Newsletter Archive :
October 2009 56 North State, Orem UT 84057 Phone 801-229-7168
Did you know…the credit union now has the ability to transfer money to and from your bank or credit union? An ACH transfer is effective the next working day at 5 p.m. This transfer is at no cost to the member. We can also do same-day wire transfers. The cost to the member is $15, but funds are available the same day. (Your bank may also charge you a fee.) All we need from you to set this up is one voided check. After we have your bank account information, you just call the credit union and request the amount to be transferred. If you have any questions, please contact the credit union.
Would you like to be a volunteer? The volunteering of credit union members is one of the features that distinguish credit unions from other financial institutions. Through readiness to meet the necessary tasks of serving on our Board of Directors or on the Supervisory Committee, our volunteers have proven to be one of the greatest strengths of the credit union.
Board of Directors. The Board of Directors has a responsibility to keep the credit union alive, growing and responsive to the needs of the members. The Board functions in an advisory and trustee capacity to establish policies and programs that will assist the membership. Each member of the Board of Directors serves a two-year term. The Board meets monthly to review the credit union’s financial and statistical reports and new or pending legislation affecting credit unions. The board also sets loan policies and interest rates, declares dividends, appoints committees, plans and conducts an annual shareholders meeting and many other tasks. The ultimate responsibility for the actions of the credit union resides with the Board of Directors, who is elected from the membership. Candidates for the Board should possess a dedication and commitment to the purpose of the Orem City Employees Federal Credit Union and its members.
Supervisory Committee. The Supervisory Committee is appointed by the Board of Directors to serve a three-year term. The members of the Committee elect a chairperson to act as a liaison between the Committee and the Board of Directors. The Supervisory Committee is also considered the members’ representative. Serving as the credit union’s internal auditor, the Committee either makes or ensures an audit is made of the credit union’s records and then reports its findings to the Board. The Committee also has the responsibility to review and evaluate the performance of the Board and credit union employees and to make recommendations for any needed improvements.
Annual Meeting. It is now time for members who would like to serve on the Board of Directors to give their names to Cliff Peterson or JoDee Gardine. Nominee applications are available in the credit union office or by calling the office and JoDee can e-mail it to you. Applications are being taken until December 15, 2009. Three positions are available.
The credit union’s annual meeting will be in January 2009 in the Rotunda area of the City Center. The specific dates and times will be posted later.
Current Board members are: President/Cliff Peterson; Vice President/Phil Murphy; Secretary/Sam Kelly; Shirley Paz; Wendi Watson; Steve Clark; and Bob Church.
Current Supervisory Committee Members are: Chairperson/Christie Nuttall; Kathy Bunnell and Karen Batty.
Dividend Declared. The Board of Directors has declared a 0.65% apr, 0.652% apy dividend for the third quarter of 2009. The declared dividend for the closed accounts is 0.25%apr, 0.252% apy. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate is subject to change without notice.
Share Certificates. The Board of Directors has set the rates for share certificates as follows:
6 months 1.25% apr 1.255% apy
12 months 1.50% apr 1.508% apy
18 months 1.75% apr 1.761% apy
24 months 2.00% apr 2.016% apy
A minimum deposit of $1,000 is required to purchase a share certificate. The certificate rates are reviewed by the Board monthly and are subject to change without notice.
Loan Rates. New Vehicles 5.00% 60 months
New Vehicles over $25,000 5.50% 72 months
Used Vehicles 05-09 5.00% 60 months
02-04 5.00% 48 months
older 6.25% 36 months
New RV 6.00% 60 months
6.25% 72 months
6.50% 84 months
6.75% 120 months (Board Approval)
Used RV 6.75% 60 months
Loan rates are reviewed by the Board monthly and are subject to change without notice.
Dormant Accounts. Dormant accounts are those that have less than $50 in them and have had no activity for at least 120 days. If you are concerned that your account might be dormant, please contact the Credit Union office.