Suggestions, tips and information to help improve your life. | Truliant.org | Summer 2018

Truliant Member Richard Rumley, in his new boat at High Rock Lake.

Helping the Rumleys Buy the Boat of Their Dreams For their 30th wedding anniversary, Richard and April Rumley went to the Caribbean.

“Up to that point I had never owned a boat in my life. I only learned to swim later in life,” Richard, 55, said. “In the Caribbean, we went on these boats and saw all these wonderful sights. We had a blast. I said, ‘This is it!’”

“After that I really wanted a boat. It just started making more sense taking family vacations and having family weekends. If I don’t do it now, I won’t be healthy enough in 20 years. We have three children and two grandkids. I just wanted to provide some memories for them. And, it’s true, I wanted to have a good time.”

But Richard, who drives a truck for Mail Contractors of America, a subsidiary of Pat Salmon and Sons, between Greensboro, Chicago, Cleveland and Pittsburgh, had to be a little strategic – marriage-wise – as he approached the idea of buying a boat.

“I wanted April involved in the purchase,” Richard said. “I’m older and wiser now. If I just went out and bought a boat on my own – like an idiot – I would have never heard the end it.”

The Rumleys looked at several boats, including ones that were smaller and cheaper, but April wanted a bigger boat “that the whole family could enjoy,” Richard said. (Continued, Page 5)

Chief Executive Officer’s Message: Won’t Get Fooled Again

Administrations of government come and go. They can impact the rules we live under – including in financial services that drive how we serve consumers – good and bad. Most sense that some of the attempts to correct the financial sector’s behaviors after the bank-led debacle of 2008-2009, while well intended, were misguided; went after the wrong actors like credit unions, and, in fact, made it

harder and more expensive to make an ordinary mortgage loan at normal rates and terms so that a family with generally good credit could own their home in North Carolina, Virginia and South Carolina.

Switch the pendulum back with a change in administration and deregulation may ease some of the over-kill that impacts real-world, middle-class families just trying to build their lives and financial foundations.

The question is raised though; will we, as the old The Who song intones, get fooled again?

Recently, the Bureau of Consumer Financial Protection, suggested that small dollar (e.g. payday or deposit advance products) be regulated by each state. That may be okay if the states don’t permit the predatory, abusive practices that have caught consumers in a cycle of debt they can’t escape while

paying 300% APR* and up for the privilege. If you are tempted by the convenience and relative ease (little to no credit checks), you may find yourself repaying the loan balance many times over. Those exorbitant costs could go to paying other bills or establishing emergency savings.

While borrowing for a home may have gotten too complicated and expensive under the heavy regulation and may be eased, consumers should still make sure they can reasonably repay their mortgage. Assuming never-ending increases – or even the same value for your home, or that your household income will only rise – should be approached with caution. If the crisis of 2008-2009 taught us anything, it is that just because someone will make you a mortgage loan doesn’t mean it is in your own, long-term best interest. Sound borrowing within your means today and realistically projected future earnings can help provide long-term financial security. Too much risk can have the opposite effect.

Student loans are another area of concern and were not addressed as a part of the financial crisis remedies. The amount of debt and the relationship to jobs and income to repay the loans have, in many cases, gotten out of balance. Again, just because a loan is available doesn’t relieve the borrower of making sure that their investment in education will ultimately help them earn a living sufficient to repay their student loans. Of course, we all take or took some risk along the way to invest in our future; just recognize that it should be a carefully calculated risk. Financial advisors have written on this topic extensively.

There are many other areas that may require an educated consumer to navigate a less regulated financial services space. Truliant is here to help you, our members, as you make the best choices to improve your life.

*APR = Annual Percentage Rate

Marc SchaeferCEO

Just because someone will make you a

mortgage loan doesn’t mean it is in your own, long-term best

interest.

Our Second Asheboro Location is Now Open! Our newest Member Financial Center is now open at 1200 N. Fayetteville St. in Asheboro. This convenient Randolph County location offers financial services custom-tailored to fit your needs, a drive-up, touchscreen Smart ATM, today’s latest financial technology and more.

Led by Manager Allison Hammer, the 3,200 square-foot branch is located in the Oakie Mountain Shopping Center near Food Lion, about 3.5 miles from Truliant’s current branch at 1055 East Dixie Drive. Learn more or set an appointment to visit at Truliant.org/NorthAsheboro.

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President’s Message: Helping Members Achieve Milestones

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Planning and saving for important financial milestones – a new car, a down payment on a first home, a wedding, college tuition, a comfortable retirement – requires discipline and some helpful financial guidance.

