Letter from the CEO
Looking Back at 2011 and Forward to 2012
2011 will be remembered as a tough year, economically. At PNWFCU we feel that we hit our low point in the recession and have started the road to recovery. The last quarter of 2011 we saw signs that real estate values have hit the point that some are cautiously getting back into the market. We have also seen some improvement in delinquencies and charge-offs. Members' personal financial situations, in an overall sense, seem to have stabilized. Looking to 2012, we still expect to see some loans come back to us. We've accounted for those in our allowance for losses in 2011 and hope to work with members to prevent those losses from occurring.
In terms of member services, we are making some needed upgrades in computer and phone systems. You should notice a difference in the telephone menus as a result of these improvements, in the second quarter. We will be upgrading our phone teller system (TESS – Telephone Express Self Service).
We will also be upgrading our online access with improvements to our web based services. One new service we expect to add during this upgrade is Mobile Banking – the ability to conduct financial business using your smartphone.
2012 will also see improved access to car loans through the dealers. In late 2011 we joined forces with Credit Union Direct Lending (CUDL). This allows you to go to the dealer and get the financing through PNWFCU. All you have to do is tell them you are a member of PNWFCU and the dealer will do the rest. If you get preapproved through our loan officers before you go it makes the process even easier, as the process of qualification is already completed and you know how much you have to shop with.
2012 is also the 70th anniversary of PNWFCU. We look forward to celebrating 70 years of member service and being Your Financial Partner for Life.
Your Insured Funds
Our credit union is sound and stable. Credit unions are federally insured by a fund that is backed by the full faith and credit of the U.S. government. The National Credit Union Share Insurance Fund (NCUSIF) insures credit union member funds to $250,000.
Some examples of account insurance coverage include:
- Individual accounts: Deposit accounts (other than IRA accounts) owned by one individual are combined and insured to $250,000.
- Joint accounts: Accounts with two or more owners are combined and insured to $250,000 for each joint owner.
- IRAs: IRA accounts are combined (Roth and Traditional) and insured to $250,000.
To review NCUA's brochure on additional account coverage, click here. You can also use their online Share Insurance Estimator. Click here to watch a commercial that explains how your funds are safe with federally-insured credit unions. The NCUA now also has a call center available to answer insurance questions between 8 a.m. and 6 p.m. (EDT), Monday - Friday. To reach them, call 1-800-755-1030, extension 1.
Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts
All funds in a "non interest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules.
The term "non interest-bearing transaction account" includes a traditional share draft account (or demand deposit/checking account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money-market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account.
Effective June 24, 2011
Minimum Funds Availability Limit Increase
The Expedited Funds Availability Act sets forth requirements for the minimum amount of a check deposit that must be available for withdrawal by the following business day. An amendment to the Act provides that this minimum amount must be increased from $100.00 to $200.00. Effective July 21, 2011, the Pacific NW Federal Credit Union Funds Availability Policy Disclosure is amended as follows:
RESERVATION OF RIGHT TO HOLD — 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. Funds may not be available until the second (2nd) business day after the day of your deposit. However, the first $200.00 of your deposit will be available on the first (1st) business day after the day of your deposit. 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.
