DIVIDENDS

Rates Unchanged

This quarter the Board decided to keep rates at the same high level as the previous quarter. These rates are considerably higher than any saving rates of local banks. Even DOY’s checking account rates are higher than most banks’ regular saving accounts. The upper tier rates outdistance nearly all short term CD rates in the tri-county area. To keep our rates high, DOY must continue to lend out the majority of its new deposits to good borrowers and not rely on investment income to fund DOY’s dividend expense. Just remember, great participation provides great rates!!!

Note: Institution rates also remain the same as last quarter.

Shr Amt Tier Total Div APY Div
$10-199.99 0.00% 0.00%
$200-999.99 0.20% 0.20%
$1000-4999.99 0.35% 0.35%
$5000-9999.99 0.45% 0.45%
$10,000-19,999.99 0.65% 0.65%
$20,000- and up 0.85% 0.86%
checking accts 0.35% 0.35%
institutional accts $10-499.99 0.00%
$500-4,999 0.010%
$5,000-10,000 0.020%
$10,000 & up 0.040%

Additional Dividend Articles


MEMBER SERVICES

Join the 2017 Christmas Club

Christmas TreeNow is a great time to join the DOY 2017 Christmas Club. If you would like to have more money for next Christmas, the DOY Christmas Club is a great way to save. With payroll deduction or direct deposit, you can build your Christmas gift fund easily and painlessly with second tier interest. DOY’s Christmas Club interest rate is higher than any other Club rates at other financial institutions. The deadline to join next year’s club is April 1, 2017. Already a member, why not increase your deductions and have an even merrier Christmas next year?

Like Your Checking Acct – Keep It

Checking AccountIf you are happy with your current checking account because of auto bill pay or online banking, keep it; but you may want to have a second checking account with DOY. Why? Because you can earn money by just using DOY to pay those really big bills (property taxes, insurance, etc.). Why let someone else earn interest on YOUR money? Remember, no one cares about your money (unless they want it) except you! Let your money work for you and not someone else. Here’s how. Take all the excess money from your current checking account and/or savings account and place it in your DOY savings account. Why not start a payroll deduction or direct deposit into your DOY savings so that you can accumulate the money necessary to pay those big bills? Then, open a DOY checking account. There are no fees if you keep a low average balance of $200. To earn high 3rd tier dividends, (see first article) you must keep a $400 average balance. Since your first book of checks is free, your cost to open a DOY checking account is $0.00. When your big bills come due, your money is earning high interest in your savings account. Then call DOY or use DOY’s Audio Teller (24/7) to transfer the money to your checking. Even while the check is being processed, your money is still earning interest in your checking account until the check clears.

Another important aspect of DOY’s checking account is only checking account members can conduct cash transactions. Because our checking program is designed for responsible members who want to manage their money wisely, you must apply and be approved to participate in the program. Open your checking account today and start making YOUR money work for you.

Speaking of Your Money

Why not have a dinner on Uncle Sam? Why give the Federal Government any more in taxes than they deserve? Are you getting a big tax refund? If so, you are giving the government an interest free loan with YOUR money. Here is another money saving idea. Go to your payroll office and find out what the LEAST amount of money that can be withheld from your paycheck for your federal withholding. Compare this amount with the amount the is presently withheld. Then have the difference between this minimum amount and the amount presently withheld directly deposited into your DOY Savings Account. The same amount will continue to be withheld only some of it will be sent to your savings account to earn interest. When it is time to pay your taxes, your refund will be sitting in your account with interest instead of Uncle Sam’s big pocket. Also, instead of waiting for your refund check from Uncle Sam, your money will be available on the first of January. Even if you would owe some tax, the money is there to pay it. Use the interest from YOUR money to have dinner on good old Uncle Sam. Note: If you don’t trust yourself to keep from spending this money from your savings account, open a separate saving subaccount especially for your taxes. Ask DOY for details.

