more than just banking spring editionoverpayment scams target consumers selling cars or other...

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RHODE ISLAND CREDIT UNION APRIL 2013 SPRINg EDITION More than just banking Member Matters Buying a new or used auto can be an overwhelming experience for many people. Between choosing the right car and deciding how much you can spend and then negotiating the price and obtaining financing, the process can seem complex. Consumers today have more information available to educate themselves and be better prepared to navigate the process. To help ensure you are prepared before visiting the dealer, know how much you are willing to spend and the monthly payment you can afford. Even better, contact us and have your auto loan pre-approved before you shop. This way you can let the dealer know up front that financing is not part of the deal. It’s easy to lose sight of how much you’re paying for the car when discussing loan payments and trade-ins instead of focusing on the price of the car. The financing component of your car buying experience is one of the most important. The interest rate and terms should be given careful consideration. Many car dealers rely on your emotion and desire to drive away in the new car to encourage you to finance with them and conclude the deal as fast as possible. Take that extra step and see us for your loan. You can save hundreds if not thousands of dollars. We offer auto financing for 2003 and newer model cars with affordable rates and flexible terms and financing up to 110% of the car’s value is available. For 2011 – 2013 autos, we are currently offering rates as low as 1.70% APR. Apply for your auto loan at ricreditunion.org or by calling or visiting one of our five branch locations. MESSAGE FROM THE PRESIDENT/CEO David B. Suvall Win PawSox Tickets! Be one of 500 people to join us for Rhode Island Credit Union Night at the Pawtucket Red Sox for baseball and a spectacular fireworks display on Saturday, June 1, 2013. Enter to win 4 general admission Pawtucket Red Sox Tickets in any branch location, at ricreditunion.org or by mail. All entries must be received by May 13, 2013. A complete copy of the Official Rules is available upon request.

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Page 1: More than just banking SPRINg EDITIONOverpayment scams target consumers selling cars or other valuable items through classified ads, Craigslist or online auction sites. The scammer

RHODE ISLAND CREDIT UNION • APRIL 2013

SPRINg EDITIONMore than just bankingMember MattersBuying a new or used auto can be an overwhelming experience for many people. Between choosing the right car and deciding how much

you can spend and then negotiating the price and obtaining financing, the process can seem complex. Consumers today have more information available to educate themselves and be better prepared to navigate the process.

To help ensure you are prepared before visiting the dealer, know how much you are willing to spend and the monthly payment you can afford. Even better, contact us and have your auto loan pre-approved before you shop. This way you can let the dealer know up front that financing is not part of the deal. It’s easy to lose sight of how much you’re paying for the car when discussing loan payments and trade-ins instead of focusing on the price of the car.

The financing component of your car buying experience is one of the most important. The interest rate and terms should be given careful consideration. Many car dealers rely on your emotion and desire to drive away in the new car to encourage you to finance with them and conclude the deal as fast as possible. Take that extra step and see us for your loan. You can save hundreds if not thousands of dollars.

We offer auto financing for 2003 and newer model cars with affordable rates and flexible terms and financing up to 110% of the car’s value is available. For 2011 – 2013 autos, we are currently offering rates as low as 1.70% APR. Apply for your auto loan at ricreditunion.org or by calling or visiting one of our five branch locations.

MESSAGE FROM THE PRESIDENT/CEO

David B. Suvall

Win PawSox Tickets! Be one of 500 people to join us for Rhode Island Credit Union Night at the Pawtucket Red Sox for baseball and a spectacular fireworks display on Saturday, June 1, 2013. Enter to win 4 general admission Pawtucket Red Sox Tickets in any branch location, at ricreditunion.org or by mail. All entries must be received by May 13, 2013.

A complete copy of the Official Rules is available upon request.

Page 2: More than just banking SPRINg EDITIONOverpayment scams target consumers selling cars or other valuable items through classified ads, Craigslist or online auction sites. The scammer

100% Home Equity Loan Financing Now Available

*Annual Percentage Rate (APR) is for terms up to 7 years. The monthly payment for a 84-month loan is $13.17 per $1,000 borrowed. Rate based on individual creditworthiness and subject to change without notice. 1-2 family owner-occupied properties only. Existing Rhode Island Credit Union loans are eligible for this promotion with at least $10,000 in new money. Flood insurance may be required. Applicable trust review fees may apply. Other home equity loan programs, rates and terms available. Certain restrictions apply.

Now you can borrow 100% of the value of your home with a Home Equity Loan from Rhode Island Credit Union. Enjoy the certainty of a fixed rate for up to 30 years with no points or closing costs. Contact or visit us today to learn more about the new financing options available that allow you to borrow up to 100% of the value of your home.

Shared Branching isaround the corner!Rhode Island Credit Union will become a Co-Op Shared Branching Credit Union in May 2013 to give our members access to nearly 5,000 credit union branches and over 2,000 self-service locations throughout the country to perform transactions just as if you would in one of our branch locations. Whether you are at work, home, or your favorite travel destination, Rhode Island Credit Union will always be nearby. Visit www.cuswirl.com for a complete list of locations. Updates on our Shared Branching launch can be found at ricreditunion.org.

Anywhere you see the swirl you may conduct a range of transactions, such as:

• Deposits• Withdrawals (amounts may be limited by the outlet owner)• Loan Payments• Transfers• Purchase money orders, travelers checks and official checks*

And more!

When you enter a shared branch location, simply: • Identify yourself as a Rhode Island Credit Union member• Provide your account number• Present valid government-issued photo identification such as a

State Driver’s license or US Passport

*May not be available at all outlets and locations.

