2024: Quarter 4 Newsletter
Christmas loan special, Ending Hunger fundraisers, International Credit Union Day, compound interest & more.
Christmas loan special, Ending Hunger fundraisers, International Credit Union Day, compound interest & more.
We will once again offer the very popular Christmas Loan Special. The interest rate for qualifying members will be 2% below the normal loan rate. You can borrow up to $3,000, payable over 12 months. Get your Christmas shopping done early!
AND we want to give you a gift— all Christmas Loan applicants will be entered in to a drawing for a $250 Visa Gift Card! *
If you have any questions or would like to apply for a Christmas Loan, please visit one of our branches in Pittsfield or Newport to talk to one of our friendly loan officers. You can also apply online at www.svfcume.com— it is fast, easy, and convenient!
*Must apply and be approved for a Christmas Loan October 1 — December 24, 2024 to be eligible for the gift card drawing. Individual interest rates are determined by credit score. Membership eligibility is required.
It has been a busy summer and we have made the most of it with several fundraisers for our Maine Credit Unions’ Campaign for Ending Hunger, In July, we held our 19th Annual SVFCU Ending Hunger Golf Invitational at J.W. Parks Golf Course in Pittsfield. It was one of our most successful golf tournaments yet, raising over $10,000! We also sold dough boys and fresh squeezed lemonade at the St. Albans Summerfest, had a yard sale at our Newport branch and have been selling raffle tickets for a chainsaw carved bear that was donated to our Campaign.
Thank you to all of our members and employees for their donations and time spent making our campaign such a huge success! 100% of all funds raised goes to organizations in our area that help to combat food insecurity for so many of our neighbors. Your help is greatly appreciated!
International Credit Union Day has been celebrated since 1948, making it a long-standing tradition in the cooperative financial sector. It was established to honor the principles of credit unions and the positive impact they have on individuals and communities.
Throughout the years, credit unions have continued to grow and provide vital financial services to people worldwide, and this day recognizes their dedication to financial well-being.
Sebasticook Valley FCU will be celebrating ICU Day! Join us for great giveaways, some sweet treats, and we will be giving away two (2) $200 Visa Gift Cards!
If you get an unsuspected call from someone claiming to be a family member or friend asking you for money to help them out of an emergency, take pause before acting! This could be a scam.
Imposters often use scare tactics, like saying they have been in an accident or arrested, to get people to act fast. Artificial intelligence can even mimic a loved one’s voice. Always call or text your friend or family member back directly to make sure they are okay, and never wire money, mail cash, or send cryptocurrency to a stranger!
And remember— we are here to help! Call us, or visit one of our branches to ask about potential scams, phishing calls or any kind of fraud. Our friendly staff would be more than happy to help you. Don’t let the scammers steal your money!
When it comes to saving money, compound interest is the interest you earn on not only your initial contribution, but the interest earned on that initial contribution as well. It’s essentially a snowball effect. For example, let’s say you contributed $1,000 to a savings account that earns 5% annual interest. After one year, you’d earn $50, giving you a new balance of $1,050. In year two, you would earn 5% on the larger balance of $1,050 instead of the original $1,000. Your money has compounded and will continue to grow at an increasing rate each year.
There are also many investment vehicles available that can help you make the most of compound interest. One of the simplest starting points for building retirement savings is to contribute to your employer’s 401(k) plan if one is offered. It is an employer-sponsored, tax-advantaged retirement savings account. Alternatively, you can contribute to an IRA, which is an account set up at a financial institution that allows you to save for retirement with tax-free growth or on a tax-deferred basis. However, a simple savings account can help you prepare for the future. No matter how you choose to start saving, the important step is to start contributing as early as you can to take full advantage of compound interest.
Start saving for your future now. The earlier you start, the better. What if you can’t save away $5,000 a year, though? Save away whatever you can— $1,000, $500, $100. Whatever it may be, it’s never too early to start taking advantage of compound interest and setting yourself up for a healthy financial future.
Fall, the season of farmers’ markets, foliage, and pumpkin picking! It’s the perfect time to snap a family photo, enjoy some apple cider and corn maze adventures. One great way to save money for this fall fun is by utilizing the SURF Surcharge-Free ATM network. Many locations may not accept cards, so stop by a credit union SURF ATM on the way. You can enjoy the time of year while knowing you didn’t pay $3+ in surcharge fees. Remember, wherever your fall activities take you, make sure you SURF along the way.
