2012 2nd Quarter eNewsletter
Be a HawaiiUSA Super Saver during National Credit Union Youth Week from April 22 - 28, 2012!
In today’s world, credit matters. Knowing how to manage money wisely and make good credit decisions are more important than ever. Let HawaiiUSA provide the tools and the means to help you. Stop by any one of our branches and ask how you can learn more about the fundamentals of money management and your credit.
A Better Way to Pay for College
Student Loans Designed with You in Mind!
As the cost of post secondary education continues to increase, the federal loan programs have not been able to fill the gap that your personal finances may not cover. Our Credit Union Student Choice alternative loan product can help to fill that funding gap without resorting to higher cost loans to pay for higher education.
With zero origination fees, lower interest rates and flexible repayment options, including full deferment during in-school status, it is easy to see why our student loan program is a better way to pay for college. Whether you are a student yourself or the parent of a student, HawaiiUSA is here to help!.
Applications Available Now
Since HawaiiUSA is here to serve our members, we are able to offer more competitive student loan options and save you money. Student loans are a long-term relationship and it is important to choose a lender carefully. Be sure you read the fine print and compare fees, terms and repayment options (not just rates) when comparing student loans. Read more about how to choose student loans and the financial aid process.
Guide to Students Loans
Remember, our goal is not just to help you fund a college education for yourself or a family member, but to become your financial partner for life. Visit hawaiiusafcu.studentchoice.org to apply online for a Credit Union Student Choice Loan. All applications must be processed through the website application. Completed applications will be decisioned in minutes. For more information, call 534.4300 or toll-free (800) 379.1300.
Click here for disclosures
HawaiiUSA is committed to keeping your account information safe and secure—but whether you’re accessing your account via Online Banking, Telephone Banking, an ATM, or mobile device; you play an essential role in protecting your confidential information from fraud and identity theft.
Here are a few best practices for password safety:
- Use strong password construction
- At least (8) characters in length if supported.
- Contains one upper and one lower case alpha character.
- Contains at least one digit and one special character if supported.
- Is not a word in the standard dictionary (English or foreign) or publicly known slang, dialect, or jargon.
- Does not contain ascending or descending characters or digits, or repeating characters or digits.
- Change your password regularly; at least every 45 days.
- Do not share your password with anyone, write your password down, or store it online or on any electronic application.
- Use a different password for each system you access.
- Use trusted and secured sites to conduct financial transactions.
- Use your own computer or mobile device when accessing Online Banking, do not leave it unattended during a session, always log off, and close your browser.
For more visit the Fraud Prevention & Online Security Tips section of our website.
Debit card fraud is increasing as more and more people use them. In 2010, debit card fraud represented 36% of all card fraud, an increase from 27% in 2009.3 That’s an alarming statistic! Fortunately, HawaiiUSA is taking steps to prevent thieves from accessing your account. One solution is our eAlerts service.
eAlerts is a free service that can help you monitor unauthorized purchases on your HawaiiUSA debit card. While the solution offers a variety of alerts to choose from, there are two types of alerts that may be valuable to you in our fight against debit card fraud:
- Debit Card Purchase Alert generates every time a debit card card point-of-sale (POS) PIN or signature-based transaction authorization has occurred on your selected account.
- Account Balance Change Alert generates every time your selected account (a share or line of credit)reaches a balance that is over/below the specified amount for the first time.
These alerts are sent on any device capable of receiving email. Here’s how you can get started:
Easy Steps to Enroll in eAlerts:
- Enroll or login to Online Banking
- Click the eAlerts tab
- Acknowledge the eAlert agreement
- Click Proceed and you are in!
Together, we can prevent fraud! For more information on eAlerts or “Fraud Prevention & Online Security Tips,” visit hawaiiusafcu.com.
Click here to see footnote
Identity Theft can occur when you least expect it. When it does, the process of fixing your credit can be difficult. Our partnership with ID ExpertsTM can assist you with an on-line restoration program in the event you become a victim of Identity Theft.
Individual : $3.99 a month
Family: $4.99 a month5
Individual: $5.99 a month
Family: $7.99 a month5
For more details or to purchase a plan, log on to: hawaiiusafcu.com/its.html
Why Open a Roth IRA?
