Scale Back Auto Loan Sale - as low as 2.99% APR

How does a fixed rate as low as 2.99% Annual Percentage Rate (APR) on terms as long as 60 months sound?? Our "Scale Back Auto Loan Sale" going on now through April 30th offers this great loan rate for new AND used automobiles financed during the promotion. The loans themselves can be for purchases or refinances from another financial institution. Qualified members can also delay their first loan payment up to 90 days. Wouldn't be nice to not have a car payment for a few months? That money could be used to pay down other debt, pay for a special project, or just provide a little money for a Spring Break trip. It is important to note here that loan interest would accrue during the loan deferment time frame.

The theme of the loan promotion is similar to the "Scale Back Alabama" weight loss campaign in that cutting your costs is a smart idea. We have money to lend so if you are going to borrow money make sure that your costs are minimized. Weigh your options, trim your budget, and lose high interest rates with a low cost loan from North Alabama Educators Credit Union!

As with all loans at the credit union, we are an Equal Credit Opportunity Lender. Qualifications must be met on all loans. Your actual loan interest rate will be determined by your credit worthiness as well as other factors, such as the term length of your loan. For a 60-month term as referenced above, the payments would be as low as $18.00 per $1,000 borrowed. Please keep in mind that well qualified borrowers with a credit score of 748 and over can actually receive a lower loan rate than advertised above. To refinance a loan already financed with NAECU, an additional $2,500 must be added to the existing balance to qualify for the reduced rate.

Visit our web site at www.naecu.org for rates and terms available.

$10,000 Donation to American Cancer Society

North Alabama Educators Credit Union presented a $10,000 check to the American Cancer Society for the benefit of breast cancer awareness in the Tennessee Valley. The donation was given during our 55th Annual Membership Meeting that was held on Monday, February 7th. Liz Payne of the American Cancer Society (pictured above) was presented the check.

Many thanks are extended to our employees and members who have participated in the many fundraiser ideas throughout the year. These fundraiser ideas ranged from a bass fishing tournament, group yard sale, jewelry party, pictures with Santa, pictures with the Easter Bunny, a DIRECTV drawing, Alabama and Auburn gift basket drawings, and breast cancer awareness merchandise sales. Our employees have generated many creative ideas over the years for these fundraiser events. Good job by the employees and members of NAECU!!

Caller ID Spoofing

The Better Business Bureau of North Alabama is warning residents about Caller ID Spoofing cases taking place in the Tennessee Valley. The purpose of the calls may vary but the troubling issue is that the number appearing on the consumer's caller ID appears to be a local number - in fact in many cases the number is only one digit away from their own number. It might even be the local number for the hospital, fire department, or the credit union.

In reality, the caller is using technology to alter the information that appears on a call recipient's Caller ID display - a practice known as Caller ID Spoofing. The recipient of the calls reads their caller ID display and sees a familiar number or local number and chooses to answers the call.

Consumers are advised to be aware of Caller ID Spoofing technology and understand that the caller's number displayed may not always be the true origin of the call. Some of these spoofing attempts are trying to sell services but others are outright scams designed to trick people into providing personal information. ID theft is one purpose of these type of calls.

Never give out any personal information to a company or individual unless you know with 100% certainty of who you are dealing with. If you receive a call that claims to be from a trusted source, like the credit union, you should not be asked to provide any personal information. If you receive any suspicious calls you should contact the associated organization using a known published telephone number to verify the nature of the initial call.

There have been cases of Caller ID Spoofing where the caller spoofed a local financial institution's name and telephone number. Trust but verify is the best policy!

Alabama Securities Commission

It was a pleasure to listen to Joseph P. Borg, Director of the Alabama Securities Commission (ASC), speak at a luncheon meeting earlier today. Various investment fraud examples were discussed as well as a need for general investor educational resources. The current economic environment is almost a perfect storm for fraudsters. You have very low yields on traditional investments so investors are looking to earn a higher yield on their liquid cash. The volatile markets of real estate, rising oil prices, and rising gold prices have also created opportunities for investment fraud in these areas. This does not mean that investments in these areas are a bad choice, just that scammers use the headlines to sell legitimacy and to gain trust.

Investments that offer very high yields should always be reviewed and researched very closely. How many times have we heard "if it sounds too good to be true, it probably is". One of the fraud examples given during the presentation offered investors a doubling of their investment within 18 months. This simply is not realistic and sure enough the investors lost all of their investment dollars. Do not allow the lure of a high yield prospect to cloud good financial judgement.

The ASC website has valuable resources, investor alerts, and links to help educate investors in making a sound financial investment. Here is their website - http://www.asc.state.al.us/index.htm . Check it out!

Electronic Pickpocketing

A few members have contacted the credit union about national news media stories on the issue of "electronic pickpocketing" and concerns over data theft. For those who have not heard about electronic pickpocketing, it is basically theft of data from a plastic card that possesses a RFID (radio frequency identification) chip. The RFID chip sends out a short wave radio signal so that merchant readers can receive the signal and authorize transactions on the card without the need for a physical swipe of the card. Scammers have realized that a cheap portable card reader could be used to obtain someones card information while the card is still secured in the person's wallet or purse. In a crowded mall or shopping area, someone could be standing within a few feet and electronically obtain some of the card information. There are a multitude of videos online that demonstrate this type of data theft. The card number and expiration dates can be stolen with this type of technology.

North Alabama Educators Credit Union does not utilize RFID chips with our VISA Debit Cards. The VISA Credit Cards issued through our partner Elan also do not utilize RFID technology. As a result, there is no threat of data theft from electronic pickpocketing on our member cards.

It is important to note that the 3-digit security code on the back of cards cannot be obtained via electronic pickpocketing. The majority of Internet transactions with a credit or debit card would require the correct 3-digit security code to complete a transaction. For those who do possess cards with an RFID chip there are special protective card sleeves available that would block transmission of the short wave signal.

Regardless, it is still unnerving to say the least that someone could electronically steal card information from your wallet or purse just by standing close by.

Again, North Alabama Educators Credit Union does NOT utilize RFID technology for either our debit or credit cards.

$1,500 Scholarship from NAECU

Our annual $1,500 scholarship is once again available to a graduating high school senior from our area. Scholarship applicants must be a primary account member of North Alabama Educators Credit Union. As a reminder, all students of public and private schools in Madison, Morgan, or Limestone counties are eligible to join North Alabama Educators Credit Union.

The essay question this year is: "The year is 2025. How will banking be different in the future? What will be the differences and similarities of banking as we know it today?"

It will be interesting to see the essay responses. Given the technology background of the Tennessee Valley, some of these graduating seniors may very well be developing the banking advancements for the future.

For complete scholarship details and a scholarship application, visit our web site page at http://www.naecu.org/news/scholarship.html . Applications may also be requested at any branch office. Good luck to all applicants!

Merry Christmas from NAECU

Merry Christmas and best wishes for a safe and peaceful holiday season. Our staff, board of directors, supervisory committee, and I are very appreciative of our credit union membership. Thank you so much for choosing North Alabama Educators Credit Union.