Recent & Upcoming News
President's Message — January 2014
As we enter 2014, the Ben Bernanke era as Chairman of the Federal Reserve Bank will come to a close. With a new Fed Chairman we usually anticipate a change in monetary policy but I wouldn't expect to see that this time.
The economy is still growing too slowly for any change in short term interest rates, so all eyes will be on the tapering, or phasing out, of the Fed's $85 billion-a-month bond buying program. As the Fed buys fewer bonds, long term rates will rise because the Fed will no longer be subsidizing rates by injecting cash into the economy. One of the side effects of this move is higher mortgage rates.
The big unknown is how the stock market will react. Many experts think that the price of stocks will fall as they did last May when tapering was first mentioned. Others feel tapering is a sign that the economy is growing and stocks will benefit as corporate earnings increase. Only time will tell.
Freedom had a good year…
For the year we had increases in loans, shares and membership. This is a trend that we have been able to maintain in spite of an economy that continues to improve at a very slow pace. However, these are still very difficult economic times for some of our Members who have lost a job or had their hours cut back.
Loan demand increased around 13%. This is a dramatic increase over last year. Members are now starting to make major purchases that had been put off since the Great Recession. Home Equity Loans have also increased as Members are once again investing in their homes as the housing market has started to rebound.
Shares, on the other hand, increased only about 5%. Some Members have been lured to the stock market with its record highs and increased risk. A few Members have been attracted to more risky investments in search of higher yields, foregoing the safety of insured shares and forgetting the lessons of 2008.
Over the past year we had a net increase of over 1,400 new Members bringing our total membership to more than 60,600.
Remember, we are here to help you. If you are having a problem or just need some advice please give us a call.
We wish you a Happy New Year and thank you for your membership and for believing in "People Helping People."
Lee T. MacMinn
Nominations Now Open For Voices of Inspiration Award! - Recommend your favorite MontCo educator
For the eighth year in a row, Freedom Credit Union and the Montgomery County Intermediate Unit are sponsoring the "Voices of Inspiration" Award for Teaching Excellence-- and we're seeking nominations for the 2014 Awards!
If you know an outstanding Montgomery County teacher, counselor, or support instructor who demonstrates a true dedication to young people, send us your recommendation! Find details, contest guidelines, and nominate an exceptional educator.
Tune In for a Special, Live Broadcast of Sportsradio 94WIP at a Freedom Branch!
On Wednesday, March 12th, Sportsradio 94WIP will be conducting a LIVE broadcast of their most popular program, Angelo Cataldi and the Morning Team, from Freedom's Northeast Branch! You can tune in to 94.1 FM from 5:30 to 10:00 AM to catch the show that morning, or better yet-- stop by the branch during those times and take advantage of product specials, giveaways, and refreshments!
Refer New Members & Earn Cash!
For a limited time, when you refer a new Member to the Credit Union, and that person joins, you'll each earn $25!* We want to reward our new Members for choosing Freedom, and reward our existing Members for helping us grow. Plus, you get $25 for every new Member you refer.
To make a referral, just be sure that your friend or family member lives, works, worships, volunteers or goes to school in Southeastern PA, and ask them to include promotion code R8 when joining so that you both get your cash bonuses! New Accounts can be opened right away online-- just click here to get started.
* Promotion Code R8 and referring Member information must be provided. Cannot be combined with any other offer. A Joint Savings Account Owner age 18 or older is required for Members under 12. Each person can only be a new Member once. If eligible and in good standing, Referring and New Members' Primary Savings Accounts will each receive a $25 incentive by the 25th of the month after the new Primary Savings Account opened. The $25 incentive will be a taxable dividend on the 1099 Form we will send you in January. Offer is subject to change without notice.