Heart of the Lakes Credit Union Newsletter

CREDIT UNIONS VS BANKS
Have you asked yourself “What is the difference between credit unions and banks?” The main answer would be that credit unions are member-owned. Members pool their savings to make low-cost loans to each other. Big banks on the other hand are owned by stockholders. These stockholders expect profits, so banks charge more fees and higher loan rates, etc. Without credit unions, bank fees would be even higher. Tell others about the credit union’s not-for-profit philosophy.

AUTO DEALER FINANCING
We have added a number of our area auto dealers who can do our credit union financing right at the dealership. Make sure you ask the dealer, that you are dealing with, if he has credit union financing. We can usually save you money compared to financing with other financial institutions. If you are buying a brand new vehicle, remember that with rebates from the dealer, and getting the loan from your credit union, with our low rates, we will in most cases beat the factory "0%" or other "Low" financing that they offer. Call us at 218-385-2070 or 218-346-4450 to get information on credit union financing for your next vehicle and be sure to ask the dealer if he has credit union financing available.

IRA CONTRIBUTION
Remember, you have until April 16, 2007 to make a tax deductible contribute to your traditional IRA for the 2005 tax year. (Deductible in most cases).

ANNUAL MEETING
The 64th annual meeting was held in the upstairs meeting room of the New York Mills City Hall on February 17, 2007 at 10:00 a.m. Door prizes and a lunch were served following the meeting.

AUTOMATIC DEPOSIT
Have you checked with your employer about getting your payroll directly deposited to your account at the credit union? You can deposit your check, and the funds are available immediately. Ask your employer today if they offer direct deposit for your payroll.

NEW VEHICLE FEVER?
Are you thinking of a new or used car, truck, ATV, boat or snowmobile? We have money available for you. We have great rates and good terms to satisfy just about any of your borrowing needs. Ask your dealer if he has credit union firnancing. Many of our local dealers have. If they do, you can do your loan right at the dealer. If not, see us before you finish the deal. With a pre-approved loan from your credit union, you will have more bargaining power at the dealership.

INTERNET BANKING

We have "Otto-Net" our computer online account access available. You can access your accounts from your home of office computer. Call either office for details on how to sign up. 218-385-2070 or 218-346-4450