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eNewsletter April - May 2020

New Call Center and Drive-Thru Hours

In an effort to better serve our membership and maintain the health and safety of both members and staff during the COVID-19 pandemic, lobby services will be by appointment only.

Drive-Thru Hours

Monday - Friday: 8:30AM - 5:30PM

Call Center and Saturday Hours:

Monday - Friday: 8:30AM - 3:30PM
Saturday: 9:00AM - 12:00PM

To speak with a member service representative, call 512-302-5555 and press "0" to be connected.

Access Your Account

There are several ways you can access your account.

  • Online and Mobile Banking: The app gives you easy access to your account and features mobile deposit, secured messaging, card center and more.

To download the Austin Telco FCU app, please select your designated app store below.

Available on the APP store logo.     Available on Google Play logo

  • Call Center: To speak with a member service representative, call 512-302-5555 and press "0" to be connected.  Monday-Friday: 9:00AM – 3:00PM. 
  • Drive-thru: Check our locations page to find one near you. (We have 24 locations to serve you.)
  • ATMs: Through the ATM Alliance, Austin Telco has over 300+ Free ATMs. Click here to find one near you.

Please visit our coronavirus updates page for more information.

During these uncertain times, Austin Telco is committed to working with you. Many members of Austin Telco have been adversely affected by the virus and the financial burdens associated with the rapidly changing conditions.

To assist those that have been impacted by a reduction or total loss of income due to the pandemic, Austin Telco has implemented the following temporary measures to help ease the burden that they may be facing:

  • No share certificate early withdrawal penalties:
    Members who withdraw at least $5,000 from their certificate (or the entire certificate if the current balance is less than $5,000), will not have to pay any early withdrawal fees. This program will remain in effect thru May 31, 2020.
     
  • No loan late payment fees:
    Late payment fees on consumer loans, home equity loans, and commercial loans will be waived thru May 31, 2020.
     
  • Home Equity/Home Improvement Payment Deferral:
    Members with a home equity or home improvement loan that have been adversely impacted by the current situation can apply to have a loan modification and defer their payments by 90 days.
    To download the application, click here.
     
  • Mortgage Loan Payment Deferral:
    Members with a mortgage loan that have been adversely impacted by the current situation can apply for a loan deferment by contacting the Loan Counseling Team at 800-937-6303 or via secured messaging at www.servicehomeloan.com.
     
  • Constumer Loan Payment deferment (Skip-A-Pay) of 60 days:
    Members who are currently no more than 30 days past due on their consumer loans (vehicle, Line of Credit, Visa) can request to skip two payments*

      There are three ways to set up Skip-A-Pay for your loan:
     
    • Online - Click the button below to electronically request the deferment and digitally sign the form.
          (Electronic ID Verification is required.)

         
       
    • Complete the Skip-A-Pay form and mail or fax it to:

          Austin Telco Federal Credit Union
          8929 Shoal Creek Blvd, Austin, TX 78757
          Fax: 512-302-3333
       
    • Local - Submit the coupon in person at any of our branch locations.

      To download the PDF coupon, click here.

Terms and Conditions

*Applies only to eligible consumer loans - Mortgage loans, home equity loans, term loans, and commercial loans are not eligible for this deferment program. All deferrals are subject to approval. Please note that your skipped payments will be added to the end of your loan term and normal interest charges will continue to accumulate and may extend the loan maturity. Loans must have been open for at least 2 months with a minimum of one regular on-time payment made.

For members with Guaranteed Asset Protection (GAP) on their vehicle loan, skipping payments may reduce the amount of any potential claim; please refer to your GAP Policy for complete information. Other restrictions may apply.

For home equity or commercial loan relief, please call our loan service center at 512-302-5555 x 7194. For mortgage relief, please call the mortgage loan counseling department at 800-937-6303.


2020 Annual Business Meeting

The 79th Annual Meeting of Austin Telco Federal Credit Union was held on March 4, 2020, at 8929 Shoal Creek Blvd. Austin, Texas.  Chairman, Paul Paulsen, called the meeting to order at 2:00 P.M. Pamela Cotton gave the invocation, and after a welcome and volunteer recognition, a quorum was determined to be present.  Pamela Cotton made a motion to dispense with the reading of the 2019 Annual Meeting minutes and approve as submitted. Joe Bain seconded the motion and the motion carried unanimously. Reports were made by the Chairman of the Board, the Treasurer, Supervisory Committee Chairman and the Nominating Committee Chairma; it was also noted that the reports are available in the Annual report. 

No old or new business was presented at the meeting. The election of directors was conducted after a report by the nominating committee chairman, Fran Berns.  There were only two applications received by the committee and they were both approved by acclamation.  Lea Luchsinger and Paul Tidrick were re-elected to three-year terms. Motion by Joe Bain and seconded by Steve Read. Joe Bain made a motion to adjourn the meeting and Irene Guerra seconded the motion. The meeting was adjourned at 2:17 p.m.


Funds Availability Notice Update

On July 1, 2020, our Funds Availability Policy will be updated on our website to reflect the Reg CC changes that will take effect.


6 Reasons a Credit Union is The Best Option For an Auto Loan

Are you shopping for a new car or refinancing an existing auto loan? Financing your purchase is a big decision, that’s why there are plenty of financing options out there, from dealerships and insurance companies to national lenders and big banks.

