Battle of the Badges Charity Softball Game

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Battle of the Badges Charity Softball Game

Save the date for our 2nd annual Battle of the Badges Charity Softball Game

Join us as we cheer on our local police officers and firefighters as they go head-to-head in our 2nd annual Battle of the Badges charity softball game.

Friday, September 8th @ 5:30pm
Chris Nelms All-Star Field, 707 W. Court Street

Proceeds from the event will positively impact our community by benefitting two local charities:

Free food and fun for all ages. Lawn chairs are recommended for seating.

View the event flyer.

How to Prepare for the Return of Federal Student Loan Repayments

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8 Steps to Help You Prepare for the Return of Federal Student Loan Payments

Student Loan Payments Resume September 1st

As the world continues to navigate through various challenges, one thing is certain: the temporary pause on federal student loan payments is coming to an end. Starting September 1st, if you owe money on a federal student loan, interest will kick back in for the first time since 2020 and payments will resume in October.

8 Steps to Help You Prepare for the Return of Federal Student Loan Payments

By taking proactive steps now, you can ensure a smooth transition and manage your finances effectively. Here are 9 Steps to Help You Prepare for the Return of Federal Student Loan Payments.

1. Know Your Loan Details

Begin by gathering all the necessary information about your federal student loans. This includes the loan servicer’s contact information, the type of loans you have, interest rates, and repayment terms. Having a clear understanding of your loans will enable you to make informed decisions.

2. Create or Update Your Budget

Assess your current financial situation and create a comprehensive budget that outlines your income, expenses, and savings goals. Be sure to factor in your upcoming student loan payments. This will help you determine how much you can comfortably allocate toward your loans while still meeting other financial obligations.

3. Calculate Payments

Use online calculators or contact your loan servicer to estimate what your monthly payments will be after the pause ends. Understanding the amount you’ll owe each month will assist you in adjusting your budget accordingly.

4. Explore Repayment Options

Federal student loans offer various repayment plans to suit different financial situations. Research these options and choose the one that best aligns with your income and future goals. Popular plans include Standard Repayment, Income-Driven Repayment, and Graduated Repayment.

5. Set Up Automatic Payments

Consider setting up automatic payments with your loan servicer. This will ensure that you never miss a payment deadline and may even qualify you for a small interest rate reduction.

6. Reevaluate Your Financial Goals

With student loan payments back on the horizon, take the opportunity to reassess your financial goals. Are there areas where you can cut back on spending to allocate more funds toward your loans? Additionally, consider building an emergency fund to handle unexpected expenses without derailing your loan repayment efforts.

7. Stay Informed

Stay up-to-date with any news or updates regarding federal student loans. Policies and regulations might change, and being aware of these changes can help you make informed decisions about your loans.

8. Take Advantage of Resources

The U.S. Department of Education offers resources and information about federal student loan repayment. Utilize these tools to educate yourself further about your options and responsibilities.

Conclusion

Preparing for the resumption of federal student loan payments involves careful planning and informed decision-making. By understanding your loan details, budgeting effectively, exploring repayment options, and taking advantage of resources, you can navigate this transition with confidence and continue on your path toward financial success. Being proactive now will set you up for a smoother repayment journey in the months and years to come.

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2023 School Supply Drive

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2023 School Supply Drive

Every student deserves the tools they need to succeed in their education, regardless of their financial circumstances. Now through August 18th, please consider helping us support local children in need by donating school supplies and cash donations.

Ways to donate:

  • School supplies can be dropped off at any of our branch locations.
  • Cash donations can be made through COPFCU Online or Mobile Banking, by calling to transfer funds from your account, or by visiting a COPFCU branch.

