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| The Latest from Your Credit Union |
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Welcome to FIGFCU's eNews
Every other week, we'll send you relevant Credit Union news and other financial information. Don't worry, we won't share your email address or fill your inbox. We're committed to helping our members improve their financial lives and keeping you informed is one more way we do that. We hope you enjoy getting the latest financial updates delivered right to you—from your Credit Union.
Banks change credit card limits without notice
Banks and other credit card issuers are looking for new ways to reduce risk after suffering from excessive losses. And it's often the consumers with good credit who are penalized.
Many credit card holders have recently found that their credit limits were decreased without any prior notice. Often the new limit is lower than what the card holder owes meaning high over-the-limit fees could apply. About 35 percent of banks have decreased credit limits for existing accounts according to a January 2009 survey conducted by the Federal Reserve Board. Read more
NCUA seizes two corporate credit unions
On Friday, March 20, the National Credit Union Administration (NCUA), the federal regulator which administers the National Credit Union Share Insurance Fund (NCUSIF) and insures your deposits with us, placed under its conservatorship both U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.
These corporate credit unions are chartered to serve credit unions such as FIGFCU in such service areas as check clearing. The action taken by the NCUA was necessary to stabilize both institutions, instability which is attributable to their losses on mortgage-backed securities investments which exceeded their capital.
FIGFCU's capital position has been built up to an extremely strong level of almost 13% at December 31, 2008, to make your share deposits very safe and secure. Read more
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| +APR = annual percentage rate. Rates current as of 04/08/2009 and subject to change at anytime. Auto Loan rates are based on credit worthiness, 80% financing, 36 month term, and Direct Deposit discount. Home Equity Loan 2.99% intro rate: Applies to new fixed rate home equity loans only at 75% LTV or less. Owner-occupied residences only. After 180 days, the rate will convert to the current FIGFCU Home Equity Loan rate based on the qualification criteria of the original application. This offer cannot be combined with any other offers. FIGFCU Home Equity Loans are not available in all states. Offer expires 04/30/2009. Call 800.877.2345 or visit figfcu.com for the most current rates. |
© 2009. Farmers Insurance Group Federal Credit Union. All Rights Reserved. |
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