Friday, May 18 is Bike to Work Day, and Salal will host a table at 1515 Dexter Avenue North from 6:30 am until the goodies are gone. This year, we’re thrilled to be able to offer the services of a qualified bike mechanic from the newly opened Wrench Bicycle Workshop! If you’re biking to work that day, stop by and enter in a drawing to win 50% off a tune-up from Wrench, pick up a Salal flashing safety light and other goodies, have a hot cup of coffee and some attention for your ride from the  great folks at Wrench!

Salal CU’s Rain City Rollers believe in being safe, lawful and courteous on the roads—no matter what form of transportation we choose. Last year, we had enough riders to form two teams, and our 15 riders rode 1,366.1 miles, burned 68,305 calories, saved 68 gallons of gas, made 81.5 trips by bike and saved around 1,300 pounds of CO₂ from being added to the atmosphere. While we felt those numbers were impressive, they were even more impressive in context:

• 1,366 miles = almost 2 ½ round trips between Seattle and Spokane
• 68,305 calories = 148.5 maple bar donuts (a favorite here at Salal CU)
• 68 gallons of gas = $266.56
• 1,300 pounds of CO₂= the carbon sequestering power of about ¼ acre of trees

If you’re interested in Bike to Work Day or Month, you can find more information on the Cascade Bicycle Club webpage.

Potential Impacts

1. One measure under consideration is cutting Saturday mail pick up and delivery. This could result in payments being delayed, potentially resulting in late fees. 
2. More than 200 mail processing facilities may be closed, perhaps slowing delivery of mail even further.
3. Prices on USPS services will almost certainly continue to rise. One of the biggest expenses Salal incurs each year is postage.

Real Solutions

A good way to avoid the negative impacts of changes at the postal service is to opt for Salal’s free eStatements and online Bill Pay.

• Opt in for eStatements: more secure, available quicker than paper statements, “greener,” and a great cost savings for your Credit Union. As a special “thank you” for signing up for eStatements, if you opt in now, Salal will send you a $5 eGift card which you can donate to the charity of your choice through the TisBest.org website!
• In Bill Pay, set up electronic payments and never worry about a late payment again. Secure, convenient and simple!

It’s simple to sign up for eStatements and Bill Pay: if you’re already enrolled in Salal’s Online Banking, you can opt in for eStatements by clicking on the “eStatements” tab on the far left side. Your eStatements will be retained for a year, and of course, you can download or print them at any time.

To start paying bills electronically, choose the “Online Bill Pay” tab at the top of your Online Banking screen, then click “Sign up for Bill Pay” and follow the instructions. Save yourself stress and stamps!

Of course, our friendly branch and Virtual Branch staff are available to help you sign on; feel free to visit your branch or call 800.562.5515 or 206.298.9394 with questions!

Is my mortgage eligible? Here are the requirements:

1. Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. Find out if yours is here: www.fanniemae.com/loanlookup and www.freddiemac.com/mymortgage
2. Your mortgage must have been sold to either Fannie Mae or Freddie Mac on or before May 31, 2009 and has not been refinanced previously under HARP.
3. Your current LTV (loan-to-value) ratio must be greater than 80%.
4. You must be current on your mortgage when you apply for the HARP refinance.
5. You must have no late payments in the past six months nor more than one late payment in the last 12 months.
6. You have the ability to make the new mortgage payments.
7. The HARP refinance will improve the long-term affordability and/or stability of your mortgage.

Even if your home is “underwater,” there’s hope and help. To find out if you’re eligible for a refinance with Salal Credit Union, call for a one-on-one consultation with one of our Residential Loan Specialists: 800.562.5515 or 206.298.9394. For more information on the government’s HARP program, click here.

