UNITED METHODIST OF MS FEDERAL CREDIT UNION

OUR MISSION STATEMENTUMMFCU is dedicated to the financial service of United Methodist Clergy and their families

of the Mississippi Conference

PURPOSE AND RESPONSIBILITYPurpose – To implement the mission

statement of the Credit Union in planned and measured steps, while maintaining the financial integrity and strength of the Credit Union.

Responsibility – The Board of Directors and Manager of the Credit Union are responsible for implementing and evaluating progress toward fulfillment of the Mission Statement.

BOARD OF DIRECTORS AND MANAGEMENT

Pat Ludlam, Chairperson, BODDwight Prowell, Vicechairperson, BODEdward Woodall, Seretary, BODMarilyn Rowland, Treasurer/Manager, BODTim Green, Member at Large. BOD

OFFICE HOURS: MONDAY – FRIDAY 8:00-12:00

PHONE NUMBER: 662-324-1255

WHAT ARE CREDIT UNIONS? A federal credit union is a cooperative

financial institution chartered by the federal government and owned 100% by its members.

A federal credit union offers members a safe place to save and borrow at reasonable rates.

Surplus income is returned to members in the form of dividends on a quarterly basis.

WHEN DID CREDIT UNIONS START?First Credit Union started in Germany in

1846 for the working class poor.First US Chartered Credit Union April 15,

1909 in New HampshireCongress formed our Federal Credit Union

System with the Federal CU Act of 1934Federal Credit Unions are chartered,

supervised and insured by the National Credit Union Administration, an agency of the federal government.

WHEN DID UMMFCU START?On March 23,1961, seven men met Sallis, MS

to sign the charter for what was to become the NMMCU . They were in order of signature: R. T. “Tom” Woodard, H. Lavelle Woodrick, J. W. “Bill” Carroll, Duncan A. Clark, M. L. Prewitt, J. C. Hubbard, James McCafferty

On June 17, 2005, the NMMCU officially became UMMFCU and changed from a STATE chartered (regulated) to a totally FEDERAL regulated Credit Union.

MEMBERSHIP Eligibility for Membership – Ministers, Spouses, Children,

Parents, Son-In-Law, Daughter-In-Law. ONLY FULL TIME EMPLOYEES OF LOCAL CHURCHES ARE ELIGIBLE.

Each applicant much show two proofs of identification (birth certificate, driver’s license, social security card etc.) and have a letter of reference with their application.

BENEFITSDeposits in the Credit Union are called Shares.

Your first deposit should be in the amount of $8.50, $5.00 for first share, $1.00 membership fee, and $2.50 for the first year’s maintenance fee. After that, deposits can be made in any amount you choose.

Dividends are paid on your shares on a quarterly basis at the end of March, June, September, and December.

LIFE SAVINGS INSURANCEUMMFCU pays a life savings insurance policy

on your account from the moment you join the Credit Union. This is a dollar for dollar insurance policy up to $3000.00 AND is based on your age at the time of your deposit. (BLUE handout explains how this insurance works for your benefit)

REMEMBER We pay the insurance premium on you but you are also earning dividends on your account at the same time.

LOANSThe UMMFCU offers three (3) types of Loans

to its members:

Shares Secured LoansSignature LoansAuto Loans

SHARES SECURED LOANSShares Secured Loans are the easiest loan to

obtain:1. Call request a loan application for an

amount not to exceed your shares balance2. We work out rate(between 3.9-4.9),

depending on length of time for loan, loan papers are completed and mailed to you.

3. I call a member of the Credit Committee for approval; You return the loan papers to me.

4. I write you a check and send you a repayment schedule.

SIGNATURE LOANSSignature loans are the most common loans

granted by the Credit UnionMaximum Amount $3615.00Current Rate 12.5 APRMaximum Period 36 MonthsPayment at 36 months $121.85May be granted for school expenses, medical

expenses, household needs, and any number of reasonable request.

