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Interior FCU Newsletter Fall 2020

Card Controls Now Available for Credit Cards

Learn about Card Controls

Beginning October 1st, 2020, the credit union proudly rolled out Card Controls for your Interior Federal Credit Union Visa Credit Cards! Exactly a year before, we introduced the idea of Card Controls but it was only available for your debit card. Now, you have protection for both! Get the peace of mind you need if your card is lost or stolen and turn it off right from the tap of a button in our mobile app! It is simple to use, anywhere you are.

Have you shopped with Carvana yet?

The car buying process is constantly evolving in today’s world. Our newest innovation in the car buying world is touchless delivery. We’ve partnered with Carvana, a car buying service, that delivers your selected vehicle right to your doorstep. Carvana is a used car retailer that is completely online and simple to use. You can browse any used vehicles in their inventory or trade-in your own vehicle. All vehicles have a 7-Day Money Back Guarantee, which allows you to test-drive the vehicle for up to 7 days. If the vehicle is not to your liking, you can return it and receive your money back. This simplified and easy process is fully online and doesn’t require making a visit to the dealership.

Share Secured Loans- why this might work for you!

Have you ever considered a share secured loan? They offer some great benefits for borrowing and saving money!

A share secured loan’s collateral is backed by a share account, aka your savings account or a certificate. The benefit here is, because there is less risk for the Credit Union (collateral is your savings), you will see a lower interest rate. Currently, the interest rate is only 3.00% APR above the dividend rate. Share secured loans have the potential to boost your credit score. By making on-time, consistent payments, the credit reporting agencies will see that activity and your score could start to make an incline over time.

What’s important to note is you can borrow up to the full amount available in your savings account or certificate. Your funds in your savings or certificate will be frozen during the life of the loan. As you continue to make payments, the funds become available again. You will still have money in savings, PLUS the dividends earned during the loan period.

Like what you hear? Read more about share secured loans in our new blog. No credit check required.

Fee Changes Effective November 1, 2020

Interior Federal Credit Union will change 4 fees starting November 1st. They are:

  1. Wire Transfer Standard Outbound- $20
  2. Foreign Cardholder ATM Withdrawal Fee- $3
  3. Verification of Account- $20
  4. Returned Address- $5/month

For more questions on our fees, please consult our fee schedule on our website or contact us at 800.914.8619.

ATTENTION IFCU MEMBERS

For security purposes, we are updating our Online/Mobile Banking password requirements on December 1, 2020. It will require a minimum of 8 and maximum of 32 characters in length--which must include at least an uppercase letter, a lowercase letter, a number and a special character. If your password meets these current requirements, there is no need for change. If not, you will be required to change it during your next log in effective December 1st. You will be allowed to postpone it for 15 days. Please make sure that you update your password to the new requirements in order to alleviate any account access issues. Thank you for helping us keep your account access secure.

15/15 ARM: A Very Good Financing Option

Have your ever heard of a 15/15 ARM? An adjustable rate mortgage can be attractive because you will have a low fixed rate for the first, 15 years, and then in the 16th year the rate adjusts according to market conditions. Interior Federal Credit Union is excited to offer this type of mortgage in partnership with CUMA (Credit Union Mortgage Association). In our latest video, one of our very own employees tells you about the advantages of an ARM and how it differs from other mortgage loans.

Reminder! Our Checking Accounts are FREE with No Fall Below Fees

Why not make your transactional account one that makes you money and encourages you to save? With our Free Checking account, you have no minimum balance requirement or fall below fees, plus you earn dividends on your deposits. And, with our Nickel Back Rewards program, every time you use your debit card without entering a PIN, you earn 5 cents deposited into your account that night! So, if you make 3 purchases that day with your card (say morning coffee, lunch, and something at the grocery store in the same day), you will earn 15 cents in that day alone! Start making your checking account work for you better. Open an account today.

2021 Board of Directors Election

Exercise Your Member Vote

In 2021, for the Interior FCU's Board of Directors (BOD), there are 3 seats up for election. More information will be provided in the next quarterly newsletter coming out in January 2021.

  • Karen Baker
  • Peter Probst
  • Gary Weitzner

Click here to view the nominees' complete biographies and qualifications.

Interested in Serving on the Credit Union's Board of Directors?

Seats on the Board are open to any member of Interior FCU who is in good standing with the Credit Union. Members who wish to be placed on the ballot must do so through a Nomination by Petition. The petition must be signed by 1% of the Credit Union membership (at least 185 members). A brief biography, completed Board Application, a statement of qualifications, and a signed statement pledging the nominee's willingness to serve if elected must also accompany it. Nominations by petition must be received by 3:00 p.m. on December 4, 2020 and should be addressed to the Chairman of the Nominating Committee and mailed to our mailing address:

Interior Federal Credit Union

ATTN: Chairman of the Nominating Committee

12201 Sunrise Valley Dr.

RM BA208 MS700

Reston, VA 20192.

Credits:

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