July 1, 2020 Issue 96
A printed version of this newsletter is available in our lobby or by request. You may also view on our website at www.northwoodscu.org.
NCU Logo. Loans Given. Dreams Realized. Germs Avoided. www.northwoodscu.org. Call or text at 1-888-458-0975. Apply for loans online or by phone. Online Banking, Mobile Banking & Mobile Deposit. 30,000+ nationwide, surcharge-free ATM's
Photo of NCU staff with the NCU Logo and the words, We're here with you
It is important to us here at Northwoods Credit Union to be a resource for our members when they are facing financial hardships, Coronavirus or otherwise. Our staff is trained to not only conduct your financial transactions but also to help you through troubling financial times. If you’re feeling concerned about your current or potential financial situation, please contact us. We have programs and plans in place to help our members and we are here to help.
A Message from Northwoods Credit Union President
Our world has changed! 

Over the last 4 months everyone’s world has changed. The start of precautionary actions due to the outbreak of the COVID-19 virus changed how we all interact with each other and how we spend our working and personal time. Here at NCU, while we remained fully functional, we made the tough decision based on the safety of our employees and members to close our lobbies and only handle transactions through our drive-ups, by phone, and online/mobile banking. This was an especially tough decision for us because welcoming our members in-person is part of who we are at NCU. We always try to get to know our members and that is not easy through the drive-ups. It pains me that even now as some restrictions are being lifted by the Governor, that for continued safety concerns for our staff and members, we cannot fully open our lobbies. We are trying to walk that fine line of safety and service. I do want to thank all of our members for being so understanding during this time and I ask that you be a bit more patient as we take some time to gradually open the lobbies even more over the coming months. When we do more fully open, we will have the proper precautions to limit any virus exposure.

Planning for Our Future
Despite this unprecedented interruption in our world, NCU continues to plan and act for our future. Prior to the COVID-19 issues, NCU had launched projects to insure we have adequate facilities in Cloquet. To this end we acquired a small building on Tall Pine Lane to house our administration, accounting, and technology areas. We are finishing up renovations to that building and should be able to move in by the end of July. On the heals of that project we will be renovating our Ave B facility beginning in August. The Avenue B facility will have the member lobby relocated back to the east end of the building and our mortgage services department will be located in the west end of the building. The remodel of Avenue B and our new Tall Pine Lane facility were needed steps to ensure we can continue to grow and serve you, our members, better in the future. Our future plans for our Cloquet facilities also include some changes for our Stanley Avenue office, but, that will come a bit later. The Avenue B remodel should be completed by year-end.

Continuing our Commitment to our Members and our Communities
The COVID-19 interruptions have not stopped us from continuing to support our communities.
We continue to make donations to many community organizations and recently announced our commitment of $80,000 to the Cloquet Public Library in support of their recent expansion project. The Library is an important part of our community, providing services to everyone in our community and now will be able to do even more with wonderful new meeting rooms, a teen room, and an expanded children’s library. In recognition of our commitment to the Library, the large meeting hall will now be known as the Northwoods Credit Union Meeting Hall. Our donation was made on behalf of our members, so, if you get the chance to use the meeting room, know that you, as part of your financial cooperative, Northwoods Credit Union, you played a part in making this facility possible.

