U. S. Postal Service Federal Credit Union January 15, Credit Union Partnership Overview For American Philatelic Society

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1 U. S. Postal Service Federal Credit Union January 15, 2016 Credit Union Partnership Overview For American Philatelic Society

2 History of Credit Unions & USPS FCU The first credit union was established in 1908 with the idea that members would pool their assets. Those same members could then borrow from the pooled assets at more favorable rates than those charged by traditional banks or savings and loan organizations. The American credit union movement began as a cooperative effort to serve the productive and provident credit needs of individuals of modest means. To promote thrift and credit extension, a meaningful affinity and bond amongst members, manifested by a commonality of a routine interaction, shared and related work experiences, interests, activities, or the maintenance of an otherwise well understood sense of cohesion or identity is essential to the fulfillment of the public mission of credit unions. In 1934, President Roosevelt signed the Federal Credit Union Act into law authorizing the formation of federally chartered credit unions in all states. The purpose of the federal law was to make credit available and promote thrift through a nationwide system of nonprofit, cooperative credit unions. Federally insured credit unions offer a safe place for you to save your money, with deposits insured by the NCUSIF. The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member s deposits in federally insured credit unions. On July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and it permanently established NCUA s standard maximum share insurance amount at $250, The National Credit Union Administration (NCUA) is the independent federal agency that regulates, charters, and supervises federal credit unions. With the backing and full faith and credit of the U.S. Government, NCUA operates and manages the NCUSIF, insuring the deposits of more than 91 million accounts holders in all federal credit unions and the overwhelming majority of statechartered credit unions. U. S. Postal Service Federal Credit Union (USPS FCU) was established in 1934 under the name Post Office Department Employees Credit Union. USPS FCU started with seven postal employees, $35, and a district charter that allowed postal employees in the District of Columbia to join. In 1964, a Federal Charter Page 2 of 8

3 was granted and the Credit Union became the U. S. Postal Service Federal Credit Union. At this time, our field of membership was expanded to include the entire Washington Postal Region-D.C., Maryland, Virginia and West Virginia. In 1968, USPS FCU was granted a nationwide charter, a privilege only given to few. USPS FCU extends the insured savings of our members, at no additional expense to the membership, by offering Excess Share Insurance (ESI). This program provides up to an additional $250,000 of insurance once a credit union member s balance exceeds the coverage provided by NCUSIF, thereby increasing our members insured savings to $500, In 2016, USPS FCU is proudly serving over 22,000 members across the country. Our memberships, while still dedicated to the employees of the U S Postal Service, also include members from several select employee groups. We currently hold approximately $200 million dollars in assets and although we have changed over the years to meet the demands of our membership, we remain true to the People Helping People philosophy that we were founded upon over 80 years ago. We are a not-for-profit financial cooperative that continues to promote thrift and savings amongst our members. We believe in empowering you through education and the delivery of high quality access for managing your money. We are committed to your financial well-being. It s what makes us better! USPS FCU Products & Services Summary USPS FCU has the following products and services available for your employees and membership: Savings and Investment Accounts: Regular Share Savings, Share Certificates with varying terms, Money Market Savings and Certificate Accounts, Traditional and Roth IRA s, IRA Certificates, Coverdell Educational Accounts, Club Accounts and a Monthly Income Share Certificate Account. We also have Youth Accounts and Youth Certificates that are tailored to specific age ranges. Checking Accounts: USPS FCU offers three full service checking accounts to meet your needs. Required minimum balances range from $0 to $2000, Page 3 of 8

4 depending on personal account preferences. Members have the option of electing an interest checking, money market checking or a non-interest checking account. Visa Check Card: We offer a Visa Check Card with generous access to $1000 in cash withdrawals and $1500 in Point of Sale purchases in each 24 hour period. There is a zero dollar liability for members. Nationwide Surcharge-Fee Free ATM Network: We offer one of the largest surcharge-fee free ATM networks in the industry, with access to over 72,000 ATM s with networks including Allpoint, CU 24/CU Here, and Co-Op. 24/7 Virtual Branch Home/Mobile Banking: Our home banking systems enables you to manage and view your account information, transfer funds, make a deposit, view tax information, perform mobile deposits and pay your bills online with our BillPayer service. Credit Union Branches and Shared Branching Network Program: Members have access to 6 USPS FCU branches and to over 5,000 Shared Branches* within the Shared Branching Network. Visit to learn more about Shared Branching. Website access: Our website offers you direct access to Credit Union products, forms, services and account information. QUE Telephone teller: Manage your accounts using any touch-tone phone. Review account transactions, identify checks cleared, verify balances and account histories, transfer funds between sub-accounts and more, all at no cost. Relationship Rewards Program: In appreciation to those members that utilize USPS FCU products and services, we created a Relationship Rewards program. Members that qualify for this program receive the following benefits: 1.) Bonus dividends on Share Savings, IRAs, Interest Checking Accounts, Money Market Checking Accounts and Money Market Savings Accounts, 2.) 1% Rate Discounts on Vehicle and Signature Loans, 3.) $1,000 Closing Cost Credit on Home Equity Loans, 4.) $500 Closing Cost Credit on First Mortgages, 5.) Free Shared Branching Transactions, and 6.) No Foreign (non-credit union owned) ATM Fees. Page 4 of 8

