Spring Into Home Improvements

With A Home Equity Line of Credit

MESSENGERPublished quarterly for members of Bowater Employees Credit Union

THE Vol. 31

No. 2Apr 2017

With spring being the season of home shopping and improvements, there’s

plenty of reasons why you should check out Bowater Credit Union’s Home Equity Line of Credit (HELOC).

By taking out a Home Equity Loan you can pay off your credit card debt which can lead to a lower rate and potentially a tax write off. Also, with HELOC you don’t have to pay on it until you use it so it makes a great safety net while you look into increasing the value of your home through improvements.

Since a Home Equity is a Line of Credit that secures the value of your home, you can get a lower rate than with a Personal Line of Credit or unsecured credit card.

www.bowaterecu.orgBowaterCredit Union

E ntering in to college I had no idea what to expect or pre-

pare for. Prepping for college, I was blissfully ignorant to the harsh realities of what college is truly like. Needless to say, I learned quite a few things along the way.

Eating out gets old & Expensive quick

Freshman year, having tons of restaurants within walking distance was an absolute dream. But after eating out for 10 of 14 meals, my body and budget longed for a home-cooked meal. Rather than eating out, utilize that money and put it towards groceries, only buying things you know you will actually eat. And when you do splurge and eat-out, go somewhere afford-able.

47046-NEWS-0417

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Your loan stays local with our HELOC

Looking for some extra cash?

How a b

o u t

Check out page 4 for more information

$100?

By: Colleen Conneran, Marketing Intern

You Should Know . . .

Tips & Tricks I Learned During

College

Loan Rates

Your credit union will be

closed the following days:

• Fri April 14 at 12:30, Good Friday

• Mon May 29, Memorial Day

• Tue July 4, Independence Day

• Mon Sept 4, Labor Day

Rate APR Term Pmt/$1,000 borrowedVariable Rate HomeLoan 4.000%* 4.057 30 years $4.78Fixed Rate HomeLoans 4.00% 4.787 5 years $18.42 4.50% 4.919 10 years $10.36Fixed Rate Unimproved Property 7.00% 7.669% 5 years $19.80 7.50% 7.872% 10 years $11.87 8.00% 8.278% 15 years $9.56Home Equity Credit Line 4.00%* 20 years $6.06Home Improvement Loan 4.75%* 10 years $10.49Visa Credit Card 9.90% $30.00NOTICE: The following rates (all loans except HomeLoans and VISA) reflect the lowest available rate. Your actual rate may be higher depending on your credit score. For autos, vans, motorcycles, & boats your rate may be higher depending on the mileage of the vehicle. APR Term Payment per $1,000 borrowedNew Autos, Vans (2015-2017 AND less than 15k mi) 1.49% 36 months $28.42 2.24% 60 months $17.61 2.54%* 72 months $14.96 4.45%* 84 months $13.83

APR Term Pmt per $1,000 borrowedUsed Autos, VansModel year 2013 - 2017 and up to 100k mi 1.99% 36 months $28.64 2.24% 60 months $17.61 3.49%* 72 months $15.38

APR Term Pmt per $1,000 borrowed Older Used Autos, Vans Model year 2012 or older or more than 100k mi 3.99% 36 months $29.52 4.24% 60 months $18.47 4.99%* 72 months $16.04New Boat Special 2.99% 60 months $17.96New Boat, Motorcycle 3.99% 36 months $29.52 3.99% 60 months $18.41 3.99%* 72 months $15.64 3.99%* 84 months $13.67 3.99%* 120 months $10.12 boats onlyUsed Boat, Motorcycle 3.99% 36 months $29.52 4.24% 60 months $18.47 5.24%* 72 months $16.15 5.24%* 120 months $10.69 boats onlyNew Consumer Goods 9.50% 36 months $32.03 10.00% 48 months $25.36New Farm Equip., Lawn & Garden 4.25%* 72 months $15.7690-day note 12.24% 90 days $1,030.85Line of credit, Personal loan 12.24% 60 months $22.37

Visit our website for a complete listing.* Variable Rate

Rates are accurate as of 3/14/17 and are subject to change without notice. All loans subject to credit approval. Additional terms and conditions apply. Terms are approximate. Check with a Bowater Credit Union loan officer for more information.

2/17 2/16

Assets $153,241,019 $148,020,833

Member Deposits $137,834,305 $132,683,005

Loans $ 88,738,988 $86,292,488

Members 18,094 17,163

Financial Facts

When you need a loan, see us FIRST for great rates & personal service

Need to access Bowater CU after hours or on holidays? Use these convenient services:Mobile App • Personal Account Line telephone access • QuickAp 24 Online Loan Application •myBRANCH Online• Over 60,000 Surcharge-free ATMs through Allpoint - see our website for the location nearest you!

Living Off-Campus is Intimidating...

Paying utilities and rent are intimidating. I learned it’s okay to ask your utility company ques-tions and make sure to be on-time with your payments. Communi-cate with your roommates ahead of time and set a due date for yourselves. Because if you don’t and miss a payment, your credit score will be affected.

Finances are Hard…Budgeting is not boring when

you realize just how much money it really can help you save. Plus, if you’re strategic about it, you really can do some awesome things with your finances during your college career, like raise your credit score and save up.