Taking advantage of a terrific savings tool where your money grows tax-free
These retirement-savings accounts grow absolutely tax free: You won’t owe Uncle Sam a dime as you let your savings accumulate or when you cash out in retirement.
You have until your tax return deadline to set up and make contributions for the previous tax year. The contribution limit was $5,000 for 2011 and also for 2012. That means if you act before April 15, you can invest $5,000 now to count for last year, giving you a solid start to your savings. And you have until next year’s tax deadline to kick in your $5,000 for 2012.
You can contribute the full $5,000 in 2012 as long as your income falls below $110,000 if you’re single, and $173,000 if you’re married filing a joint tax return. The contribution limit is then phased out incrementally if you make between $110,000 and $125,000 (single) or $173,000 and $183,000 (married-joint). Make more than those upper limits, and you simply cannot contribute any more money to a Roth IRA.
Schedule an appointment with a HawaiiUSA Investments and Insurance Financial Advisor to discuss whether the Roth IRA is right for you.
Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. HawaiiUSA Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
Save the Date...
HawaiiUSA Golf Tournament
When: Monday, August 6, 2012 Where: Pearl Country Club Time: 11:30am Registration
12:30pm Shotgun Start
Format: 3 person team Cost: $1500 Platinum Sponsor
$1000 Gold Sponsor
$650 Silver Sponsor
$110 Per person
Stay tuned for more details coming in our July Newsletter!
Applications for nominations to fill three (3) 2013-2014 HawaiiUSA Board of Director vacancies are now being accepted for consideration by the Nominations/Elections Committee. Each of the three (3) vacancies are for three (3) year terms. Basic qualifications for applicants are as follows:
- Individual must be a member of HawaiiUSA, in good standing and bondable by the credit union’s insurance company
- At least sixteen (16) years of age as of December 31, 2012
- Has read the HawaiiUSA Board of Directors Information Packet and is willing to accept the responsibilities of an elected or appointed office.
Applications must be postmarked no later than Wednesday, May 16, 2012. Mail completed applications to:
HawaiiUSA FCU Nominations/Elections Committee
P.O. Box 23226
Honolulu, HI 96822
Board of Directors assume fiduciary responsibility, do not receive compensation and may require many hours of time commitment. If you are interested in applying, please pick up a Nomination Packet at any of our branches or visit our website hawaiiusafcu.com/Board-Election.aspx.
After considering all properly completed applications received, the Nominations/Elections Committee, in writing, will notify on or about June 5, 2012, those applicants who are, and who are not, nominated. For more information, please contact our Member Service Center at 534.4300.
2012-2013 Board of Directors
Maxine M. Joe, Chair
Donald H. N. Yee, Vice Chair
Harold H. P. Look, Treasurer
Colleen T. Umetsu, Secretary
Morris H. Kimoto
Harlan Y. Kimura
Jean H. Miyahira
Liberato C. Viduya, Jr.
Albert S. Yoshii
click on link to see photos
Jameen Shimomura, Business Development
Employee of the Year
Ja took on the new role of overseeing our Community Rooms at the Main Office and Pearl City. Her unfaltering service builds client confidence and satisfaction.
Brandi Oki, Workforce Excellence
Manager of the Year
Brandy is a level-headed, go-getter, credible activist and true asset. Her team finds joy working with her, as she takes the time to celebrate and recognize her staff.
Crystal Harada, Information Technology
Newcomer of the Year
Crystal is a model employee exemplifying top-notch customer service, has prompt follow-up and effective execution. Her gentle, easy-going and always helpful attitude makes people feel cared for and comfortable.
John Franklin, Sandy Hiromasa, & Dave Kluempers, Information Technology
Team of the Year
John, Sandy, and Dave have excellent programming skills, knowledge, patience and understanding to effectively and efficiently achieve enterprise projects.
click on link to see photos
New Website Search Function
Here at HawaiiUSA, we are continuing to look at ways to provide new delivery channels for our members. We realize you live busy lives and seek immediate answers to your financial questions. This is why we are excited to launch a knowledge based solution! This will provide our website users a more user-friendly search tool with enhanced search results. Type in your question and you will be a click away from getting your answers.
