SUGGESTIONS, TIPS AND INFORMATION TO IMPROVE YOUR LIFE | FALL 2014 | TRULIANT.ORG INSIDE THIS ISSUE: President’s Message: The Banker’s Dilemma p.2 Reach Your Goal Of Home Ownership p.2 A Message From Your Chief Operating Officer p.3 New Website Coming In November p.3 Financial Empowerment Mini Grants p.4 Protection From Identity Theft p.4 Star In Truliant’s Next Ad Campaign p.4 Tru2Go App adding Popmoney ® p.4 Find Your Home’s Hidden Potential With A Home Equity Line p.5 New Business Partner Welcome p.6 New Rivergate MFC Coming Soon p.6 Vote For Calendar Contest Winners p.6 Meet Truliant’s Mint Hill Member Financial Center Team Catherine Sweeney knows that establishing Truliant in Mint Hill will mean more than just setting up shop. As manager of your newest Member Financial Center, located on the outskirts of Charlotte, Catherine is up to the task. “We offer a caring, capable choice with the community’s best interest at heart. They may not have experienced that until now,” she said. A veteran of for-profit banking turned credit union convert, Catherine plans to further Truliant’s reputation of offering financial solutions, but also of being an advocate for member-owners in their communities. As a not-for-profit financial cooperative, Truliant returns our earnings to members through higher savings rates and lower loan rates – without constantly dreaming up new fees or sacrificing service. “Unlike banks, whose mission is to make a profit, Truliant wants to impact a person’s life positively through guidance, compassion and understanding,” Catherine added. Stop by and meet Catherine and her team at our newest branch conveniently located in the Mint Hill Pavilion Shopping Center at 7114 Brighton Park Drive, Suite 300 in Mint Hill, N.C.
Transcript
SUGGESTIONS, TIPS AND INFORMATION TO IMPROVE YOUR LIFE | FALL 2014 | TRULIANT.ORG
InsIDe tHIs IssUe:
President’s Message: The Banker’s Dilemma p.2
Reach Your Goal Of Home Ownership p.2
A Message From Your Chief Operating Officer p.3
New Website Coming In November p.3
Financial Empowerment Mini Grants p.4
Protection From Identity Theft p.4
Star In Truliant’s Next Ad Campaign p.4
Tru2Go App adding Popmoney® p.4
Find Your Home’s Hidden Potential With A Home Equity Line p.5
New Business Partner Welcome p.6
New Rivergate MFC Coming Soon p.6
Vote For Calendar Contest Winners p.6
Meet truliant’s Mint Hill Member Financial Center teamCatherine Sweeney knows that establishing Truliant in Mint Hill will mean more than just setting up shop. As manager of your newest Member Financial Center, located on the outskirts of Charlotte, Catherine is up to the task. “We offer a caring, capable choice with the community’s best interest at heart. They may not have experienced that until now,” she said. A veteran of for-profit banking turned credit union convert, Catherine plans to further Truliant’s reputation of offering financial solutions, but also of being an advocate for member-owners in their communities.
As a not-for-profit financial cooperative, Truliant returns our earnings to members through higher savings rates and lower loan rates – without constantly dreaming up new fees or sacrificing service. “Unlike banks, whose mission is to make a profit, Truliant wants to impact a person’s life positively through guidance, compassion and understanding,” Catherine added. Stop by and meet Catherine and her team at our newest branch conveniently located in the Mint Hill Pavilion Shopping Center at 7114 Brighton Park Drive, Suite 300 in Mint Hill, N.C.
president’s Message: the banker’s Dilemma
IT’S NOT ABOUT “THE BANK” OR
“THE CREDIT UNION.” IT’S ABOUT YOU
THE MEMBER, AND YOUR FAMILY.
Oh Happy Day! The bankers are interested in selling services to consumers and small businesses again in the Carolinas and Virginia. A regional leader for a mega-bank in the trillion dollar asset range announced last week that bankers in Charlotte are “hungry for
business” again. He also needed to address concerns that their product-pushing culture had resulted in opening accounts or credit lines for customers without their permission as bank employees sought to meet sales quotas.