To donate funds using COPFCU Online or Mobile Banking:

  • If using Online Banking: Log in and select Quick Transfer from the menu options.
  • If using Mobile Banking: Select Move Money from the bottom of your screen. Then select Quick Transfer.
  • Choose which account you want to transfer the donation from.
  • Click the drop down option for “Transfer To” and select Another Member.
  • Enter Recipient Account Number: 420864 (COPFCU School Supplies Drive). Recipient Account Suffix: 000, First 3 letters: COP

Items needed:

  • Colored pencils
  • Crayons
  • Dry erase markers
  • Highlighters
  • Folders
  • Notebooks
  • Pens
  • Pencils
  • Reusable water bottles
  • Scissors
  • Sticky notes
  • USB drives
  • Wired headphones

Thank you for helping us support our local children in need.

Strategies for Paying Down Student Loan Debt

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6 Strategies For Paying Down Student Loan Debt

Average Student Loan Debt After Graduation

Graduating from college is an exciting time for students as they gear up for the next stage of life. However, many students also experience anxiety after graduation due to the burden of significant debt they carry into their professional careers.

The average student graduates with $30,000 in student loan debt for a four-year degree, according to U.S News & World Reports. That creates an enormous amount of stress for an individual just starting an entry level position.

In addition, it takes 20 years on average to pay off educational debt, according to the Educational Data Initiative.

One in five U.S. adults have outstanding student loan debt, any many carry that financial burden well into their forties. With the average monthly payment estimated at $500, it can be difficult to achieve goals such as buying a home, raising a family, and saving for the future.

When Do Student Loans Resume?

The emergency student loan forbearance program provided temporary relief during the pandemic but is set to end in September 2023, compelling borrowers to include student loan payments once again in their monthly budgets.

6 Strategies For Paying Down Student Loan Debt

Navigating the complexities of paying down student loan debt can be overwhelming. Here are 6 strategies that can help you take control of your finances and alleviate the stress of student loan debt

1. Increase Monthly Payments.

If your budget allows, increase the minimum payment of your student loan. Any extra amount will pay down the principal, which means less interest owed in the long run.

2. Sign Up for Automatic Loan Payments.

You can reduce your interest rate by 0.25 percent when you opt for this feature, which allows your student loan servicer to automatically deduct your monthly loan payment from your bank account. Just be sure you have the funds to cover the transaction, so you don’t incur fees for insufficient funds from your financial institution.

3. Make Biweekly Payments.

Switching to biweekly payments allows you to make half of your monthly payment every two weeks. This simple adjustment effectively adds an extra payment each year, accelerating your repayment schedule and reducing the overall duration of the loan.

4. Use a Cash Windfall.

If you receive unexpected funds from a tax refund, inheritance, settlement, or work bonus, consider allocating a portion or even the entirety of it towards a lump sum payment on your student loan.

5. Explore Student Loan Forgiveness Programs.

Certain jobs sectors such as public service, teaching or the military offer loan forgiveness programs as part of their employment benefits. Research career opportunities that provide assistance in paying off part or all of your student loans to alleviate your financial burden.

6. Consider Refinancing.

For individuals with good credit and stable employment, loan consolidation and refinancing may be an option worth exploring. Credit unions typically offer lower interest rates on loans, so it may be worth your time to research student loan refinance options in your area.

Conclusion

While the weight of student loan debt can seem overwhelming, implementing effective strategies can help graduates manage and pay off their loans efficiently. With careful planning and dedication, it is possible to overcome the challenges posed by student loan debt and build a solid foundation for a prosperous future.

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How Is Interest Calculated On A Car Loan?

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5 Key Factors That Influence Interest Calculation on a Car Loan

How to Calculate Interest on a Car Loan.

Taking out a car loan is a common practice for many people when purchasing a vehicle. Although the process of securing a car loan may seem straightforward, it’s important to understand how lenders calculate the interest on the loan. Understanding these 5 Key Factors that Influence Interest Calculation on a Car Loan will help you make a more informed financial decision and ensure that you are getting the best possible deal.

1. Interest Rates

Lenders provide financing to help borrowers purchase a new or used vehicle.  The lender charges an interest rate, or a percentage of the loan amount, for borrowing the money. The interest rate varies among lenders and is influenced by factors such as your credit score, loan term, and prevailing market rates. Generally, borrowers with higher credit scores receive lower interest rates, while those with lower credit scores may receive higher rates.

