Rising Rates and You

What Does the Current Rate Environment Mean?

You may have seen news about the Federal Reserve (usually referred to as the Fed) raising rates. What they’re increasing is the Federal Fund Interest Rate. In fact, they’ve done it four times this year, and nine times since December of 2015. Increasing the rate from 0.25% to 2.50% over that timeframe. Prior to that, the Federal Fund Interest Rate, which is the rate banks charge other banks for overnight lending, hadn’t changed since 2009.

Man pointing at graph of rates increasing
The Federal Fund and Prime rates have been going up for the last year

The Fed used to change the rate all the time, depending on a ton of different factors. Even with recent blips in the stock market, the Fed sees the economy doing well. Increasing the Federal Fund rate is its way to keep inflation in check.

With all that being said, the Fed Fund Rate does impact the financial landscape in a multitude of ways. Most notably it effects the interest rate for loans, either directly or indirectly, and the interest rate on share accounts.

Loans

The Federal Funds Interest Rate does not itself effect the rate people pay on consumer rates, but it does have a direct impact on how the prime rate is calculated. Prime, is the rate that most often determines the benchmark for home equity lines of credit and adjustable rate credit cards.

Not all loans use the prime rate though. Adjustable rate mortgages use the COFI or Libor indexes. Many of WCU’s loans aren’t based on any of these indexes. Instead they are based on our calculations to get the best possible rate for our members. Those loans include our vehicle, personal, and mortgage loans. Even though these rates aren’t directly related to any indexes, they do tend to go up and down with other rates. That’s why it’s a good idea to refinance your mortgage if you took advantage of a low rate on an adjustable rate mortgage, usually 5/1 or 3/1 Arms.

Saving

Rising Federal Fund and prime rates aren’t necessarily bad for people. The higher loan rates often go hand-in-hand with higher rates on savings and investment products. At the credit union, we offer dividend on share accounts. As the cost to financial institutions to borrow money increases, it makes more sense for us to use our own deposits to back our lending activity, instead of borrowing from other institutions. The dividends for certificates and money market accounts, are both increasing, and we’re going to be offering special certificate rates for IRAs in January.

 

December Anniversaries

Our halls are decked, our tinsel is strung and everybody’s ready for the holidays. There’s one thing we have to do before that, celebrate our December anniversary participants.

If you want to be one of the people celebrating anniversaries next year, check out our careers page.  

Waunaversary Celebrants

Amy Grub – 6 years

What is your current position?
I am the MSM at the Scappoose Branch. My goal is to make sure our members are getting all their financial needs met in a timely and friendly manner. I love getting to know my members and learn about their goals and dreams and celebrating with them when they reach their goals!

What is something that working at WCU has taught you?
Working at Wauna has taught me what true teamwork looks like. I have never seen a group of people come together to support and encourage each other like the people at Wauna do. The leadership truly cares about the well being of their employees.

If you could choose one new hobby what would it be?
If I could choose one hobby it would be traveling! My goal is to take my son to all 50 states by the time he graduates high school! I love exploring and seeing new places!

Amy and son
Amy only has a picture of herself if somebody else is in it. Her favorite partner is her son

 

Ashley Erickson – 3 years

What is your current position?
I am an Accountant for Wauna CU. I make sure all of the bills are paid, help with monthly financial statements, and balance member’s financial transactions daily. I’m behind the scenes making sure everything is running smoothly and in balance.

What is something that working at WCU has taught you?
Working at Wauna has taught me to believe in yourself and go after your dreams! We work for a wonderful organization that is constantly growing and educating their employees. If you want to work towards something new, they are going to support you and help you achieve that goal. Completing our career development program (CADET) this year has helped me grow and achieve some big aspirations.

If you could choose one new hobby what would it be?
I would love to own a vineyard and start making wine!

Ashley Hawaii
Ashley recently took some much deserved PTO to visit Hawaii with her boyfriend David

Rachael Eaton – 2 years

What is your current position?
I am an MC I in the Warrenton Branch. My job is to help my members with their financial well-being. Either through everyday transactions, answering questions, doing account research or loans to help them get what they need. This is important because I am one of the many faces that represent Wauna. My members trust and depend on me to help and guide them, because they know I’ve been listening to what they want to accomplish.

Rachael at the coast
Rachael is Oregon Coast through and though

What is something that working at WCU has taught you?
What have I been taught? Multi-tasking struggle is real! I have to make lists ALL the time so I don’t miss anything. Most importantly I don’t want to miss reaching out to a member with follow up info as soon as I can.

If you could choose one new hobby what would it be?
I would love to snorkel! I love the water, and if I could id spend all my free time in it. My spirit animal is a shark.

Josh Rein– 2 years

What is your current position?
I’m the Digital Media Specialist at the credit union. If you’re looking at something on a screen either in the branch or on your computer or mobile device, there’s a good chance I had something to do with it.

What is something that working at WCU has taught you?
Working at the credit union has taught me to jump in full bore. I have to do a lot of back-end coding as part of my job here, which is something I only had limited experience with before. It’s been fun to learn.

