PFCU Quarterly Update

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1 PFCU Quarterly Update Dear fellow members, First of all I am happy to inform all the members of PFCU that President Obama has signed a bill which has extended the Federal Deposit Insurance from $100,000 to $250,000 till December 31, Since this applies to both FDIC and NCUA, your deposits at PFCU are insured up to $250,000 per member. As I had mentioned in the previous newsletter, PFCU has started offering Home Mortgage Loans. Our product offering and rates are very competitive with the external market, and we even consider applications from borrowers whose income is not fully supported by documentation. We urge all members to apply for Home Mortgage Loans with PFCU whether you are purchasing a new home or refinancing an existing home. PFCU has also started offering Commercial Real Estate Secured Loans in partnership with other credit unions. This will allow PFCU to offer larger amount of loans to its members. The terms on these loans are very competitive. We urge our members who are business owners and own or wish to own investment properties and business properties to consider financing or refinancing with PFCU. PFCU has also started offering Commercial Unsecured Loans for up to $50,000 at competitive interest rates. This unsecured loan is available without any guarantors, subject to qualification. Please contact one of PFCU's member service representatives for further details on these loans. Currently we are piloting these loans in Georgia only. We will offer Commercial loans in other States as soon as we can. Your Board of Directors has commenced strategic planning for the year We would like to request all members of the credit union to provide us with feedback on existing products and services as well as provide us with suggestions on what new products and services you would like PFCU to offer in the future. We assure you that we will consider and analyze all feedback and implement whatever is feasible. PFCU is also soliciting additional Directors for the Board for the New Year. We would like to request members who have financial expertise, banking experience, or other core skills to please call the Chairman or the President so that we can discuss your potential involvement with PFCU. On behalf of the entire Board of Directors, I deeply appreciate and thank you all for your continued support and confidence in your credit union. Sincerely, Firoz Dosani President

2 2 PFCU FINANCIALS PFCU s Quarterly Financial for November 2008 February 2009 May 2009 August 2009 Total Assets $29,584,708 $29,796,635 $26,956,229 $28,220,991 Number of Members 4,814 4,874 4,932 5,038 Amount of Loans $17,617,675 $17,705,735 $17,607,239 $18,352,146 Is Your Credit Affecting Your Insurance Premium? Many of us know that our driving record influences the premium of our personal auto policy. However, according to Conning and Company, an asset management company that specializes in insurance company investments, more than 90% of insurers now use the applicant's credit history to determine what insurance program or policy to offer them. Credit scores range from 300 to 850 and there are a number of factors that affect it. If your score is low, you may have to pay a higher premium. It is very important that you understand your credit score and the triggers and factors that may affect it. Some of the factors that you should keep in mind are: Payment history : the largest factor is credit and loan account payment history. A steady record of ontime payments going back several years shows responsibility. Debts owed : the number of accounts you currently have, including type and balance. Try to have just a few active accounts with low balances. Length of credit history : the longer your credit history, the better. New accounts : every time you apply for a new account, a record of that application appears on your credit report and drops your score. Limit the number of applications you submit. Balance of accounts : it is best to have between two and six open credit cards and one or two loans. Negative records : collections, judgments and bankruptcy filings will drop your score. Monitor your score and make sure that you're not lowering your score unintentionally. For more information on credit reports or to access a copy of your own report, go to cont d...

3 3...cont d Is Your Credit Affecting Your Insurance Premium? Do You Understand Your Credit Score? In order to better understand your score, you should know how it is calculated; below is a breakdown of how much each category is worth: 10% 10% 15% 30% Payment History 35% Amounts Owed Length of Credit History New Credits Types of Credit Used According to BALANCE, a financial education and counseling service, one of the biggest mistakes people make is closing old credit accounts for new ones. Not only does this affect the length of your credit and payment history, new credit can also cause your credit score to go down. Inquiries, issued every time you apply for a loan or credit card also bring your credit score down. However, there are some exceptions with inquiries. If you are car shopping, all inquiries made within 14 days are only considered one inquiry, and when shopping for a home, you have a 30 day window.

4 4 PFCU Election Watch Platinum Federal Credit Union is soliciting members to be elected as director of the board for the new year. We would like to request members who have financial expertise, banking experience, or other core skills to please call the Chairman Mr. Salim Aziz or the President Mr. Firoz Dosani. Qualified members can run for election as part of the nomination committee or can submit a petition signed by 1% members i.e. 50 members of Platinum Federal Credit Union. Interested members should submit their completed application (available at the Credit Union), statement of qualification and biographical data to Platinum Federal Credit Union Main Office, th Attention: Secretary, 4794 Lawrenceville Hwy NW, Lilburn, GA not later than December Applicants should obtain the requirements of the position and other details from the credit union office. SHARED BRANCHING With Shared Branching PFCU members can perform their day to day transactions at any of the 3426 participating credit union locations nationwide, 93 locations in Georgia and 233 locations in Florida. Visit PFCU website at to find the participating credit union location near you. There is a $2.60 charge per transaction for this service. PFCU is now offering HOME MORTGAGE LOANS for both full doc and assessed income!! Take advantage of the low rates before they disappear.

5 5 Take a Break A salesman is driving toward home in northern Ontario when he sees an Indian thumbing for a ride on the side of the road. As the trip had been long and quiet, he stops the car and the Indian gets in. PFCU is now offering Commercial Real Estate Secured and Business Unsecured Loans After a bit of small talk, the Indian notices a brown bag on the front seat. "What's in bag?", the Indian asks the driver. The driver says, "It's a bottle of wine. I got it for my wife." The Indian is silent for a moment then says, "Good trade." Interest rate on Commercial Real Estate Secured Loans as low as 6%* Interest rate on business Unsecured Loans are as low as 9.99%** *Interest rates are subject to credit and other qualifications. APR 6.18% **Interest rates are subject to credit and other qualifications. APR 8.42%

6 6 PRODUCTS & SERVICES OFFERED BY YOUR CREDIT UNION DEPOSIT ACCOUNTS: Share Savings Account Personal Interest Bearing Checking Accounts with up to 1%* interest Commercial Checking Accounts Money Service Business Accounts Student Interest Bearing Checking Accounts with up to 1%* interest VISA Debit / Check Card with over 45,000 surcharge free ATM's nationwide College Savings Accounts Certificate of Deposit Accounts Traditional and Roth Individual Retirement Accounts (IRA) LOAN ACCOUNTS: Personal Loans (with two Guarantors) for up to $50,000** New & Used Auto Loans with interest rates as low as 4.99%* Share / CD secured Loans Share / CD secured Lines of Credit Unsecured Business Loans without guarantors up to $50,000** Real Estate secured Business Loans up to $350,000** Real Estate secured Business Loans through CUSO up to any amount** Student Loans up to $5,000 per student per year** Deferred Student Loan through EFAS First Home Mortgage Loans** Home Equity Line of Credit up to $150,000** Emergency Loans up to $2,500** VISA Credit Cards with up to 1% Cash Back with limits up to $10,000** ANCILLARY SERVICES: Domestic & International Wire Transfers Letters of Credit for Gasoline, Lottery, Vendors, etc. Multilingual Notary Services Safe Deposit Boxes Drive Thru Services Shared Branching Services to provide you access to your accounts with over 6,200 participating credit union locations nationwide * Interest rates are subject to change without notice ** Loan approval, loan amount, and guarantor requirements are subject to credit and other qualifications