Therein lies the banker’s dilemma: how do you give priority to the stock shareholders through profit maximization while also truly taking into account the consumers’ best interest?
It is no coincidence that credit unions recently crossed the 100 million member-owner threshold in the U.S. More and more consumers are realizing that credit unions like Truliant are structured to prioritize your well-being and best interest over profits. Let’s say a consumer comes into a credit union and requests a $40,000 vehicle loan to buy the car or truck of their dreams. At Truliant, don’t be surprised if we remind you that you’ve told us that you’re saving for your child’s college expenses and that a $25,000 car loan will have you driving off in style, while keeping you on target for college funding. Most banks will likely drool at the prospect of the money they’ll make on the $40,000 loan and the employee may actually receive a commission for steering you away from a better overall decision impacting your broader financial goals.
Truliant is not in and out of the consumer and small business market, shifting emphasis where profits are highest. We have consistently encouraged savings and
investments in the Credit Union as our members have rebuilt their personal financial balance sheets post-financial crisis. We also continued lending to individual members and small business members right through the downturn and bumpy recovery.
The point is that it’s not about “the bank” or “the credit union.” It’s about you the member, and your family. Truliant has understood this for the last 62 years and it can be seen in our decisions, policy, products and services. More importantly, you can sense it in our people and how we interact with you.
The mega-banks are still slogging through the penalties and fees for making and selling faulty mortgage loans. In fairness, many of these loans were made by institutions they acquired. Recently there were $15 billion and $17 billion dollar settlements. Yet these behemoths are highly profitable. Federal regulators are raising the issue as to whether or not they are too large and unwieldy, representing a continuing risk to the economy in the future should one of them stumble again. They will either have to raise a great deal more capital or break into separate businesses.
Under any scenario, banks have the dilemma of trying to maximize profits. Truliant must only understand and meet our members’ needs while working to improve their lives. Although large banks do a great job servicing their large commercial clients, consumers are better served by mission-driven credit unions like Truliant. The benefit to your financial institution shouldn’t tip the scales in favor of pushing products that aren’t best for you. Luckily, at Truliant we don’t have to choose.
LIFE IMPROVEDSM
Reach your goal of Home ownershipThe best parts of life happen at home. We can help you open the door to an affordable mortgage and realize your dream of home ownership. Our mortgage options fit your spending needs with low fees and significant savings over comparable products.1 We offer:
• Purchase or refinance • Low down payment • No prepayment penalties • Reduced mortgage insurance costs
Contact us to start building equity today with a mortgage from Truliant.
(1) Rates and terms are subject to change. Loans are subject to credit approval. Available in FL, GA, NC, OH, SC, TN and VA only.
Marc SchaeferPresident and CEO
A Message From Your Chief Operating OfficerOur TruService Approach
We often share the financial success stories of our members internally at Truliant. It’s a way to champion the life-improving values we embrace with our employees.
There’s a common thread to these stories; most stem from actively listening to our members about how we can best meet their individual needs. At Truliant, we know that listening closely is paramount to helping you achieve your aspirations or to finding solutions for a financial obstacle.
For example, one manager recalled that while working on an auto loan a few years back, the member casually mentioned his dream to own a home. This spurred regular meetings to help the member align his finances with his plans for the future.
By simple active listening, the manager helped the member set up a systematic savings plan and provided guidance on a debt payment plan to strengthen his credit score. A few years later, this resulted in the member receiving a low interest rate mortgage loan for the home of his dreams. Our manager expressed how personally rewarding it was to play a major role in assisting this member in realizing his goal.
Actively listening to our members also has more immediate impacts. One member recently came into Truliant to use our free notary service for a Department of Motor Vehicles document. She mentioned she was planning to refinance her auto loan with an online company – who would drop her interest rate from 23% to 12%. With two years of good payment history under her belt, we knew we could do better. She was in disbelief when we came back with a 5.9% interest rate – saving her $200 a month over the life of the loan.
