|
The Quarterly Newsletter of Greater Metro Federal Credit
Union
Winter 2009
GREATER METRO - YOUR CREDIT UNION IS:
SAFE & SOUND
Before 2008 any stories associated with Bear Sterns, Fannie Mae, Freddie Mac, AIG, Lehman Brothers and Merrill Lynch usually included record earnings, record executive bonuses and leaders in the industry. For the last few months the same names have been on a roster of shame begging for government bailouts. Although the above names have been tarnished by being bought out, conserved, bailed out or simply put out of existence, there have been other Banking institutions that haven’t fared much better, and in the end it has been the consumer that suffered.
The institutions that have actually been safe ports in the financial storm have been Credit Unions. Deposits have been rising because of the safe investing and lending policies of credit unions and adherence to the regulations set forth by the National Credit Union Administration (NCUA) – not to mention the Higher CD Rates offered by credit unions. There’s money available for lending and at lower rates than Banks. Credit union members also benefit from Depositor’s Insurance, which has been increased to at least $250,000 through the end of 2009. Members can even structure their accounts in ways that can insure much higher amounts.
Greater Metro FCU has never been more liquid and higher capitalized than now. Our Credit Card rates are among the lowest in the nation and our Saving Certificate rates are higher than most institutions (see chart on page 2). You may see occasional higher promotional rates but that’s usually because those institutions are in a liquidity crunch and NEED deposits. Greater Metro FCU hasn’t resorted to the games many banks play to entice deposits. With the Federal Reserve Bank lowering rates every month, we may be forced to lower ours or change some of the instruments offered. Please call our Member Service Department at (718) 361-1002 for up-to-date rate information or visit our website at www.greatermetrofcu.org.
TOP
Maximize Your Savings With A Certificate Account!
 Are you looking for a great way to save? If so, you should consider a Share or IRA Certificate from Greater Metro FCU. You’ll enjoy a higher rate because your money is deposited for a specified period of time. With terms ranging from 3 to 60 months, we’re sure to have a savings solution that works for you. All you need is a minimum of $500 to start saving for a tropical vacation, college tuition or any other reason!
Start Saving Today!
To open a Share or IRA Certificate, stop by the credit union or call (718) 361-1002.
*APY=Annual Percentage Yield. All certificate dividends are compounded daily, and the dividends are credited monthly. Rates are subject to change without notice. Early withdrawals are permitted but subject to a penalty, which may reduce the principal.
1 $25,000 and over add .25 basis points.
2 $100,000 and over add .25 basis points.
TOP
Collateral Protection Insurance
An important reminder for members with Auto and Real Estate Loans: you must maintain collision insurance on automobiles and homeowner’s insurance on real estate used as collateral for a loan at the credit union. If you change your insurance, you need to inform the credit union.
If property or vehicle used as collateral is determined to not have the proper coverage, a policy covering the collateral will be purchased at the member’s expense and will be deducted from the member’s account. If you have any questions, please contact the credit union.
TOP
Board Of Director Nominations
Each year the credit union fills the seats of Directors whose terms are ending. The terms are for three years and rotate among the Directors to ensure that there is continuity in the management of the credit union. These volunteers come from the ranks of the general membership and meet on a regular basis to review the operational and financial results of the credit union. The Board provides direction to Senior Management so that the day-to-day operations of the institution run in the best interest of the entire membership.
Your current Board of Directors are:
- Robert Morrison, Chairman
- Jerome LoMonte, Vice Chairman
- Robert Ambrose, Treasurer
- Anthony Sofo, Secretary
- Vincent D’Agostino, Member at Large
Messrs Morrison’s and LoMonte’s terms are ending in 2009.
At a recent Board Meeting, the Chairman selected a Nominating Committee to solicit applications from the membership from those members who would be interested in running for the vacating seats.
Any primary member in good standing who is at least 18 years of age and is interested in placing themselves in nomination for a Board position should send a letter stating their interest. A brief description of experience or a resume should be included noting their qualifications. Mail the letter to:
Nominating Committee
Greater Metro Federal Credit Union
31-10 37th Avenue
Suite 403
Long Island City, New York 11101
All applications must be received by December 31, 2008 for consideration. Any received after the deadline will not be considered. Applicants may be contacted by the Nominating Committee to provide additional information or to schedule an interview by phone or in person.
Once the Nominating Committee makes their selections they will notify the Board Chairman who in turn will cause this information to be published on the credit union website, at the credit union branches, through messages on members’ monthly statements and through other means available to the credit union.
Applicants not selected by the Nominating Committee or those who missed the deadline and still wish to be considered for a Board seat may add their names through a petition process.
Any questions regarding the above should be directed to Peter Nalaskowski, locally at (718) 361-1002 or toll-free at (800) 361-1012 ext. 210.
Get Involved! It’s Your Credit Union!
TOP
Guaranteed Asset Protection (GAP)
 GAP Insurance is additional auto coverage that no borrower should be without. An auto’s value usually decreases faster than the loan balance.
