A Message from the CEO
As we head into the last months of 2017, we still have a few things to accomplish if we are going to achieve all of our major goals for this year and, since we set our goals with you in mind, I thought you might appreciate a summary of what to expect from your credit union before the year ends.
By now, you have already received a lot of information on your new credit card, which will be active at the end of this week, and what to expect from your new debit card, which you will receive later this month. We have included more information in this newsletter, but the best part of these changes is that we have kept everything you really liked about your current credit union credit and debit cards and we've gotten rid of the things that you didn't like.
Your new cards will be easier to use and you will be able to earn rewards and cash back quicker than before. The interest rates will remain the same and we certainly haven't added any fees, but you will enjoy greater security, which is increasingly more important in today's world.
We are rolling out a new website that will be more informative and easier to use and we are also in the process of adding additional functionality to our online banking application, as well as to our online membership and loan applications.
Additionally, we are introducing new savings options, such as short-term certificates, that offer you premium rates without requiring you to tie your money up unnecessarily.
While you are reviewing your options, please don't forget about everything that we continue to offer you through the Financial Planning and Education Center, such as financial planning and retirement advice, credit counseling, auto and home insurance, and a vast array of mortgage choices.
Thank you for your continued loyalty and support.
Member Appreciation Promotions
Chicago Patrolmen's Federal Credit Union understands that you have many choices when it comes to selecting a financial institution, and we hope you know how much we appreciate your business.
Throughout the year we offer a number of limited-time-only Member Appreciation promotions designed to provide you with extra-special savings or loan opportunities built around our already-competitive rates. This month we are pleased to offer two promotions, which start
today, October 1:
Place Your Money In Our Custody!
For a limited-time-only, we are offering a
100-day Share Certificate with a 1.00% APR*/APY*, which is available only for new deposits.
This promotion runs from October 1 through December 1, 2017.
To apply for the Member Appreciation Share Certificate, please
*APR = Annual Percentage Rate. **APY = Annual Percentage Yield.
Comparatively speaking, our current 6-month Share Certificate yields a 0.19% APR/APY, and our current 36-month Share Certificate yields a 0.94% APR/APY. There is a minimum deposit of $2,500. Early withdrawal and other restrictions apply.
Don't Be Handcuffed By Your Current Mortgage Rate!
Here's the key! Refinance your existing mortgage on your primary residence (currently with
another institution) with us and we will beat your rate! To apply, members must have a first mortgage with a minimum loan balance of $50,000.
What you will receive:
- A better rate* than your existing mortgage
- Waiver of all third party closing costs and underwriting fees
- Access to a 15-month share certificate at 2.25% APR**/ 2.269% APY***
This promotion runs from October 1 through December 31, 2017.
To apply for the Member Appreciation Mortgage Promotion, please
Email John Gordon
*Certain restrictions apply. **APR = Annual Percentage Rate. ***APY = Annual Percentage Yield.
Skip-A-Pay is Back!
October 2 - November 22
The holiday season is almost here and Chicago Patrolmen's is tracking down some extra cash for our members!
We know that holiday expenses can add up, and Skip-A-Pay is the perfect way to have some extra cash right when you need it!
How does it work? Simply apply online at www.cpdfcu.com between October 2nd and November 22nd, 2017.
If your application is approved*, you will have the opportunity to skip your December loan payments. There is a $30 fee per loan and at least half of that amount will be donated to
Chicago Police Memorial Foundation
Please note that you will need to apply for each loan individually.
The following loans are not eligible for Skip-A-Pay:
Home Equity, Homeowner Loans, Mortgages, Visa, Overdraft Protection, 10-1, Student, Tuition, CARPay Diem, Credit Builder, and Member Business Loans. Any loan with an original term of 12 months or less is ineligible. If an approved loan is refinanced before the payment is skipped, the new loan will not be eligible for the promotion.
Only the December 2017 loan payment may be skipped. The finance charge on your loan will continue to accrue and the term of your loan will be extended by one month. Additional restrictions may apply.
Please note that applications will only be accepted online.
To apply for Skip-A-Pay, please click
If you have questions, please contact the Call Center at 312.726.8814, and press Option 1.
*Additional restrictions may apply.
Attention Visa Credit and Debit Cardholders!
We have heard your feedback and we are undergoing a Visa credit and debit card conversion!
Our new EMV, chip-enabled Visa Cards
will have an enhanced design and new card number as well as added security features, automated fraud alerts, online travel notifications, improved rewards program, and various digital wallet offerings, such as Apple Pay and Android Pay.
In addition, you will be pleased to know that all the special extras that our members love are still in place, including Online banking and mobile app capabilities, exceptionally low non-variable rates, no annual fees, Visa Purchase Alerts, and a 25-day interest-free grace period for purchases!
