2025: Quarter 2 Newsletter
SVFCU Annual Meeting, HELOCs v. Home Equity Loans, Campaign for Ending Hunger & more.
SVFCU Annual Meeting, HELOCs v. Home Equity Loans, Campaign for Ending Hunger & more.
The 72nd Annual Meeting of Sebasticook Valley FCU will be held on Wednesday April 9, 2025 at our Newport Branch. Members of the credit union will have the opportunity to elect fellow members to the Board of Directors. The Board of Directors consists of members that volunteer their time to oversee the operation of the credit union. Join us for some light refreshments as you mingle with fellow members. The president, chairman of the board and chairman of the Supervisory Committee will all give reports on the state of our credit union. We welcome your comments and participation at this very important event! There will be light refreshments served, some free giveaways and great door prizes! Join us in celebrating another great year at your credit union!
If you’re looking to tap into your home’s equity for a major expense, a Home Equity Line of Credit (HELOC) or a Home Equity Loan can be a smart and affordable option. Both allow homeowners to borrow against the value of their home, but they work in different ways.
A HELOC functions like a revolving line of credit, giving you the flexibility to borrow as needed, similar to a credit card. You can withdraw funds during the draw period, typically 5 to 10 years, and pay interest only on the amount used. This makes it ideal for ongoing expenses like home renovations, tuition, or emergency funds.
A Home Equity Loan, on the other hand, provides a lump sum with a fixed interest rate and predictable monthly payments. It’s a great choice for those who need a one-time payout for large expenses, such as debt consolidation or major home improvements. Credit unions often offer lower interest rates, fewer fees, and personalized service compared to traditional banks. Whether you need flexibility with a HELOC or stability with a Home Equity Loan, we can help you find the right solution to meet your financial goals. Contact us today or visit www.svfcume.com to learn more!
MEMBER’S CHOICE® Credit Life and Credit Disability Insurance is voluntary and not required in order to obtain a loan. If coverage is elected, you have the right to cancel the coverage at any time by contacting your credit union.
Maine’s Credit Unions once again pulled together to raise over $1.3 million for their efforts to help end hunger in Maine! With the help our very generous members, our hard-working staff, and local businesses that helped in sponsoring some of our fundraising events, Sebasticook Valley FCU was able to raise over $46,000 for the Campaign! One hundred percent of all funds raised will be given to local organizations that work to help those that are food insecure. The funds that SVFCU raised will go to local food pantries, in-school food pantries, back-pack programs in schools, as well as a Senior Farm Share program. This would not be possible without our staff that organizes and executes all fundraisers, as well as our awesome members and business partners that help to make those fundraisers so successful! Thank you for helping us to fight food insecurity in our neighborhoods!
Effective July 1, 2025, our Funds Availability Policy will change. Changes are indicated in red ink below.
YOUR ABILITY TO WITHDRAW FUNDS AT YOUR CREDIT UNION
General Policy. Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and state and federal holidays. If you make a deposit before 5:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $275 of your deposit may be available immediately. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
Holds on Other Funds. If we cash a share draft or check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Deposits at Automated Teller Machines. Funds from any deposits, whether cash, share drafts, or checks, made at automated teller machines (ATMs) which your credit union does not own or operate will not be available until the second business day after the day of your deposit. A credit union owned ATM is indicated by the name displayed on the welcome screen. Funds from any deposits, whether cash, share drafts, or checks, made at automated teller machines (ATMs) which your credit union owns will be available on the day of your deposit.
Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first thirty (30) days your account is open.
Funds from electronic direct deposits to your account will be available to you on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $6,725 of a day’s total deposit of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $6,725 will be available on the fifth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of the credit union’s employees, the first $6,725 will not be available until the second business day after the day of your deposit.
Funds from all other check or share draft deposits will be available on the ninth business day after the day of your deposit.
Foreign Checks. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.
