UCCU – Employee’s Choice for Best Place to Work

“Amazing company. I love what they stand for and how they run things.”

Utah Community Credit Union recently received national praise from career website Glassdoor, honored as one of the top 50 best small and midsize companies to work for in the nation.

Glassdoor evaluates anonymous, voluntary employee reviews to pick the winners. UCCU ranked number 44 out of 50, and was the only financial institution to make the list. In their reviews, UCCU’s employees have given a 99% approval rating for Jeff Sermon, President and CEO.

One review from an employee highlighted what he likes about his workplace. “It is a wonderful environment. They really want every one of their employees to be happy and successful. If you are a student they will work with your school schedule as best as they can without compromising service to their members.”

Another employee recently elaborated on the opportunities she’s enjoyed and lessons she has learned while worked at UCCU. “As a 20 year old, I was entrusted to start as a loan officer. Where else would I have been able to do that?” She praised UCCU for sticking to our mission. “UCCU strives to help people make smart decisions and to learn how to appropriately manager their money. This has greatly influenced me, and I have learned how to appropriately budget and save.”

As this is an employee’s choice award, it’s fitting to note that 94 percent of our employees have recommended the company to a friend.

We’re humbled by and grateful for the praise and the approval from our employees.

As one employee said, “There are so many things that I truly love about UCCU, but I don’t want to spoil everything! Come find out for yourself!”

Go browse all 65 reviews from employees on UCCU to see what else employees like. What do you like about working with UCCU?

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Rising Interest Rates: What Do They Mean For You?

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If you read financial headlines, you’ve no doubt seen the news that the Federal Reserve is raising interest rates. These headlines can be accompanied with all sorts of hyperbole about the end of the stock market, the boom of bonds or any of a dozen other possible predictions. It’s easy to get overwhelmed when there’s this much information and so much of it is conflicting. Let’s set the record straight on what rising prime interest rates mean for you and your:

  • Adjustable-rate Mortgage
  • Portfolio
  • Savings
  • Debt

The prime interest rate is the rate that the Federal Reserve charges financial institutions to borrow from it. It influences a lot of other financial prices. Many of these are only of concern to investment bankers, professional investors and other economic enthusiasts. Here are some key ways the prime rate hikes can affect you!

1.) Get out of your ARM

Many people opted for adjustable-rate mortgages (ARMs) when interest rates were historically low. These mortgages often have much better rates for an introductory period, usually five years, before they adjust to a new rate. That new rate is determined in large part by the rate the Federal Reserve charges.

The Federal Reserve is planning to continue to increase interest rates as the economy continues to improve. This means the rate on your ARM may go up as well. Worse yet, the rising rates could make your monthly mortgage payment unpredictable, putting you in a bit of a budget bind. Fortunately, you can refinance your mortgage into a fixed-rate loan and take advantage of still-low interest rates. You may still be able to secure a low rate on a 10-, 15- or 30-year fixed-rate mortgage. As interest rates continue to rise, your fixed-rate mortgage will stay the same, meaning your savings will increase as time goes on.

2.) Balance your portfolio

The historically low interest rates over the past six years have done wonders for the stock market. Because companies could borrow at affordable rates, they could expand rapidly. That expansion fuels growth in stock prices.

As interest rates rise, that credit availability will decrease. Companies will find it more difficult to expand, and their growth will slow. This slowing of growth may lead to a decline in stock prices.

However, as interest rates rise, bond rates will also increase. That will lead to an increase in their price as more investors chase those rates. Individual investors need to ensure their portfolios are properly balanced to take advantage of changing market conditions. Speaking to a financial adviser to ensure your assets are where they need to be will help keep your investments growing at a healthy rate.

3.) Save more

The Federal Reserve interest rate also affects the rates that financial institutions are able to offer account holders. As it becomes more expensive to borrow from other institutions, it’s more profitable for those institutions to “borrow” from their members in the form of certificates and savings accounts. As interest rates continue to rise, it’ll be increasingly more profitable to sock your money away in an interest-bearing account.

If you’ve been putting off opening a certificate or increasing the deposits in your share account, now is an excellent time to consider it. With a 12- or 24-month certificate, you can take advantage of rising interest rates while still leaving yourself the flexibility to re-invest once interest rates rise again.

4.) Refinance your debt

The service charges on several kinds of debt are tied to the prime rate. Notably, credit cards and private student loan rates may increase as the prime rate continues to climb. That makes now a great time to think about refinancing.

Take advantage of currently low interest rates with several strategies. A home equity line of credit can help bundle your high-interest, unsecured debt with your low-interest mortgage. A personal loan for refinancing can also help secure a better interest rate. Other options exist, and the sooner you speak with a debt counselor or other financial professional, the better off you’ll be.

