No Fee Refinance

Wondering how you can pay your home sooner? or Don’t have too long to payoff your home?
You should take advantage of UCCU’s current low mortgage rates with NO closing costs.
Click Here to check out our great rates to see if this could be a great option for you or give us a call at 801.223.UCCU (8228)

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VISA Rewards Smart Decisions

Visa Platinum Rewards Card

  • No annual fee
  • 1% cash back on purchases*
  • Exceptionally low interest rate
  • 25 day grace period
  • High minimum credit line of $3,000
  • Auto rental collision damage waive

Platinum Rewards Rates
Apply Now
Click Here to view UCCU’s Visa Cardholder Agreement

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Ready to Chip Away at Your Debt?

Know where to start first

If you ask 100 savers what their formula is for successfully saving, they will tell you the same thing. It’s about avoiding debt. It seems simple enough, yet managing debt is one of the biggest challenges many Americans face.

The truth is that many people would be surprised to learn that reducing debt is easier than they think. Depending on the types of debt you have, you may be able to save hundreds of extra dollars a year by paying down debt and consolidating higher-interest debt.

So where do you begin?

Well, like any financial assessment, you will need to develop a plan. You can start by identifying the types of debt you have. This may include credit card debt, department store charge card debt and other loans, such as personal loans.

Once you have identified your debt, take a look at the interest rates you are paying. What’s the interest rate on purchases of your credit cards and loans? Write down your outstanding balance for the types of debt you have.

The next step is to organize your debt by interest rate. Experts agree that the best plan for consolidating debt is to start attacking the debt with the highest annual percentage rate first. So if you have a $5,000 loan at 5% interest and a $2,000 credit card at 18% interest, pay off the credit card first. One of the biggest mistakes people make is trying to pay down the loan with the highest balance first.

When you have identified the debt with the highest interest rate, make an aggressive plan to attack it. That could mean doubling or tripling the minimum monthly payment amount or possibly making extra payments whenever you have extra cash on hand. The rule is pretty simple: The higher your payment, the more you will reduce interest charges, as the extra money you pay will go right toward the principal. UCCU offers free debt elimination software from Simple Joe to help you make a debt elimination plan.  You can download the file by visiting www.simplejoe.com/uccu.htm.

Seek out lower-interest alternatives

Another way to reduce your debt is to try to consolidate your debt into a lower-interest vehicle. You can accomplish this by finding a credit card with a special introductory rate on balance transfers and then transferring the higher-interest debt to it. Another option many people take is to roll their debt into a lower-rate home equity loan. That would allow you to not only lower your interest rate but also take advantage of potential tax savings available with home equity credit.

Do what works best for you

If you prefer to pay off credit with higher loan balances versus higher interest rates, that’s fine too. The important thing is that you make a consistent effort to pay down debt. Again, always try to pay more than the minimum balance. With services like UCCU’s online banking, you can arrange to have automatic payments of the frequency and amount of your choice paid directly toward your credit card. These simple steps will go a long way toward making a dent in your debt and getting you back on course.

Once you pay off your debt, remember to use your credit wisely and not charge anything you cannot afford. Otherwise you will end up right back where you started.

Contact us at 1-800-223-UCCU (8228) or visit us at any of our eighteen convenient branches to find out how we can help you with home equity loans, lines of credit and financial planning.

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UCCU Officially Launches New Facebook Page

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Do You Know Where Mortgage Rates Are Headed?

Why now may be a great time for a mortgage

Increased unemployment. Decreased housing prices. Low deposit rates. Let’s face it, the economic news over the past few years has been less than positive. However, those who bought or refinanced homes in 2010 have been able to capitalize on some very good news – the lowest mortgage rates our country has seen in decades. According to Freddie Mac, the average rate for a traditional 30-year fixed mortgage in 2010 was the lowest in 55 years.

Of course, this brings up two very important questions: will mortgage rates continue at historic lows in 2011 and, if not, how much will they rise?

If you asked 100 different economists or financial gurus, you might get different answers. Many believe that although the market will not see the historic lows of 2010, the rates for 2011 will remain attractive to those looking to purchase or refinance a home.

Factors that affect mortgage rates.

If you have spent any time looking at mortgage rates, you know they can fluctuate from year to year, month to month, and even day to day, but do you know the factors that impact these rates?