Fixed RateHome Equity Loan

2.90%APR*

NO POINTS • NO CLOSING COSTS

Page 3: More than just banking SPRINg EDITIONOverpayment scams target consumers selling cars or other valuable items through classified ads, Craigslist or online auction sites. The scammer

Avoid the Overpayment ScamOverpayment scams target consumers selling cars or other valuable items through classified ads, Craigslist or online auction sites. The scammer finds an ad and sends the seller an email offering to pay much more than the asking price. The reason for overpayment is supposedly related to the international fees to ship the car overseas. The scammer asks the seller to wire back the difference after the check is deposited. Later, the scammer’s check bounces or is a fraudulent check, leaving the seller liable for the entire amount of the check.

The fraudulent check or money order the seller receives looks very real. Usually the money is released in your account long before the check is returned unpaid.

The Federal Trade Commission gives the following tips to avoid check overpayment scams:

• Know who you are dealing with – independently confirm your buyer’s name, street address, and telephone number.

• Never accept a check for more than your selling price.

• Never agree to wire back funds to a buyer – a legitimate buyer will not pressure you to do so, and you have limited recourse if there is a problem with a wire transfer.

• Resist pressure to “act now.” If the buyer’s offer is good now, it should be good when the check clears.

• If you accept payment by check, ask for a check drawn on a local bank or a bank with a local branch. You can visit that bank branch to determine if the check is legitimate.

CommunityShred Events Please join us at one of our Community Shred Days to have your personal and confidential documents safely and securely destroyed.

PROVIDENCE BRANCHMay 4, 2013

10:00 am – 12:00 pm

Donations of coloring books and crayons to benefit Shrine Hospitals will be appreciated.

BRISTOL BRANCHMay 4, 2013

10:00 am – 12:00 pm

Donations of kitten food, kitty liter or monetary gifts to benefit the Bristol Animal Shelter will be appreciated.

CRANSTON BRANCHMay 11, 2013

10:00 am – 12:00 pm

Donations of colored pencils, crayons and markers to benefit AccessPoint RI

will be appreciated.

PASCOAG BRANCHMay 11, 2013

10:00 am – 12:00 pm

Donations of non-perishable food to benefit St. Patrick’s Food Pantry will be appreciated.

Fixed RateHome Equity Loan Welcome Spring Coloring Contest

Children ages 12 and under are invited to participate in our Welcome Spring Coloring Contest. Entries are available in all branch locations and must be colored and returned by April 30, 2013 to be entered to win a Crayola Prize Package.

Drawing to be held on May 1, 2013 at 10:00 am. One entry per person.

Page 4: More than just banking SPRINg EDITIONOverpayment scams target consumers selling cars or other valuable items through classified ads, Craigslist or online auction sites. The scammer

YOUR LEADERSHIPBOARD OF DIRECTORSPaul V. Valliere ChairMilton H. Bronstein* 1st Vice ChairPaul V. Filippone TreasurerRobert P. Gemma SecretaryErnest A. DeAngelis* Assistant TreasurerHerve Champagne, Jr. Assistant SecretaryR. Gary Clark 2nd Vice ChairpersonBeverly A. Dwyer 2nd Vice ChairpersonHenry A. Godin, Jr. 2nd Vice ChairpersonFrank R. Walker, III* 2nd Vice Chairperson

SUPERVISORY COMMITTEEJane F. Correia* ChairRobert E. Christie MemberDennis B. Tripodi Member

CREDIT COMMITTEENancy L. Zeppa MemberTerry L. Benson MemberBetty L. Chartier Member

*Term expires 4/13

160 Francis Street, Providence, RI 02903401.751.7440 • 401.553.2200

Fax 401.751.0189 M, T, W - 8:30-3:30, Th - 8:30-5:30,

Fri - 8:30-6:00-

URI Memorial Union50 Lower College Road, Kingston, RI 02881

401.789.0253 • Fax 401.789.0087M-Th - 8:30-4:30, Fri - 8:30-5:00

-60 North Main Street, Pascoag, RI 02859

401.568.6271 • Fax 401.568.0025M, T, W - 8:30-4:00,

Th - 8:30-5:00, Fri - 8:30-6:00-

570 Pontiac Avenue, Cranston, RI 02910401.941-8770 • Fax 401.941.0096M, T, W - 8:30-4:00, Th - 8:30-6:00,

Fri - 8:30-7:00-

390 Metacom Avenue, Bristol, RI 02809401.253.1313 • Fax 401.253.1389M, T, W - 8:30-3:30, Th - 8:30-5:30,

Fri - 8:30-7:00-

Express Service Phone 24401.351.7760

-ricreditunion.org

This Credit Union is federally insured bythe National Credit Union Administration.

College Scholarships Available We are pleased to announce the 8th Annual Rhode Island Credit Union Scholarship Program, which will award up to five $1,000 scholarships to members who are graduating high school seniors accepted as full-time students to an accredited college, university or technical school. Applications are available at all our branch locations, ricreditunion.org or by contacting us to receive an application by mail. Completed applications must be submitted by June 7, 2013 at any Rhode Island Credit Union branch or by mail to Rhode Island Credit Union, Attention: Scholarship Selection Committee, 160 Francis Street, Providence, RI 02903.

Scholarship applications must include the following:

• A completed application;

• An official academic transcript;

• Maximum one-page, typed essay explaining your selection of a field of study and its’ importance in today’s society;

• A copy of the Federal 1040 form substantiating Parent’s Annual Household Income as listed on application;

• One reference letter from a person involved in your high school academic studies.

Annual Shareholders MeetingDate: Wednesday, April 17, 2013

Place: Saints Sahag & Mesrob Armenian Church Hall, 70 Jefferson Street, Providence, RI

Time: Voting for Directors and Supervisory Committee 4:00 pm - 6:00 pm

Business Meeting commences at 6:00 pm

Any member joining the Credit Union as of January 17, 2013 is eligible to vote in this election.