MESSAGE FROM THE CEO Hello True North Members! Continued on page 3 A s we enter the dawn of a New Year, it’s a great time to look back on 2016 which was a year of profound change at True North. For the past several years, the True Crew has been working hard to improve both our technological infrastructure, and the technology that you see when you interact with us. This included a conversion of our core operating system, taking it from a very closed and antiquated system to one that offers far more integration, efficiencies, and dynamic possibilities for the future. The staff has been fantastic and are adjusting to the new system well, and members are experiencing faster transaction times as staff become more comfortable with the new system. Along with the core, we also changed our electronic banking platforms, our voice response system (for the first time in over 20 years), and even our online loan application. These changes were necessary given the core change, and were intended to ensure that we're offering you reliable, quick and secure services upon which you can depend. The majority of the change is behind us, but not all. We'll be offering new online account opening functionality in the first half of 2017, and mid year there will be a change in our debit and credit card platforms that will result in new functionality and Apply online at: www.pfd.alaska.gov. True North's Institution Code is "CC". The North Word WINTER 2016-2017 *APR is Annual Percentage Rate. Rates, terms and conditions are subject to change without notice. Rate subject to creditworthiness; advertised rate includes discounts for credit protection. Refinance of existingTNFCU loans not eligible. First payment due date cannot exceed 120 days from date loan closes and interest will continue to accrue during this period. Offer expires February 28, 2017. LOCK IN YOUR LOW RATE AUTO LOAN WITH TRUE NORTH AND NO PAYMENTS FOR 120 DAYS! Ask your branch rep for an application or apply online at www.TrueNorthFCU.org
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MESSAGE FROM THE CEO
Hello True North Members!
Continued on page 3
As we enter the dawn of a New Year, it’s a great time to look back on 2016 which was a year of profound change at True North.
For the past several years, the True Crew has been working hard to improve both our technological infrastructure, and the technology that you see
when you interact with us. This included a conversion of our core operating system, taking it from a very closed and antiquated system to one that offers far more integration, efficiencies, and dynamic possibilities for the future. The staff has been fantastic and are adjusting to the new system well, and members are experiencing faster
transaction times as staff become more comfortable with the new system. Along with the core, we also changed our electronic banking platforms, our voice response system (for the first time in over 20 years), and even our online loan application. These changes were necessary given the core change, and were intended to ensure that we're offering you reliable, quick and secure services upon which you can depend. The majority of the change is behind us, but not all. We'll be offering new online account opening functionality in the first half of 2017, and mid year there will be a change in our debit and credit card platforms that will result in new functionality and
Apply online at: www.pfd.alaska.gov.True North's Institution Code is "CC".
The North WordWINTER
2016-2017
*APR is Annual Percentage Rate. Rates, terms and conditions are subject to change without notice. Rate subject to creditworthiness; advertised rate includes discounts for credit protection. Refinance of existing TNFCU loans not eligible. First payment due date cannot exceed 120 days from date loan closes and interest will continue to accrue during this period. Offer expires February 28, 2017.
LOCK IN YOUR LOW RATE AUTO LOAN WITH TRUE NORTH AND
NO PAYMENTS FOR 120 DAYS!
Ask your branch rep for an application or apply online at
www.TrueNorthFCU.org
Consolidate Those Post Holiday Bills!Refinance Your Loan for a Lower Payment!
Message from the CEO— Continued from page 1 —
Your Life Goals, Are Our Life GoalsIf there's ever a time that "millennials"
need cooperatives, it's now.
We can help! Consider consolidating high interest credit card's and you'll be saving even more money! If you're strapped with a hefty loan payment, it might be time to refinance your loan with us. You may be able to free up some extra cash and lower your monthly payments with a True North low rate loan. Speak with a branch representative today or apply online at www.TrueNorthFCU.org!
The last ten years have been quite transformational for this generation of young adults. Younger millennials just graduating college likely saw their parents lose jobs, benefits and pensions while bank executives lost nothing. According to a study by Filene Research Institute, millennials make about as much (rather, as little) as previous generations, but factor in the average student loan debt of $27,000 and that take home pay is quickly eaten up. Despite that, millennials are principled and they maintain an optimistic outlook about their financial future. And life goals and financial goals are entwined. If you're looking to firm up yours, a credit union--which is a not-for-profit financial cooperative that offer the same services as a bank--is a smarter choice. Here are some ways True North can help you achieve your life goals.
IF YOU VALUE OPEN MEMBERSHIP WITHOUT BOUNDARIES, TRUE NORTH IS FOR YOU.
When you opened your first bank account, did you have to deposit some ridiculous amount of money or risk getting hit with a $5 monthly fee? At a credit union, you usually only have to deposit a minimum of $1 to $10. That money is a "share" in the company instead of money that's invested in high risk securities. Anyone can open an account without worrying about meeting certain terms.
IF YOU VALUE COOPERATION INSTEAD OF COMPETITION, A CREDIT UNION IS FOR YOU.
Why should you have to suffer because your bank doesn't have ATMs everywhere? A $4 fee here and there really adds up. You shouldn't have to spend $24 to withdraw $20. That's a ripoff! Instead, grab your smart phone, download the Co-Op ATM app and find a free ATM or shared branch to conduct your business. Voila! As everyone knows, life is a little better when you work together instead of making everything a competition.