Mailout Withdrawals

For a nominal fee of $1.00, DOY will mail you a share withdrawal. However, there are a few simple rules to remember that will insure the privacy and safety of our mailout program:

  1. Withdrawals must be over $100

  2. Checks are only made out to the name on the account and only mailed to the address listed on the account.

  3. If a check is lost in the mail, a stop payment must be placed on the check at the member’s expense ($10).

  4. After the check is received, a voucher (receipt) must be signed and returned.

This is a very unique service DOY provides. Can you imagine calling a bank and asking them to send you a certified check for $100 from your savings account and have it mailed to your home? Before they hang up on you, tell them you are willing to pay a dollar for the service. Good luck!

Can't Make it in Time? Use the Night Box

Night DepositIf you have a need to make a deposit, loan payment, or drop off an application after DOY's regular business hours, use the secure night deposit box. The box is located to the right of the tower framed directly into the brick of the building. Be sure your item is in an envelope and your account is clearly placed on the check or the envelope. Please do not deposit any cash. The night deposit area and parking lot are brightly lit. All items deposited after DOY closes will be processed with the first transactions the next business day.

Increased Cybersecurity

Security LockIn preparation for future projects and improvements to DOY's member services that require internet access, DOY has greatly increased its cybersecurity. DOY has added to its network a premier bundle of protection including: managed firewalls, managed IDS/IPS, intrusion detection, web content filtering, anti-virus gateway protection, plus 24/7 monitoring. With these added protections, DOY members can feel confident that whenever services require internet access that their personal and DOY information will be aggressively protected. Completion of these upgrades will be completed by the end of November and will enable DOY to provide new products to improve member services.

Use DOY More and Earn More Rewards

DOY members who have used DOY for other services such as, club accounts, checking, mortgages, car loans, and/or upper tier savings accounts will continue to have their reward points doubled when applying for either a Big Borrower's Signature Loan or New/Used Auto Loan. Your savings could be huge if you are using DOY for your savings and borrowing needs. Auto loan interest rates with double points could be as low as 2.99% and signature loans as low as 3.50%. Call DOY today and see how much you can save with the DOUBLE REWARDS PROGRAM. Flyers explaining DOY's Rewards Program are available at DOY offices or call and have one mailed free of charge. Even previous auto and mortgage loans with DOY can earn you rewards points. For example:

**Previous paid off DOY auto loans within the last seven years of $10,000 or more are eligible for reward points.

**Previous paid off DOY mortgage loans within the last ten years are eligible for reward points.

NOTE: Mortgage and Auto Loans paid off early and not refinanced with DOY are not eligible for the rewards' program.

GO TO DOY'S WEBSITE (doyfcu.com) for full details of the Awards Program. Click on the the "Rewards."

Additional Member Services Articles

NOTIFICATIONS

Christmas Club Available Now

Christmas ClubAs last year, DOY has transferred all Christmas Club money to your savings account. This means your money is available for pickup or can be mailed starting the first day of October. No checks will be printed in advance and checks will not be mailed out automatically. You must call DOY to have your check mailed to you. You can obtain your Club money by coming to DOY to withdraw the funds, have your check mailed at no charge (until October 31st), transfer the funds to your DOY checking account, or just leave it in your shares to withdraw later. This means your Christmas Club money will continue to earn interest immediately after the transfer. Remember, if you want to have your Christmas money mailed to you without any mailout of withdrawal fees, you must request it before October 31st. As in past years, members must come into the DOY offices to receive their club gifts. These gifts will NOT be mailed nor will any checks be mailed for amounts below $100.

Lost Christmas Club Checks

DOY’s policy concerning mailed checks also applies to Christmas Club checks. If you are mailed a check and it is not received because of reasons outside the fault of the DOY Staff (lost in the mail, misplaced by the member) then a stop payment must be placed on the check at the member’s expense before any money can be reissued. To stop payment of a DOY cashier’s check, the cost is $10.00. The money is then redeposited in your account 24 hours after the stop payment was ordered and a new check can then be reissued.