One of the most important factors is the state of the economy, which has a direct impact on federal interest rates. If, for example, the national and global economies improve, the Federal Reserve Bank (aka “the Fed”) may raise interest rates in order to guard against inflation. When this happens, mortgage rates could increase.

The economy also impacts another factor that controls mortgage rates – the secondary market. Mortgages that are sold on the secondary market to Fannie Mae and other investors are packaged and sold as securities or mutual funds. When the economy is doing well, investors who purchase these vehicles will demand higher returns, forcing lenders to raise mortgage rates.

The Fed also affects interest rates with its monetary policies. For example, in 2009 and 2010, the Fed spent billions of dollars investing in mortgage companies in an effort to keep mortgage rates low and encourage buyers to purchase homes. If the Fed decides not to continue investing in these companies, interest rates could rise.

Another important consideration is housing demand. In general, if there is high demand for home mortgages, mortgage rates will rise. Conversely, if people are not buying homes, rates may decline.

Now is still a great time to buy or refinance a home.

With rates still at low levels, it may be a great time for you to purchase a home or refinance a mortgage. You might be able to lower your monthly payments and/or the term of your mortgage, or convert an adjustable-rate mortgage to a low fixed-rate mortgage.

We would be happy to sit down with you to help you understand all your options. To speak with us about your unique situation, stop by your nearest UCCU branch or call us today at (801) 223- UCCU (8228). Don’t miss out … these low rates may not be here forever.

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How to Stretch Your Retirement Savings

Your savings shouldn’t end just because your career has

Retirement. It’s the time we all dream of, when we can stop working and live well off the money we spent a lifetime saving. With people living longer, inflation, and rising health care costs, however, the money you have put aside may not be enough to live out the dreams you planned.

That’s why it’s critical to not only save for retirement, but to save during retirement. Here are some simple steps you can take:

Maximize returns. In retirement, it is critical that your money be safe and relatively easy to access. Be sure to explore the investment options available to you to find the best rates of return without sacrificing security.

Draw only what you need. The amount of income you will need from your retirement-savings vehicles generally depends on the amount you have available or will receive from other sources, such as your regular savings and Social Security. When you reach retirement and take your required minimum distribution, take only as much as you need, and leave the rest in savings. This will allow the funds that remain to continue to grow tax-deferred.

Reinvest dividends. If you earn dividends or interest on your investments, consider reinvesting them. Again, they will continue to work for you.

Manage your expenses. The key to successful money management is controlling your expenses, including your telephone, electricity, and other utilities. Also, keep track of your health care costs. Remember that these costs may increase about 3% per year due to inflation (3% based on historical data). Try not to increase your lifestyle in retirement, unless you had planned for that while you were saving.

Assess your housing. Is your home too big for your needs? If it is just you or you and your spouse, would downsizing make sense for you? The fact is, your home could be a valuable asset that could provide additional income if you decide to sell it.

Continually monitor your assets to determine the amount you have saved for retirement. If you do not think you will have enough money, consider finding additional sources of income, such as a part-time job.

The amount you will need for retirement depends on many factors – most of which are unpredictable, such as the state of your health, your longevity, and what’s happening in the economy. That is why it is important to regularly review your spending and expenses, to ensure you will have money for as long as you need it.

Trusted financial planning and credit union professionals can help you pick the right investment opportunities, maximize your retirement savings, and plan for the future. Visit any of our eighteen convenient branches to set up an appointment. You’ll be glad you did.

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Security Bulletin: "Vishing" Attack Targets Local Financial Institutions

We have received reports from members who have received phone calls claiming to be from Wells Fargo, Bank of America and most recently Bank of American Fork. A prerecorded message instructs the individual to provide information to unblock their debit or credit cards. These calls are a fraudulent “vishing” attempt.

As of now, UCCU members have not been affected by this attack. If in the future you receive this type of call please hang up the phone. You can protect yourself and your account by never giving out personal or account information to anyone who calls you requesting such information. We won’t ever call and ask for such information. If you did receive a call like this and provided your account or card information please contact us at (800) 453-8188 immediately.

What is Vishing? The term “vishing” refers to a technique for stealing information or money from consumers using telephone systems. The term comes from combining “voice” with “phishing”, with phishing being online scams that get people to give up personal information.