Disclosures & Footnotes
1Annual Percentage Rate. Used auto loan starting as low as 2.75% APR for a 36 month term. A 0.25% discount is available with optional automatic payment from a HawaiiUSA Share draft (checking) account, Share (savings) account with ACH payroll or payroll deduction. APR will remain fixed for the term of the loan. Actual APR based on creditworthiness of the applicant. (Payment example: Loan amount of $10,000 at 2.75% APR for 36 months would have a monthly principal and interest payment of $289.96). Refinancing of existing HawaiiUSA auto loans do not qualify. Eligible financing up to 100% of Retail Kelley Blue Book Value. Offer can be cancelled or changed at any time. Membership fee of $5.00 required upon meeting credit union eligibility requirements.
2MMP discount offer is available at opening of a HawaiiUSA Used Auto Loan. This is a limited time offer and can be changed or cancelled at anytime.
3Javelin Strategy & Research
4Initial promotional discounted rate of 0.75% Annual Percentage Rate (APR), at a daily rate of 0.002054% for the first six-months from opening a new Home Equity Line of Credit (HELOC) applications received between 2/1/2012–4/30/2012 and funded by 5/31/2012. After the promotional discounted rate period, the rate will change to the prevailing rate at that time. As of 2/1/2012 the current index is 0.11% and the prevailing rate is 4.00% APR, at a daily periodic rate of 0.010958%. The promotional discounted rate will not apply to any existing HawaiiUSA FCU HELOC and/or when paying down or paying off an existing HawaiiUSA Visa or loans. HawaiiUSA charges no credit union closing cost; however, you will be required to pay certain fees to third parties at closing that may range from $0 - $1,500. These fees include, but are not limited to title insurance ($125-$300), recording fee ($25-$55), trust review ($155-$400), mortgage or other document preparation fees ($125-$155), property evaluation ($65-$100). We will use a property evaluation to determine the property value, if the value is not sufficient an appraisal will be required at your expense, estimated cost may vary from $350 to $1,000 depending on the property. When an initial draw of a minimum $20,000 or more new monies is advanced at opening, certain third party fees may be waived and qualify to receive a credit at loan closing up to $500 to offset a third-party lender’s early termination fee when paying off your existing HELOC with that third-party lender when you agree to (i) not close your credit line prior to the first anniversary of the opening date and (ii) maintain the account balance less normal monthly payments for a period of six-months from opening. To receive the credit at loan closing, the early termination fee must be assessed and identified by third-party lender through its payoff procedure. The APR can change quarterly on the statement cycle date of February, May, August & November. The rate will then be adjusted to equal 2.50% over the weekly average yield on US Treasury Security adjusted to a constant maturity of one year rounded up to the nearest 0.25%. The rate cannot increase or decrease more than 1.00% at each quarterly rate adjustment but may exceed that for the single adjustment at the end of the promotional discounted rate period. The maximum APR that can apply is 18.00% or the maximum permitted by law, whichever is less. Under no circumstances will your APR go below 4.00% at any time during the term of the plan other than during a promotional discounted rate period. Maximum loan amount is lesser of $200,000 or up to 80% of your home value. Hawaii properties must be fee simple and owner occupied. Higher LTV programs available with price adjustments. HELOC has a 5-year draw period with a 15-year amortized repayment (principal and interest payment). You must carry fire, hurricane & flood (if applicable) insurance on the property that secures the credit. No annual fee or prepayment penalty. Membership is required (minimum $5.00 share account). We may charge you 5% of the payment due if your payment is more than 15 days late. We will charge you a fee of $10 if you pay your account with an insufficient funds check, request an advance that would exceed your credit limit or request an advance less than the minimum advance of $250. Minimum monthly payment is $150. Program subject to change or discontinuation without notice.
5The Family Plan under the Identity Theft Solutions Plus Plan extends protection and recovery services to family members, with the exception of the yearly credit report and monitoring. Family members include spouse or domestic partner and eligible dependents ages 0-25.