Thinking about joining the credit union? Now's the time

Thinking about joining the credit union? Now's the time

If you’ve been thinking about joining the St. Thomas Employee Federal Credit Union, now is the perfect time. The credit union is offering a raffle for any new member joining during September 2007.

The prize will be $50, plus $1 for each new member joining during that time. The raffle drawing will be held Monday, Oct. 1, at the credit union office, Room 209, Loras Hall, on the south campus of the university. Prize money will be deposited into the share account of the lucky winner.

Current credit union members also can be entered into the raffle if they bring in new members to the credit union – only one current member per new member.

Membership in the credit union is a fringe benefit offered to all nonstudent (full- or part-time, including adjunct) employees of the university and St. Thomas Academy, and family members of those employees. The purchase of a $5 share in the credit union is required for membership. The credit union paid a 2.50 percent dividend (2.52 percent annual percentage yield ) on the last dividend declaration date (June 30, 2007), and will pay at least that for the current quarter.

In addition to the share account, the credit union also offers “designer” savings accounts, a Christmas Club account and various loans to its members. It attempts to offer attractive dividend rates for savers, and competitive loan rates for borrowers. The National Credit Union Administration insures all shares up to $100,000 per account, and oversees the safety and security of the credit union.

Automatic payroll deduction makes both saving and loan paying relatively painless. Deductions are taken from each of the 26 payrolls each year, and are posted directly to accounts on the date of the payroll.

Questions? Stop by the credit union office in Loras Hall, call (651) 962-6660 or e-mail:

Membership information and forms, as well as loan applications and payroll deduction authorization forms, are available in a rack across from the credit union office and can be accessed any time that Loras Hall is open. These forms also can be mailed upon request.

Regular credit union hours are 3 to 6 p.m. Mondays, and 10 a.m. to 1 p.m. Tuesdays, Thursdays and Fridays; phone and e-mail messages can be left at any time.