Your current (soon to be old) Chicago Patrolmen's Visa credit card will stop working on October 7, at 11:59 p.m. CST, and your new Chicago Patrolmen's Visa credit card will be in effect October 8, at 12 a.m. CST.
Your current (soon to be old) Chicago Patrolmen's Visa debit card will stop working on October 24, at 11:59 p.m. CST, and your new Chicago Patrolmen's Visa debit card will be in effect October 25, at 12 a.m. CST.
All Visa credit and debit cardholders have already or will receive their new Visa cards and detailed instructions for new card activation well in advance of the conversion dates.
Things to Keep in Mind
If you have any pre-authorized or recurring debits (health club, insurance, subscriptions services, cable, utilities, etc.) linked to your current (soon to be old) Visa credit or debit card, you will need to update those merchants with your new card number.
Credit Card Payment Due Date: With the change to a new processor comes a new "Payment Due Date," which is based off of your current schedule: If your current due date is on the 1st of the month, there is no change;
if your due date is on the 10th, your new due date will now be the 11th; if your due date is on the 21st, there is no change; and if your due date is on the 26th, your new due date will now be the 27th.
Again, please note that
there will be no interruption of use to either your Visa credit or debit card before or during the process.
You may continue to use your existing cards through 11:59 p.m. CST the day before the new cards go in effect, and the new cards will be ready to activate and use one
If you have any questions immediately following the
card, please call 855.887.9759 for credit card support or 866.820.4852 for debit card support; a representative will be able to assist you 24/7.
Mortgage Down Payment Made Easy
By John Aretos, CEO, First Chicago Mortgage Services
If you have yet to begin searching for your dream home because you don't think you have enough money for a down payment, think again! In the last several years, both Fannie Mae and Freddie Mac have made it easier to afford the home of your dreams. How, you ask? The two biggest areas of improvement have been in the lowering of the down payment threshold, and drastically reducing private mortgage insurance rates.
In the past several years both Fannie and Freddie have reduced the minimum down payment from 5% of the purchase price to 3%, making the amount necessary to buy a home much cheaper. Combine this reduced amount with the lender's desire to offer discounted closing costs, and you now have a substantial reduction in the required funds to buy. A simple example of this impact is to take a $200,000 purchase price and factor a 2% down payment savings (going from a 5% to 3% down payment) along with a $1,000 lender credit towards closing costs and you now have a $5,000 savings from the traditional 5% down payment loan scenario with no lender credit. As one can see, these reductions have an immediate impact on the amount of money required for the transaction.
Everyone by now probably knows about PMI, or private mortgage insurance; this is a requirement for anyone who puts less than a 20% down payment on their home purchase. In the old days, one would have to put the full 20% down in order to qualify. Then, in the 1990's, private mortgage insurance was introduced to the masses, with a borrower being able to put as little as 5% down, but with a high monthly cost to do so. PMI rates determine the added amount to a mortgage payment and is a risk "pass through" to the borrower, which ultimately increases a borrower's mortgage payment. Nowadays, thanks to more competitive pricing and efficient risk analysis, these rates have been cut in half, making the payments significantly cheaper. An example would be to take a $100,000 loan amount and compare the old PMI rate to the new on a monthly basis. The old rate used to be over 1% (1.05 to be specific); the new rates are as low as .45%, over half reduced. The payment per month goes from $87.50 down to $37.50, which is a modest savings.
These are just two of several changes that have been implemented recently about which you many not have heard. To learn more home buying tips and strategies, contact John Aretos or Kristen Kulinczenko at 844.COP.SAVE, or click
to send us an email.
A wholly owned subsidiary of Chicago Patrolmen's Federal Credit Union, First Chicago Mortgage Services (FCMS) is one of Chicago's leading mortgage specialists offering competitive pricing, specialized products, and outstanding customer service.
Based on their affiliation with the credit union for the past 15 years, FCMS has carved a niche working with First Responders, Active Reservists and Veterans, as well as Municipal Employees.
For more information on FCMS' Fall Homebuyer Workshop, scheduled for Friday, October 13, please see the "Event Corner" at the end of this newsletter.
A Message From the Director of Lending
One of the greatest benefits of working for the credit union is also being a member. I consider it a privilege to be able to utilize Chicago Patrolmen's as the primary financial institution for my family. Not only do I have confidence in the employees around me to provide excellent service, I am confident the lending rates offered at the credit union for basic necessities such as our home, car and every day expenses are as competitive, or, in most cases, far better than we could find elsewhere.
