4th Quarter 2015 Message

Dear Member:  January 1, 2016

From the Staff and Board of Directors of your Utilities Credit Union, we hope you had a wonderful Christmas and we wish you a Happy New Year and all the best for 2016.

The Federal Reserve has finally raised the “Fed Fund Rate”, something that has not happened since December of 2008.  The benchmark rate was raised last month from .25 percent to .50 percent.  This action will likely lead to higher savings and lending rates.  Our adjustable rate loans, which are tied to the “Wall Street Journal Prime Rate” will not be affected until April 1, 2016.  Lending rates overall, however will remain very low in the near term from historical standards.  Saving rates most likely will follow the trend and move higher in the coming months.

Starting February 1, 2016, our members who hold a UCU Visa credit card will start receiving cards with the new safer chip technology.  Credit card issuers throughout the country are switching to cards that have an embedded chip that will prevent credit card data from being stolen at point of sale terminals.  The new “chip cards” will be issued at your normal card expiration date.  For those members who hold a UCU Visa credit card, there is an enclosed brochure with additional information.  If you have a question or would like to apply for a UCU credit card please contact the UCU office.

Please note:  If you request a check or other information to be sent by US postal mail service (especially locally), please allow a few extra days for it to arrive as the local mail now goes through the St. Paul, MN distribution center.  It has taken up to 1 week in some cases.  If you need it sooner, please make arrangements with us to pick it up at Sky Park.

TAX FORM INFORMATION:  If you had at least $10 in dividends earned in 2015, you will have a 1099 Statement enclosed with this mailing for your income tax filing.  If you paid interest on a home equity line of credit in 2015, you will have a 1098 statement enclosed.

We learned recently that one of our Directors, Kirk Hendrickson, will be retiring from Xcel Energy and as such will also retire from the Board sometime in the 2nd Quarter of 2016.  Also, long time Board and Committee member, Al Gruba, is retiring in January 2016.  In addition, Janet Kowalewski, long time Committee member is retiring in January 2016; hopefully her participation will continue.  Our sincere gratitude and best wishes go with Kirk, Al and Janet.

As always, you can reach the UCU Credit Union by phone at 715-737-2467 (10:00-1:00) or by email at myucu@att.net.  Follow interest rates on our web site at myucu.org. Remember, this is your credit union!


Scott J. Seaholm
UCU Board Chairman

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