Newspapers / The Fieldcrest Mill Whistle … / April 18, 1977, edition 1 / Page 8
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! ' !:?• :■ i. ' .. ■'1 i;; f I To Make Sure You Are Taking Advantage Of A Real Benefit Avaiabb To You Your Credit Union Wants You To Know: Q. How big is our Credit Union now? A. As of December 31, 1976, your Credit Union had assets totaling $8,777,241. Mills does not charge the Credit Union for the space provided or time that many other employees spend on Credit Union work aliows your Credit Union to offer these most attractive rates. th^ This] Q. What do you mean when you say the Credit Union has that much in assets? A. We mean that the Credit Union has that much in checking ac counts and in investments to provide for the security of employees’ savings. Q. What does the Credit Union do with this money? A. The Credit Union has two basic uses for this money. It is used for ioans to employees and the remaining amount is invested in securities approved by the government, providing the Credit Union with additionai income. Q. Exactly how is interest on my loan calculated? A. interest on aii ioans is calcuiated on the unpaid baiance of a loan J each week. As each payment is deducted from your paycheck, it deducted from your ioan and the interest is caicuiated again on the un paid balance. Since interest is charged only once a pay period and on the unpaid balance, additional cash payments would reduce the cost of your loan. This repayment scheduie is similar to the repayment schedule that a savings and loan charges on home repayments and is known as a simple interest loan. Q. Is mcHiey invested in the Credit Union safe? A. Each savings account in the Credit Union is insured for up to $50,000 by the North Carolina Savings Guaranty Corporation. This is more insurance than is provided by any other financial institution of which we are aware. Q. How many employees belong to the Credit Union? A. As of December 31, 1976, there was 9,555 members in the Credit Union, which represents 82% of those eligible to join. Q. Exactly how is the dividend on my savings caicuiated? A. Dividends on savings are calculated twice a year, on June 30| and December 31. This is called a semi-annual dividend. Your money has to remain in the Credit Union the entire six months to get full ^ credit for this dividend. In other words, money must be in your ac count on June 30 and December 31 to get a dividend.payment. Money which is deposited during each six months will get a dividend for the time it has been in the account as of the dividend date, which is the first of each month. You are given credit for any money deposited by the tenth day of each month as if it were deposited on the first of the month. Money withdrawn between dividend payment dates does not draw any additional dividend. Q. How can i }oin? A. Go to your Personnel Department or department supervisor and fill out the application card and pay a $.25 entrance fee. Q. Can I get a cheaper loan or a higher dividend oh my money somewhere else? . A. All loans with the Credit Union include life insurance at no cosi Q. Why should I belong to the Credit Union? A. Other than easy access to your money and being able to save and repay loans through payroll deductions, your Credit Union cur rently pays a 7% dividend per year on your savings while charging 9.6% interest per year on loans. Q. How can the Credit Union afford to pay so much and charge soiittie? , . A. Your Credit Union has only three full-time employees. Fieldcrest to the borrower. Almost all outside lenders charge an additional 1 % f°'' life insurance on loans. A few lending agencies have several interest rates for different type loans. While their rate may be as low as ours of some loans, life insurance is usually extra. All institutions equaling oJf 7% dividend rate usually require that you tie up yqur savings for a minimum of at least 12 months and are in amounts of $1,000 or more^ We do.riot know of any institution paying better than a 7% dividend paid on a semi-annual basis on any amount from $5.00 up if you leave your savings with us at least six months. Look At What Our 7% Dividend Will Produce If Money Is Saved Monthly. Saved Monthly 1 Yr. 5 Yrs. 10 Yrs. 20 Yrs. $10 $123.86 $ 713.57 $1,719.47 $ 5,143.05 20 247.72 1,427.14 3,438.94 10,286.10 30 371.58 2,140.71 5,158.41 15,429.15 40 495.44 2,854.28 6,877.88 20,572.20 50 619.30 3,567.85 8,597.35 25,715.25 Come by and let your Credit Union be of service to you today! -THE MILL ^ WHIST^
The Fieldcrest Mill Whistle (Spray, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
April 18, 1977, edition 1
8
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