During these significant efforts it’s comforting to know that Truliant Federal Credit Union has the resources and the expertise to help you reach your financial milestones.

Truliant is more than a source for loans and checking accounts. Truliant representatives have a broad array of financial knowledge and skills that are backed by our significant lending and planning resources. With our mix of services that have been developed over decades of serving member-owners, Truliant helps members reach their goals, and take care of the unexpected when necessary. The following are a few examples that can help.

No-Cost Credit Review and TruFinancial Checkup: Participating in a No-Cost Credit Review in a branch, or by phone, with one of Truliant’s team members, allows members to review their credit report with a representative. During the review, members can ask specific questions about their finances – and learn about ways that they can improve their financial picture.

The TruFinancial CheckUp takes a financial snapshot and helps Truliant learn more about the short- and long-term goals of members, so we can better discuss the important elements that are built into a financial strategy: emergency fund, systematic-savings plan, retirement savings and other items.

Business Lending: Truliant is positioned in all of our communities to help small businesses with credit cards, lines of credit and specific loans for real estate and factory equipment, enabling businesses in our communities to take advantage of investment opportunities that lead to significant growth. Local business leaders work closely with a dedicated team of Truliant experts who make loan decisions locally and take time to understand the key elements that make each business unique.

Truliant is among the largest providers of SBA Express and 7a loans in the markets we serve. We also provide loans in rural areas to businesses under the USDA Business and Industry programs. Commercial real estate, owner-occupied real estate, manufacturing, and family-owned businesses are also a primary focus. Truliant has a number of solutions for businesses that are thinking of refinancing debt or looking to create future equity. Our Member Business Services Team is fully committed to helping businesses grow and prosper in all of our communities.

Rainy Day Savings Accounts: Budgeting isn’t easy for everyone. Truliant offers automatic savings accounts that help members build savings for a specific purpose. The Rainy Day

account automatically transfers $0.01 to $0.99 from your checking account each business day into a savings account. This savings account earns interest that is posted monthly. As a reminder of the account’s purpose, the name on the account can be personalized – and additional money can be deposited at any time to help this account grow.

These are just a few of the resources that Truliant offers. If you’re looking to build knowledge about

your own personal financial picture, or if you have a specific financial need and you’re not sure of the next steps, speak with one of our specialists by phone or at one of our locations.

At Truliant, our focus is and always will be you, our member-owners. Our role is to understand your needs, goals and what matters most to you and your family so we can help you build the life that you want.

There’s a lot to consider when choosing a financial institution. Thank you for choosing Truliant.

Todd HallPresident

Truliant representatives have a broad

array of financial knowledge and

skills.

Truliant Honored to Win Best Financial Institution Thank you to members in Gaston and Triad counties for voting for Truliant as the best place to do your banking in the Gaston Gazette and YES! Weekly’s reader’s choice awards. We appreciate your enthusiastic support!

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Let Us Know if You’re Traveling with Your Visa® Planning to use your Truliant credit and/or debit card outside of your normal area this summer? Set travel notifications to make sure your personal and business Visa cards work properly (and to help us properly monitor transactions as you travel).

To set notifications, log into Online Banking and choose “Additional Services”, or simply call us at 800.822.0382. Visit our Travel Security page at Truliant.org/Travel to learn more.

And remember, Truliant Visa® credit cards offer no annual fees, some of the lowest rates you’ll find anywhere, purchase notifications, suspicious activity alerts and more.1 Visit us at Truliant.org to apply.

(1) Loans subject to credit approval.

Get a Car You Love with Truliant Work truck? Sports car? Minivan? Whatever wheels fit your life, we have the auto loan that does the same. Purchase or refinance with Truliant. Our auto loans come with low rates and flexible terms – up to 84 months – and an easy application process.

Truliant also offers rate discounts2 for purchase of an extended warranty or Guaranteed Asset Protection (GAP); loan-to-value of less than 90%; purchase of vehicle through the Credit Union Auto Buying Service (CUABS)3, a Truliant partner; or automatic payment draft from a Truliant checking or savings account.

Apply online at Truliant.org/AutoLoans, or call us anytime, 24/7 for a loan at 855.293.2957.

(1) APR = Annual Percentage Rate. Rates and terms are subject to change prior to consummation of the loan. Loans subject to credit approval. Floor rate on auto loans is 2.74%. Rate good for new auto models year 2017 and newer. Additional terms apply for refinancing existing Truliant auto loans. (2) Maximum rate discount for auto loans is 0.50%. (3) CUABS is an independent NC-licensed automobile dealer not owned or operated by Truliant.

