|
Dear Member:
During these difficult economic conditions with rapid
changes in financial and employment markets the Chicago Municipal Employees
Credit Union (CMECU), as a true financial partner with respect to its
valued members, would like to keep you informed, protected and updated on
any changes.
 CMECU
has never been out to make a quick dollar on anybody. We take our member
deposits and lend them out to our members at the best rates that we can,
but still give our savers a fair return on their money. We haven’t
been involved in any risky mortgage lending. The money we’re lending
out is your money, it’s my money, and we make sure that we lend it
out as safely as possible. Our current delinquency and loss rates
aren’t any greater than they have been in the last year or even five
years.
How
safe are your accounts? Chicago Municipal Employees Credit Union is
Federally Insured. National Credit Union Administration (NCUA) insurance is
backed by the full faith and credit of the U.S Government, just like the
FDIC. NCUA insures accounts up to $250,000, and IRA accounts are insured
separately up to $250,000.
CMECU
remains strong and we will continue being strong. Being a credit union
member has its privileges. It means that you’re an owner of your
financial institution. You get to vote for your Board of Directors. Being a
part of a not-for-profit institution also has its privileges. As a
not-for-profit, we don’t have to look for maximum return and
therefore don’t have to take on maximum risk. We remain conservative
with our lending policies as well as our investment strategies. Being safe
and giving back a conservative return to our members is more important than
being able to pay higher dividends and taking on riskier loans or riskier
investments. Rest assured that your deposits are safe and will remain safe
at CMECU.
As
far as temporary financial difficulties are concerned — we are here
to help you. We recently established a skip-a-payment promotion for all
consumer loans-(No Real Estate, Credit Cards or Student Loans) — This
allows all eligible members to skip a payment twice per year (but not in
consecutive months) by paying a $35 fee and filling out the application. We
have solutions for hardship cases like unemployment, military deployment,
or similar situations. Ask a credit union representative for details and
application. We’ll soon announce dates of credit and financial
counseling sessions.
If
changes should happen regarding your employment — it’s very
important for everyone to understand how important communication is. Please
inform us as soon as possible and stay in touch with the credit union.
Closing your credit union account(s) isn’t a solution; by loosing
your CMECU privileges you might make your situation more difficult. We have
alternatives to offer before your loan(s) becomes past due. We have
suggestions to help protect your credit score. We have alternatives to
offer if your automatic payroll deposit should stop. So remember, if your
employment status changes, or if you have serious indications there will be
a decrease in your income, or if your address or phone number changed;
please call and let us know. We want to help you!!
Thank you
Chicago Municipal Employees Credit Union
Management
<
Back to News and Announcements
|