5 USPS FCU Products and Services (continued) Loans: New/Used Vehicles, Recreational Vehicles, First Mortgages, Home Equity loans, Home Equity Line-of-Credit, Personal loans, Education loans, Private Student Loan Consolidation Loans, Secured loans, loan refinancing from other institutions and our Visa Secured, Visa Platinum and Visa Platinum Rewards Credit Cards. Credit Life and Disability Insurance is also available for most loan products. Guaranteed Auto Protection (GAP) is available for most vehicle loans at lower prices than at most dealerships. Visa Platinum Rewards: This card offers a highly competitive rate as low as 9.15% APR *. Earn points with every purchase, then redeem for a 1.1% cash back rebate or choose from our catalog reward program, which includes choices for travel, gift cards, merchandise and more. Our Visa Platinum (non-rewards) rate starts as low as 8.24% APR. * APR=Annual Percentage Rate. On approved credit. Contact the Credit Union for more details. Special Member Discounts and Services Financial Counseling Services Financial Investments Scholarships Discounted Legal Services Home Advantage - Home Buying/Selling Service Group Life and Accidental Death & Dismemberment Insurance Discounted Auto Home and Renters Insurance Free notary services if local to a branch office And more American Philatelic Society (APS) and USPS FCU Relationship Benefits An APS and USPS FCU relationship is a win-win strategy for both organizations. This select relationship between USPS FCU and APS is envisioned as a mutual path to growth. Joining either organization by current members would be strictly voluntary. Marketing the opportunity and the rationale for joining would be jointly championed through regular, agreed upon, communication channels. Page 5 of 8

6 Postal employees and members of the APS have a common interest in all things postal. The USPS FCU name projects the appeal that many postal enthusiasts seek. Each organization can realize a mutual benefit through a formal relationship. USPS FCU takes pride in offering personal and professional member service. APS will be an important organization to our business. We know your members are important to you and they will be important members to us as well. APS members contacting the Credit Union will be acknowledged for their APS status and they will know they are from an identifiable organization important to USPS FCU. We believe a partnership between the American Philatelic Society and USPS FCU would be beneficial for both organizations. We are excited to explore ideas and plans for the future growth of the APS, as well as for USPS FCU. By partnering with USPS FCU, you will be increasing the value of APS benefits by offering low cost, quality financial products and services to your membership. There is no cost to APS to offer USPS FCU membership as a benefit to your employees and members. Partnership USPS Federal Credit Union and American Philatelic Society APS Direct Benefits APS brochures can be prominently displayed in USPS FCU branch offices. USPS FCU will distribute APS membership information along with USPS FCU literature at post office visits and attended postal events throughout the country. USPS FCU will include an APS link placement on its website directing members and non-members to A scrolling banner on the USPS FCU website welcoming APS members. Page 6 of 8

7 USPS FCU will include an APS ad in its quarterly newsletter which is mailed out with member account statements. APS advertisement in the monthly account statements. APS will receive access to USPS FCU mailing list. APS advertising in periodic USPS FCU blasts. USPS FCU will consider sponsorship or co-sponsorship for APS conference and meetings. USPS FCU will sponsor a Young Philatelic Leaders Fellowship member for the class at $5,000 and the Fellowship will bear the name, United States Postal Service Federal Credit Union Fellow. USPS FCU will provide APS marketing incentives for access to the mailing list and website exposure in the form of donations to education programs or the Mighty Buck Club. USPS FCU Benefits USPS FCU will have approval to advertise in The American Philatelist, Philatelic Literature Review, monthly newsletter or other APS platforms within set advertising rates. USPS FCU requests ability to attend APS shows and events to set up a vendor booth to further education APS members regarding Credit Union benefits and/or requests APS to display Credit Union membership literature. USPS FCU will receive a reciprocal link on the APS website, and receive access to the APS mailing list. Page 7 of 8

8 USPS FCU will receive periodic promotion and advertising in membership e- mail blasts. Finalizing the Select Group Relationship with the National Credit Union Administration After you have reviewed and obtained your final board approval of a partnership agreement, we will need to formalize the relationship between APS and USPS FCU by following the steps below: 1. Submit a request on APS letterhead indicating your interest in having APS added to the USPS FCU field of membership. Additionally, the National Credit Union Administration (NCUA) will require a copy of APS by-laws. 2. The formality of an approval from our Board of Directors is obtained and then the applicable forms are provided to our regulatory agency, the National Credit Union Administration (NCUA) for their approval. 3. Upon completion of steps 1 and 2, USPS FCU will send you written notification of the approval. Page 8 of 8