2. Principal Amount

When you make a payment, a portion of that payment will go to paying the interest you owe that month, and the rest will go to paying your principal. The principal amount is the total amount of money borrowed for purchasing the car.

The interest calculation is based on this principal amount. As you make payments on the loan, the principal amount decreases, which affects the interest calculation over time. Keep in mind that a larger loan amount will result in higher interest charges, so it’s wise to consider making a substantial down payment to reduce the principal amount.

3. Loan Term

The loan term refers to the duration over which the loan is repaid. It typically ranges from 36 to 72 months, although longer loan terms are becoming more common. The loan term plays a significant role in interest calculation. Generally, a longer loan term means lower monthly payments but higher overall interest charges. Conversely, a shorter loan term may lead to higher monthly payments but lower total interest costs.

4. Amortization

Most car loans work like this: you make payments every month to cover both the amount you borrowed (the principal) and the interest charges. At the beginning of your loan term, most of your payments will go towards paying off the interest. But as time goes on, more and more of your payments will go towards reducing the actual amount you borrowed, or the principal amount. This is known as amortization, and it affects how much interest you have to pay.

It’s important to note that not all loans are the same. Some loans may have different payment structures, so it’s important to understand the terms of your specific loan.

5. Prepayment and Early Payoff

Some lenders may charge prepayment penalties if you choose to pay off your car loan early. These penalties are designed to compensate the lenders for potential interest income they would’ve made if you stuck to the original payment schedule.

If you’re thinking about making extra payments or paying off the loan early, be sure to understand whether any prepayment penalties apply.  Evaluating the impact of prepayment penalties is essential when considering early repayment options.

Conclusion

Understanding how interest is calculated on a car loan is crucial for making informed financial decisions. By considering factors such as interest rates, principal amount, loan term, amortization, and prepayment options, you can better evaluate the total cost of the loan.

It’s always a good idea to compare offers from different lenders and carefully read the terms and conditions of the loan agreement before making a final decision. Armed with this knowledge, you can navigate the car loan process confidently and secure a loan that fits your needs while keeping interest costs as low as possible.

If you’d like more information on the car buying process, check out the COPFCU Car Buying Guide.

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2023 COPFCU Scholarship Recipients

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2023 COPFCU Scholarship Recipients

We’re thrilled to announce the recipients of this year’s scholarship awards. These individuals have demonstrated outstanding academic achievements, leadership qualities, and a commitment to their communities. We’re proud to support their educational journeys and invest in their bright futures.

Irvin Specht Memorial Scholarship – $4,000

Recipient: Natalie South, East Central High School
Attending: Xavier University
Studying: College of Nursing

View Essay

Emily Argo Memorial Scholarship – $4,000

Recipient: Isabella Lambrinides, Colerain High School
Attending: University of Cincinnati
Studying: Business

View Essay

Bright Futures Scholarship – $4,000

Recipient: Alexis Denman, Mercy McCauley High School
Attending: Thomas More University
Studying: Liberal Arts

View Essay

1st Runner Up Scholarship – $1,500

Recipient: Elise Lindle, Taylor High School
Attending: Franciscan University
Studying: Business and Psychology

View Essay

2nd Runner Up Scholarship – $1,500

Recipient: Halaia Larkin, Reading Community High School
Attending: University of Cincinnati
Studying: College of Nursing

View Essay

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5 Steps to Ace Your Next Car Purchase

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5 Steps to Help You Purchase Your Next Car

Buying Your Next Car.

If it’s time to start thinking about buying your next new or used car, make sure you do a little homework before you visit the dealer. These 5 Easy Steps to Buying Your Next Car will help you save time and money when you’re ready to purchase.

1. Find the best car for your needs.

First, pinpoint your absolute “must-haves” for the vehicle. Do you need a fuel-efficient car to drive 60 miles to and from work each day? Does the car need to accommodate 4 kids and your spouse? Will you be towing a camper? Make a list of your needs and then make a list of the extras you might want.