Salal’s Visa Credit Cards¹

You’ll love our new Visa credit cards with no annual fees!² Salal now offers a suite of cards, all serviced directly by Salal CU:

1. Salal Rewards Visa earns you a point for every dollar you spend with your card! Redeeming is easy and convenient online, and you’ll love the rich rewards. Feel free to browse the Salal Rewards site for more information.
2. Salal Classic Visa combines the purchasing power of Visa and the personal service of Salal. With its highly competitive rate, this card is truly one to love.
3. Salal Student Visa is a terrific card for young adults building a credit history. And, like all our new Visa cards, you can use it for overdraft protection for your Salal checking, up to your credit limit.
4. Salal Secured Visa is a great tool for building or rebuilding your credit history. Your deposit in a Salal savings is security for your card.

To make these cards even better, we’re offering a promotion until June 15, 2012. Apply for a Salal Visa card, and not only do you get the great rate, amazing service, available overdraft protection up to your credit limit and no annual fee,² you can also get $100 cash back for your first purchase with your new Salal Visa, and 5% cash back(up to $300) on purchases, balance transfers and cash advances for the first 90 days you have your card!³ That’s a grand total of up to $400 cash back—what’s not to love? Click here  for more details or to apply online! Not available on the Salal Secured Visa.

PLEASE NOTE: If you have a Visa card with the Salal name and logo on it, and your card was issued before December 31, 2011, please remember that your card is issued and serviced by Cardmember Services, not Salal Credit Union. You can find more information about your card here. Please bookmark or make this page a “favorite” for future reference.

You’ll Love Our Checking

Are you ready to make the switch to a better way of “banking”? Perhaps you’re a young adult ready to open your first checking account? There couldn’t be a better time to “check out” Salal Credit Union!

If you open up a checking account with Salal from now through June 15, 2012, you can earn cash back!⁴ Just use your Salal One Card debit card to make purchases, and you’ll receive $1 per purchase for the first 90 days you have your card, up to $75!

Salal’s checking accounts come with terrific benefits:

• 24/7 access to one of the nation’s largest ATM networks, plus access to thousands of Shared Branches nationwide
• A free One Card debit card and no charges from Salal for withdrawing cash at non-Salal ATMs
• Convenient, free online tracking of your account via Salal’s Online Banking
• Unlimited check writing, Salal’s amazing personal service, and more!

Click here to learn more!

Hit the open road—with more cash in your pocket

Spring and summer are great times to travel, and Salal wants to help give you sunny skies for your next road trip—no matter what the weather.  Here’s an offer that will brighten your day: until June 15, 2012, if you apply for a Salal car loan or refinance your non-Salal auto loan with us, you could get up to 1% off our already low auto loan rates—to a discounted APR as low as 1.99%!⁵

For details on this amazing auto loan offer, click here!

¹All Salal loans subject to approval. 

²Variable Annual Percentage Rate (APR) between 9.99% to 13.49% for our Rewards card and 7.99% to 15.74% for our Classic card. APR is determined when you open your account and is based upon your creditworthiness. After that, your APR will vary with the market based on the Prime Rate. Initial APR of 13.25% for our Student Visa; however, your APR will vary with the market based on the Prime Rate. Fixed APR of 18% on our Secured card. Foreign Transaction Fee of 3% of each transaction in U.S. dollars for the Classic, Student and Secured cards, and a Foreign Transaction Fee of 1% of each transaction for the Rewards card. Information on all cards is current as of April 1, 2012 and is subject to change without notice.

³$100 cash back for first purchase only using your new Salal Rewards, Classic or Student Visa card. The 5% cash back is limited to the first three months you have your Salal Visa card, to a maximum of $300. Cash back will be credited to your credit card line.

This offer is effective through June 15, 2012.

⁴Offer good on new Salal checking accounts opened March 15 through June 15, 2012. Limit one per household. To be eligible for the cash back deposit, the account must be open at least 90 days and be in good standing. Cash back deposits will be made to eligible accounts within 110 days after account opening. This special cash offer is subject to IRS reporting. For Silver Horizons, the annual per­centage yield as of April 1, 2012 is 0.05% for balances of $5,000 to $24,999 and 0.10% for balances of $25,000 or over. A minimum of $25 is required to open a Salal checking account. Fees could reduce the earnings on the account. Promo Code: Debit$$

All Salal accounts are subject to approval.