Notice

The last deposit to enter this year’s Christmas Club was September 30th. Any deposits posted after this date will be the first deposit into the 2017 Christmas Club.

Try DOY’s Audio Teller

(330) 744-3DOY (744-3369)
If you do not know your PIN number, call DOY.

Privacy Policy Now Posted at Website

DOY's Privacy Notice and Disclosure is now posted on DOY's informational website (www.doyfcu.com) Just go to the website and click on the red tab at the top of the home page titled "Privacy Policy." This outlines our policy concerning the handling of your personal information. In summary, DOY's policy is simply that we do not give out any information to outside parties unless they are contracted by DOY to perform other services on your behalf (e.g., statement printing, data processing services, check printing). To protect your privacy, we only work with companies that agree to maintain a strong confidentiality policy. We do not allow any company to sell our information nor do we issue any mailing lists to outside parties. If you have any questions regarding our privacy policy, please contact our office and ask to speak to the Privacy Compliance Officer (currently Michele Luca).

Send an Email to Morgan

Email Morgan

Members who have visited the DOY offices over the past two years have been greeted by Morgan. Morgan is a beautiful golden retriever who is the unofficial greeter of the DOY Federal Credit Union. Sort of like a Walmart Greeter only younger and cuter. Besides her own page on the DOY informational website (www.doyfcu.com), you can now email Morgan who recently received her own mailbox:

morgan@doyfcu.com

If you want to read more about Morgan, go to DOY's home page (www.doyfcu.com) and click on the red tab at the top of the page entitled "Morgan's Memos." Not only are there pictures of Morgan performing her duties at DOY, but she also writes about her insights on her activities at DOY. Then, if you want, you can comment on her memos, ask questions, or just say hello by sending her an email using the address, morgan@doyfcu.com. Morgan promises to answer your emails whenever possible.



MORTGAGE

Why Obtain a DOY First Mortgage?

Simple – Honest – No Surprises – No Prepayment Penalties – No Application Fee – No Points – No Hidden Costs – Always Talk to Real People – Loans Stay at DOY (loans not sold to other lenders) – Low Fixed Interest Rates – Very Low Refinance Fees ($395) – Very Low Closing Costs For New Home Purchase ($400 - $800)

Need we say more?
Equal Housing Lender

We do business in Accordance with the Federal Fair Housing Law

Did You Get Your Flyer?

A promotional flyer was sent to all out mortgage members (past and current). The flyer announced special auto loan rates just for those members. Not only do those rates apply to the members who have/had a mortgage with DOY, but any of their relatives who are eligible for membership. Mortgage loans are the backbone of DOY’s loan portfolio. The income generated from these loans has enabled DOY to provide high dividends to its savers and help fund the many services offered by DOY. As a means to reward these members (present and past), a special auto loan program was devised. Any purchase of a new or used car/truck that has mileage of under 15,000 miles is eligible. Refinances of current bank loans are eligible as long as the payoff value is equal or lower than the average retail value as listed in the most recent Automobile Red Book (15,000-mile stipulation also applies). Members who paid off their mortgage within the past ten years are eligible provided they did NOT pay their loan off early with more than 50% of their original loan balance remaining.

If you are a mortgage member (past or present) and did not receive this flyer, call the DOY office to have another one mailed. Don’t miss out on these unbelievable low rates!

Simple Calculation Saves Thousands

DOY's mortgage refinance program is so simple and honest that you can figure out the exact savings when switching your loan to DOY. All you need to know is your exact payoff amount of your existing loan and the exact number of payments you have left. Then call DOY with those two figures along with your current payment (principal & interest only). DOY will determine the DOY payment from this information and then compare it to see if there is a worthwhile savings. Since DOY only charges a flat $395 fee, the comparison to calculate your savings is easy.