It’s easy to get overwhelmed by all the financial terminology surrounding news events like rate hikes. That’s why it’s best to have an advocate in your corner to help you figure out what to make of a changing economic landscape. Utah community Credit Union can do just that. Call, click or stop by to speak to a member services representative about how you can take advantage of this opportunity and put yourself on the path to financial wellness.

Find your nearest UCCU location here: http://www.uccu.com/home/uccu/locations

Your Turn: Got questions about rising interest rates? Leave your questions in the comments. Or, if you’ve got a handle on all things economic, share your wisdom with others!

Sources:

http://www.azcentral.com/story/money/business/consumers/2017/01/19/bit-bit-rising-interest-rates-making-impact/96560462/
https://www.nytimes.com/2017/01/18/your-money/increases-in-interest-rates-on-savings-accounts-remain-slow-to-materialize.html?_r=0
http://www.usatoday.com/story/money/personalfinance/2016/12/28/what-2017-may-mean-your-personal-finances/95736736/

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Lehi Branch is Moving!

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UCCU Rated Among the Top 200 Healthiest Credit Unions 2015

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UCCU has been given an A+ rating and is numbered among the Top 200 Healthiest Credit Unions of 2015 by DepositAccounts.com. Each year DepositAccounts.com evaluates the financial health of each federally insured credit union in the United States – totaling more than 6,600. … Continue reading

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Mobile Banking With Mobile Deposit

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UCCU’s Personal Branch provides access to real-time account information from the convenience of your personal computer or smartphone. Now to make it even easier for you to fulfill all of your banking needs we also have our UCCU Mobile App. … Continue reading

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STEM Fest is Finally Here! Come Join Us

Copy of STEM Festival Logo gr

STEM Fest is only a week away! STEM Fest is open to the Public on March 27, from 2:00-8:00 p.m.

Utah’s major universities and STEM businesses will be on hand to engage students with science, technology, engineering and math through interactive booths and activities. There will also be bounces houses, live music, flight simulators, robots, race cars, and more! Take this opportunity to introduce your children to the amazing companies who are leading Utah’s dynamic innovation explosion.

Visit the UCCU booth and enter for a chance to win a trip for 4 to Disneyland!

For more information on Utah STEM Fest, please visit utahstemfest.com.

Disneyland - eNews

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UCCU Prepares to Offer Apple Pay

Apple recently launched Apple Pay, the ability to pay with a debit or credit card using an iPhone, Apple Watch, or iPad instead of a traditional plastic card. Apple released this new payment service with a few national banks. Other banks and credit unions will be added to Apple Pay in the future and Utah Community Credit Union is in queue to provide Apple Pay to our members as soon as Apple expands its service. UCCU anticipates Apple Pay usage will increase as more businesses update their technology to accept this new payment option.

How does Apple Pay Work?

Apple Pay can be used with the following devices with iOS 8.1 or later: iPhone 6, iPhone 6 Plus, Apple Watch, iPad Air 2, or iPad mini 3. Instead of a traditional plastic card to facilitate a purchase Apple Pay uses Touch ID with a single touch of your finger. Setup is simple. In your Passbook app take a picture of an approved debit or credit card to be used as payment.

A major hurdle in the widespread use of Apple Pay is that businesses need to have near field communication (NFC) technology to accept Apple Pay services. The credit union anticipates that more businesses will update their hardware to accept this new form of payment.

Is Apple Pay Safe? 

A benefit to Apple Pay is that your actual credit or debit card numbers are never shared by Apple with merchants or transmitted with payment. Instead Apple Pay passes a transaction-specific dynamic security code to process the payment. In addition, paying with Apple Pay is private, as the cashier will never see your name, card numbers or security code.

When will UCCU have Apple Pay?

UCCU is eager to allow members to use their UCCU debit and credit cards with Apple Pay. The credit union is in queue with Apple to offer Apple Pay. Get started using Apple Pay with UCCU cards when available. The credit union will notify members again as it gets closer.

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Visa Checkout – The Easier Way to Pay Online

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Shopping online can be a fun, convenient way to buy the things you need and want from the comfort of your own home. Visa has rolled out a new digital payment service called Visa Checkout, designed to simplify the checkout … Continue reading

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President’s Message September 2014

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  Credit Card Fraud abounds but EMV Chip Technology is NOW AVAILABLE AT UCCU. Recent news reports reveal yet another disturbing instance of a security breach at a very large retailer jeopardizing customers’ financial accounts and information. Very talented crooks … Continue reading

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Security Bulletin: Home Depot Data Breach

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  Several high-profile data breaches have occurred in the last twelve months impacting millions of consumers. Awareness is key to staying safe, coupled with understanding what the thieves are after. While UCCU’s data was not compromised, members who used their … Continue reading

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