If you could choose one new hobby what would it be?
I’d like to take up photography. I take pictures sometime as part of my job, and would love to explore more, especially where nature and development intersect.

Leslie Ramey– 1 year

What is your current position?
I’m a Member Consultant in our Clatskanie branch. I’m the person our members deal with the most, and I help with all sorts of things, including loans, giving them information about the different ways we have to save money, and staying on top of their finances and cred.

What is something that working at WCU has taught you?
Being at Wauna Credit Union has showed me how financial institutions should guide their members and teach them about finances. I can see the difference between banks and credit unions and I feel Wauna stands out in our mission. It’s not just a statement, I feel we implement it on a daily basis.

If you could choose one new hobby what would it be?
It would be rock climbing!!! Like legit rock climbing where I’m hundreds of feet in the air. I have a bit of a wild streak.

December 2018 Statement Insert – Individuals Welcome, Elite MM,

Page 1

Invest in Yourself
Certificates with special rates starting in January
IRAs included
9-month
13-month
Wauna Credit Union
Learn more in branch or online

Individuals Welcome
You’re not a number. You’re an individual.
waunafcu.org
800-773-3236
Federally Insured by the NCUA

Page 2

Get started on your
Elite Money Market Account
The more you invest, the higher you’ll go
Dazzling rates
Safe and secure
Rate climbs with deposit size Credited monthly

Weighed down by your credit cards
Transfer your balances and save
Transfer online or in branch
Receive 2x the rewards*
2.99% Intro Rate*
waunafcu.org, 800-773-3236
Federally Insured by the NCUA
*APR-Annual Percentage Rate. The special 2.99% Introductory Rate applies to qualifying balance transfers processed through April 30, 2019. The Introductory Rate will begin on the transaction date(s) during the promotion period, and remain in effect through the 6th billing cycle, at which time the account holder’s original Credit Card Account Agreement terms will apply. VISA Rewards accounts also earn two (2) Rewards Points for each $1 of the approved total balance transferred. Balance transfers from other accounts issued by Wauna Credit Union, or any amount of debt which would cause the account holder’s credit card balance to exceed their credit limit, are prohibited. A Balance Transfer Fee of 3% of the total balance to be transferred, or a minimum fee of $20, whichever is greater, will be assessed at the time the balance transfer request is approved. This special promotional offer ends at close of business April 30, 2019. Complete promotion details available at waunafcu.org. Membership with Wauna Credit Union is required.

We’re Everywhere You Are

At Wauna Credit Union we set ourselves apart by listening to our members, and by always taking the time to ensure we are helping them meet all their financial needs. Our members love that, but often think they have to leave that behind when they go on vacation or move. That’s not the case though. With technology and our partnership with other credit unions, everywhere you go, there’s a Wauna Credit Union just down the street.


While people may think of different credit unions as competitors, that’s really not the case. We work hand-in-hand with credit unions all over the country to ensure we deliver top-end service and technology no matter where our members are. That means that no matter if you are in New York City or Ames, Iowa, WCU members can go into a branch and be treated as a member, or use a CO-OP ATM (the second largest ATM network in the country) free of charge.

You’ll hear us at WCU talk about the Credit Union Advantage quite often. It’s what sets us, and all credit unions, apart from for-profit banks. We’re not based in New York or London trying to drive increased profits from shareholders, instead we’re local people focused on helping out specific regions (in our case), or dedicated to a particular group of people, for example a credit union that serves people that work for a single company, or professional field. More importantly, our profits are returned to our members.

The sad thing is because of the advertising budgets those big banks have, many people really don’t understand how credit unions are different. If you’re reading this and are a member of a credit union, thank you. If you’re not, please look into it. We hope you chose Wauna Credit Union, but as long as you chose a credit union that works for you, we’re happy.

Scam alert: Important info regarding my mortgage?

Image result for mortgage scam postcards

Mysterious postcards are showing up in mailboxes all over the country and they’ve started hitting home. This “time-sensitive” matter has many of us scratching our heads and saying, “huh?” Well, guess what? They’re 100%, for sure, mortgage scams.

So, what the heck are they?

Let’s address the elephant in the room and put to rest that these did NOT come from Wauna Credit Union — in fact, they did not originate from any financial institution. Recipients are urged to contact a toll-free number (after doing some digging, these postcards have listed 855-901-9227, 800-230-8750, 888-405-0963, and 855-549-212) regarding a recently closed WCU mortgage.

Where are they coming from?

Whether or not you have indeed recently closed on a WCU mortgage (congratulations if you have!) companies from all over the world have the ability to purchase your information if it has been publicly listed (sometimes even if it hasn’t been!) But your first giveaway should be that the Mortgage ID number provided is bogus.

Often times, scammers will pull what’s called the “phantom help” maneuver, where they’ll encourage you to reduce or even stop your mortgage payments while they work to lessen your costs (for a moderate fee, of course). Unfortunately, by the time you realize you’re being taken advantage of, the phantom helper is long gone.

If you look reeeeeeally closely in the bottom right-hand corner of the examples we’ve provided, you’ll see a “All information provided by H.W.C.” and a “Not affiliated with…” disclosure. Problem is you can grow old searching for information about H.W.C. and come back with nothing solid. We’ve also seen loandepot.com, Heritage Warranty Company, and Mortgage Protection Services, only none of these are legitimate businesses.

