Common Interestwww.msgcu.orgApril | 2014

Join us for Home Equity 101

Have you ever wondered if a home equity loan or line of credit is right for you? Have a home renovation project in mind, but don’t know where to start?

MSGCU will host an interactive workshop on home equity options. You will learn what home equity is, the types of equity loans available, the financing terms of equity loans and how to determine how much equity is available in your home.

Wednesday, April 16 6 p.m.

Troy Community Center Room 301

3179 Livernois Rd., Troy

Registration is required for this event. Call 586.263.8800, option 0, or e-mail workshops@msgcu.org today.

THE DREAM IS BACK

Home Equity: Up Again. American Dream: On Again.

What part are you dreaming of?

In the past year, home values across Southeast Michigan have risen over 40%. And so has your home equity.

We’re celebrating the rising equity you have in your home with The Dream Is Back Home Equity Event, with rates as low as prime and cash incentives up to $500.**

So now you can take that dream vacation, build that beautiful kitchen, pay that college tuition…whatever part of the American Dream you’ve been dreaming of.

Call 866-674-2848, or you can apply online at msgcu.org/thedream.

RATES AS LOW AS

3.25% APR*NO CLOSING COSTS

*APR = Annual Percentage Rate. Rates based on term, credit, and collateral. Variable-rate loan may change quarterly based on The Wall Street Journal Prime Rate. Maximum APR is 18.0%. A $75 annual fee will be waived in the first year and every year thereafter with a $20,000 or greater home equity loan balance, or if member has a checking account with a direct deposit of $500 or greater on a monthly basis. Maximum combined loan-to-value 80%. $500 fee reimbursement if the account is closed within 36 months of opening date. Fee reimbursement is for the costs associated with processing home equity loans.

**Contact Michigan Schools and Government Credit Union at 866-674-2848 for more information.

What can I use home equity for?

• Make improvements or repairs to your home

• Purchase an automobile

• Consolidate debt

• Purchase appliances and furniture

• Cover the costs of tuition

• Go on vacation

Consult your tax advisor regarding tax deductibility.

Letter from the President/CEO

From the cold winds to the frigid temperatures, it has certainly been a long winter. This year, the arrival of the first signs of spring will be most welcome. The warm weather prompts thinking about celebrating graduations, planning a summer vacation, or planning for one’s financial future.

As spring flowers start appearing, many homeowners begin to think of home improvement projects. Home values have increased in our communities. This may mean more home equity is available to fund home renovation projects and other important purchases. Michigan Schools and Government Credit Union is excited to offer very attractive home equity loan rates, convenient ways to apply, and speedy approvals. Please visit a branch or msgcu.org/thedream for more information.

April is Financial Literacy month, and MSGCU is committed to enhancing the financial knowledge of our members and the communities we serve. We encourage you to attend one of our free financial education workshops at locations throughout the community. These events are open to the public. As you think of attending, please bring friends or family who may be interested. You will find a list of the upcoming workshops on the back page of this newsletter or at msgcu.org/workshops.

Spring is also the time of year when our high school seniors are starting to think about attending college in the fall. MSGCU is proud to support our youth pursuing their educational futures by offering several scholarship programs. We are currently reviewing the applications for our Rudolph Heino High School Scholarship and Larry Swantek Educational Studies Scholarship programs. Reading scholarship essays and learning about the many achievements of the scholarship applicants is a rewarding experience. It is a reminder of the bright futures ahead for these scholars. We will announce scholarship awards later this month.

As many of you know, MSGCU has been working on our own major renovation. This spring, there will be significant changes to the branch space at our Main and Troy locations. While construction work is moving ahead, please be assured we remain focused on serving your financial needs at both locations. We encourage you to visit msgcu.org for the latest updates on the renovation process.

As always, we thank you for your membership. We look forward to serving your financial needs this spring. Please enjoy the improving weather!

Yours truly,

Peter D. Gates President/CEO

Notice: 2014 Annual Meeting Venue Change

Thursday, April 17, 6 p.m.Macomb Community College Center Campus

44575 Garfield Rd, Clinton Township, MI 48038Professional Development Center

University Center 1, Room 112(Enter off Garfield Road)

Statement Enhancements Coming for Mortgage Members

Due to the renovation project at the Main Office, the location of the 2014 Annual Meeting has been changed. The date and time remain the same.

www.msgcu.org

Workshop Spotlight: Understanding Your Credit Report

Statement Enhancements Coming for Mortgage Members

Whether you are buying a car, renting an apartment, or purchasing your first home, all of these actions rely on a single number: your credit score. But what exactly is this powerful number and what factors determine your credit score?

In short, your credit score is a three-digit number generated by a mathematical algorithm using information in your credit report. It’s designed to predict risk, so this number lets creditors know what the chances are of you becoming delinquent on your credit obligations, such as rent or loan payments. The higher the number, the lower your perceived risk.

MSGCU is here to help. Join us for the Understanding Your Credit Report workshop on May 7, 2014. The event begins at 6 p.m. and will take place at the City of Troy Community Center, Room 304.

Visit annualcreditreport.com to pull a free copy of your credit report and bring it to the workshop to have your questions answered.

Registration is required for this event, and seating is limited. Call 586.263.8800, option 0, or e-mail workshops@msgcu.org today.

How is a Credit Score Determined?

There are five basic components that are factored into your credit score:

• Payment history: Your account payment information, including any delinquencies and public records.

