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Do you have an auto loan with another financial institution? With interest rates as low as they are today, now would be a good time to refinance your auto loan. Maybe the dealer financing looked attractive at the time, or was simply the easiest way to make your deal. Whatever the reason, you may have an opportunity to save by simply bringing your loan to Pittsford FCU.
Here’s an example. One year ago, you borrowed $25,000 for 60 months at a rate of 8.50%. Your payment is $513 per month, and you now owe $20,809. Refinancing that loan with Pittsford FCU, for four years at 5.65% APR, your payment would drop to $485 per month, and you would save $1,344 over the next 48 months.
To find out just how much you can save, give us a call with your current rate, balance, and payment on your existing loan. Or you can use the refinance calculator at PittsfordFCU.org/calculators. Investing a few minutes could mean a few extra bucks in your pocket each month.
Maybe you need a new car instead. If that’s the case, you’ll be happy to know our New Car Rates are even lower – visit PittsfordFCU.org/rates for details.
*APR = ANNUAL PERCENTAGE RATE. 5.65% APR applies to financing on used vehicles for up to 48 months. Other loan terms, conditions, and interest rates may apply or change without prior notice. All Pittsford Federal Credit Union loans are subject to approval and must meet our credit granting terms and conditions. Offer not valid on existing Pittsford FCU loans.
Save money with energy efficient home improvements
Make the American Recovery and Reinvestment Act of 2009 (ARRA) work for you. The Residential Energy Property Credit, one of the provisions of ARRA, increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. Not only can these improvements save you money on your energy bills, but the new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems. Homeowners should be aware that there are standards that need to be met in order to receive the tax credit. Additional information is available at www.IRS.gov.
If you are interested in taking advantage of the Residential Energy Property Credit and require a loan to do so, consider a Pittsford FCU Home Equity or Improvement Loan. Ask a representative for details or visit PittsfordFCU.org/Rates.
Back to school planning could save you money
With the start of school, your thoughts may be turning to your child’s future, especially if you have a child in college or one who will be heading there in the future. With the cost of a college education between $16,000 and $50,000 per year, how to finance this future is a legitimate concern. The uninformed “buyer of a college education” often spends thousands of dollars more than the informed, so planning ahead is essential.
As a member of Pittsford FCU, you have access to a free college planning service through Collegiate Funding Solutions (CFS). CFS has developed a comprehensive set of analysis tools, information, and insight to help make the daunting task of planning for college expenses manageable.
Pittsford FCU is committed to educating and helping parents of college-bound children understand their options for college planning and ways to leverage these options for their maximum benefit. We partner with CFS because their mission is to help people become informed buyers of a college education, with the added goal of saving you thousands of dollars in the process.
To take advantage of this free service, log into Internet Banking, select the eStatements link, then the Collegiate Funding Services link to retrieve a four-digit special promotion code. If you’re not a user of our Internet Banking Service, please contact our member service team for special instructions at (800) 836-8010. After you have completed an online data form, you will be prompted for the special promotion code, which will give you access to your report.
It’s never too early to begin the planning process. Investing just a few minutes of time with CFS’s online college planning service could save you potentially thousands of dollars on the cost of a college education.
Pittsford FCU youth are
In The Money
Over the summer, Pittsford FCU introduced newly-packaged youth accounts for members age 21 and under: an In The Money Kids Account for kids ages 10 and under, an ITM Account for youth ages 11-15, and an ITM Plus Account for young adults ages 16-21.
One of the perks of these accounts is a special-rate “In The Money Certificate” to help encourage our youth members to save money for the future. And, as part of this promotion, members who openedan In The Money Certificate between July 1 and Aug. 31, 2009, were automatically entered into a drawing to win one of three prizes. We are pleased to announce the drawing winners:
Andrew Carpenter, an In The Money Kids Account member, won an official 50 state quarters collector’s map and electronic bank.
Amanda Borden, an ITM Account member, won an iPod Nano and PFCU backpack.
Stefan Zavislan, an ITM Plus Account member, won a $150 VISA gift card and PFCU backpack.
Save big with an
In The Money Certificate
Remember, the In The Money Certificate is a regular feature of our youth accounts, so everyone can still win with this high-yielding certificate. For complete details on our youth accounts and In The Money Certificate, please ask a representative or visit PittsfordFCU.org/youth.
Photo: Stefan Zavislan, an ITM Plus Account member, is presented with his prize.
You can now follow us
Debit or credit?
Using a debit card is a simple and convenient way to make a purchase, but often you are presented with the option of choosing debit or credit. Which option should you choose? Tonya Bevacqua, Member Service Representative in our phone center, has the facts to help you decide.
First, your accounts are safe no matter which transaction type you choose. Each is protected by different rules and regulations, but in both situations, the credit union is responsible for any loss you incur as the result of fraud.
Second, when you choose debit, the purchase is immediately deducted from your checking account like an ATM transaction, and the credit union pays a small transaction fee. If you choose credit, the purchase could take a few days to clear your account, and the credit union earns interchange, which is calculated as a small percentage of the transaction amount.
Third, if you choose credit, you have additional protection in situations where you are unable to remedy a disagreement with a merchant. The process is called disputing a charge, and is typically used when you do not receive a product or service and cannot resolve the issue with the merchant directly.
We hope you continue to enjoy the convenience of your Pittsford FCU Debit Card, and now understand the differences between choosing debit and credit. If you have any questions, please contact any of our member service representatives.