Newsletters

  • August 2008
  • July 2008
  • June 2008
  • May 2008
  • April 2008
  • March 2008
  • February 2008
  • January 2008
  • December 2007
  • November 2007
  • October 2007
  • September 2007
  • August 2007
  • July 2007
  • June 2007
  • May 2007
  • April 2007
  • March 2007
  • February 2007
  • January 2007
    		•  LETTER FROM THE PRESIDENT: C1ST REMAINS FINANCIALLY SOUND.
    The fall out from the Mortgage industry troubles continue, and recently there has been a lot of press coverage about the failure of IndyMac Bank and the government’s support and regulation of Fannie Mae and Freddie Mac. There has also been a great deal of press lately about the safety of your deposits in financial institutions. These articles are a good reminder that you should regularly verify the amount of coverage on your deposits. It is a wise and prudent thing to do for your own piece of mind. However, some of the press coverage borders on the edge of “sensationalism.” It is understandable if you have worried about the status of your hard earned dollars but let me assure you that C1st accounts are indeed safe and secure. I am very pleased to report that C1st continues to be prosperous and financially sound.
    Many financial institutions are experiencing very high credit losses from making subprime or “exotic” mortgages (often referred to as “negative amortization” or “Alt A” mortgages). Community 1st Credit Union has never offered those products and we never will. The reason we won’t is because we don’t believe these are the right solutions for our members. Additionally, Community 1st Credit Union, like all credit unions, is significantly restricted to the types of investments that can be purchased and the financial transactions we can enter. We know it is our members’ money we are investing—and we proceed with the utmost caution in every case.

    Over 90% of the deposits that are held at Community 1st Credit Union are dispersed as loans to members—the true purpose of a credit union. Community 1st Credit Union’s responsible and sound lending guidelines allow us to remain in a healthy position and continue to offer highly competitive deposit and loan rates. In addition, C1st is backed by the full faith and credit of the United States Government’s National Credit Union Association. The National Credit Union Association is to credit unions what the FDIC is to banks. As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures a person’s savings up to at least $100,000, with higher total coverage available if the member has a combination of individual, joint, trust, payable-on-death and other types of accounts. There is also separate insurance coverage of up to $250,000 for individual retirement accounts (IRA’s). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government. To determine your insurance coverage, see the NCUA’s insurance estimator at: http://webapps.ncua.gov/ins/. For more information on NCUA insurance visit www.ncua.gov/Publications/brochures/insured_funds/funds.pdf. You may also contact the NCUA Insurance Call Center at toll free 1.900.755.1030, from 8 am - 6:30 pm (EDT) Monday - Friday, to speak to an NCUA insurance expert.

    C1st’s delinquency and charge off percentages continue to remain at historically low rates. The staff at C1st monitors delinquencies very closely. We also take a proactive approach of working with members who may be dealing with financial challenges to help them find solutions. Certainly we are feeling the effects of the current housing market, tighter lending standards and escalating fuel costs. However, it can also be said that the state of Iowa—where Community 1st Credit Union funds most of its mortgages—has remained in better shape than in most areas of the country. That fact, along with our strong financial position, allows Community 1st Credit Union to continue to be a viable mortgage lender. Our goal is to help members become homeowners—and to keep them in their homes.

    Remember, you can turn to C1st for any financial issue you face—with the knowledge that your credit union is financially safe and sound. For more information on how America’s Credit Unions are strong and secure, please click here. As always, thank you for your membership at Community 1st Credit Union.

    Sincerely,
    Terry Maloy


    PREVIEW OUR NEW COMPUTER SYSTEM COMING NOVEMBER 1ST!

    What You Need To Know About Our Computer System Conversion:

    A new computer system is coming at the beginning of November – an exciting change that will enhance the products, services, and technology at C1st.   The following is a list of items you will need to know about new, improved changes to come.


    • We will be closed on Saturday, November 1st and will re-open for business on Monday, November 3rd.


    • C1ST@HOME (Online Banking), BillPayer and ART (Audio Response Teller)


    • C1ST@HOME, BillPayer and ART will be unavailable beginning at 5:30pm on Friday, October 31, 2008.  They will be back up on Monday, November 3rd at 8:00am.  Furthermore, our website will also be unavailable for up to 48 hours beginning at 5:30pm on Friday, October 31st.