For example a member calls and indicates his payoff balance is $103,200, and has 230 payments remaining on their loan with a principal and interest payment of $726. DOY then calculates the payment for the same exact amount using the same number of remaining payments and tells you the DOY payment would be $659.00. Now the math is elementary as illustrated below.

Calculations Save ThousandsCalculationsTotal payback for existing loan = $726 X 230
= $166,980

Total payback for DOY Loan = $659 X 230
= $151,570

Savings = $166,980 - $151,570
= $15,410

Total Savings = $15,410 - $395 fee
= $15,015

DOY's loan rates are fixed, there are no prepayment penalties, no closing costs, no points, no PMI insurance or any other hidden costs. Just an honest program that keeps all its loans in Youngstown. Ever since DOY started its mortgage program in 1991, it has never sold a loan in the secondary market. Shouldn’t you call today? What do you have to lose, except thousands of $$$$$$$.

Note: This comparison only applies to loans transferring from other financial institutions.

You Won't Believe These Auto Rates

Mortgage loans are the backbone of DOY's loan portfolio. The income generated from these loans has enabled DOY to provide high dividends to its savers and help fund the many services offered by DOY. As a means to reward these members a special promotion began in January. A special mailing will be sent out to all the mortgage loan members to offer them and their family members (who are eligible for membership) with very low auto loan rates. If you have or had a mortgage loan with DOY, you or any of your family members that are in the market for a new or used car (only certain years & models), should check with DOY first. The promotional rates began on January 1, 2016. This promotion also applies to any member who had a paid off mortgage loan within the past ten years (stipulation: the mortgage loan must have been held by DOY long enough to have at least 60% of the original principal paid off).



OTHER AVAILABLE LOANS

Borrow Without Touching Your Savings

DOY’s Share Secured Loan allows you to borrow using your saving account as collateral. Currently the interest rate is only 3.35%. The duration of the loan depends on the amount borrowed. Most Share Secured Loans are financed for 24 months. The beauty of this loan is that you continue to earn high interest on your saving while borrowing at a ridiculously low rate. So keep your nest egg safe by earning high interest while borrowing for your immediate needs with low interest. Why not pay off some credit cards, buy that big screen TV, or take a well-earned family vacation? There is no application process other than coming in to sign the promissory note and pick up the money.

Repair Your Credit with DOY

To help members who have had credit problems, DOY has a signature loan program that waives many requirements that normally would cause the loan to be rejected. These loans are termed Waiver Loans. Loan limits start at $250 and can increase to a maximum of $1,250. Once your limit is determined, increments of $250 are granted after two conditions are met:

Repair Your CreditRepair Your Credit(1) you have made six payments on your loan without any delinquencies

(2) your credit check has either remained the same or has improved since the loan was granted.

Even members who have filed bankruptcy and have not caused a loss to DOY, can apply six months after the bankruptcy has been discharged. Other restrictions may apply but they are not as stringent as DOY's other loan policies. Once a member has gone through the program, they may then be eligible for other DOY loans. There are no fees or outrageous interest charges. To apply, pick up for an application at DOY or call to have one mailed at no cost

Signature Loan Rates Lowered

That's right, you read the headline correctly. Not only has DOY raised their dividends but also has lowered all the signature loan rates. All signature loan rates have been lowered by 50 basis points (0.50%). This is a special New Year promotion and may not last very long, especially since interest rates are rising due to the Federal Reserve increasing short term interest rates. So, if you used too much plastic money for the holidays or you need extra cash for the beginning of the new year, now is the time to obtain a DOY Signature Loan. Listed below are three types of signature loans that you can obtain to pay off all those Christmas bills.