Too often it's easy to get caught up in what is affordable in the form of manageable monthly payments without considering the actual cost of the purchase. The perfect example for the illusion of cost is carrying high-interest credit card debt. With a low monthly payment, what may seem affordable can end up costing a fortune in interest over time. Your hard earned money is working hard, unfortunately for someone else. Taking advantage of the various credit union lending products can greatly reduce the interest you pay over time, allowing your money to get back to working for you.
With the rebound in the real estate market, this may be a great time to consider refinancing your mortgage to a shorter term at a more favorable rate with us or to potentially eliminate mortgage insurance with your current servicer. Our home equity loan may also be beneficial for a variety of purposes such as a home improvement project or to consolidate high-interest accounts. For smaller amounts, our signature loan and Visa products are great options to save considerably on the interest rates being charged by other financial institutions. Don't forget about your car; take a look at your interest rate and compare it to what the credit union can offer. The benefit of belonging to your credit union is you no longer need to overpay for everyday expenses.
Please contact our sales representatives to learn more about the ways we can help you save.
Director of Lending
Cyberspace: How Secure is Your Online Information?
Director of Information Technology and Training, Chicago Patrolmen's Federal Credit
Chicago Patrolmen's takes the security of your information very seriously. We encourage you to do the same. Following are recommendations for setting up and improving your own personal
Setup a "secret word" for all of your investment accounts.
When confirmed, anyone accessing your accounts to initiate changes or transfers will be required to provide the secret word before proceeding.
Enable a two-factor authentication (2FA) for all of your personal financial and email account web sites.
Email is particularly important to secure as it acts as a gateway to all of your other accounts. Once fraudsters gain access to an individual's personal email account they often initiate change password actions for that person's financial account web pages. As most new passwords are being sent by email, the fraudster simply reads the email to gain access to financial information. By implementing a 2FA on your email and all of your financial web sites, you protect against this common type of attack. The following link provides instructions on how to enable 2FA for most common email and financial web sites:
If you have a Gmail email account, use the following link for Google's free security account checker to verify your email security: https://myaccount.google.com/secureaccount.
Ensure that your home computers have the most recent patches installed. The links below provide instructions for how to patch your systems:
Perform regular virus scans on your home computer.
Before disposing of any personal records, destroy them with a cross-cut shredder.
Consider placing a credit freeze on your files. A credit freeze makes it harder for someone to open a new account in your name. However, keep in mind that a credit freeze may not prevent a thief from making charges to your existing accounts.
Monitor your existing credit card and bank accounts closely for charges you do not recognize. If you decide against a credit freeze, consider placing a fraud alert on your files. A fraud alert warns creditors that you may be an identity theft victim and that they should verify that anyone seeking credit in your name really is you. Please review the following links for additional information on a credit freeze:
Download your credit report for free every 12 months and review it manually for abnormalities (errors and/or fraud). Please review the following link for additional information on credit reports: https://www.annualcreditreport.com/index.action.
There is a lot to love about the world wide web, and it is most definitely a gateway to an abundance of information. Just be sure to protect yourself so that the web does not become a gateway
to your personal information.
Did You Know?
The credit union's 2016-17 annual
program has just ended and the numbers are in:
1,703 members participated in the Account and they saved a whopping $
Don't fret if you missed out because a new cycle has just begun! The 2017-18 Christmas Savers program kicks off today and runs through September 30, 2018. Past "savers" are welcome to join again!
A Christmas Savers Account
allows you to deposit funds through payroll deduction into a special account that
pays you a higher interest rate than a regular, low-balance Savings Account. If you set a little aside each paycheck, it will add up in a hurry.
For more information, please click
To sign up for Christmas Savers, please visit any of our branch locations or call 312.726.8814.
Five Reasons To Check Out Our Free Credit Counseling Program
We can help you obtain and review your credit report. It is
to know what is in your report prior to purchasing an auto, securing a mortgage or even opening a new credit card
. Loan rates are determined by your credit score.
- Even if you are already in a credit monitoring service, we can help you understand the details of your report. We can break down and explain each of the components to help you gain greater insight into your spending habits.
- We can help you improve or even rebuild your credit through our hands-on consultation and array of professional products at our disposal.
- We can help you design a strong financial plan based on your own lifestyle and budgetary needs. This will help catapult you on the road towards financial freedom.
- We can do all of this and much, much more. Best of all, you will experience all of the gain and none of the pain, because our services are free for members of the credit union!
Our Arizona Business Office Is Now Open In Tempe, Arizona!
We are pleased to announce that National Police Credit Union, a marketing division of Chicago Patrolmen's Federal Credit Union, has opened its first Regional Business Office, which is located in Tempe, AZ!