• Amount owed on accounts: The amount of available credit you’re using on your accounts and how much you owe on them.

• Length of credit history: How long you’ve had your accounts open.

• Types of credit: The variety of accounts you have.

• New credit: Your pursuit of new credit or credit inquiries.

We are making changes to make it easy for you to receive and review your mortgage information.

Effective May 2014, you will begin receiving a monthly mortgage statement by mail. The statement will provide more detailed information in an easy-to-read format and include a monthly coupon. This will replace the annual coupon book received in the past.

To the left are highlights of the changes and timelines to be expected with the new statements.

Those who do not pay with coupons will still receive a monthly statement, but can continue to pay through other options available.

If you have any questions about this new process, please call our Mortgage Servicing Team at 586.263.8800, option 2 or email us at mortgagedepartment@msgcu.org.

Here is a breakdown of which changes to expect for your mortgage statement:

• The new monthly statement will contain a detachable coupon to make your payment in June and beyond. The statement and coupon will look similar to a credit card statement.

• The reverse side of your mortgage statement will include important information such as MSGCU’s contact information, billing inquiry instructions, etc.

• Statements will be received approximately two weeks prior to the next payment due date.

• Mortgage information will continue to be reported on your MSGCU regular account statement through 2014.

Find surcharge-free access to more than 30,000 ATMs nationwide through the CO-OP Network, including ATMs in 5,500 7-Eleven and Costco stores. Visit msgcu.org, and click on “Locations & ATMs” to search for a surcharge-free ATM near you.

MSG

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S Main Office40400 Garfield RoadClinton Township, MI 48038

Chesterfield Office34700 23 Mile RoadChesterfield, MI 48047

Hall Road Office45120 Market Place BoulevardChesterfield, MI 48051

Hayes Road Office48945 Hayes Road Shelby Township, MI 48315

Madison Heights Office 480 W. 12 Mile Road Madison Heights, MI 48071

Royal Oak Office31805 Woodward Avenue Royal Oak, MI 48073

Shelby Township Office8770 23 Mile RoadShelby Township, MI 48316

St. Clair Shores Office24515 Little Mack AvenueSt. Clair Shores, MI 48080

Sterling Heights Office2356 Metropolitan ParkwaySterling Heights, MI 48310

Troy Office 4555 Investment Drive Troy, MI 48098

Warren Office 13602 E. 14 Mile RoadWarren, MI 48088

All branch lobbies, drive-thrus and the Call Center are open…M - W: 9:00 a.m. - 5:00 p.m.Th: 9:00 a.m. - 6:00 p.m.Fri: 9:00 a.m. - 7:00 p.m. Sat: 9:00 a.m. - 1:00 p.m.Phone: 586.263.8800 Toll Free: 1.866.MSGCU4U Website: www.msgcu.org

Federally insured by NCUA

Identity Theft Wednesday, April 9, 6 p.m. Macomb Intermediate School District 44001 Garfield Rd. Clinton Twp., MI 48038

Home Equity 101 Wednesday, April 16, 6 p.m. Troy Community Center 3179 Livernois Rd. Troy, MI 48083

Understanding Your Credit Report Wednesday, May 7, 6 p.m. Troy Community Center 3179 Livernois Rd. Troy, MI 48083

Youth Checking and Lending Wednesday, May 14, 6 p.m. Troy Community Center 3179 Livernois Rd. Troy, MI 48083

Social Security Disability Wednesday, June 4, 6 p.m. Macomb Intermediate School District 44001 Garfield Rd. Clinton Twp., MI 48038

For workshop details, please visit msgcu.org/workshops.

All workshops are free and open to the public.

Registration is required.

Please call 586.263.8800 or email workshops@msgcu.org.

Events may be added or dates

may be changed.

Visit msgcu.org or call for the latest information.

Upcoming Events

You have better ways to spend your time and money. With our electronic payment options, you can click...pay...and be on your way.

Introducing MSGCU QuickPay*

With MSGCU QuickPay, you can make an online loan payment using funds from another financial institution.

MSGCU QuickPay allows the payer the option to set up weekly, bi-weekly, semi-monthly, or monthly recurring payments, or to make a one time payment. QuickPay also offers next business day posting and balance updates.

Get started by clicking “Access MSGCU QuickPay” at msgcu.org.

Online Banking

With an MSGCU savings or checking account, you can pay all of your bills, even utilities, for free. Simply log in at msgcu.org to transfer funds to pay your MSGCU loan. Plus, you can use Online Bill Pay to send money to any individual or business at any time.

Automated ACH Payments

By setting up automated ACH payments, you don’t ever have to worry about transferring money or being late with your payment! Ask a Member Service Representative how you can set up free automated payments from any financial institution.

*Payment processing fees may apply. Please consult the MSGCU fee schedule for details. Download the most recent fee schedule at msgcu.org/feeschedule.

Click. Pay. On Your Way.

App Update Coming SoonOnline Bill Pay* will soon be available on our mobile app. Mobile Deposit will also be updated to make depositing checks even easier.

For current app users, look for the update coming soon to your mobile device. If you don’t have the MSGCU app , it is available in the Apple Store and Google Play.

Stay tuned to msgcu.org, Facebook and Twitter for the latest news on this exciting update.

*Online Bill Pay only available for existing accounts. Must set up Online Bill Pay at msgcu.org.