Know Who You’re Living With

My experience with roommates has been far from fun or easy. From one who never spoke to me to one who trapped over 10 flies in my bathroom as “revenge”, I must say it’s worth taking time to get to know your roommates and what their habits are – not just living habits but financial habits. If they are bad with their money, keep that in mind because that could affect your rent payments.

ASK QUESTIONSWe are young. We may know a

lot of things for our age, but we will still never be able to know as much as the people older than us. Finances are hard but you aren’t in it alone. Talk with a family member or Bowater Credit Union employee about your questions. That’s what I did and now I’m lucky enough to know more than most 21 year old’s -- all because I asked.

Withholding Noticefor members with IRAs at Bowater Employees Credit Union

Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding.

You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form provided by your credit union.

Withholding from IRA payments, when combined with other withhold-ing, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay.

You may incur penalties under the estimated tax rules if your withhold-ing and estimated tax payments are insufficient.

(“Tips & Tricks I learned During College” Continued from page 1)

Members have saved nearly $2 billion with Love My Credit Union Rewards!

Start saving today at LoveMyCreditUnion.org

Best of all, Bowater Credit Union is 100% local. We keep the loan lo-cal, we keep the service local, and as a member-owned not-for-profit, the interest you pay on your HELOC stays local too.

With the loan being local, no clos-ing cost options, and low rates, (4% APR as of 3/16/17), Bowater is un-beatable when it comes to a HELOC.

If you’re interested and would like more information, call us at 336-7268, visit our website at Bowater-ECU.org or visit any Bowater Credit Union branch.

(“Spring In To Home Improve-ments” Continued from page 1)

Home Improvements?

Let Bowater CU's HELOC

help with the costs

4% APR & 100% LOcal

Your savings federally insured to at least $250,000and backed by the full faith and credit of the United States Government

National Credit Union Administration, a U.S. Government Agency

NCUA

Your savings federally insured to at least $250,000and backed by the full faith and credit of the United States Government

National Credit Union Administration, a U.S. Government Agency

NCUA

Athens: P.O. Box 908, 1112 Congress Pkwy S.

Athens, TN 37371P: (423) 252-1140 F: (423) 252-1170

Lobby Hours:Mon - Thur 9 - 5, Fri 9 - 6

Drive-Thru Hours:Mon - Thur 8:30 - 5:30, Fri 8:30 - 6, Sat 9 - 12:30

Calhoun: P.O. Box 359, 5123 Highway 11 South

Calhoun, TN 37309P: (423) 336-7268 F: (423) 336-7740

Lobby & Drive-Thru Hours:Mon - Thur 7:30 - 4, Fri 7:30 - 5:30

Cleveland: P.O. Box 4137, 4531 Hardwick Farms Pkwy NE

Cleveland, TN 37320P: (423) 303-4240 F: (423) 303-4270

Lobby Hours:Mon - Thur 9 - 5, Fri 9 - 6

Drive-Thru Hours:Mon - Thur 8:30 - 5:30, Fri 8:30 - 6, Sat 9 - 12:30

LoanZone: 1040 King Street SECleveland, TN 37311

P: (423) 303-LOAN (5626) F: (423) 303-5627Hours:

Mon - Thur 9 - 5, Fri 9 - 6, Sat 9 - 12:30

1007 Keith Street NWCleveland, TN 37311

P: (423) 472-2300 F: (423) 472-3222Hours:

Mon - Thur 9 - 5, Fri 9 - 6

Board of Directors: David Lattimore, Chairperson • Travis Giles, Vice Chairperson • Todd Harris, Treasurer • Jamie Creekmore, Secretary • Pat

Burger • Tom Elliott • Troy Giles

The Messenger is published by Bowater Employees Credit Union as an information service to members. Questions,

comments and suggestions are welcome and should be sent to the editor.

President/CEO, Denley HinesEditor, Kim Gunter, VP Marketing/HR

Personal Account Line336-7913 • 1-800-951-8996

Over 50,000 Surcharge-Free ATMs with your Bowater CU Debit Card!

Design a T-shirt for Bowater Credit Union

Show off your design skills and win $100

Combine your design skills with your love

of Bowater Credit Union to create the perfect Mem-ber Appreciation Day T-shirt!

This Member Appre-ciation Day we’ll be giv-ing away hundreds of T-shirts as a “thank you” gift for our members. We want help designing a shirt that people will be proud to wear and will represent what Bowater Credit Union is all about. The winning designer will receive $100 cash and up to 10 shirts for friends and family!Entry instructions:• Design must be solid black on solid white. The actual T-shirt

and printing color will not necessarily be black on white, but it will be solid color on a solid color.

• Design will be for the front of a T-shirt, and must fit on an 8.5” x 11” sheet of paper.

• Submit designs by e-mail to kgunter@bowaterecu.org or by mail to: T-shirt design contest, Bowater Employees Credit Union, 1040 King St. SE, Cleveland, TN 37311.

• Entries must be received by May 31, 2017.Additional information:• You must be a member or joint owner of Bowater Employees

Credit Union to enter.• The top 5 entries (chosen by credit union employees) will be

voted on by the membership in the July newsletter and online.• All entries become property of Bowater Credit Union. In enter-

ing the contest, the member agrees that their design may be used by Bowater Credit Union for promotional purposes.

• Employees of Bowater Employees Credit Union and their im-mediate family are not eligible.