How does it work? Typically attackers use a caller ID spoofing technology to make it look like their fraudulent phone call is coming from a legitimate or familiar phone number. Because people typically trust caller ID, spoofing phone numbers is a particularly damaging component of vishing attacks.

Vishing attacks usually have a recorded message that tells users to press a number on their keypad to validate their account information. Usually this is in conjunction with a threat of some sort, such as “your account is disabled. To enable your account or to prevent your account from being locked out, please enter your credit card number.”

What can you do to protect yourself?

  • Be suspicious of any unsolicited calls where personal information is requested. Be just as suspicious of phone calls as you are of e-mails asking for personal information.
  • Don’t trust caller ID. Just because your caller ID displays a phone number or name of a legitimate company you might recognize, it doesn’t guarantee the call is really coming from that number or company.
  • Call them back. If someone is asking for information, tell them you will call them back. In the case of Utah Community Credit Union, call us using a number from your records.
  • Never provide credit card information or other private information to anyone who calls you.
  • Register your number with the National Do Not Call registry at www.donotcall.gov. Most legitimate telemarketers obey the rules and laws about contacting consumers.

Report vishing to the FTC on their website www.ftc.gov or call them at (888) 382-1222. The FTC will ask for the number and name that appeared on the caller ID, the time of day you received the call and what was said or heard in any recorded message. If you think you’ve been a victim of a vishing attack you can also contact the Internet Crime Complaint Center.

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Security Bulletin: “Vishing” Attack Targets Local Financial Institutions

We have received reports from members who have received phone calls claiming to be from Wells Fargo, Bank of America and most recently Bank of American Fork. A prerecorded message instructs the individual to provide information to unblock their debit or credit cards. These calls are a fraudulent “vishing” attempt.

As of now, UCCU members have not been affected by this attack. If in the future you receive this type of call please hang up the phone. You can protect yourself and your account by never giving out personal or account information to anyone who calls you requesting such information. We won’t ever call and ask for such information. If you did receive a call like this and provided your account or card information please contact us at (800) 453-8188 immediately.

What is Vishing? The term “vishing” refers to a technique for stealing information or money from consumers using telephone systems. The term comes from combining “voice” with “phishing”, with phishing being online scams that get people to give up personal information.

How does it work? Typically attackers use a caller ID spoofing technology to make it look like their fraudulent phone call is coming from a legitimate or familiar phone number. Because people typically trust caller ID, spoofing phone numbers is a particularly damaging component of vishing attacks.

Vishing attacks usually have a recorded message that tells users to press a number on their keypad to validate their account information. Usually this is in conjunction with a threat of some sort, such as “your account is disabled. To enable your account or to prevent your account from being locked out, please enter your credit card number.”

What can you do to protect yourself?

  • Be suspicious of any unsolicited calls where personal information is requested. Be just as suspicious of phone calls as you are of e-mails asking for personal information.
  • Don’t trust caller ID. Just because your caller ID displays a phone number or name of a legitimate company you might recognize, it doesn’t guarantee the call is really coming from that number or company.
  • Call them back. If someone is asking for information, tell them you will call them back. In the case of Utah Community Credit Union, call us using a number from your records.
  • Never provide credit card information or other private information to anyone who calls you.
  • Register your number with the National Do Not Call registry at www.donotcall.gov. Most legitimate telemarketers obey the rules and laws about contacting consumers.

Report vishing to the FTC on their website www.ftc.gov or call them at (888) 382-1222. The FTC will ask for the number and name that appeared on the caller ID, the time of day you received the call and what was said or heard in any recorded message. If you think you’ve been a victim of a vishing attack you can also contact the Internet Crime Complaint Center.

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President’s Message September 2011

Mortgage Rates Drop Again

With all the confusion resulting from recent political sparring over the debt ceiling and plans to deal with deficit spending, most of us are unsure about what is going to happen next. Some expect that we will see economic growth in the second half of 2011. Others, perhaps more, are beginning to suspect that there are signs of a lingering or worsening of the current recession. Weak and downward revised GDP numbers signal a slower recovery. The Fed recently announced their plans to keep its rates low (near zero) at least until the middle of 2013 – signaling their low expectations of a strong or even modest recovery. Meanwhile rates sink lower – savings rates and loan rates. One possible silver lining of the current market is that mortgage rates just dropped again. We have experience a marked increase in the number of members taking advantage of the historically low rates by refinancing their current mortgages. Other members are “doubling up” by also taking advantage of record low home prices and choosing to purchase a home.

