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MONEY
CONNECTION
Coca-Cola Credit Union Quarterly Member Newsletter | Winter 2021
A MESSAGE FROM THE
PRESIDENT
This year has been unlike any other as we have faced so many challenges
from the COVID-19 pandemic. For most of 2020, we have had to make
many unexpected adjustments to how we live and work, including the
difficult task of quarantining and socially distancing ourselves for the
common good.
As financial service providers, credit unions are considered essential Rob Hatefi, CCE
President/CEO
businesses by the federal government, and we have a duty to sustain
2 Introducing
Mobile Wallet
operations and support for our members. In March, as COVID-19 was declared a national
emergency, we installed a variety of safety measures in our branch and beyond, to deliver a
high level of care while safeguarding the health of every member and employee.
Get a Jump on
Your 2020 Taxes
with TurboTax Additionally, Coca-Cola Credit Union’s strong financial position enabled us to maintain
consistent value and demonstrate flexibility. For members who suffered financial hardships
because of illness or a work layoff due to COVID-19, we offered assistance programs
3 6 Not-So-Great
Reasons to
including; fee waivers, payment deferrals, restructured loan terms and short-term, low
interest personal loans.
Refinance Your
Home Loan
As I have led our team’s response efforts during this unprecedented year, I have been
extremely proud of our employees’ dedication. They have more than met the operational
4 What’s Up at
CCCU?
challenges of either working in a socially distanced branch or from home by finding
consistent purpose and reward in helping you, our valued members.
I hope that you and your family have been able to stay safe and healthy throughout this year
and that you are able to have an enjoyable holiday season. As we close out 2020, I am looking
forward with hope and optimism to a better 2021 for everyone, and please know Coca-Cola
Credit Union is always here for you.
Rob Hatefi, CCE
President/CEO
INTRODUCING
MOBILE WALLET
PAY FASTER with our newest digital banking product, MOBILE WALLET.
Use your Coca-Cola Credit Union VISA Debit Card with your payment-enabled
smartphone or wearable device so you can pay quickly online or in person.
IT’S SIMPLE:
3 EASY SET-UP: download the app that works with your
smartphone and follow the instructions
3 CONVENIENT & SECURE: card information is tokenized and
never revealed
3 ALL THE BENEFITS of your Coca-Cola Credit Union Debit
Card, faster and easier
Visit our website to learn more about adding your Coca-Cola CU Debit Card
& how to pay with Mobile Wallet.
TURBO TAX
Get a jump start on your 2020 taxes and your
maximum refund guaranteed with TurboTax Online!
What’s even better, Coca-Cola Credit Union members
can save up to $15 on filing fees. TurboTax is easy
to use, up-to-date on the latest tax laws and
guarantees 100% accurate calculations, so you
can be confident your taxes are done right.
Visit our website at creditunion.coca-cola.com
NICE REFU ND!
to get started today!
$3,284
FE DE RAL
*TurboTax is a Credit Union partner and is not operated by Coca-Cola Credit Union. The Credit Union
assumes no liability for services rendered. These are voluntary programs and members are not
obligated to participate
2
2
6 NOT-SO-GREAT REASONS
TO REFINANCE YOUR HOME LOAN
With interest rates trending downward over the last First, the loan isn’t cheap. Closing costs can be
several months, refinancing is all the rage. For many thousands of dollars, and if the new loan is more than
homeowners, refinancing an existing mortgage to a 80% of the home’s value, the homeowner will also need
home loan with an interest rate that’s at least a full point to pay private mortgage insurance (PMI) until they have
lower than their current rate, can hack hundreds of 20% equity in the home.
dollars off their monthly payment.
Second, using a home’s equity for an expensive purchase
However, refinancing is not always a good idea. Here are means the borrower will see little or no return on their money.
six bad reasons to refinance a home loan.