    • Username and passwords will remain the same for C1ST@HOME.  However, in December, you will be prompted to set up new security questions

    • The member number and password you use to access ART will remain the same.

    • Your personalized BillPayer information will remain the same and you will not see any changes.

    • New Features of www.c1stcreditunion.com and C1ST@HOME (Online Banking)!

    • Community 1st Credit Union’s website will have a new and improved look.

    • The C1st eStatement revised format will be much easier to read.

    • You will have the ability to apply for a loan and get approved instantly online.

    • When you log into C1ST@HOME, you will be able to view all your member account relations (multiple member numbers) and rename your accounts online.

    • You will have the freedom to change your username and password at any time from the convenience of your home computer. 

    • Other new features include, tracking your outstanding transactions via online register, request a wire transfer, cash order, safe deposit box, or external transfer, pull a statement and/or transaction report, and download history into Quicken or Microsoft Money to manage your finances.

    New design of www.c1stcreditunion.com:

    screen shot 


    • New Features of ART (Audio Response Teller)

    • Beginning November 3rd, ART will have a new format that will include the following options.  The phone number will remain the same – (641)684-7989 or toll-free (888)684-7989.  The new robust telephone banking system will prompt you to select a transaction or inquiry.

      • Account Menu – You will be able to retrieve an account summary on deposits, withdrawals, ACH & payroll deposits, interest history, cleared checks, last and next payment information, and electronic transactions.

      • Transfer Menu – You will be able to transfer from/to accounts, make a loan payment, advance from a loan, and transfer to another member.

      • General Information Menu – This menu will allow you to listen to the hours and locations of C1st branches and ATM locations.

      • Product Information Menu – Learn about any of the products C1st offers and calculate a payment.

      • A New, Improved Statement Delivered To Your Mailbox In December!

      • We are excited to show you a preview of the new, improved Community 1st Credit Union paper statement.  The double sided format will be much easier to read and will include a helpful insert to use when balancing your account.  You will receive one final statement from our current system at the beginning of November.  We recommend that you keep all your pre and post conversion account statements, so that they can be used as a reference as you adjust to the new statement format.

      Double Sided Paper Statement:

      statement


      Balancing Your Account Insert:

      balance


      Frequently Asked Questions About Our Computer System Conversion:

      Why are you changing to a new computer system?

      • The technology that we have been using is out of date.  We are changing to a new, progressive system so that we can better serve our members. 

      When are the changes taking place?

      • The conversion process will begin after 5:30pm on Friday, October 31st.  The credit union will reopen on Monday, November 3rd.

      What do I need to do to be prepared for the system change?

      • Have alternate payment methods available for the conversion weekend, including cash, credit cards, and checks.

      • Remember to make last minute bill payments and any online transfers in advance of the conversion weekend.

      How will VISA debit cards & ATM machines be affected by the conversion?

      • They won’t.  You may use your VISA debit cards at any of our ATM machines and to make purchases.

      Will I still be able to use the same Username and Password for C1st@HOME (Online Banking) and ART (Telephone Banking)?

      • C1st@HOME – Your username and password will not change, however, you will be asked to set up new security questions around the beginning of December.

      •  ART –  Your member number and password will not change. 

      Will I be able to view transaction history in C1st@HOME?

      • No, you will be unable to view any transaction history prior to November 1st beginning on November 3rd in C1st@HOME.

      Will my statement information be the same?

      • Yes, the information will be the same, though it will be presented in a different format.

      How can I get help with questions or concerns?

      • If you have questions or concerns about the upcoming conversion, you can drop by the credit union and talk to a member service representative, call the branch at (641)684.5448 or (866)360-5370, or email us at memberservice@c1stcreditunion.com.


      NEW POPULAR PAYEES ON BILLPAYER
      It’s never been easier to add payees and schedule payments on C1st Billpayer! We’ve added a list of C1st’s most popular payees to our BillPayer service. Popular Payees will appear on the home screen and in the Payees menu during your first 90 days. Popular Payees will also pre-load all billing information regarding the payee, all you need to know is your account number.

      WEBSITE SERVICING SCHEDULE
      As part of normal accounting cycles and daily maintenance the C1ST@HOME internet banking service is not available for posting between the hours of 11:30 P.M. cst and 12:00 midnight cst. Additionally, to support month end processing this service is not available from 9:00 P.M. cst through 12:00 midnight cst on the last day of each month.