On-line Convenience

Members can apply online and receive preliminary approval for mortgage loans at uccu.com/mortgages. In as little as 20 minutes you can have a very good idea of loan amounts, payments, and terms to match your financial plans.  Mortgage loan pre-approvals are sometimes required by real estate agents before they assist you in searching for a home. If you are searching without an agent, a pre-approval provides parameters of what type of home to search for – saving you time during the house hunting process.

Auto Rates 2.99% APR

When looking at a new or used auto, https://www.uccu.com/home/home can help. With auto loan rates as low as 2.99% combined with a quick and easy approval process, UCCU is your trusted financial partner to help you get into your next vehicle with a low monthly payment. Whether you are searching at a dealership or online, UCCU can help. Visit any of our 18 branches in Utah Valley to become pre-approved to make the process quicker when you find the right car.

Refinance Your Auto Loan for Cash Back

If you have an auto loan elsewhere, then bring it to UCCU to take advantage of auto loan rates as low as 2.99% PLUS get an additional 1% Cash Back up to $250! UCCU will also pay you the 1% Cash Back up to $250 for each Home Equity, Visa or Recreational Vehicle loan you transfer to UCCU. Ask our representatives for full details about UCCU’s limited time Cash Back Program.

Online Personal Branch

Combining online mortgage pre-approvals, auto loan rates as low as 2.99% with UCCU’s Personal Branch on-line banking system, you will enjoy the convenience and safety of 24/7 account access. Our free Bill Pay allows you to streamline and simplify your monthly finances and safely manage your financial affairs. If you haven’t set up your Personal Branch on-line account, do it now and discover the convenience and ease of accessing your accounts from your home PC, smart phone, or other mobile device. If you have questions, call us or stop by one of our 18 branch offices for assistance.

Don’t Pay Fees

If you don’t have your checking account at UCCU, this is a personal invitation for you to consider transferring your checking accounts to UCCU now. As some other institutions are charging monthly fees for checking accounts – or requiring certain balances or transaction volumes in order to avoid monthly fees – remember that at UCCU checking is free. No tricks – no surprises. We know it is a hassle to change accounts – but remember, we will help you through the process – and we’ll make you the promise that once you get your checking account transferred to UCCU, you will spend the rest of your life glad that you did. You don’t have to pay fees for checking services. Take advantage of your UCCU membership where you can always expect to earn more and pay less.

UCCU – Your Not-For-Profit Financial Partner

Utah Community Credit Union proudly operates as a not-for-profit organization. This means that as a member, you are an owner. It also means that our entire focus is on serving you and your family. Our focus is to be your “first choice” financial partner throughout your life. The more you participate in credit union services and products, the more value you bring to your family – and the more you get out of belonging (and owning) Utah Community Credit Union. We are pleased to serve you. Our friendly, professional staff looks forward to helping you and your family reach your financial goals!

Jeff Sermon

President/CEO

Utah Community Credit Union

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September Member Story

In our line of work it is not uncommon to become involved in people’s personal matters. In one particular situation, I became involved in one of the most personal and even most intimate stages of a member’s life. In a recent experience, I had the privilege of helping a long time member put his financial affairs in order before he passed away. Our member’s daughter—an only child, and his sole caretaker– came into our branch and requested to be added to her dying father’s account.  She had temporarily moved in with her Father and had taken over his care, including the management of his financial responsibilities. Because he had been ill for a few months, his finances were in need of attention.

In order to add our member’s daughter to the account, we needed his signature. This member was very ill and frail. He was not able to come to our branch in person; the obvious solution was for me to go to him.

I took the documents to his home and visited his bedside where it was clear his illness had made him almost immobile. He could hardly sign the paperwork so his daughter signed onto the account and named his beneficiary. This process allowed her to take care of the practical needs, bills, and financial responsibilities her Father still had. Both our member and his daughter were grateful for the service they were provided.

Not much later, our member’s daughter came into our branch and informed me of her Father’s passing—how relieved I was that his financial matters were the least of her concern during such a difficult time. His daughter opened a personal account of her own and we will do our best to meet her needs as a member of this great credit union.

Story by: Jackie Nelson

Real Estate Loans

UCCU Riverwoods Branch

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