April 2019 Newsletter

Home Sweet Equity

Use your home’s equity to finance renovations, college tuition, vacations, & more!

Questions? Call (804) 452-0736 to speak with a mortgage loan officer.

Financing a smaller project? Consider a Lifestyle Loan.⁵

Get Set for Summer: No Credit Check Loans⁴ May 20 & 21

Fast $500

How to Qualify:

• Be a member for at leastone (1) year
• Account(s) must be in good standing
• Must show proof of income for at least 6 months
• Completed loan application and $30 non-refundable application fee must be submitted at the time of application
• Application fee will be waived for active duty military and dependents
• Members with existing Fort Lee FCU personal loans are NOT eligible
• Primary account holders only may apply; joint members must open their own account
• Limit one Fast $500 per member
• Existing Fast $500 Loan or Loyalty $1,000 Loans must be paid in full prior to qualifying for this promotion
• Members with late payments on previous Fast $500 Loan(s) or Loyalty $1,000 Loan(s) are NOT eligible

Terms:

• Term of six (6) months at 18% APR
• Total of six (6) monthly payments: five (5) consecutive monthly payments of $100 and a final month payment of $29
• Payments begin in June 2019

Out of state members:

Apply online May 22-24. Deadline for online applications is 4:30 PM ET on May 24. Loans will be funded by May 27, 2019.

Loyalty $1,000

Increase your loan limit to $1,000 if you’ve had 3 previous Fast $500 Loans with no late payments!

Details:

• All Fast $500 qualifications apply
• Limit one Loyalty $1,000 per member
• Must have had three (3) previous Fast $500 loans with no late payments

Terms:

• Term of eleven (11) months at 18% APR
• Ten (10) consecutive monthly payments of $100 and one (1) final payment of $102
• Payments begin in June 2019

Not able to come in May 20 - 21?

Apply online May 22-24. Deadline for online applications is 4:30 PM ET on May 24. Loans will be funded by May 27, 2019.

Message from the CEO: Make Saving Automatic

We all know saving money is important, but it can be challenging if we save only what’s left after paying bills and spending. Setting up automatic savings plans can help us build savings consistently, without having to choose each pay cycle how much to set aside. Consider setting up one or more of these savings plans:

Direct Deposit

Your employer may allow you to have a certain amount of your paycheck directly deposited into a savings account. Think of it as paying yourself first, before you spend on other things.

Automatic Transfer

Set up an auto-transfer amount from checking to savings each pay period. Start with $25, $50, or even $10 at first and increase it as you are able. Over time, these small transfers can add up to big savings!

Employer Retirement Plans

If your employer offers a match on your contributions, try to save at least that much in your plan. This is free money that will enable you to save more on an annual basis. For example, if your company offers a 3% 401k match, and you save 3%, your total annual savings will actually be 6%.

The staff at Fort Lee FCU would be happy to speak with you about your options and help you start your automatic savings journey.

Yours in service,
Patsy Stuard, CEO

Dr. Seuss Reading Celebration

We had the pleasure of reading to students at Walnut Hill Elementary in Petersburg for Dr. Seuss Week. The books we shared were Money, Money, Honey Bunny and One Cent, Two Cent, Old Cent, New Cent.

Supporting Veterans at Richmond Fisher House

Annual Meeting & Dinner

Tuesday, April 16 | 5:30 PM
The Barns of Kanak
5503 Ruffin Road
Prince George, VA 23875
Dinner Tickets: $5.00

We invite members to attend the Annual Meeting to learn about the credit union and member-elected Board of Directors. Dinner will be served at 5:30, followed by the business meeting, scholarship award presentations, and door prize drawings.

Tickets will be offered on a first-come, first-served basis. There is no charge to attend the business meeting only. Stop by a branch to purchase your tickets, or call us and we will mail them to you. To show our support of your efforts, Fort Lee FCU will match 100% of all funds raised, and donate all proceeds to Tech For Troops.

This veteran-managed program provides refurbished computers to veterans, enabling them to connect with employers and develop essential computer skills. To learn more, visit techfortroops.org.

Upcoming Events

Seminar: Healthcare Options for Retirees
Saturday, April 27

4495 Crossings Blvd • Prince George

If you or a loved one are nearing 65, make sure you understand the available insurance and healthcare options, including:

• Medicare/Medicaid
• Retiree Health Insurance
• Long-term Care Coverage

Class registrations will open in mid-April!

Seminar: Credit 101
Saturday, May 18

4495 Crossings Blvd • Prince George

In this free seminar, learn more about:

• The significance of your credit report
• How to establish and maintain good credit
• Tips for using credit wisely
• Common mistakes that can cost you
• How to rebuild your credit

Registration will open in early May!

Member Appreciation Day
Friday, June 28

Fort Lee Branch
3510 A Avenue, Fort Lee
Stop by between 11:00 AM and 2:00 PM for Lunch & Giveaways!*

*While supplies last.

Holiday Closings

Memorial Day: Monday, May 27
Independence Day: Thursday, July 4

This credit union is federally insured by the National Credit Union Administration.

1) Credit qualifications apply. Not all who apply will receive a loan. Membership eligibility required. Membership is open to those who live, work, or worship in the following localities: Chesterfield, Colonial Heights, Dinwiddie, Fort Lee, Hopewell, Petersburg, Prince George, and Sussex. Fort Lee Federal Credit Union does not lend on mobile homes, co-ops or time-shares, properties that are currently listed on the market for sale, commercial property or property used for commercial purposes, even if a residence is part of the property, undeveloped property (land only), properties with more than multiple units.

2) Interest rates are based on the prime rate + .25% as published in the Money Rates column of the Wall Street Journal on the date of loan application. A home equity line of credit (HELOC) is a variable rate loan and the interest rate is subject to change after consummation of the loan. Prime Rate was 5.50% as of February 11, 2019. Rate is adjusted quarterly if necessary, on the first day of January, April, July, or October. There is a minimum rate of 5% APR, and a maximum rate of 18% APR. Closing costs range between $1,800.00 and $3,900.00 for credit lines up to $350,000.00. LOAN EXAMPLE: $50,000.00 financed for 180 months at 5.75% APR would make the monthly payment $417.00. Property insurance (homeowners) is required. Rates, terms, conditions and services are subject to change. Contact a representative for additional details.

3) Offer valid on second mortgages only. Interest rates are based on the prime rate as published in the Money Rates column of the Wall Street Journal on the date of loan application. Prime Rate was 5.50% as of February 11, 2019. Fort Lee Federal Credit Union will cover most closing costs (appraisal fees covered up to $500.00). Closing costs range between $1,800.00 and $3,900.00 for loans up to $350,000.00. If the loan is closed or paid off within 36 months of opening, the member will incur a reimbursement fee equal to the amount of closing costs originally paid by Fort Lee Federal Credit Union. LOAN EXAMPLE: $50,000.00 financed for 180 months at 5.50% APR would make the payment $410.00. Rates, terms, conditions and services are subject to change. Contact a representative for additional details.

4) No Credit Check Loan offers valid 5/20/19 through 5/24/19. Contact a Fort Lee FCU Loan Officer for full details.

5) Credit qualifications apply. Rate and term you receive is determined by credit qualifications. Not all applicants will qualify for the lowest rate. Loan value up to $25,000. 6.99% is applicable on a Lifestyle Loan for terms up to 84 months. Terms up to 84 months available depending on amount borrowed. Credit qualifications apply. Ask a loan officer for more information. A loan example: $25,000 financed at 6.99% APR for 84 months gives a monthly payment of $378.00.