FALL 2017 NEWSLETTER

INTERNATIONAL CREDIT UNION DAY

Beginning in 1948, credit unions have come together annually on the third Thursday in October to commemorate the credit union movementís history and achievements. This year, a global credit union committee chose the theme "Dreams Thrive Here," to anchor the celebration.

"Dreams Thrive Here" celebrates how credit union and other financial cooperatives serve as catalysts to make different professions, personal choices and career paths real. The community commitment and positive economic and social change are just some of the ways that credit unions differ from traditional for-profit banks and financial institutions. Credit unions are very different, indeed, both in philosophy and structure. For more than 150 years, credit unions worldwide have proudly collaborated to put people before profits in order to provide access to affordable financial services for all members. Credit unions invest their earnings in helping members meet their financial goals, making dreams a reality. In addition to lower loan rates and better service, members experience the difference that comes through our democratic structure, service to members and social goals that credit unions embody.

Red Wing Credit Union is just one of more than 68,000 credit unions in the world serving 231,000,000 members. Today we join our fellow credit union members in 109 countries to celebrate! Whether our members are rich or poor, from villages or cities, in communities at peace or in conflict, credit unions are present across cultures and languages, helping members create new opportunities every day. With access to a safe, convenient place to save their money and secure affordable loans, members from all walks of life are able to realize their dreams and create new opportunities for themselves, including starting micro-business, building homes and educating their children.

Our credit union opened its doors in 1954 with the vision to serve you - our members. Since then, our goal has always been the same: to meet your financial needs and to provide the opportunities that enable you and your family to succeed. With your support, Red Wing Credit Union has grown over the years to over $98,000,000 in assets and 7,800 members, and we hope to continue growing with our community.

In the spirit of International Credit Union Day, let us look beyond our local community to recognize credit unions for the important role they play in many distressed urban and rural areas worldwide. Many people would not have been able to afford to own homes, start new businesses or attend school without the help of credit unions. In some areas of the world, people would have no access to financial services at all without credit unions.

No matter where you are in the world, access to financial services is vital. Rich or poor, we all face similar challenges in life. Together, credit unions are helping members overcome those challenges - not only here in Red Wing, but throughout the world. Credit unions have consistently carried on the traditions set forth by their founders and exemplified the values of thrift, self-sufficiency and volunteer leadership democratically elected from among the members. Those qualities help credit unions create a special place for themselves among the world's financial institutions.

Please join us on International Credit Union Day, Thursday, October 19, 2017 from 10:00 a.m. to 3:00 p.m. for cookies and coffee. One member at a time, we are working to build a stronger community and look forward to serving you and your family for years to come!

 

CONGRATULATIONS LINDA!

Linda DietzAt Red Wing Credit Union, we realize our employees are our greatest asset. It is our staff that upholds our mission of providing excellent service to our members along with offering financial tools and information. This summer we we are pleased to honor an exceptional achievement, Linda Dietz reached an amazing milestone of 30 years of service at the credit union on August 24th.

Linda was hired in the summer of 1987 as a member services representative. During the past 30 years she has been a part and involved in many changes, including locations; the Red Wing Shoe Plant One office, the Armory Building, and our present location on North Service Drive. As our current accounting manager, Linda has worked through dramatic changes in technology, from pencil and paper card accounting to computers and general ledger systems, and has been a dedicated and loyal employee. She has demonstrated a pledge to quality and provided professional input into our operations.

We would like to take this opportunity to thank Linda for her 30 years of dedicated service, her valuable contributions and her commitment to serving our members. We celebrate her individual and collective influences to the credit union success and look forward to many more good years to come! Congratulations Linda!

 

CU FORWARD DAY:
COLUMBUS DAY - OCTOBER 9, 2017

CU Forward, formerly Plus It Forward, is a statewide day of Minnesota credit unions spreading kindness in the communities they serve through random acts and empowering others to do the same. The day is held annually on Columbus Day, a federal holiday on the second Monday of October. Red Wing Credit Union will be participating in CU Forward on Columbus Day, Monday, October 9, 2017. The credit union will be open from 8:30 to noon on that day. After closing our doors at noon, the staff of the credit union will be doing a community service project.

CU Forward DayScattering Kindness
The state or quality of taking action in the community to make someone feel good; to inspire them to pass on acts of kindness to others, creating a ripple effect.

HOLIDAY CLOSINGS

Red Wing Credit Union will be closed in observance of the holidays on the following days:

  • Columbus Day - Monday, October 9, 2017 - Closing at noon for CU Forward
  • Thanksgiving - Thursday, November 23, 2017
  • Christmas Eve - Sunday, December 24, 2017
  • Christmas Day - Monday, December 25, 2017
  • New Years Day - Monday, January 1, 2018

The Board of Directors and the entire staff of Red Wing Credit Union would like to wish you and your entire family all the very best for the upcoming holidays and a happy and prosperous new year in 2018.