This office is run by Vice President Kacey Smith, an 11-year veteran of Chicago Patrolmen's who most recently served as Branch Manager of the Central Branch. (Kacey is also recognized as the architect of one of the credit union's most successful programs, the
Write Your Own Ticket Auto Loan
The new Arizona Business Office continues our quest to offer the same great value-added financial products, services and educational programs to police officers and their families across the country that our members have been enjoying for 79 years!
National Police Credit Union is open to all working and retired members of the Fraternal Order of Police throughout the United States. If you have friends or family outside of the Chicagoland area who are interested in joining National Police Credit Union, please have them call 844.COP.SAVE; anyone residing in Arizona may contact Kacey directly at
Random Market Thoughts
By MAF Companies
We would like to welcome all of our members to a NEW educational series, "Protect Leverage Grow," a tactical financial planning program. The first installment of our series will talk about retirement -- planning for it and living through it.
Wouldn't it be great to grow into your golden years with confidence, knowing your retirement days are on their way and your plans are in place? After all, retirement is a time for rest and reward; a time to relax, rejoice and enjoy life after many years of hard work.
Well, here's the good news: obtaining financial confidence isn't out of reach. It's just a matter of understanding today's economic climate and learning new ways to work within it.
Did you know that the average investor's performance over the last 20 years has significantly underperformed the markets (2.1% vs. 8.2%) because they often sell at the first sign of bad news and wait on the sidelines while the markets recover?
Have you asked yourself: How can I protect myself from potential losses? How can I stay invested and still feel safe? How can I enjoy diversified potential growth opportunities? Every investor is different -- how aggressive/conservative should I be? How much money do I need to have a safe, healthy, and enjoyable retirement? It's different for everyone. Each individual is different, each scenario is different. That's why educating yourself is our goal; in turn, we can help you make your retirement wishes a reality.
There are thousands of different investments. Let
Financial Planning and Education Center help you filter out the noise, and show you what is within reach.
Source: JP Morgan, Average Investor Performance since 1996=2.1% while the S&P 500 Index Average Performance since 1996=8.2%
Chicago Patrolmen's Federal Credit Union has an exclusive alliance with MAF Companies to fulfill our member's financial planning needs. Founded in 1967, MAF representatives are seasoned professionals with over 100 combined years of financial planning experience. They are knowledgeable about the specific challenges and obstacles that police officers and their families face. Their team builds upon that expertise to find solutions that fit your individual needs, budget and goals.
For more information on the Financial Planning and Education Center's upcoming Fall Retirement Seminar Series led by MAF
see the "Event Corner" at the end of this newsletter.
My name is John Gordon and I am the Director of Sales for Chicago Patrolmen's Federal Credit Union.
My responsibilities include developing and managing our sales and marketing efforts, growing local credit union business, acting as loan officer, and assisting in mortgage related activities. My favorite part of this role is interacting with police officers and helping them achieve their financial goals.
Before joining the team at Chicago Patrolmen's, I served as Project Manager for Chicago Police Memorial Foundation (CPMF) for the past nine years. In that position, I proudly served the families of fallen and severely injured Chicago police officers and worked hard to ensure that their sacrifice would never be forgotten. CPMF also offered me a unique opportunity to regularly pay tribute to my brother, Chicago police officer Mike Gordon, who was killed in the performance of duty on August 8, 2004.
Outside of work, I enjoy spending time with my wife and three sons. Our boys keep us entertained with sports, band and school activities. We also run the Michael P. Gordon Memorial Foundation. After my brother passed, it was very important for me to honor his memory, so my family and I founded the Foundation in 2005. Since its inception, we have helped individuals and families in crisis, promoted social responsibility, and, through an endowed scholarship at Lewis University, assisted students who might not otherwise have been able to attend college.
My financial background and past experiences led to this perfect situation.
Check out previous Featured Employee bios by visiting
Co-Op Shared Branch Network
Patrolmen's is part of the Co-Op Shared Branch Network, which allows members to conduct basic transactions at participating credit unions throughout the United States. This benefit is offered free of charge.
Find a location by visiting our website or clicking here.
Labor Day Raffle Winners
Chicago Patrolmen's hosted the 2nd Annual Labor Day Raffle to win a $50 Visa gift card. We raffled off one $50 Visa gift card for every 10 qualified loans we received, so participants had a one in 10 chance of winning!
Congratulations to our Raffle Winners:
Eric J.; and
Thank you for your continued trust in us for all of your lending needs!
To RSVP for any of the Retirement Series seminars, please call 312.499.8888, option 1.
Chicago Patrolmen's Federal Credit Union will be closed on the following days:
Monday, October 9
Friday, November 10
Saturday, November 11
Thursday, November 23
Saturday, November 25