5 To take cash out for investing Refinancing a mortgage
1 To extend the term of the loan Refinancing to a with plans to use the extra cash each month for investing
mortgage with a lower interest rate can save you money is, generally, not a responsible choice. Cash is easily
each month, but be sure to look at the overall cost of the spent and it takes tremendous discipline to actually
loan. Homeowners who are more than halfway through invest the money that is saved from a refinance.
their 30-year mortgage loan will likely not benefit from a
6 To take advantage of a no-cost refinance There is no
refinance. Stretching out the remaining payments over
such thing as a no-cost refinance. A lender might offer to
a new 30-year loan will mean paying more in overall
refinance a mortgage with no closing costs attached, but
interest, even when it is at a lower interest rate.
these fees will be added to the loan in the form of higher
2 To consolidate debt Refinancing a home loan for interest payments. Alternatively, the closing costs may be
consolidating debt can be an irresponsible move with rolled into the mortgage, which means the borrower will
devastating consequences. be paying interest on these payments throughout the life
of the loan.
Mortgages are secured debt, backed by the borrower’s
Refinancing when rates are low can help some homeowners
home. Credit card debt, though, is unsecured.
save hundreds of dollars each month but be sure to look at
Consequently, the interest payments on credit cards are
the full picture before going ahead with a refinance.
generally a lot higher than interest rates on mortgages.
This can make it seem like moving debt from a credit Ready to refinance your home loan or have questions
card issuer to a home lender is a great idea; however, about refinancing? Contact Coca-Cola Credit Union at
transferring unsecured debt to a loan that is backed by a 404-676-2586 or email cumortgages@coca-cola.com
home means the borrower can stand to lose their house for more information.
if they default on the debt.
3 To save money for a new home A refinance will
cost money, generally 2-4% of the entire loan. It can
take several years just to break even on a refinance. If
the borrower is planning to move before then, the
refinance will not save them any money.
4 To splurge on an expensive purchase A cash-out
refinance replaces an existing mortgage with a new loan that
is more than what is owed on the house. The difference
goes to the homeowner. But using a house like an ATM
is not a recommended practice for several reasons.
3
WHAT’S UP AT CCCU
55 Acts of Kindness for 55 Years of Service
To celebrate 55 years of service, we randomly sent 55
members a $55 gift card as a “thank you” for being a valued
member. Here’s what two of our lucky recipients had to say:
MAILING ADDRESS
Coca-Cola Credit Union
“Thank you so very much for the pleasant P.O. Box 1734
surprise of a $55 VISA cash card. Atlanta, GA 30301
Although I’m two years retired from Coca- BRANCH LOCATION
Cola, it is acts of kindness like this that keeps Atlanta Office Complex
me a member of The Coca-Cola Credit Union. One Coca-Cola Plaza
Atlanta, GA 30313
Keep up the good work offering attractive and competitive
HOURS OF BRANCH OPERATION
products & services to all members in our credit union
Atlanta Office Complex
family.” — D. Raines Financial Solutions Center – USA 1
Monday – Friday
“Thanks for the Act of Kindness. 9 a.m. to 4 p.m. ET
I’ve payed it forward buying $55 worth MEMBER SERVICE
of groceries for a local Alexandria family Monday – Saturday
struggling in the pandemic.” — L. Shaw 8 a.m. to 8 p.m. ET
(877) 277-2586 toll free outside metro Atlanta
(404) 676-2586 within metro Atlanta
CONTACT BY FAX
Member Services: (404) 676-8894
Lending: (404) 676-1107
Finance: (404) 515-5864
Upcoming events SERVICES
No events to announce at this time CU Wealth Management: (404) 515-3079
CU Mortgage Services: (404) 676-2586
Visit creditunion.coca-cola.com for details. CU Car Buying Service: (404) 515-2689
Phone Banking:
We’ll be closed (877) 277-2586 toll free outside metro Atlanta
(404) 676-2586 within metro Atlanta
Wednesday, January 1
New Year’s Day
INTERNET ACCESS
Monday, January 18 Website: creditunion.coca-cola.com
Martin Luther King Jr. Day Email: creditunion@coca-cola.com
Coca-Cola Credit Union logo and the
Monday, February 15
Contour Bottle design are trademarks of
Presidents’ Day
The Coca-Cola Company.
**dates above subject to change
ID# NL1875-12/20
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither
Federally Insured the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging
by NCUA to this organization are provided for information only. No endorsement is implied. Images may be from ©iStock and/or ©Fotolia.
©2020 Coca-Cola Credit Union, P.O. Box 1734, Atlanta, GA 30301
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