Loan Rates Lowered
  1. If you have been a member of our 2015 Christmas Club, you can apply for the DOY Christmas Club Loan at a terrific rate of 5.99%. New members who just join the 2016 Christmas Club can also apply for this loan at a great rate of 6.49%. With the Club loan, the money is issued directly to you to use as needed. A Club Loan for $3,500 loan for 24 months has a low payment of only $155.
  2. DOY Credit Card Loan, you can obtain a rate of 6.49%; however, this money is only used to payoff your existing credit card debt. DOY pays off or reduces a credit card balance for the card you select. Then as you pay down the debt, you can continue to refinance with the Credit Card Loan to keep lowering your credit card debt. A major stipulation for this loan is you must have a lower total credit card debt balance each time you refinance with the Credit Card Loan. With this program eventually you will be free of credit card debt! A Credit Card Loan for $5,000, for 36 months has a payment of only $153.
  3. Big Borrower Loan, you can obtain a rate as low as 5.49% for 24 months and 4.49% for 12 months. For this loan you must have an existing secured loan with DOY that had an initial balance of $5,000 or more (e.g., mortgage loan, auto loan). Also, Big Borrowers could have their rate decreased to a rate as low as 3.50% using the DOY Reward's Program (see double reward article).

DOY has other signature loans and the rates for all these loans have been lowered. This includes tuition loans, regular signature loans, priority loans, extended signature loans and waiver loans.

Why pay those ridiculous 21% or 24% revolving credit card interest rates? All requirements as stipulated in the DOY's Loan Policy apply, but if you qualify, what an exceptional savings. Why wait, call DOY today and see what loan you qualify for and pay off those bills!



NEED TO KNOW

Holiday Tips

Holiday ScammersCriminals and scammers use many different techniques to fool potential victims. Here are some useful tips you can use to avoid being a victim of a holiday scam.

Gift Card Scams

Gift cards purchased through online auctions sites are often fraudulent or stolen. The safest way to purchase gift cards is directly from the merchant or retail store. However, you have to be careful when purchasing gift cards at retail stores as well. Thieves can write down the code or use a device to scan the magnetic strip on the back of gift cards that are available on the racks. Every few days the thief will check the balance and redeem the card’s value online without the gift recipient’s knowledge. When buying a preloaded card, always have the cashier scan the card to verify that the full amount is available. Also, check to make sure that the packaging hasn’t been tampered or damaged.

Phishing and SmiShing Schemes

In phishing schemes, a fraudster poses as a legitimate entity and uses e-mail and scam websites to get a victim’s personal information, such as account numbers, user names, passwords, and other sensitive information. SmiShing is the act of sending fraudulent text messages to bait a victim into revealing personal information. Remember to be leery of e-mails or text messages that indicate a problem or questions about their financial accounts. In a scam like this, fraudsters ask their victims to follow a link or call a number to update their information or correct a problem with their account. The website or message the victim goes to will look legitimate, but it’s a trap. The site will allow the fraudster to steal and information the victim provides. A couple of the most common SmiShing schemes includes offers to lower interest rates on credit cards or involve fraudulent deliveries of packages.

Charity Scams

Before giving to a charity, you may want to look at two websites from the Federal Trade Commission on the warning signs of charity scams:

Finally, to avoid becoming a victim of cyber fraud, do not respond to unsolicited spam emails. Also, be cautious of emails claiming to contain pictures in attached files or any attached file since these files may contain viruses. Only open attachments from known senders. Scan the attachments for viruses if possible.

Tips if You Become a Victim

If you become a victim of identity theft, do the following:

  • File a police report. You should not only file a report, but also get a copy of the report in case you need proof of the crime later for credit card companies.
  • Contact the fraud departments of each of the three major credit bureaus to report the identity theft and request that the bureaus place a fraud alert status in your file.
    • Fraud Department Phone Numbers
    • Equifax (888) 766-0008
    • Experian (888) 397-3742
    • TransUnion (800) 680-7289
  • Visit the Federal Trade Commission’s website to report and recover from your identity theft at IdentityTheft.gov. This is an excellent site that will help you devise a recovery plan and to put your plan into action.
  • Contact all your creditors and inform them of your identity theft. Close all your accounts, change all account passwords, and obtain new credit, debit and ATM cards.

