July 2013 - Tower Federal Credit Union

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Message from Your Chairman T his year Tower celebrates its 60th Anniversary. In this special issue, you will find historical notes and milestones—and comments from a few long-time members— about our founding and continuous growth to become a nationally recognized leader in the credit union industry. Here’s a brief look at each decade. George M. Cumberledge Member, 1971 We started small with a mission to serve the financial needs of employees of the newly formed National Security Agency. By the end of 1953, a group of seven turned $35 into assets of $34,200, granted 183 loans, and built a membership of 978. By 1963, Tower celebrated its first decade with $1.5 million in assets (ranked in the top 7% of credit unions), almost the same amount in loans, and nearly 6,000 members. New offerings that year included the College Tuition Program and transactions by mail for deposits and payments. A decade later, the Board of Directors authorized special loan promotions, “to make membership aware of the convenience and advantages of borrowing from your Credit Union”. Membership tripled to 19,500 with almost $25 million in loans and $31 million in assets. Another first in 1973 was “hiding” account numbers in the newsletter with $5 to winners. In honor of our 60th Anniversary, look for your hidden account number for $60 to each winner. By the end of Tower’s third decade, we had moved to our own twostory Headquarters Building, opened three other offices, introduced MasterCards ® and our first ATM— giving members greater access to their accounts— and improved the efficiency of teller services with the installation of modular terminals. In 1983, the credit union experienced one of its strongest asset growths in 30 years, and a big growth in its loan portfolio as well. Total assets were $184 million, loans $116 million and membership just over 56,200. Ten years later, Tower introduced many new products in response to member needs: New 4- and 5-year Mini-Jumbo and Bump-Up Share Certificates and IRAs gave members increased investing versatility; reduced rates and enhanced terms for auto loans; a convertible adjustable-rate mortgage made it easier for members to finance their homes; and home equity loans boosted borrowing power. Tower ended 1993 with 89,400 members, $614 million in assets and $430 million in loans. The year 2003 marked Tower’s 50th Anniversary, and it was our most successful year since we were established. Tower grew in membership, broke records in loan volume, delivered new products and services online— almost one-third of the membership were active Home Banking users— and expanded the branch network. In the 10 years prior, Tower had become a $1 billion financial institution, with over 100,000 members, added a debit card, launched a Web site and joined a nationwide network of ATMs. Over the last 10 years, Tower has doubled in assets to over $2.6 billion with 131,000 members worldwide, and a branch network throughout central Maryland. Tower is recognized as a leader for its real estate leading program, use of technology in Mobile Banking, financial education offerings, and public advocacy on credit union regional and national issues. Thank you for being part of the journey. 2 TowerLine | july 2013 | towerfcu.org
Save on Credit Card Interest 4.99% APR Balance Transfer Special Every week your mailbox is stuffed with “teaser rate” credit card offers that appear to be great. Be careful. People are tricked every day. They transfer a balance to take advantage of a super low introductory rate, but miss the fine print and are stuck with high interest rates after a few short months, plus fees for everything. A full year to pay at 4.99% If you carry a balance on one or more credit cards with other companies, Tower has a special deal that is great. Move those balances to a Tower Master- Card ® for our special 4.99% APR balance transfer rate. This special rate is good for 12 months from the date the transfer posts to your Tower Master- Card, giving you breathing room to pay down your balance and save money. Bonus! Along with a low 4.99% APR balance transfer rate, Tower has no transfer fee when you move balances to a Tower MasterCard. Other credit card issuers charge a 3% to 5% fee on the amount you transfer. Think about it—that’s a $30 to $50 fee for every $1,000 you transfer! Earn cash rewards with a Gold Card When you switch to a Tower Gold Card, you’ll receive a 1% rebate on every purchase you make, automatically credited each month to your credit card account balance. That’s cash back on everything you buy. There are no annual or nuisance fees. No limits. No restrictions. Just cash rewards every month. i LOWER YOUR RATE Apply now for a Tower MasterCard and transfer your high-rate balances at towerfcu.org. If you already have a Tower credit card, go online to Forms and select Credit Card Balance Transfer. Switch to Tower FREE Checking Free since 1977, still pays dividends Of the 50 largest credit unions in the nation, Tower is one of only 36 that still offers FREE checking, according to a recent survey by Bankrate.com. Tower has offered FREE checking since 1977. There is no monthly fee or service charge, no additional requirements or hoops to jump through. Among the top 50 credit unions, the average minimum to open a checking account is $22. Tower FREE checking requires only a $10 minimum deposit. There is no minimum balance requirement after your initial deposit. And, just as we have for over three decades, Tower still pays dividends on every dollar. In fact, of the 50 credit unions in the Bankrate survey, Tower is one of only 18 that still pays dividends on FREE checking. Make the smart switch FREE MasterCard ® debit card that earns you cash back with Debit Rewards FREE overdraft protection † FREE Mobile App and Mobile Deposit * FREE transactions at over 40,000 surcharge-free ATMs nationwide § FREE Home Banking and online statements FREE online Bill Payment when you pay three or more bills per month FREE checks with FREE direct deposit It’s easy to get started Just go to towerfcu.org and click Switch Kit. The kit has everything you need to open your new Tower FREE checking account, close your old one, set up direct deposit and change your automatic withdrawals. For help making the switch, visit a branch or call the Member Service Center at 301-497-7000 or 800-787-8328. † Federal regulations limit the total number of electronic transfers from any non-transactional account—Prime Share (savings), Clubs, or Money Market— to six (6) per account per month. This includes overdraft transfers, online Cross Member Transfers and Funds Transfer, and cleared checks from a Money Market account. You can make an unlimited number of transfers and withdrawals through the mail, at an ATM, and in person at a branch. Transfers made to a Tower loan account are not included in the limitation of six per account per month. * Your carrier’s message and data rates may apply. Members must be 18 years of age to qualify to make mobile deposits. Other mobile deposit restrictions may apply. § Tower-owned ATMs are totally free. At surcharge-free ATMs, your first four transactions each month are free. Each additional transaction is only $1. towerfcu.org | july 2013 | TowerLine 3
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July 2013 - Tower Federal Credit Union

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