. The information that appears in Online Banking and on your monthly statement will remain exactly as it appears now.
Checking accounts will now be structured into checking and savings sub-accounts for regulatory accounting and reporting purposes. The Accounting Department will periodically reclassify and transfer funds between these two sub-accounts in the reporting process to ensure compliance with Federal Reserve Bank guidelines. If you need further clarification, please contact the Member Service Center.
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