Quarterly Interest

is the official publication of Go Green to Win Green! Quarterly Interest

Greater Minnesota Credit Union.
~ Sign up for eStatements Spring 2010
Board of Directors
~ Get entered into a $100 gas card drawing Volume 27 Issue 2
Bob Oehrlein Chairman
Jason Horrigan, Vice Chair ~ Receive TWO FREE White Spruce seedlings*. “Discover the Difference”
Dennis Schulz, Secretary
Steven Ahlness, Treasurer Switch to eStatements between March 15 and May 31, President’s Report
Carl Anderson, Director 2010 and get entered into a monthly drawing to win a
John Sandy, Director
Darla Stenstrom, Director
$100 gas gift card. One lucky winner for March, April 2010 Annual Meeting
Jack Sahlstrom, Director and May.
As we approach our 75th Annual Meeting I feel a great deal
Already signed up for eStatements? Thank You! Your of respect for our credit union forefathers. This credit union
Supervisory Committee name is already entered into a drawing for a $50 gas and many of our state’s credit unions were incorporated
Terry Dalbey, Chair gift card drawing for March, April and May! during the depression era. This was a time of high unem-
John Sandy, Director Appointee ployment, soup kitchens, foreclosures, bank closings, stock
To enter, go to our Web site at www.gmcu.com
HAPPINESS = market collapse and of our government creating work programs to try and re-ignite
Offices
MORA and click on the “Go Green to Win Green” tile. A NEW RIDE AND the economy of this great nation. The men and women that incorporated our credit
112 S. Lake St. • Mora, MN 55051 A GREAT RATE! union and credit unions throughout the United States had uncanny vision. They
* Sign up for eStatements before April 30 and receive TWO FREE White Spruce Seedlings.
(320) 679-3863 dealt with issues that we can’t even imagine and committed themselves and their
Seedlings will be available for pick up around May 10. We can have your seedlings ready at
MILACA any of our branches. assets to help their family, friends and neighbors build a better life for themselves.
400 3rd Ave. SW • Milaca, MN 56353 No purchase necessary to enter. Need not be a member to participate. Need not be a member to RATES AS LOW AS
We have dealt with serious economic issues these past few months and at times
(320) 983-2511 win. Odds of winning are determined by number of entrants. Only 1 winner per month per category.
Sweepstakes period is March 15 through May 31, 2010. Please see Web site for list of contest rules.
3.99% APR / 36 months felt overwhelmed by the problems. In my mind I am certain that the issues we have
ISLE
390 Isle St. W. • P.O. Box 697 4.49% APR / 48 months and are facing pale in comparison to the credit union leaders of the 1930s. I am
Isle, MN 56342 Regulation E and What it Means to You! truly proud of the credit union heritage that we all enjoy as members. Proud of what
(320) 676-3607 Autos • Boats • RVs • Big Toys has been accomplished by men and women working together, combining their
Currently, GMCU assets, staying true to a dream and course of action that helped many young men
ELK RIVER may pay a debit Motorcycles and More!
P.O. Box 333 and women get their first loan and truly improve their financial lives.
transaction and *APR= Annual Percentage Rate. Cost per thousand is
Elk River, MN 55330 assess you a $29.52 for 36 month term. Cost per thousand is $22.80 We are now three months into 2010 and there are “positives” happening for our
(763) 441-3842 fee when your for 48 month term. Collateral must be 2005 or newer. On
PINE CITY checking account approved credit. Rate and terms can change at any time. members and for our credit union. We are no different than most households in
900 Main St. S. • Pine City, MN 55063 is about to go Other favorable rates and terms available for older collat- America. The economic downturn that affected our members has had similar, if
(320) 629-1178 negative, rather eral. New money only. Re-fi from another financial if 2005 not an even more severe effect on us. As a financial institution of 22,000 members
than DECLINE the or newer. we’ve witnessed first hand how under employment, job layoffs, the high cost of fuel,
OGILVIE
200 W. Hwy 23 • P.O. Box 158 transaction at the the reduction in home values, and fraudulent lending practices outside of the CU
Ogilvie, MN 56358 cash register. Changes to Regulation CC industry have affected our members and their families. We directly feel the suffering