Graduates – Don’t Be Stupid!

Graduation CapDid you know that the Deferred Federal Student Loan Program converts your deferred interest charges to principal when the payments begin? That’s right, you pay double interest when this occurs. In other words, you pay interest on top of the interest you were charged while the student is in school. This could amount to a very large amount by the time the student graduates. Anyone who takes out one of these loans should make monthly interest payments throughout the life of the loan. This will insure that you will only be charged interest on the original principal amount borrowed when it is time to repay the loan.

True or False?

If you have no cash on hand and need to make a $1.50 purchase with your credit (or debit) card, it is perfectly acceptable.

TRUE. If you see one of those cash register signs that says "$5 or more for credit card charges,” that merchant is out of line. Both MasterCard and Visa have rules that require the merchants that accept their cards to process purchases in any amount, even tiny amounts. Wayward store owners can incur fines or possibly lose the right to process MasterCard or Visa purchases if the policy isn't changed.

Don’t be Fooled

There are many commercials claiming to monitor your credit bureau reports free of charge, but then you find out there is an annual fee or another gimmick. According to the law, you can get a free copy of your credit report every year from each of the three national credit reporting agencies; however, there is only one on-line source authorized to give you your report free: www.annualcreditreportcom.

Note: you may be offered additional products or services while on the authorized website, but you are not required to make any purchases. You can also call toll free at (877) 322-8228.

Since there are three reporting services and each must give you a free report once a year, that means you can monitor your credit year-round ordering a report from one of the three bureaus every four months.

Negative Interest Rates Coming Soon?

You may think this is a joke or an internet hoax., but can you believe that financial institutions in other parts of the world are charging negative interest rates or charging savings fees as a service to keep their customers' money safely insured? The Swiss National Bank introduced negative interest rates in December 2014. The aim was to drive money out of the banks and into the economy, but that only works if the savers find attractive places to spend or invest their money. With economic growth an anemic 1%, many Swiss withdrew cash from the bank and stashed it at home or in safe-deposit boxes. High-denomination notes are naturally preferred for this purpose, so circulation of 1000-franc notes (worth about $1,010 US dollars) rose 17% last year. They now account for 60% of all bills in circulation.

Storing Money in Safe

Japan banks pay extremely low interest on savings deposits. Even the slightest fee, causes a negative interest rate. Demand for the highest denomination 10,000-yen notes rose 6.2%. But 10,000-yen notes are worth only $88 US, so hiding places fill up fast. That explains why Japanese went on a safe-buying spree. Stores reported that sales of safes rose as much as 250%.

You may think it could never happen in the US, but recent Federal Reserve policy meetings have discussed and have studied negative interest rates. Maybe great-grandpa was right, the best place to keep your cash is in the mattress or in an air tight can buried in the backyard. Note: some of the statistical information obtained from a recent WSJ article.

And You Thought This Was a Joke

In the last DOY Newsletter (April 2016), there was an article discussing the possibility of negative interest rates. Some may have thought it was a joke or an internet hoax. But in a recent letter sent by Congressman Brad Sherman (House Financial Services Committee Member) he questions: When the Fed is debating whether to raise interest rates, even as global economies including the euro area and Japan employ negative-rate policies to stoke economic growth and inflation, are these tools an option. In response to the negative-rate query, Federal Reserve Chair Janet Yellen wrote to Congressman Sherman: “By some accounts, these policies appear to have provided additional policy accommodation. We certainly are trying to learn as much as we can from the experience of other countries. While I would not completely rule out the use of negative interest rates in some future very adverse scenario, policy makers would need to consider a wide range of issues before employing this tool in the United States.” Are negative interest rates possible in the USA? Well, they aren’t definitely ruling it out.

Additional Need to Know Articles