Which option is the best choice? Rates, fees, loan terms and quality of service can vary widely from service to service, but you’ll find that Credit Unions, like Austin Telco FCU, are the best way to go. Here are six reasons why:

  • Low fixed-rate financing for new and used vehicles. While the national APR for banks and lenders hovers above 5%, Credit Unions can offer a much lower rate - as low as 1.89% APR1 for 66 months with Austin Telco FCU - based on your credit history. See what type of rate you would qualify for based on your credit history.
     
  • Terms and Payments to Fit Your Budget. On top of low rates, many credit unions also cut out the dealership financing middleman and all the fees that come with them. Most credit unions don’t have a specific minimum for vehicle loans and can offer programs like Skip-A-Pay if times get tough.
     
  • New and Used Vehicle Pricing Information. Most credit unions provide a wealth of resources to help make your buying decision with confidence. Austin Telco FCU Car Buying Service offers free access to pricing information, valuation reports, automotive research, vehicle comparisons, and more.
     
  • No-Hassle Dealer Network. Because credit unions tend to be locally owned and part of the community, they have connections with dealerships in the area that can make your experience a lot less stressful. Austin Telco FCU’s Members Only Auto Program provides no-haggle pricing at selected dealerships.
     
  • Flexible Approval. Every credit union is different, and every person’s financial situation is unique. But even with a credit score closer to 500 than 800, many credit unions look into other factors other than a credit score to help you get approved for your auto loan.
     
  • Great Service from Local Community Experts. Doing business inside your local community means you won’t be treated like one small entry on a huge spreadsheet. Because credit unions answer to their members and not shareholders, credit unions can offer a more personalized and local touch.

Why Choose Austin Telco FCU for your next auto loan?

Austin Telco FCU does a lot more than just new and used vehicle financing and refinancing. We can help with virtually every financial aspect of your life, from checking and savings accounts to credit cards and debit cards to investments and insurance. Members not only simplify their finances by having one partner, but they also enjoy exceptional service, competitive rates and peace of mind by working with local financial professionals they know.

1Annual Percentage Rate. These rates are applicable for the purchase of a new or used vehicle, or the refinance of an existing vehicle loan from another lender. Rates and terms subject to change without notice. New auto loan of $20,000 for 66 months at 1.89% APR will have a monthly payment of $319.


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Should You Care What the Financial Markets Do Each Day?
Focusing on Your Strategy During Turbulent Times.

Provided by Austin Telco Retirement & Investment Services

Investors are people, and people are often impatient. No one likes to wait in line or wait longer than they have to for something, especially today when so much is just a click or two away.

This impatience also manifests itself in the financial markets. When stocks slip, for example, some investors grow uneasy. Their impulse is to sell, get out, and get back in later. If they give in to that impulse, they may effectively pay a price.

Across the 30 years ended December 31, 2018, the Standard & Poor’s 500 posted averaged annual return of 10.0%. During the same period, the average mutual fund stock investor realized a yearly return of just 4.1%. Why the difference? It could partly stem from impatience.1

It’s important to remember that past performance does not guarantee future results. The return and principal value of stock prices will fluctuate over time as market conditions change. And shares, when sold, may be worth more or less than their original cost.

Investors can worry too much. In the long run, an investor who glances at a portfolio once per quarter may end up making more progress toward his or her goals than one who anxiously pores over financial websites each day.

Too many investors make quick, emotional moves when the market dips. Logic may go out the window when this happens, in addition to perspective.

Some long-term investors keep focus. Warren Buffett does. He has famously said that an investor should, “buy into a company because you want to own it, not because you want the stock to go up.2

Buffett often tries to invest in companies whose shares may perform well in both up and down markets. He also has famously stated, “If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”2

In contrast with Buffett’s patient long-term approach, investors who care too much about day-to-day market behavior may practice market timing, which is as much hope as strategy.

To make market timing work, an investor has to be right twice. The goal is to sell high, take profits, and buy back in just as the market begins to rally off a bottom. But there is volatility in financial markets and the sale at any point could result in a gain or loss.

Even Wall Street professionals have a hard time predicting market tops and bottoms. Retail investors are notorious for buying high and selling low.

Investors who alter their strategy in response to the headlines may end up changing it again after further headlines. While they may expect to be on top of things by doing this, their returns may suffer from their emotional and impatient responses.

Nobel Laureate economist Gene Fama once commented: “Your money is like soap. The more you handle it, the less you’ll have.” Wisdom that may benefit your strategy, especially during periods of market volatililty.3

Douglas Mitchell

Douglas Mitchell
Financial Advisor

512-407-3186
Alt: 512-733-5678
douglas.mitchell@cunamutual.com 

Christopher Hager

Christopher Hager
Financial Advisor

512-407-3197

christopher.hager@cunamutual.com


Mutual funds are sold only by prospectus. Please consider the charges, risks, expenses and investment objectives carefully before investing. A prospectus containing this and other information about the investment company can be obtained from your financial professional. Read it carefully before you invest or send money.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor, which is not an affiliate of Austin Telco Federal Credit Union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. If emailed, you must also add: Important message: the information contained in this message or any attached document is confidential and intended only for individuals to whom it is addressed. If you got this message in error, please inform me immediately. I may ask you to return the documents at my expense. In general, please simply destroy the information at once. Any unauthorized use, distribution, or copying of this information is prohibited.

     

Citations.

1 - nytimes.com/2019/07/26/your-money/stock-bond-investing.html [7/26/19]

2 - fool.com/investing/best-warren-buffett-quotes.aspx [8/30/19]

3 - suredividend.com/best-investment-quotes/ [12/5/18]

FR-3018035.1-0320-0422


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