As always, you can access your accounts anytime 24/7, via our online banking, through Touch Tone Teller or with our Mobile Banking App. You can also obtain cash at our ATM or thru a cash-back purchase at a big-box retailer using your check card.

 
 

ATTENTION CHRISTMAS CLUB MEMBERS

Your Christmas Club savings will be automatically deposited into your share savings account the first week of November, unless you have made other arrangements to obtain these funds.

If you don't already have a Christmas Club account, why not start one today? It is easy to do and makes good sense; just speak with a member service representative today. The sooner you start saving, the merrier your future Christmas will be! Your New Year will be happier too, since you wonít have to pay off the extra credit card debt accrued over the holiday season.

Red Wing Credit Union has club accounts to help you save for a variety of reasons. You name it, "Vacation Club," "Escrow Club," "Birthday Club," etc., call it what you want and save simply through payroll or automated transfers. It's painless and the balances grow fast.

Investment Corner by Rich Douglas

FOUR NUMBERS YOU NEED TO KNOW

When it comes to your finances, you might easily overlook some of the numbers that really count. Here are four to pay attention to that might really matter in the future.

1. RETIREMENT PLAN CONTRIBUTION RATE
   What percentage of your salary are you contributing to a retirement plan? Making automatic contributions through an employer-sponsored plan such as a 401(k) or 403(b) plan is an easy way to save for retirement, but this out-of-sight, out-of-mind approach may result in a disparity between what you need to save and what you actually are saving for retirement. Checking your contribution rate and increasing it periodically can help you stay on track toward your retirement savings goal.
   Some employer retirement plans let you sign up for automatic contribution rate increases each year, which is a simple way to bump up the percentage youíre saving over time. In addition, try to boost your contributions when you receive a pay raise. Consider contributing at least enough to receive the full company match (if any) that your employer offers.

2. CREDIT SCORE
   When you apply for credit, such as a mortgage, a car loan, or a credit card, your credit score is one of the tools used by lenders to evaluate your creditworthiness. Your score will likely factor into the approval decision and affect the terms and the interest rate you'll pay.
   The most common credit score that creditors consider is a FICO© Score, a three-digit number that ranges from 300 to 850. This score is based on a mathematical formula that uses information contained in your credit report. In general, the higher your score, the lower the credit risk you pose.
   Each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) calculates FICO© scores using different formulas, so you may want to check your scores from all three (fees apply). It's also a good idea to get a copy of your credit report at least annually to check the accuracy of the information upon which your credit score is based. You're entitled to one free copy of your credit report every 12 months from each of the three credit reporting agencies. You can get your copy by visiting annualcreditreport.com.

3. DEBT-TO-INCOME RATIO
   Your debt-to-income ratio (DTI) is another number that lenders may use when deciding whether to offer you credit. A DTI that is too high might mean that you are overextended. Your DTI is calculated by adding up your major monthly expenses and dividing that figure by your gross monthly income. The result is expressed as a percentage. For example, if your monthly expenses total $2,200 and your gross monthly income is $6,800, your DTI is 32%.
   Lenders decide what DTIs are acceptable, based on the type of credit. For example, mortgage lenders generally require a ratio of 36% or less for conventional mortgages and 43% or less for FHA mortgages when considering overall expenses.
   Once you know your DTI, you can take steps to reduce it if necessary. For example, you may be able to pay off a low-balance loan to remove it from the calculation. You may also want to avoid taking on new debt that might negatively affect your DTI. Check with your lender if you have any questions about acceptable DTIs or what expenses are included in the calculation.

4. NET WORTH
   One of the key big-picture numbers you should know is your net worth, a snapshot of where you stand financially. To calculate your net worth, add up your assets (what you own) and subtract your liabilities (what you owe). Once you know your net worth, you can use it as a baseline to measure financial progress.
   Ideally, your net worth will grow over time as you save more and pay down debt, at least until retirement. If your net worth is stagnant or even declining, then it might be time to make some adjustments to target your financial goals, such as trimming expenses or rethinking your investment strategy.

Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Retirement Solutions are not affiliated. Investments not NCUA insured, not credit union guaranteed, may lose value.

"These are the opinions of Rich Douglas and not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. Diversification and asset allocation strategies do not assure profit or protect against loss. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results."

Contact Us
  • Red Wing Credit Union
    3303 North Service Drive
    Red Wing, MN 55066
  • Phone: 651-388-7133 or 1-888-388-7133 (toll free)
    Fax: 651-388-7137
Hours
  • Lobby:
    8:30 a.m. - 4:30 p.m., Mon - Fri
    8:30 a.m. - Noon, Sat
  • Drive-Up
    8:30 a.m. - 5:00 p.m., Mon - Fri
    8:30 a.m. - Noon, Sat


NCUA
Federally insured by the NCUA up to $250,000
 
Equal Housing Lender