Credit union sends out Christmas Club checks, offers Santa Special loan

Credit Union sends out Christmas Club checks, offers Santa Special loan

The St. Thomas Employee Federal Credit Union mailed out 83 Christmas Club checks totaling more than $72,300 last week. The checks included all deposits from Nov. 1, 2007, through Oct. 31, 2008, plus an annual dividend of 2.5 percent. Club members who have not received their green envelopes should contact the credit union, (651) 962-6660.

Current club members: The 2009 club account is now open. If you don't make deposits by Wednesday, Dec. 31, 2008, your account will close. If deposits have been coming via automatic payroll deduction, the deductions will continue unless a change is made using the credit union Payroll Authorization Change form available from the credit union. 

Any credit union member with a minimum of $5 in a share account is eligible to open a Christmas Club account. Deposits to the account will be available for withdrawal the first week in November 2009. An annual dividend will be paid on Oct. 31, 2009, and checks will be available the next week. If it is necessary to access club funds during the year, all funds in the account must be withdrawn, no dividend will be paid, and the club account will be closed.

Santa Special loan

For those who did not plan ahead for holiday spending, the credit union is offering a Santa Special loan of $1,000 at 10 percent interest for a term of up to one year. This rate is a fixed rate and will be available to any member who has a BEACON score of 600 or above.

Payments on $1,000 at 10 percent for one year will be approximately $87.90 per month or about $40.50 per UST paycheck, depending on the exact number of days from disbursal of loan until first payment. This loan is being offered in addition to the credit union's regular signature loan, which has a limit of $3,000, a rate of 12 percent – less a discount based on credit score – and a term of up to three years.

If interested in applying for a loan, pick up an application in the rack outside the credit union office at Room 209, Loras Hall, or request that one be sent in the mail. Fill out a loan application and submit it in person or mail it to the credit union office at Mail #LOR209.

Questions? E-mail or call the credit union, (651) 962-6660.