IF YOU VALUE EDUCATION, TRAINING AND
INFORMATION, A CREDIT UNION IS
DEFINITELY FOR YOU. Credit unions are the only financial institution with education as one of their foundational principles. Many credit unions offer training seminars for buying a house, buying a car, rebuilding after bankruptcy, saving for college and retirement planning. A credit union, with it's not-for-profit values, can help you affect change in your community and life. Whether it's an auto loan, mortgage, small business loan or balance transfer credit card, they are simply a smarter choice. Set big goals in the New Year, and True North can help you achieve them.
improved service. I want to thank you for your membership and your patience during this period of technological transition. These changes were necessary to ensure True North was well positioned to thrive far into the future, being responsive to the changing needs of the membership. On behalf of the Board of Directors and the True Crew, I wish you all the best in 2017! May it be a year full of promise and joy.
Sincerely,
Lauren MacVay
Holiday ClosuresSunday, January 1 • New Year's Holiday / ClosedMonday, January 16 • Martin Luther King Day / ClosedMonday, February 20 • President's Day / ClosedMonday, May 29 • Memorial Day / ClosedTuesday, July 4th • Independence Day / ClosedTelephone Teller (907-523-4700) and Express PC are both available 24/7 if you need assistance during our closures. For more info go to www.TrueNorthFCU.org.
You Can Buy a Home Without 20% Down. You Just Need PMI.
What's PMI? A quick explanation of private mortgage insurance. The home-buying process can be exciting, frustrating, and terrifying—but for most Americans, owning your own home remains a crucial part of the American Dream. I think part of why the process is so daunting is because there are so many terms, loan types, fees, and questions that aren’t explained very well. I’m going shed some light on one of the simplest but most confusing—Private Mortgage Insurance, or PMI. Mortgage insurance makes buying a home possible for most of us. In order to qualify for a loan without mortgage insurance, you would need a 20% down payment, which is… a lot. Way more than I could ever hope to have saved up, anyway, when I bought my first house. For instance, for a $185,000 home, 20% down would be $37,000. Mortgage insurance is applied to loans as
a way to protect the lender—not you—if you should default on your mortgage. If you stop making payments, you will face foreclosure. Mortgage insurance helps the lender recover their investment in the home on your behalf. Usually mortgage insurance is added to the cost of your loan either as an upfront fee, a monthly insurance premium, or both. The amount of the insurance varies with the type of loan you have, but all conventional home loans administered through the USDA (United States Department of Agriculture) or FHA (Federal Housing Administration) have mortgage insurance (unless your down payment is 20% or more of your home’s value). VA loans are backed with a guarantee from the Veterans Administration, and do not have mortgage insurance. Depending on the type of loan you choose,
you might be able to remove your mortgage insurance after you have established 78% equity in your home. Some programs require mortgage insurance for the life of your loan (FHA), and some can have it removed (conventional). The advantage to removing it is that your monthly payment could go down, or more of your money would be applied to your loan balance if your payment stays the same. Hopefully that helps make at least one part of the home-buying process more clear. While buying a home can be daunting, it’s often one of life’s most rewarding experiences. Meeting with a True North Real Estate LoanOfficer is a great way to explore your optionsand to discover what you truly qualify for. Visitwww.TrueNorthFCU.org to explore mortgagecalculators and apply online!
Our Gift To You...
Inactivity Fee Changes (Effective April 1, 2017)
Look for details about our 2018 Calendar Photo Contest in our 2017 Spring Newsletter!
Look for your 2017 Calendar featuring the winning photo from this year's photo contest. Congratulations again to James Beedle! If you
would like extra copies —both large poster size or small envelope sizes, stop by your local branch. Get yours today, while supplies last!
Share Savings No Inactivity Fee
Money Market $5/month for accounts with balances under $2500. Fee imposed after 12 months of inactivity.
Share Draft $5/month for accounts with no activity after 180 days.
2017 Calendar
BOARD OF DIRECTORSKim Garnero, CHAIRCreighton Laurent, VICE CHAIRDavid Teal, TREASURERMark Troupin, SECRETARY
Gretchen KeiserChristine MoleskiJim Andersen
Lauren MacVay, PRESIDENT/CEO
BRANCHES:Anchorage Branch907-771-4777, Fax 907-561-1538 Foodland IGA Juneau Branch907-523-4700, Fax 907-586-1173Mendenhall Juneau Branch907-523-4700, Fax 907-523-4716
Administrative Office - Juneau907-523-4778, Fax 907-586-8078
BRANCH MANAGERSTinaMarie Kile, AVP OPERATIONSSara Boyer, ANCHORAGE BRANCH MGRWilliam Boothe, JUNEAU AREA BRANCH MGRSheri Vidic, MORTGAGE LENDING MGRMitch Jackson, BUSINESS LENDING MGR
STATISTICS AS OF NOVEMBER 30, 2016:Assets: $138,452,278Loans: $110,248,687Shares: $125,574,403
TELEPHONE TELLER: (907) 523-4700
24/7 LOANS: Easy online application at www.TrueNorthFCU.org
24 HR BILL PAY SUPPORT: (866) 395-5336
GENERAL E-MAIL: [email protected]
CREDIT CARD CUSTOMER SERVICE: (800) 654-7728
WEBSITE: www.TrueNorthFCU.org
True North FCU NMLS # 440100 | Federally Insured by NCUA
HEY KIDS! Whether you are in elementary, middle or high school, we've got some fun activities for you! Visit Googolplex on the 'Youth accountspage at www.TrueNorthFCU.org.
BOOTS
DRIFT
FISHING
FLAKES
FLURRIES
FUN
HOCKEY
ICY
PLAY
PLOW
SALT
SAND
SCRAPER
SCULPTURE
SHOVEL
SKATING
SKIING
SLIDING
SLIPPERY
SNOWBALL
SNOWBLOWER
SNOWMAN
SNOWMOBILE
STORM
WHITE
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