Thank You for your Support of Northwoods Credit Union and Stay Safe,
Doug Wolf
Photo of CU President, Doug Wolf
Illustration of a man holding a shield that has Northwoods Credit Union Online and Mobile Banking on it, defending against germs
COVID-19 Updates
Northwoods Credit Union continues to monitor the COVID-19 situation while following the recommendations from state and federal government. Currently, we are accepting members in our lobbies by appointment only. We ask that any transactions that can be completed via online banking or our drive-up to be continued through those channels. While we are anxious to get back to normal and see our members again soon, the health and safety of our members, our team and their families continues to be our priority.
Appointment Process:
  1. Schedule appointment with employee. At this time, the employee will ask you the MN Department of Health recommended screening questions.
  2. Arrive at the main entrance at your appointment time. Please call the number listed on the door to have an employee come to the door. The employee may ask to see your ID and may ask you to temporarily remove your mask to confirm your identity (should you choose to wear a mask). You will be asked to sign a form, confirming your answers to the recommended screening questions.
If you are experiencing a cough, fever or other symptoms, please refrain from coming into a branch or using drive-ups. In addition, if you have recently returned from an out of town high-risk area, please observe the 14-day waiting period before visiting a branch or drive-up. 
We are taking the following precautions and steps to protect the health of those that enter our buildings:
  1. Limiting the number of people in our lobbies at one time.
  2. Hand Sanitizer: Please utilize hand sanitizing stations, which will be placed at lobby entrance.
  3. Barriers: Front-line personnel will have plexiglass barriers.
  4. Spacing: To ensure adequate social distancing, please maintain 6+ feet of separation. 
  5. Masks: While masks will not be required, if you choose to wear one, please briefly pull it down or partially remove it in the entry vestibule before entering so that we may identify you. 
  6. Cleaning: Frequently used surfaces and pens will be cleaned and sanitized often.
  7. No public restroom: We are very sorry, but for the time being, restrooms will be unavailable to the public. 
  8. No coffee/popcorn: For the time being, we will not offer coffee, or popcorn. Brochures, newspapers & magazines will also be removed from waiting areas. 
Thank you in advance for working with us to prioritize the health and safety of our communities, and please let us know if there is anything we can do to help. We are in this together.
NEW!! We Now Offer Reloadable Visa Cards along with our Visa Gift Cards!
You're probably aware that we've had Visa Gift Cards available for years. They're $3.95 to purchase, available to purchase from $10-$1,000 to use yourself or give as a gift. Once the original amount is gone, the card can be thrown away. These are perfect for any gift or a one-time purchase.

With our new Reloadable NCU Visa Cards, you can reload your card again and again! They also have an app, CUMoney, that allows you to reload the card yourself, check your balance, view receipts and transactions, turn your card off if lost and then back on when found! The Reloadable NCU Visa Card is accepted worldwide and has the secure EMV chip which makes it great for travel - domestic or international. These cards make a great option for our members!
  • Use for Travel
  • Give as a Gift
  • Send with your college student to reload as needed
  • Use for online purchases
  • Use in place of a checking account
  • Manage your money without worry of overdraft fees
The NCU Reloadable Visa Cards cost $5 to purchase. You may load the card in amounts $100-$5,000. Each time the card is reloaded, there will be a $2.00 charge. Best of all, these cards are easy to purchase and use!
STEP 1 Purchase and load the card at Northwoods CU. You can begin using card immediately.
STEP 2 Use your card to buy gas, pay bills online, shop, online purchases, etc.
STEP 3 Reload your card at Northwoods CU or through the CUMoney app!

A photo of Edward Grondahl
Northwoods Retirement & Investing Services
Ed Grondahl, Financial Advisor addresses the shocking headlines in the media.

Sign Up for Texting Service
*Please note that NCU offers two types of texting service:

Conversational Texting allows us to text you regarding something specific to you.
You may  OPT IN by texting any of our main phone numbers.
You may  OPT OUT by texting ‘opt-out’ to any of our phone numbers

News & Updates Texting allows us to send a text to many members notifying you of an event at the Credit Union, a branch closure, etc.
You can OPT IN to receive these by texting ENROLL NEWS to 1-888-458-0975
You can OPT OUT of these by texting QUIT to 1-888-458-0975.

LSS Financial Counseling Logo
Unexpected Money??
An video from our partners, Lutheran Financial Counseling
Attention TEENS!!
Youth Essay winner JD standing in front of NCU sign with check for $100
Quarterly Teen Club Financial Article Contest

Members age 13-17 are invited to submit an article on a financial topic to be considered for publication in our quarterly newsletter, website and on Facebook. We will then award 1 teen, $100 for their submission.* Submit your article or ask any questions now at email.

This quarter's winning submission is by JD Johnston and it discusses the many ways to earn money, even if you're too young for a traditional 'job.'

