A QUARTERLY NEWSLETTER FOR ACCLAIM FEDERAL CREDIT UNION MEMBERS
THE
PERMANENT
PRESS
First QUARTER
winter 2020
The Financial Bridge Linking our Members to their Goals
Acclaim FCU will hold its Annual Meeting of Members on Friday, March 20, 2020, at 12:00 PM in the Credit Union Conference Room located at 1823 Banking Street, Greensboro, NC 27408. Elections will be held at the meeting to fill three seats on the Board of Directors. The nominating committee has made nominations for vacancies on the Board. The election will not be conducted by ballot and there will be no nominations from the floor when the number of nominees equals the number of positions to be filled. However, additional nominations may be made by petition prior to the meeting. To be nominated by petition, a completed petition signed by at least 72 members must be submitted to the Board Secretary no later than Sunday, February 9, 2020, at the following address: Lara Heberle, Nominating Committee, Acclaim FCU, P.O. Box 29527 Greensboro, NC 27429. If you would like more information about submitting a petition, please contact Valerie Marsh at the credit union office.
THE NOMINEES:
DAVID DALTON, INCUMBENT
ELYSIA MASON, INCUMBENT
JOANNE OTTO, INCUMBENT
ED THOMAS, INCUMBENT
Acclaim now has Excessive Share Insurance (ESI)
Your deposit protection has doubled! Effective January 1, 2020, all deposits will be insured up to $500,000. Bring your IRAs, Share Certificates, and Money Markets to Acclaim! This exceptional level of coverage is attained through the National Credit Union Administration and additional private insurance. We are providing this additional insurance at no cost to our members. It is a privilege to have this type of coverage. Acclaim is one of only three credit unions in the state to offer this!
6 New Year's Resolutions for a Financial Improved You
Be the best you in 2020
Increase your savings. Even if it’s only by 5%, every little bit adds up.
Cut out one impulse purchase a week.
Trim your electricity bills by making sure your appliances are all running efficiently and conserving as much energy as possible.
Increase your marketability by learning new skills or broadening your knowledge in your chosen field.
Pay down your debt by making it a priority.
Spend less on groceries. Do whatever it takes to make it happen: coupon more, cash in on rebates, and shop the sales.
Finance Funnies
CALLING ALL COLLEGE STUDENTS
SCHOLARSHIPS AVAILABLE
In order to be eligible for consideration, an applicant must be a member of a North or South Carolina credit union and have a non-weighted GPA of 3.0 or higher. The Carolinas Credit Union Foundation oversees scholarship funds for several credit unions in the Carolinas. If an applicant is eligible for scholarships from several credit unions, they may select multiple credit unions on the application. Further, all applicants are eligible for consideration by the Carolinas Credit Union Foundation for its academic and needs-based scholarships, including credit union employees. To access the secure online portal to begin an application, please click here.opens in a new window For a listing of frequently asked questions, please click here.opens in a new window
Budget-friendly Meals Under $8
Slow-Cooker Chicken Cacciatore
There’s nothing like coming home to a fragrant, hearty dinner you don’t even remember putting up before leaving the house in the morning. Here’s our favorite set it and forget it chicken dish. Just pick up a loaf of bread on your way home!
Ingredients:
2 large boneless, skinless chicken breasts
salt, pepper and Italian seasoning to taste
1/4 cup red cooking wine (optional)
1 small white onion, sliced
1 green bell pepper, seeded and sliced
1 red bell pepper, seeded and sliced
1 (28-ounce) can crushed tomatoes
1 4-ounce can sliced mushrooms drained (optional)
Place the chicken breasts in the bowl of the slow cooker and season with Italian seasoning, salt and pepper. Add 1/4 cup red cooking wine around the chicken (optional).
Add the sliced onion and bell peppers over the top of the chicken.
Pour the crushed tomatoes and mushrooms (optional) over the top and add Italian seasoning and a little more salt and pepper.
Set slow cooker on low and cook for 8 hours.
Just before dinner, prepare a side of bread, pasta or rice.
Servings: 4
All You Need to Know About Home Loans
Take advantage of the low mortgage rates being offered right now
If you’re in the market for a new home, you’ll likely need to take out a home loan or mortgage. Let’s take a closer look at this product and its application process.
What is a home loan?
A home loan enables you to buy a home without having to pull all the cash directly from your pocket at the time of purchase. You’ll need to make a down payment, which is typically between 3.5-20% of the home’s value, along with closing costs and some other fees. However, there are some programs available, such as USDA or VA, that offer 100% financing, closing cost and other fees not included. The lender will finance the rest. You’ll then repay the loan, along with interest, generally over the course of 15 to 30 years.
Are all home loans alike?
There are several kinds of home loans, each with its own attributes. Here are a few common types:
- 30-year fixed-rate mortgage. The interest rate on this 30-year mortgage remains fixed despite any changes to the national rate.
- 15-year fixed-rate mortgage. This fixed-rate mortgage will only last 15 years. Monthly payments will be higher, but the overall interest paid on the loan will be much lower.
- Adjustable-rate mortgage (ARM). An ARM will give the borrower a lower interest rate in the early years of the loan, followed by a gradual rate increase over the rest of the life of the mortgage.
What do I need to know before applying?
To qualify for a mortgage, you’ll need to prove you are financially responsible and you can afford the monthly mortgage payments.
The primary way lenders gauge your financial responsibility is through your credit score. This number tells lenders how you’ve handled your past debts. Most lenders will grant a home loan to borrowers with a score of 620 or more. To boost yours, pay your bills on time and keep your credit card usage to a minimum. A higher score will help you get approved and will net you a lower interest rate on your loan.
Another factor in determining your eligibility is your debt-to-income ratio (DTI). Lenders want to know how big your collective outstanding debt will be in relation to your income if you receive the home loan. Most lenders allow a maximum DTI of 36%. We allow a maximum of 43%.
When should I apply?
It’s a good idea to start the mortgage process before you begin house hunting. Your lender will let you know whether you can expect to be approved for a loan and will provide you with an estimate of how much house you can afford. At this point, you can also ask for a pre-approval letter, which confirms you are qualified for a mortgage and shows sellers you’re a serious buyer.
How do I apply?
To apply for a home loan at Acclaim FCU, stop by and ask a representative to help you get started. Make sure to have all of your financial documents in order. You can also begin the application process online here: Apply now
For more information, visit our Mortgage page.
CLOSINGS:
JANUARY 1 - NEW YEAR'S DAY
JANUARY 20 - MARTIN LUTHER KING, JR DAY
Address: P.O. Box 29527
Greensboro, NC 27429
Telephone: 336.332.5302
Toll-Free: 888.794.1001
Email: Admin@AcclaimFCU.org
Lost/Stolen Credit Card: 800.325.3678
Lost/Stolen Debit Card: 888.241.2510
Admin Fax: 336.332.4103
Loan Fax: 336.332.5965
Mbr Service Fax: 336.332.5965