2. Determine monthly payments you can afford.

Next, determine your all-in purchase price and the maximum monthly car payment you can afford. Use this quick and easy Car Loan Calculator to help. Most financial experts suggest spending no more than 15% of your take-home pay on your car payment.

What about a longer loan repayment term to decrease the loan payment?

Extending the financing term by 6-12 months will decrease the monthly payment to a more affordable amount, but you will also be paying for the vehicle for a longer timeperiod. Who doesn’t want a lower monthly payment? Of course, we all do…but extended financing terms also mean that you’re more likely to pay for car repairs while you’re still paying for the loan. If you must extend the financing term, consider Mechanical Breakdown Protection and GAP insurance to help control your future out-of-pocket expenses.

3. Consider the full costs of ownership.

The monthly loan payment isn’t the only expense you’ll have with a car. Be sure to consider the following items when considering different vehicles:

  • Length of manufacturer’s warranty – the longer the warranty, the better. Once the warranty expires, you’ll have to pay for needed repairs out-of-pocket.
  • Costs for regular maintenance – oil changes, brakes, tires, etc.  Large trucks, SUVs and luxury vehicles will carry higher costs for standard maintenance.
  • Annual fuel costs – Consider the vehicle’s MPG (Miles per gallon) rating and whether the vehicle takes Regular 87 octane or Premium 93 octane gas. Annual fuel costs can differ widely from one vehicle to the next.
  • Insurance coverage – The insurance premiums for sports cars are usually much higher than on 4-door family sedans. Check with an insurance agent to find the monthly or annual insurance costs for vehicles you are seriously considering.

These items will vary from one car to another and could make a significant difference in your overall cost of ownership.

4. Take a Test Drive.

After you’ve narrowed down your list of vehicles that will suit your needs and your budget, now it’s time to have some fun — test drive the vehicles. Why? Because a vehicle with a great warranty, price and low cost of ownership could turn out to be the most uncomfortable, cramped and least satisfying to drive.

If possible, drive the car on roads that are similar to those you take every day. Note the vehicle’s acceleration, brake feel, comfort and if the radio controls, heat/ac and windshield wipers are intuitive and easy to use.

5. Find the Best Loan.

Researching your car loan is just as important as researching your next car. You should check financing options at your credit union and the car dealership. Keep in mind that the best deal may not always be just about the loan rate. If you want GAP and Mechanical Breakdown Protection, be sure to compare these costs as they are usually financed as part of the loan. Dealerships are known to charge hundreds to thousands more for GAP and Mechanical Breakdown Protection than your friendly, neighborhood credit union. Remember, COPFCU is a not-for-profit cooperative owned by you with the goal of improving your financial life – not charging you thousands over market.

You’re Ready to Go!

Hopefully you’ve found these 5 Easy Steps to Buying Your Next Car useful. If you’d like more information on the car buying process, check out the COPFCU Car Buying Guide.

Get Pre-Approved for A Car Loan Now
Explore Discounted Car Insurance

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Queensgate Branch Temporarily Closed

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Queensgate Branch Will Reopen on Friday, 4/7

Updated 4/6/2023 at 2:00pm

The Queensgate Branch will reopen for normal business hours on Friday, April 7th. Our team looks forward to seeing you.

Queensgate Branch is Temporarily Closed

The Queensgate Branch has sustained damage due to the inclement weather of Wednesday, April 5th. At this time, the Queensgate Branch will be closed until further notice. Blue Ash and Colerain Branches will be open.

The Queensgate Branch will remain closed while we assess the damage and work to bring the location back to safe operation.

For In-Person Transactions in Queensgate & Blue Ash

While the Queensgate Branch is closed, please use this Shared Branch for in-person deposits and withdrawals: Kemba Credit Union, 1119 W. 8th Street, Cincinnati, OH 45203. Hours for this shared branch are Monday – Friday from 8:30am to 5:00pm.