If a total loss occurs through theft or damage, GAP will cover the difference between the insurance proceeds and the remaining loan balance. For a nominal one-time charge (currently $89), a borrower can be protected for the life of the loan. Dealers charge hundreds more for the same coverage.
Speak to a member-service rep when booking your loan.
TOP
What’s In Store For 2009?
A New Name
Your Board of Directors has authorized an initiative to develop a new name for the credit union. Although the founding of the credit union was to serve IBM Employees, the adding of other groups through acquisition and by request over the years has certainly changed the make-up of our membership.
Acknowledging the change, a new name, logo and branding is being worked on to be inclusive of the entire membership.
The Manhattan VA
Management is working with VA officials to bring more service to our members at the Manhattan Campus. We’re hoping to replace that old ATM machine in the lobby with a new one that belongs to Greater Metro FCU. Beginning early in 2009, members will then enjoy surchargefree transactions and a machine that actually has cash in it and works. We’re also looking to spruce up the Branch location on the second floor, run more promotions and advertise them more prominently throughout the Campus. We’ve recently developed a relationship with Canteen Services and look to work with them to get more information and specials to our members.
Interchurch
January 1 will not only bring in the New Year, it will ring in a revitalization of our partnership to our members at 475 Riverside Drive. The management team at the credit union welcomes and congratulates Paula Mayo on her new role as Chief Executive Officer of Interchurch. Several weeks ago employees of the credit union were invited and attended a Health Fair sponsored by Interchurch. We at the credit union hope to work closely with the new management team at Interchurch to bring our members better service. It’s not that the credit union is manufacturing its own ATMs, but we’re already planning the deployment of a full service, surcharge-free ATM that will incorporate the newest of technologies to scan deposits of checks and cash.
Visiting Nurse Services of NY
When Greater Metro FCU took over the New York VA Credit Union in the early 1990s, one of the groups that we “acquired” was VNS. Employees of this 12,000 strong and vital organization have barely scratched the membership roster of Greater Metro FCU. Initial steps have been taken to reintroduce ourselves to this great New York City institution. Many of the employees can belong to multiple credit unions depending on the field of memberships offered, but WE ARE the official credit union of VNS and we are committed to proving this in 2009.
TOP
Same Exceptional Service From A New Location!
 Our headquarters and branch location at 29-21 Queens Plaza North (see picture below) served us well since 1994 and all that remains on the site today is level ground awaiting the redevelopment of the Queens Plaza area. Earlier this year we moved to our new headquarters several blocks away at 31-10 37th Avenue, Suite 403 in Long Island City. We moved in order to streamline our branch operations, improve efficiency and save the membership money. Our exceptional member service remains the same – we’re just providing it from a new location.
Directions To New Location Via Mass Transit:
 Greater Metro FCU’s new office at 31-10 37th Avenue in LIC can be reached by using mass transit. From Queens, members can take the E train to Roosevelt Avenue then switch to the local, getting off at the 36th Street Station. Walk up to 37th Avenue and down towards 31st Street. The building is on the left, just before the elevated Astoria train line. From Manhattan, take the E train to Queens Plaza and switch to the local, getting off after one stop at 36th Street. Cross Northern Boulevard and walk as above.
You can also get here by taking the number 7 train to Queens Borough Plaza and then switching to the Astoria N or W trains. After two stops, get off at 36th Avenue and walk back one block to 37th Avenue.
Members driving to the office should be aware that parking is difficult and to follow posted street sweeping schedules.
TOP
We?ll Be Closed
Christmas Eve – Wednesday, December 24, 2008
Credit union will close at 1 p.m.
Christmas Day – Thursday, December 25, 2008
New Year’s Day – Thursday, January 1, 2009
Martin Luther King, Jr. Day – Monday, January 19, 2009
Presidents’ Day – Monday, February 16, 2009
Memorial Day – Monday, May 25, 2009
TOP
Lottery Scams – Don’t Be A Victim!
It sounds like a dream come true: you receive a check in the mail with a letter notifying you that you’ve won a prize in a sweepstakes or lottery. You start to think about all the things you could do with the money, as you rush to the credit union to cash your check.
 What you don’t realize is that if you follow the instructions to claim your money, you’ll become the victim of an international lottery scam. This is how it works: an individual will receive a check in the mail accompanied by a letter informing them that they’ve won the money in a lottery. Often times, the individual is told that they were picked as a winner out of shoppers at the Home Depot or JCPenney, a common ploy with scammers.
To claim the money, the individual needs to cash the check and wire some money back (usually several thousands of dollars) to cover tax on the winnings. The check may look genuine and may even include a legitimate issuing bank and an officiallooking signature.
But keep in mind: if it seems too good to be true, it probably is. With this particular scam, the check is a fake and the lottery is a scam. The scam is designed to convince honest citizens that they’ve won money and to play on their vulnerability, expecting them to wire the sum back to cover the tax fees. Soon the check will bounce and the individual will lose out on the thousands of dollars they wired.
TOP
TOP
|