We differentiate ourselves from major banks by placing a high value on listening. Unlike banks, there’s no hidden incentive for us to meet your needs by pushing exotic new add-on products instead of finding the solution that has your best interest at heart.
Our approach is not just nodding our heads and waiting for our turn to sell you something you don’t need. You became an owner of Truliant when you became a member. Our responsibility as a not-for-profit financial cooperative is to serve you.
The fatigue of daily headlines pointing to a relentless sales culture at major banks fosters a distrusting attitude toward financial institutions. Bank account holders are rightfully wary they’ll need to continue keeping on guard against hidden fees to pay for the $250 billion in fines and settlements banks have accumulated since 2009.1
Financial analysts predict this era of bumper fines – which, to put it in perspective, would take Ford Motor Company 29 very good years to earn in profits2 – isn’t over.
As a credit union driven by its mission to improve lives, Truliant offers a much better alternative. We have all the convenient services that most big banks have, but unlike these banks, we put you, our member, first over profits. At Truliant, our passion is doing what’s right for you to help you guide your future and achieve your goals.
We’re ready to listen to how we can help improve your life by helping you build something worth having.
(1) London School of Economics and Political Science, Conduct Costs Project. (2) Ford Motor Company, 2013 Annual Report.
Todd HallChief Operating Officer
New Website Coming In NovemberWe’re excited about the debut of our new website that will give you more convenient access to all of Truliant’s life enriching products and services. In November, you’ll enjoy a newly designed structure and intuitive navigation, responsive design to fit your range of devices, better search capabilities, a section dedicated to helping you achieve your dreams and goals, and more. Stay tuned for more details coming soon!
Truliant’s new home page shown on left.
Star In Truliant’s 2015 Advertising CampaignWhen it came time to cast for our 2015 advertising campaign, the first people we thought of were our own stars. That’s right! Your family could be featured in our 2015 advertising campaign showing members and their families enjoying memorable experiences.
To enter our member-only casting call, we’re asking that you submit a 100 word or less account of how we’ve improved your life, along with your contact information and a family photo. We’re accepting submissions until October 24, 2014. Send an email to [email protected] to enter today and show off your family for a fun experience they’ll never forget!
Financial Empowerment Projects Can Earn $1,000 Mini GrantsFinancial literacy in our communities is a major focus at Truliant. Non-profit organizations who actively support this goal in cities and counties where we operate can earn a $1,000 Truliant Mini Grant. We’re looking for organizations who support self-sufficient financial behavior, financial literacy education and mentoring for youth, emergency financial assistance and more. All applications are due by Oct. 15, 2014, and recipients will be chosen by online voting on Facebook and Twitter in November. To learn more about Mini Grant funding, visit Truliant.org.
Access Popmoney® From Our Tru2Go App Starting In NovemberWhether it’s paying back your portion of the rent, an electric bill or a courtesy loan from mom and dad, person-to-person payments are easy with Popmoney! While you can already access this service from your Online Banking account, Truliant will begin offering this alternative to cash and check payments from our Tru2Go app in November. Send recipients money via text message, email or directly to their bank account. There’s no fee to make a payment and account information is secure, so it isn’t shared between financial institutions. Popmoney is available through your online banking account by selecting Move Money from the top blue menu bar, then click on Funds Transfer.
Protect Yourself From Identity TheftAs data breaches become more common, we want our members to take steps to protect their identities and keep their financial information secure. These common ways to protect your passwords from forced digital entry could mean the difference between secure online access and identity theft.
• Standbys like your name, a month, your home state or city, or the addition of “123” to a password could leave it vulnerable to forced entry by super-fast computers pushing short word and number iterations with usernames. • Make your password more than eight characters. Think long, easy to remember passwords that are uncommon, like: SaveYourWay#WithTruliant1952. • Add characters, symbols and even misspellings to your password. • When possible, use a two-factor authentication for sensitive information (i.e. two or more pieces of information must be verified before access is granted).