You’re never too young to work odd jobs. When you’re at that weird age between being a kid and being able to get a proper job, you might want to look for ways to make quick and easy money. Here are a few ways I have found to do this.
First, I started making my own small business by lawn mowing for people. Lawn mowing. Lawn mowing for others basically helped me gain money and skill. Putting an ad on social media like Facebook or Nextdoor is one way I let people know about my mowing business.
Another way I’ve found to make some cash is babysitting. Babysitting is another awesome way to get involved with your community and make some cash in the process. During the summer, this is a really smart thing to do. Usually, people don’t have a plan on what they will do with their kids during the summer while they work, that’s where you step up and take initiative.
The final way that I use is just doing random odd jobs for elderly neighbors. Personally, odd jobs have helped me make the most money over my “career” as a teenager. Some of the odd jobs that I do currently are: shoveling in the winter, raking in the fall, mowing in the summer, and landscaping.
Putting ads up on apps, as I mentioned above, allows others to share your ad with acquaintances and then they can rate you based on how well you did your job. People want to know who they’re hiring to cut their grass or clean the yard.
           In conclusion, I highly recommend stepping out in your community and putting yourself out there. There really are ways for kids to make money when they can’t get a job. Don’t be afraid to make yourself known!

JD Johnston
Reg CC Update

Inflation Adjustment

Reg CC is a federal regulation governing the availability of funds and collection of checks. Reg CC sets limits for the length of time a financial institution may place a hold on the use of funds after a check has been deposited to an account.

Back in 2010, the Dodd-Frank Act made certain amendments to the Expedited Funds Availability (EFA) Act which were effective July 21, 2011. These amendments required regular inflation adjustments to certain hold thresholds found in Regulation CC> The 2019 final rule has made the first inflation adjustment in Regulation CC effective on July 1, 2020.Reg CC The main purpose of reclassifying the accounts is to reduce the risk of fraud in your account. By reclassifying the accounts, credit unions warn their staff about the potential risk involved and carry out due diligence before allowing any fresh transaction through them.

In summary, the July 1, 2020 inflation adjustments are going to change thresholds found in Regulation CC:
  • $200 is changing to $225 for case-by-case holds.
  • $5000 is changing to $5,525 for certain special exception holds, such as large deposit holds and new account holds.
  • $400 is changing to $450. When a financial institution extends a hold by one business day when a deposit is taken for withdrawal by cash or similar means.
  • Civil liability under Regulation CC has been changed from $1,000 and $500,000 to $1,100 and $552,500 respectively.
Photo of Katie Nelson, Mortgage Processor
Employee Spotlight - Katie

Katie started with Northwoods Credit Union nearly 20 years ago as a Member Service Representative. Her love of learning new things has led Katie to work in many areas of the credit union. Katie has found her niche as a Mortgage Loan Processor by being detail orientated and her love of learning. When asked if she could explain what a Mortgage Loan Processor does, she stated, “The Mortgage Processor orders all required documents, while keeping in contact with the member to obtain any additional documents needed for the file. They also review all documents to make sure everything is correct, to get the files to closing.” Processors do not decide on loan approvals. Katie loves being a part of the Mortgage Team. She understands the difference Northwoods Credit Union can make. Her favorite part of the position is seeing people get financial relief or getting into their new home! “Katie is a true asset to the mortgage team with her dedication to the credit union and members. Her detail and follow up helps each file close in a timely manner.” – Michelle Bertogliat, Director of Mortgage Lending

If you are interested in more information about our home loan products for both purchase and refinance, please contact our mortgage department by phone or text at 1-888-458-0975.
Snap To It!
Photo of screenshot for mobile deposit
Mobile Deposit capture gives you the convenience to make deposits day or night, from virtually any location, giving users faster access to funds and the ability to quickly deposit funds. With our Mobile Deposit you will be able to: 
  • Receive one-click access to Mobile Deposit within your app with no additional downloads or installs.
  • Simply deposit checks with just a few taps and camera clicks.
  • Safeguard information with the same security as online banking.

Mobile Deposit provides the convenience users have come to expect. Mobile Deposit is accessed through your Northwoods Credit Union mobile banking app and available for download through the App Store and Google Play. Please note, all checks deposited via mobile deposit will need to be endorsed with a signature and "NCU Mobile Deposit." If either is missing, your check will be rejected. Please see our website for deposit times your check will be credited to your account  here.
Federally Insured by NCUA. Membership Eligibility Required.