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Financially Fit Newsletter
Pipefitters Steamfitters Credit Union

 

 50 Years of Fitting our Members Financial Needs

(1957 - 2007)

REST ASSURED: YOUR CREDIT UNION DEPOSITS ARE SAFE AND SOUND!     In recent weeks, there have been numerous media reports about the funding difficulties of various financial institutions resulting mainly from the subprime mortgage crisis.  With all the press about bank failures, our members naturally have had concerns and questions about the safety and security of their savings deposits.  

It should first be pointed out that Pipefitters Steamfitters Credit Union is well capitalized and has not been directly affected by the subprime mortgage problems simply because we do not underwrite or fund first mortgage loans (for home purchase or construction).  The Home Equity loans that we do offer in the form of second mortgages are underwritten using very stringent and conservative credit guidelines. 

Secondly, credit unions are member-owned, not-for-profit cooperatives.  Unlike most banks and mortgage brokers, we're not out pushing risky loans on our members just to make a quick dollar.  We care about your financial well-being, because your financial soundness is vital to the financial soundness of the credit union as a whole. 

Finally, just as the FDIC fund insures deposits at banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings up to $250,000 per credit union member account along with up to an additional $250,000 for certain retirement accounts such as IRA's. The  NCUSIF fund is administered by the National Credit Union Administration (NCUA), an agency of the federal government, which recently reported that the NCUSIF fund remained strong at mid-year and was projected to remain strong.  

 In addition, your credit union is required to operate with a safety net of capital referred to as 'undivided earnings' and other reserves.  This capital 'cushion' helps the credit union weather temporary setbacks.  And, your credit union must maintain an 'allowance for loan loss account' which is money set aside to make up funds lost if and when members fail to repay loans. 

So spread the word- your funds are safe at Pipefitters Steamfitters Credit Union!

James S. Kavaloski, President                           

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Holiday Gift Ideas from your Credit Union!!

Four new styles/colors of Long Sleeve mock turtleneck Tee shirts with the embroidered Pipefitters Credit Union logo tastefully displayed.  All sale proceeds to be donated to the Children's Miracle Network.  Stop by the credit union office to view colors and styles.  Available as supplies last, so hurry!! 

 

 

Home Remodeling

 

How to Choose the Projects That Pay Off

Building a better bathroom?  Creating a cooler kitchen?
If you want to remodel your home, save money and hassle by thinking about your goals first.
There are two types of remodeling projects:
 
Type 1 – You plan to stay in the house for many years, and are not concerned about the impact of the remodel on your market value.
 
Type 2 – You might sell in the next few years, and you care about the impact on your home’s value.

Type 2 remodelers should consider a 2004 survey in Remodeling Magazine. It compared the cost of home improvement projects against the likely return on investment at resale (ROI).
 
Best Return on Investment
Minor kitchen remodels were the most likely to nearly pay for themselves, with a 93% return.
 
That means a $5,000 kitchen remodel on average would increase the value of the home by $4,650, for a 93% ROI.
 
Next came new siding at 92% ROI and bathroom updates at 90%. Other remodels providing a decent return included new decks and window replacement.
 
Hot tubs, gazebos and similar projects do not increase the resale value of a home. That doesn’t mean you shouldn’t add one. Just think about it the same way you might a new TV – get it if you really want it, will enjoy it, and can afford it.
 
No remodel is likely to increase the home’s resale value by more than you spend. If are going to remodel, do it because you want to make your house a better place for your family to live.
 
Financing It
Home equity loans are a popular way for Credit Union members to pay for remodeling. These loans can be used for nearly anything, and the interest is usually tax deductible.
 
The Lending Staff at the Credit Union have helped many members to assess their options and get a home equity loan quickly and conveniently. Call or visit Wayne Melby to ask questions or get started. 
 Donations Still Accepted
Donations to the Children's Miracle Network can me made until May 15th in the Credit Union office.
Credit Unions around Minnesota collect money each year.  Most of the funds raised go to the Gillette Children's Hospital.  If you can't make it into the office but still want to contribute, call us today.

 

 

Make the Switch to Share Draft Checking
If you have a bank checking account, take a close look at your monthly statements. You will probably notice higher fees every year, along with rising minimum balance requirements.


You do have a choice. You can switch to a share draft checking account from your Credit Union.

 

Share draft checking offers you low fees, along with online account access and bill paying.

 

Low Fees - For many members, the account is free except for buying checks. There are no monthly fees or minimum balance requirements.

 

Earn Monthly Dividends

 

Debit Cards - Instant Cash & Check cards allow you to withdraw cash and make purchases nearly anywhere.

 

Internet Access - Access your account 24 hours per day via Internet Home Banking.

 

Phone Access - If you prefer the phone, Pipeline Audio Transactions is also available anytime.

 

Online Bill Payment – After signing up for Online Bill Payment, your regular bills are paid automatically from your account on selected days. Monthly fee may apply. Look closely at what you’re really paying for bank
checking. Then compare to your Credit Union.

Call or visit our office to ask questions.

 

Pipefitters Steamfitters Credit Union

411 Main Street, Suite 102
St. Paul Minnesota 55102
(651) 227-0771
MN Toll-Free 1-888-956-0771
 
Hours
M-Tue, Thu-Fri 9:30 a.m. - 5:30 p.m.
Wed 1:00 p.m. - 8:30 p.m.
 
24 Hour Access
Pipeline Phone System
1-877-478-3693
Online Home Banking
 
Board of Directors

Chairman Daniel Nordby 

Vice Chair Patrick Moore

Secretary  Thomas Walsh

Directors Curtis Johnson, Daryl Hanson, Mark Slagle, David Steele

 

Credit Committee

Chairman Timothy Perfect 

Members Steven Will, Allen Lenz

 

Supervisory Committee

Chairman William Hansen

Members Matt Steffens, Mike Menne

 

Delinquent Loan Committee

Members Grant Berqual,Thomas Heimerl, Joseph March

 

President: Jim Kavaloski

Staff:  Wayne Melby, Nancy Benson, Shannon Kleppe, Rhonda Latimer

 

 

 

 

 

 

 

 

 

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