AUTO LOANSfrom

2.24%

1

AUTO LOANSrates as low as

2.49

2.74

Limited-Time 17-Month Certificate Special Offer Good Through July 28 Enjoy steady growth with a great rate, and make your savings work harder for you with our latest certificate special.

For a limited time, we are offering a 17-month, 1.75% APY1 regular and IRA2 certificate - with a low $1,000 minimum deposit! Plus, Truliant members can open their certificates easily online, 24/7. Learn more about opening yours by visiting our Certificate Specials page at Truliant.org/CertificateSpecial.

(1) APY = Annual Percentage Yield. Limited-time offer. Penalty for early withdrawal. Special requires a minimum deposit of $1,000 from funds not currently on deposit at Truliant. (2) Federal law may require substantial tax penalty for withdrawal from an IRA.

limited time

1.7517-MONTH CERTIFICATE

%

1

AUTO LOANSrates as low as

2.49

APY

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Fourth Truliant Guilford County Location Coming Soon In late 2018, we will open a new Greensboro location to better serve a growing membership base in the northwest area of the city. The new full-service branch will have three drive-thru lanes and a drive-up ATM, and is located at 1655 New Garden Rd., in the Garden Creek shopping center across from Sheetz, near Horse Pen Creek Road.

We’ve installed unique teller pods to provide a more personal side-by-side service experience. Our staff will be equipped with iPads to demonstrate Truliant’s industry-leading Tru2Go Online Banking and Tru2Go Mobile app – that allows members to pay bills online, make transfers, perform mobile deposits, check account balances and more. This location will also have a Mortgage Loan Officer, Business Services Lender, and a Financial Advisor. Stay tuned for more details.

Rumley boat story, from Page 1

Before a boat was even a possibility, Richard met Sonja Kennedy through his dirt-bike school in Lexington, N.C. The school, which opened in 2007, is called Holdfast.

Kennedy is the manager of the North Point branch in Winston-Salem, N.C., and wanted all of her children to learn about riding dirt bikes safely. “They loved it, and they beg to go back for more and more,” Kennedy said. During their conversations, Kennedy told Richard about Truliant and encouraged the Rumleys to become members.

When the Rumleys got serious about buying a boat, they met with Kennedy – “my go-to person at Truliant,” Richard said.

“We wanted to find out the parameters of what we could afford to buy – but I didn’t want to know what the maximum amount was,” Richard said. “April and I wanted to find a boat where we could afford the payments. We don’t drive fancy cars, and we try to keep our debt-to-income ratio to a mild roar so it’s not out of hand.”

With a target price in mind, the Rumleys started searching for a boat. Since April wanted a boat that could fit the whole family, they settled on a 2007 Sea-Doo deck boat that seats 12. It has twin 155-horsepower engines.

“When Richard first started looking at boats, he was talking about a little fishing boat,” said April, 49. “For weeks and weeks he showed me videos and pictures. Finally, I said, ‘Let’s go see some boats.’ We looked at two at Lake Norman. I said, ‘As long as we’re going to buy one it might as well be the newer and nicer one.’ He was kind of surprised I was willing to spend that much money.”

They bought the “newer and nicer” one for $17,000 from a couple from Charlotte who had bought the boat new for $40,000. “They had barely used it,” Richard said. “It didn’t have a scratch on it.”

Truliant will finance boats that are 10 years old or less, so the Rumleys got in just under the wire. The Rumleys in November 2016 got a 60-month, used-boat loan for $17,000.

“The whole loan process at Truliant went smoother than I thought it would,” Richard said. “That was impressive.”

Now, family trips and vacations revolve around the deck boat. They keep it on a trailer and go to High Rock Lake in Davidson and Rowan counties, Belews Creek in Forsyth County, and Carolina Beach and Ocean Isle along the coast.

“The last year with the boat has been awesome,” said April, who works as a hair stylist in Winston-Salem. “Now, we can go on the boat with the whole family and friends. We had one of the best Labor Day weekends at Ocean Isle. We rented a house right on the canal. We docked the boat right next to the house. It was a dream come true.”

“Another time we ate at the Provision Company in Southport. We’d eaten there before and thought it would be a dream to have a boat so we could dock at the restaurant, eat and then leave on a boat. This time we did that. We hopped on the boat and went back to Carolina Beach. We never thought we would be doing that.”

But the one thing they have to always check is the plug in the bottom of the boat. When the boat is at home on the trailer, the plug is open so water can drain. “April always asks me before we put the boat in the water: ‘You got the plug in?’