(320) 272-9918 Read below for of our members. Credit unions are very restricted as to how we can make money
Due to the changes that occurred on February 27, and build capital. When income levels decreased we were forced to find ways to
important
1-800-808-2830 • www.gmcu.com information. 2010 in the Federal Reserve Bank restructuring, reduce operational expenses. This is the same thing that the majority of our mem-
Hours GMCU’s funds availability policy has changed and bers had to do in their individual households. The actions that we, as a credit union,
Beginning August 15, 2010 Greater Minnesota Credit Union will not be able to autho- creates a new positive schedule for your transaction have taken and the actions of our individual members to reduce living expenses are
Mora, Milaca, Isle, Pine City, Ogilvie
rize payment of overdrafts on Point of Sale (POS) debit card and ATM transactions (checking) accounts. If we hold funds, the time frames the building blocks for recovery and capital rebuilding plans. We have done what is
Monday-Thursday
Lobby: 8:30 am - 4:30 pm unless members complete an Opt-in form. This means your debit card or ATM trans- have been shortened. Depending on the type of check needed to continue our successful history and we are working to help you and all of
Drive-thru: 8:00 am - 5:00 pm action would be declined at the cash register if it would take your account negative. that you deposit, funds may not be available until our members improve your financial future.
Call Center: 7:30 am - 5:00 pm
Friday the second (2nd) business day after the day of your
An overdraft occurs when you do not have enough money in your account to cover a In closing, I thank each and every one of you for your continued support and loyalty.
Lobby: 8:30 am - 6:00 pm deposit. The first $100 of your deposits, however, may
Drive-thru: 8:00 am - 6:00 pm transaction, but we pay it anyway. Members with checking accounts in good stand- Your belief in a democratically-controlled, not-for-profit, and cooperative-based
Call Center: 7:30 am - 6:00 pm be available on the first (1st) business day. If a longer
ing at GMCU currently have the ability to tap into a $500 Courtesy Pay fund that financial institution (i.e. credit union) confirms the belief that our founders had when
Saturday delay applies, the funds will generally be available no
Drive-thru: 8:00 am - 12:00 pm would pay their debit and ATM card transaction, rather than decline the transaction, they risked all to offer the consumer an alternative to the for-profit banking industry.
Call Center: 8:00 am - 12:00 pm later than the seventh (7th) business day after the day Credit Unions have held true to their original mission and will do so for the foresee-
and assess a $25 fee. Many times this saves the member the embarrassment of not
Elk River of your deposit able future. The only way that we as member owners will allow the mission of our
Monday-Thursday
being able to pay for their purchases. A new federal regulation will make it manda-
tory for members to opt-in to Courtesy Pay programs for use in paying POS debit industry to change is if Congress or our Regulators mandate that change. We must
Lobby: 8:30 am - 4:30 pm Special Rules for New Accounts:
and will fight that change. In short, don’t fix something that isn’t broken.
Drive-thru:
Friday
7:30 am - 5:00 pm
card and ATM withdrawal transactions. Funds from all other check deposits will be available
Lobby: 8:30 am - 6:00 pm on the ninth (9th) business day after the day of your
Drive-thru: 7:30 am - 6:00 pm The Opt-in/opt-out form will be available in each of our branches beginning May 1,
deposit.
Lobby:
Saturday
8:30 am - 12:00 pm
2010. Look for more information soon. Steve Ahlness, CEO/President
Drive-thru: 8:00 am - 12:00 pm
 75th Annual Meeting Reminder Investment Seven Good
Rate Watch Greater Minnesota Credit Union’s 75th Annual Business
Corner Reasons to Start
Meeting will be held:
Loans When: Monday, April 12, 2010
Where: Grace Lutheran Church
Randall W.Thiel
YOUR Retirement
Auto, New - 2008 301 Forest Avenue East, Mora, MN
............................(as low as) 5.54% APR* (About two blocks east of Hwy 65 on Forest Ave). Investment Advisor Representative
Boat & RV, New - 2008 Time: 6:00 pm Doors Open Financial Network Investment