All Systems Remain Operational

All credit union systems remain operational including:

  • Online & mobile banking
  • Phone systems including bank-by-phone
  • ATM networks
  • Debit & credit cards

Stay Informed Through Social Media & Email

We will continue to communicate updates on the status of the Queensgate branch through email and our social media channels including Facebook, Instagram and Twitter. We encourage your to follow these channels.

As always, we appreciate you and your continued loyalty and support of the credit union. Resuming operations to serve you is our highest priority and our team will be working diligently to restore service at the Queensgate Branch.

Your Funds Are Safe At COPFCU

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Your Funds Are Safe at COPFCU

Your Funds Are Safe And Federally Insured

In light of the bank failures recently reported in the media, we wanted to reassure you that COPFCU is in a strong financial position with healthy capital and that your funds are safe and federally insured.

The operations of your hometown credit union could not be more different from the banks that failed. We do not serve tech start-ups or venture capitalists. We serve public servants and their families in the Greater Cincinnati Area. We invest our funds in YOU – by providing home loans, car loans or any other loan you may need to fulfill your dreams and live your best life. We also purchase conservative investments backed by the federal government. These investments stabilize our income through both rising-rate and decreasing-rate environments. We perform a variety of “what if” tests on our portfolio to ensure that the credit union can withstand changes in the market. Credit union management meets regularly to review our portfolio, the results of these tests and to manage our risks.

Lastly, your funds are federally insured by the National Credit Union Administration (NCUA) up to $250,000 per accountholder, per ownership category and backed by the full faith and credit of the United States government. In fact, since the start of the credit union movement in 1934, no federally insured credit union member has lost any funds.

We encourage you to use these tools provided by NCUA to learn more.

Please feel free to contact us if you have questions about your accounts and federal NCUA Share Insurance.

As always, thank you for your continued loyalty and support. We look forward to serving the needs of your family for many years to come.

Kathy Haas

President/CEO

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Tax Refund Money Moves

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Tax Refund Money Moves

It’s tax refund time! Before you hit the “Buy Now” button on Amazon, take a deep breath and consider splitting up your tax refund to improve your life and happiness long-term. Here are 4 Tax Refund Money Moves to help maximize your refund in 2023.

1. First, Think About Fun.

We just mentioned not blowing your entire refund on Amazon, and we stick by that. But you work hard for your money and you should be able to spend a portion of your refund on something fun! Plus, allocating funds for fun right up front makes it easier to spend the remainder of your refund on other categories.

A weekend getaway with your family, a new TV for movie night or a night out with friends makes life just a little bit sweeter.

Recommended Amount: 10%-15% of your refund.

2. Next, Pay Down Debt.

Yes, we had to say it. If you have high-rate credit card debt or other debt, using a large portion of your refund to pay it down will save you hundreds, if not thousands, in the long run. In addition to easing your financial burden, paying down debt also has a positive effect on your mental health, greatly reducing financial stress and anxiety.

Recommended Amount: 50% – 60% of your refund.

3. Prepare for the Unexpected.

Life happens, and when it does it’s usually inconvenient and expensive. Saving a portion of your refund to create an Emergency Fund will ease the burden when faced with an unexpected car repair or medical expense.

Having funds set aside for these events also keeps you from getting further into debt. This is because you’re not using credit cards or other loans to pay for these unexpected expenses.

Recommended Amount: 15% of your refund.

4. Invest for Your Future.

Consider investing a portion of your refund in the stock market. Here’s why: If you invest just $350 from each tax refund for the next 5 years in a mutual fund or other stock that earns a conservative 6% average yearly return, your $1,750 ($350 x 5) would total an estimated $2,560 at the end of 5 years – that’s  $810 more!* Do the same for 10 years and the estimated return jumps to $5,516 — $2,016 more.**

The point is that investing even small amounts in the stock market could yield significant returns over time. Unfortunately, you can’t earn this rate of return in a Savings, Certificate or Money Market Account today.

While there is risk to investing in any stock, the positive returns have substantially outweighed the losses.

Recommended Amount: 10% of your refund.