Requires a proof of income, a credit report (Equifax) and references

NEW AND USED AUTO LOANSCall for Application for loan.Establish loan value of vehicle you want to

buyEstablish your ability to repay loan by

securing proof of income, credit report and any other outstanding debt. We set our debt /income ratio at 65%.

Call Credit Committee for Approval of Loan if above criteria are met.

ITEMS TO COMPLETE AUTO LOAN FILESigned Application for LoanSigned All-in-One LOANLINER FormCopy of BILL OF SALE showing amt paid for

autoTITLE OR COPY OF TITLE APPLICATIONPROOF OF INCOME (W-2, Check Stub, TAX

RETURN)PROOF OF INSURANCE

NEW CAR LOAN RATESFinanced up to 60 MONTHS 4.9

APR

Up to 72 Months 5.2 APR

USEDS CURRENT YEAR MODEL OR UNTITLED CAR LESS THAN TWELVE MONTHS OLD

Up to 48 Months 5.1 APR

Up to 60 Months 5.2 APR

Up to 72 Months 5.3 APR

USED CAR LOAN RATES 2010-2009 UP TO 60 MONTHS 5.20

APR2008-2007 UP TO 54 MONTHS 5.40

APR2006-2005 UP TO 48 MONTHS 5.50

APR2004-2003 UP TO 42 MONTHS 6.50

APR2002-BEFORE UP TO 36 MONTHS 9.00

APR

ALL RATES ARE NEGOTIABLE DEPENDENT ON APPLICANT’S CREDIT RATIO AND BOARD’S DISCRETION.

CREDIT COMMITTEE

Rev. James Price, Chairperson

Rev. Fred H. Brown

Rev. R. T. “Tom” Woodard

SUPERVISORY COMMITTEECarolyn Goldsmith, ChairpersonMartha Scarborough, CPA Rev. Robert McCoy This committee functions to insure that all

internal controls established by NCUA, the Board of Directors and our external auditor are working as they should.

SUPERVISIONTHE UMMFCU IS UNDER THE FULL

SUPERVISION OF THE NATIONAL CREDIT UNION ADMINISTRATION.

EACH ACCOUNT IS FULLY INSURED UP TO $250,000.00 BY NCUA.

A NCUA EXAMINER PERFORMS A YEARLY EXAM AND REPORTS HIS/HER FINDINGS TO THE BOARD OF DIRECTORS. THESE REPORTS ARE PART OF THE CREDIT UNION’S PERMANENT RECORDS

TESTIMONIALSA recent note:Marilyn: I’m so glad I listened to you all

those years ago and tucked back whatever amount I could when I was paying car loans or just when I had $10 extra. As you well know, we were able to use that money to buy the appliances and almost all of the other furniture for our retirement home. It is better than we dreamed!. Now put this in our account, we can get back to saving again.

Thanks to you----Sincerely,

KURT’S MONEYOur grandson Kurt likes money. He likes to get one dollar .bills for

his birthday or for work he does for us. He much prefers five $1’s to one $5. He just feels richer. He often does chores for me. His number one chore is official paper shredder for the Credit Union . I have tons of paper for him to shred. I pay him by putting money in his savings account with the Credit Union .

Frequently Kurt says, “Gran”, “I want to see MY MONEY.” I go to the computer, go to Kurt’s account, and he always gives me that big 7-year old toothless grin. He sees where Gran has made DEPOSITS TO HIS account but he likes his FREE MONEY best. That is what he calls the interest that gets posted to his account.

Danny and I opened this account for Kurt on the day that he was born. We also opened an account for our 11 year old granddaughter Katy on the day she was born.

We are trying to teach them the value of working, saving, sharing, and giving part of what you have to others.

UMMFCU If you need further information or would like to

join the Credit Union contact me at:

Marilyn D. Rowland, Manager P. O. Box 1797 Starkville, MS 39760-1797 662-324-1255 drowland217@bellsouth.net