............................(as low as) 5.54% APR*
Auto, Boat & RV, 2007-2003
............................(as low as) 7.14% APR*
Unsecured
............................(as low as) 10.99% APR*
Visa
............................(as low as) 9.49% APR*
Mortgages
First Mortgage
............................(as low as) 5.54% APR*
Home Equity
............................(as low as) 5.54% APR*
Fixed-rate mortgages are available through the secondary
market. For current rates and information, contact Carey at
320-679-3863 or 800-808-2830. Lowest rate subject to credit
score and checking/auto pay relationship.
Rates are subject to change at any time.
Certificates
$500 minimum deposit.
12 month.................1.26% APY**
18 month.................1.26% APY**
24 month.................1.51% APY**
36 month.................1.86% APY**
48 month.................2.02% APY**
60 month.................2.32% APY**
*Annual Percentage Rate.**Annual Percentage Yield.
Penalty for early withdrawal. Rates are subject to
change at any time. Rates current as of 3/24/10.
For current rates, please go to www.gmcu.com. For
more information, contact our Call Center at
800.808.2830.
7:00 pm Business Meeting
8:00 pm Dinner / Prizes
The Business Meeting is to review the annual reports of the
Board of Directors, the President/CEO, Credit Manager and
Supervisory Committee for the fiscal year ending 12/31/2009.
2010 GMCU
FEE SCHEDULE Changes
(Effective 5/17/10)
Checking Accounts
Overdraft Transfer.................................. $3.00 each occurrence
Stop Payment........................................ $25.00
Savings Account
Early Closure Fee ................................. $15.00
(Within first 6 months)
Miscellaneous Fees
Cashier’s Check.....................................$5.00
Safe Deposit Box Payment Late Fee.....$5.00 per month
Document Fee....................................... $5.00
(i.e. prior year tax statement)
Statement Copy..................................... $7.50 each statement
Domestic Western Union....................... $25.00
International Western Union
$0 - $500.00 .......................................... $30.00
$501 - $1000 ......................................... $35.00
$1001 - $2000........................................ $40.00
$2001 - $5000 .......................................$45.00
$5001 - $10000...................................... $50.00
GMCU Partners with
Consumer Loan Services
Planning Today
Corporation
Direct line: (320) 679-8127 or
(800) 808-2830
rthiel@cufinancialservices.com
Financial security is not an abstract concept. There are a number of specific reasons to start your retirement planning today. Here are ten:
1. The cruise…the ones your friends who are retired will take, even if you have to work. The other folks get to go out and play, but you
cannot afford the time or cost, you don’t get to go with them.
2. Inflation…and how it can gobble up the purchasing power of a too-little nest egg faster than you can say, “Where did it all go?”
Inflation is fairly low today. Still, if you expect to retire on a just-enough-to-get-by income, you may end up watching your lifestyle shrink
along with the value of your money
3. Social Security…and how there always seems to be someone talking about the need to cut benefits or telling you the system is on
the verge of collapse. In my opinion, it really isn’t. However, do you want to leave your financial security in the hands of the politicians, who
may treat your future like a political football? Plus, keep in mind that the average estimated monthly benefit (2007) for a retiree is just $1,044
per month.
4. Your life expectancy…and how you may need an income for 20, 30 or even 40 years after you retire, as life expectancies continue
to rise. Retirement planning was not really much of a problem for our grandparents, since life expectancies were lower, so retirement was
shorter. Today, you need to think of retirement as a long vacation, one that could last for decades. The catch: you need to have money to
pay for it lined up in advance. What will you do if you live to 85, but your retirement funds run out at age 80?
5. Your Family...and how you may want to leave them something besides bills as their inheritance after you’re gone.
6. Your Family…and why you really don’t want to ask them to help support you in your old age. Imagine working a lifetime only to end
up depending on your children for support. It’s not fair to you and it’s not fair to them.
7. Your Spouse…and how he or she may appreciate having a decent standard of living after you’re gone. If you predecease your
spouse, you don’t want to leave your partner destitute.
Recommendation: Take the time now to start planning for a financially secure retirement. It takes a strategy and a bit of self-discipline. How-
ever, the alternatives to planning can be even more painful.
As your Financial Network Investment Advisor Representative, I can help. That’s what I do. Contact my office today for information about the
options and opportunities that can help you achieve your retirement planning objectives. There’s no obligation.
Securities and investment advisory services offered through Financial Network Investment Corporation, member SIPC. CU Preferred Invest-
ment
affiliated companies.

Not FDIC/NCUSIF insured ● Not a Deposit ● No Bank/Credit Union Guarantee ● May Lose Value ● Not insured by any federal government
agency

Special Holiday Hours: Greater Minnesota Credit Union to Host Blood Drive
Memorial Day FHA • VA •Rural Development Give the Gift that keeps on Giving... Blood! GMCU is hosting a Red Cross Bloodmobile.
Monday, May 31 - Closed Low Down Payment Options • More! When: Tuesday, April 20th Where: GMCU Mora Branch Employee Parking Lot
Independence Day This new partnership allows GMCU to offer a greater selection of Time: 9:00 am to 2:00 pm
Monday, July 5 - Closed mortgage products for all your needs. To learn more about the
mortgage loan options available to you, please call For more information, or to make an appointment call Michelle at 320.679.8109 or visit the
800.808.2830. Web site www.givebloodgivelife.org. (Picture ID or Donor Card is required).