Conduct a quick online search for “Mortgage Protection Services” and you’ll find they have an ‘F’ rating with Better Business Bureau, hundreds of thousands of complaints on Ripoff Report, and even have Cease and Desist orders from several states, including Illinois and Massachusetts.

We called the number!

Image result for mortgage scam postcardsDarn right we called the number. In fact, we tried all the numbers we were able to find. Some connect to a live person, others are recordings, and one dialed directly to an automated system. Regardless of which number, we were eventually probed for personal information. Funny enough, these fraudsters refuse to give out any information about themselves, or even the actual company they are working with.

To be clear: Wauna Credit Union will NEVER ask for your social security number, passwords, or other sensitive information via postcard or over the phone.

So, how do I protect myself against these postcards?

It never feels good to be the target of a scam, but unfortunately it happens to us all. Should one of these end up in your mailbox, recycle it. Do not call the number. Do not play their games. Toss it and forget it. Remember, Wauna Credit Union will not send you notifications like this. If you are ever uncertain, contact us right away.

Onto protecting you from the next scam!

November Anniversaries

The Christmas decorations are already up, but we’re not done being thankful. We have some great people who celebrated anniversaries in November we want to celebrate.

If you want to be one of the people celebrating next year, check out our careers page.  

Waunaversary Celebrants

Brianna Malcolm – 12 years
What is your current position?
I am a Virtual Teller Consultant. Whenever you call, I’m one of the happy voices I answer phones when you call any of the branches, or our customer service number. I also am one of the representatives you may see on one of our new Virtual Teller Units. They’re in Warrenton, Astoria, Clatskanie, and Long Beach right now, and coming soon everywhere else.

Brianna and daughter
Brianna loves that she can bring her family to WCU events

 

What is something that working at WCU has taught you?
How to listen to what our members really telling us, not just the specific words they use. We were all trained in The Member Advantage (TMA). which teaches us to use AIDiNC to really listen.

If you could choose one new hobby what would it be?
Going camping/riding with family at least once a month. This would involve traveling as far as I wanted or whenever I wanted exploring new places.

Jeremy Grover – 4 years

Jeremy was kind enough to sit down with us earlier in the month with his manager Chris to chat about their job at the credit union. Listen to their WaunaTalk episode at https://waunafcu.org/blog/waunatalk-with-chris-and-jeremy/

Jeremy and Robert
Jeremy joined CEO Robert Blumberg at the opening of our Long Beach Office

Mark Crandall – 3 years
What is your current position?
I work for our Mortgage Team. First and foremost I help people throughout Columbia and Washington County find the mortgage that’s right for them. I also work with vendors to help ensure we have the offer mortgage products and rates we can.

What is something that working at WCU has taught you?
It’s taught to me to look at the larger picture and listen to our members to understand their needs. I’ve worked at larger institutions and it’s all about

Mark and horse
Mark and his horse Joey

getting the details and sending it off. Now I’m listening more to their motivation, and matching it up to the products, and by having that complete product mix really opens the possibilities.

 

If you could choose one new hobby what would it be?
We recently bought a property in North Plains with a small barn for our horses on it. I’d really like to expand the barn, and open to other people to go riding, especially to to people who haven’t had the opportunity to experience riding.

Others

  • Teresa Wemmer
  • Alex Peck

 

November Statement Insert – Stuff Your Stocking, Personal Loans

November Statement Page 1

Stuff Your Stocking
Reward yourself this holiday season with our
Wauna Credit Union VISA Rewards card!
Double* rewards points for purchases made in November and December.
Triple* rewards points for purchases on Nov. 22-26 & Dec. 22-26.
New accounts receive 5,000 rewards points.

*Members using their Wauna Credit Union VISA Rewards Credit Card
will earn Double Rewards Points (2-Two Rewards Points for each $1
purchase posted to their account) between November 1 and
December 31, 2018. Members will also earn Triple Rewards Points
(3-Three Reward Points for each $1 purchase posted to their account)
for qualifying purchases made on these dates: November 23 (Black
Friday); November 24 (Shop Local Saturday); November 26
(Cyber-Monday); December 21-24; and, December 26 (Day after
Christmas). New VISA Reward Credit Card accounts opened
November 1-30, 2018, qualify for 5,000 Immediate Rewards Points,
and are eligible for the Double and Triple Rewards Points special offer.
Membership with Wauna Credit Union required. Rewards Points are
non-transferrable. Complete promotion details available at
waunafcu.org. This special offer ends December 31, 2018.

Wauna Credit Union
Apply 24/7
waunafcu.org
800-773-3236
NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government
National Credit Union Administration, a U.S. Government Agency

November Statement Page 2What’s Down Your Chimney?
Something special for our members, a home equity line of credit?
At Wauna Credit Union, home of the Strong Mortgage

Need some extra spending money to make the season merry?
A personal or lifestyle loan might be just the thing Santa ordered!

Equal Housing Opportunity
Apply 24/7
waunafcu.org
800-773-3236
NMLS #421867