President's Message January 2015

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As 2015 gets underway we note the relatively strong local economy. Unemployment is low, job creation is positive, population growth is strong, and consumer confidence continues to rise.

Of course, our local economy is still impacted by the national and global economic trends. Monetary policies in the country and in Europe continue to rely on government intervention to keep rates low, and spur on a continuing but stubborn recovery. Recent developments in the energy industry bring us sharply lower oil and gas prices. While we enjoy filling up our cars for a lot less money, the low prices are creating havoc in many countries around the world.

The European Union is bracing against economic declines with several countries already in recession. Japan, the third largest world economy, continues to struggle under the weight of massive debt. We watch with great interest as our own national monetary and fiscal policies evolve with the new congress. 2014 was the best year for US job creation since 1999 with a reported drop in unemployment to 5.6%.

National and global uncertainties notwithstanding, we feel fortunate to be enjoying a very robust local economy and the opportunity we have to serve you, your family, and this community. Most economists agree that, overall, economic trends are positive and the recovery is continuing. We remain optimistic about the future!

Six things to keep in mind as you plan for 2015: 

  1. With rates expected to rise in the near future, the credit union created a home equity line of credit that stays fixed to help hedge against a payment going up. Home equity lines of credit typically have a variable rate – which can be the best option at times, but this new home equity has a fixed rate for 10-years! Your payment can remain low for the next decade – no matter what happens in the economy. Call a home equity loan expert today at 801.223.7750 or click here to visit us online.
  1. As your not-for-profit financial partner, UCCU works hard to provide you and your family with valuable services, products, and information to help you set and achieve your financial goals. In additional to low-cost loans, free checking, convenient online and mobile account access, the credit union offers valuable services that fit every stage of life. From youth banking services with our award winning BeMoneySmart program, to any investment, insurance, or Medicare need with the UCCU Financial Group, the credit union has you covered. We want to be your “first choice” financial partner.
  1. For a fun and engaging way to teach your family, church, school, civic, or scout group about money, attend a free class from Money Made Easy – sponsored by UCCU. Money Made Easy classes make it easy to learn important financial principles through a series of interactive lessons and hands-on activities. Schedule your FREE class by calling Tom Painter at 801-235-9100 or click here for more information.
  1. The credit union is here to serve your needs. This is the best institution for low rate loans without the worry of changing rates or hidden fees. If you have a loan that is not currently with the UCCU, I personally invite you to call, go online, or visit with one of our loan officers to see about lowering your rate and saving you a lot of money. It’s time to make the move.
  1. Worried about all of the credit card fraud? EMV Chip card technology is your best defense against credit card fraud. When the EMV chip card came out, your credit union jumped on board – which is why we were able to be the first to offer EMV Chip cards to help protect your finances from criminals. Upgrade your card and bring your balances over and get a low 6.99% APR.
  1. If you have any commercial lending needs — either a new loan need or a refinance — our commercial loan professionals can help. Ask about our low rates, quick turn-around, and great terms with no pre-payment penalties.

We look forward to 2015 and appreciate the opportunity to be your trusted financial partner. Take advantage of your membership at Utah Community Credit Union this year.

Thank you for being a member!

Jeff Sermon
President/ CEO
Utah Community Credit Union

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