“That’s my job,” April said. “I’m not going to get out there and sink. That’s the one thing I know about. I may not be able to load it and unload it, but I can make sure the plug’s in.”

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MAIL: Truliant Federal Credit Union P.O. Box 26000 Winston-Salem, NC 27114-6000

CONTACT US: Charlotte, NC 704.522.1955

Greensboro/High Point, NC 336.664.1955

Winston-Salem/Kernersville, NC 336.659.1955

Richmond, VA 804.965.1966

Other Areas 800.822.0382

WEBSITE: Truliant.org

24/7 LOAN LINE: 855.293.2957

SOCIAL MEDIA:

UPCOMING HOLIDAYS: Truliant Federal Credit Union will be closed on the following days:

Labor Day Monday, September 3

Columbus Day Monday, October 8

Federally insured by NCUA and Equal Housing Lender.

Get Your 2019 Calendar Contest Photos Ready We’ll begin accepting 2019 Member Calendar Contest Photo submissions in August. Your votes will choose 11 winning photos to receive a $100 gift card and be featured in the 2019 calendar. In addition, the top-voted photo will be awarded the cover spot and a $250 gift card! Calendars will be distributed in our branches this December.

Congratulations to Truliant’s 2018 Scholarship Winners Each year, Truliant Federal Credit Union awards scholarships to member-owners graduating high school and planning to attend an accredited college, community college or university. The 2018 recipients are Bailey Botts, of McLeansville, N.C.; Samuel Nall, of Pulaski, Va.; Jonathan Yonke, of Cave Creek, Ariz.; Heather Dorow, of Charlotte, N.C.; Rachael Dewey of Gastonia, N.C.; Kaitlin Rose of Bessemer City, N.C.; Marissa Parker of Charlotte, N.C.; Grace Lasarsky, of Denver, N.C.; and Amelia Locklear, of Huntersville, N.C.

Truliant Community Shred Days Near You Safely dispose of confidential documents, junk mail and old bills at our upcoming Piedmont Triad Area Community Shred Days.

• Saturday, September 8: 1200 N. Fayetteville St., Asheboro, N.C.

• Saturday, September 22: 7780 North Point Blvd., Winston-Salem, N.C.

Events run 9 a.m. to 12 p.m., and are FREE and open to the public! Learn more on our Shred Days page: Truliant.org/ShredDays.

Welcome to Our Newest Truliant At Work Partners Windsor Run • AMIAD USA

Certificates & IRA Certificates APY1

3 to 36 months$250 - $4,999 . . . . . . . . . . . . . . . . . . 0.30% - 1.50% $5,000 - $24,999 . . . . . . . . . . . . . . . . 0.30% - 1.55% $25,000 - $99,000 . . . . . . . . . . . . . . . 0.35% - 1.60% $100,000+ . . . . . . . . . . . . . . . . . . . . 0.40% - 1.70%

Consumer Loans APR2

Preferred Line of Credit . . . . . . . . . . . as low as 9.75%VISA® . . . . Effective July 24 . . . . . . as low as 9.90%2017 + Model Year Auto . . . . . . . . . . as low as 2.74%2011 – 2016 Model Year Auto . . . . . . . as low as 3.14%2008 – 2010 Model Year Auto . . . . . . . as low as 4.14%

Home Equity Line of Credit (HELOC)3

Variable (no closing costs)4 as low as prime minus 0.25%

Fixed-Rate Mortgage2

15-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . 4.54% 20-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . 4.85% 30-Year Fixed . . . . . . . . . . . . . . . . . . . . . . . 4.92%

Adjustable-Rate Mortgage (ARM)2

5/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . 3.26% 7/1 ARM . . . . . . . . . . . . . . . . . . . . . . . . . . 3.80%

Rates are accurate as of 6/15/18 and subject to change.

(1) Annual Percentage Yield (APY). Penalties may be imposed for early withdrawal. Fees or other conditions could reduce earnings.

(2) Annual Percentage Rate (APR) may vary. Loans subject to credit approval. Mortgages are only available in FL, GA, NC, OH, SC, TN and VA.

(3) HELOC periodic rate not to fall below 4.75% or exceed 18% for a plan with a loan-to-value of 85% or less. Available in FL, GA, NC, OH, SC, TN and VA.

(4) No closing costs if loan is not paid off and closed within 24 months. Appraisal fees may apply if appraisal is ordered and loan does not close. Not applicable in GA. Up to $400 in closing costs paid on home equity loans and lines of credit for member-owners with residential property in SC.