If you think you have become a victim of identity theft, visit your local Member Financial Center or call us immediately at 800.822.0382 for assistance.
our Auto Loans Will get you Moving soonerAs dealers make way for next year’s new models, make Truliant the starting point for your next auto loan. We have auto loans to fit your needs, so you can begin making new memories today. Turn to Truliant for:
• Rates as low as 1.74% APR3 • Up to 100% financing for qualified borrowers • Rate discounts available
Additionally, if you have a vehicle financed elsewhere, Truliant can help you save by lowering your monthly payment and interest rate.4 Improving your life is why we exist. Stop by your local Member Financial Center, call us or apply online to get started today!
(3) Rates and terms are subject to change. Loans are subject to credit approval. Floor rate on auto loans is 1.74% APR. (4) Additional terms apply for refinancing existing Truliant auto loans.
Activate your Vision With A Home equity Line of CreditRealizing your home’s hidden potential may be closer than you think with a home equity line of credit from Truliant. We offer rates as low as 3.25% APR2 that can help you achieve your vision for the perfect living space. Beyond home upgrades, tapping into your equity makes financial sense for common costs including:
• Paying for a car or repairs • Consolidating debt • Medical expenses • College tuition • Paying off a high interest rate credit card
Turn to Truliant for help with your upgrades and improvements to create a lasting impression. Visit us, call or apply online today!
(2) Rates and terms are subject to change. Loans are subject to credit approval. Maximum APR for home equity lines of credit is 18.00%. Available in FL, GA, NC, OH, SC, TN and VA only.
serving your business now And In the FutureAt Truliant, we have your business’s best interest at heart and want to be your preferred financial institution. Our goal is to earn your trust with everything we say and do to build a lasting relationship. Our commitment is simple – we assist our business member-owners and help them achieve long-term success, stability and profitability.
We are ready to meet and discuss the many options available for business owners. Visit Truliant.org to learn more about our suite of business services.
MAIL: Truliant Federal Credit Union P.O. Box 26000 Winston-Salem, NC 27114-6000
UpCoMIng HoLIDAys Truliant Federal Credit Union will be closed on the following days:
Thanksgiving DayThursday, November 27
Day After ThanksgivingFriday, November 28
Christmas DayThursday, December 25
New Year’s DayThursday, January 1
Truliant is federally insured by the National Credit Union Administration and is an Equal Housing Lender.
(1) Annual Percentage Yield (APY) is accurate as of 9/15/14 and subject to change. Penalties may be imposed for early withdrawal. Fees or other conditions could reduce earnings.
(2) Annual Percentage Rate (APR) is effective 9/15/14; subject to credit approval and subject to change.
(3) HELOC periodic rate not to fall below 3.25% or exceed 18% for a plan with a loan-to-value of 85% or less. Some home loans are only available in FL, GA, NC, OH, SC, TN and VA.
Rates are accurate as of 9/15/14 and subject to change.
Vote For our Calendar Contest WinnersTruliant wants you to choose the winners for our 2015 calendar contest. Voting takes place through our Facebook page now until October 13. The calendar cover winner will be awarded a $250 gift card and the remaining winners will each receive a $100 gift card. Winning photos will be included in Truliant calendars distributed at Member Financial Centers later this year. Visit our Facebook page to vote!
Welcome to our newest business partnersFlextronics America LLC | Anomaly Squared | Heat Transfer Sales of the Carolinas Inc. | X1 Communications | Carswell Distributing Company | WDS Inc. | Sapona Manufacturing Company | Blue Ridge Home Health Care | Strom Aviation Inc. | Elastic Therapy Inc. | Ray Moving & Storage Inc. | The Center for Intentional Leadership | Whitehead Manor Conference Center | Berico Fuels Inc. | Alamance Oil Company
Rivergate Member Financial Center Coming soonTruliant is proud to announce the fourth quarter opening of our Rivergate Member Financial Center, located in the Rivergate Shopping Center at 14318 Rivergate View Drive, Suite 300 in Charlotte, N.C. Located off NC 49, southwest of Charlotte’s I-485 Loop, this branch offers convenient access to Truliant’s wide array of affordable, quality financial products that can help you achieve your dreams.