 ⁵APR=Annual Percentage Rate. All Salal loans are subject to credit ap­proval. The following restrictions apply: minimum 1.99% APR; the origi­nal loan cannot be with Salal; this offer is not valid with any other offer including Salal Rewards Points. Automatic payment required; otherwise, the amount of the discount is reduced by 0.25%. No cash-out allowed. Promo Code: Loan Pocket Offer

However, you must be cautious about when and where you access your accounts using Wi-Fi, public computers, or even your home computer. According to this article from Yahoo News, using a free or open Wi-Fi connection is not a good idea. Nor is using a public computer–such as at a school or library–to access your finances. The article also explains that you should take the time to make sure your computer is virus-free before accessing sensitive information. Click the link to read the entire article and check out the  link to a podcast about hacking.

Let’s all be safe out there.
Cpt. S

The selection of a new CEO is a very important decision and one the Board undertook with a great deal of care. We outlined what we were looking for in a President and CEO and engaged a recruiting firm to help us locate suitable candidates. We were impressed by the quality of the responses, which we believe indicates the excellent reputation Salal enjoys. With such a wealth of candidates to choose from, we were able to conduct a disciplined and rigorous review process which we firmly believe yielded the best from among an exceptionally talented pool.

Russ has already enjoyed significant achievements at Salal. Since he joined the team in September 2008 as CFO, our total assets have increased from $254 million to $344 million. Given the state of our nation’s economy in 2008 and the years since, it’s a true testament to Russ’s leadership that Salal was able to stay steady and prosperous. With his help, we’ve come through every standard state and federal examination with consistently high marks, demonstrating the confidence governmental regulatory bodies have in Salal Credit Union and our business practices.

Russ’s expertise isn’t limited to CFO concerns; he has broad knowledge about every aspect of the industry with over 25 years of experience. Russ, a UW graduate, also has an MBA from City University here in Seattle, and he continues to pursue opportunities to further expand his knowledge through education and career development.

Salal Credit Union couldn’t ask for a better advocate than Russ Rosendal. In the past three years, the Board and I have come to rely on him for information and thoughtful counsel. Additionally, Russ is very popular among staff—he is very approachable and inspires loyalty and confidence not just from his own department teams but from every staff member who works with him.

And speaking of great advocates: the departure of a CEO often triggers anxiety, and it’s not unusual to see significant staff turnover during transitional times. But not here, thanks to Carol Belland, who took over as Interim CEO. If you have the good fortune to know Carol personally, then you know there is nothing she doesn’t know about Salal and the financial industry. You also know what a delight she is to be around. Having Carol at the helm meant the Board had the luxury of time to choose our next President and CEO with care. She made the transition seamless, and I know the Board, staff and membership join me in thanking her for her leadership and tireless service to Salal.

As we move ahead, the Board, Senior Team and I are thrilled to have a leader at the helm who has already gained our trust and confidence. Russ will of course be in attendance at our Annual Meeting on March 28. You’ll find more details on the meeting in this newsletter. I hope you’ll join us for an opportunity to meet and speak with Russ.

Alan Lederman, Chair, Board of Directors

All our cards offer 24/7 tracking via Salal Online Banking. Salal Visa cards can also provide Overdraft Protection for your Salal checking account.

• Salal Rewards Visa. Earn Salal Points to redeem on a rich variety of rewards: travel benefits including air miles, car rental and hotel discounts. Choose from a wide range of gift cards from your favorite retailers! Or take your rewards in the form of cash: we’ll send you a check, give you credit on your Visa card or deposit your cash directly to your account. You can track and redeem your Salal Points at your convenience from our Salal Points redemption website!
• Salal Classic Visa. Variable rates on this card are competitively low, and with no annual fee plus the convenience and security of tracking via Salal’s Online Banking, this is the card you’ll turn to again and again.
• Salal Student Visa³. A great choice for young people, this card has a competitively low variable rate. It’s a great way to get started building a credit history, and the Overdraft Protection can provide a little bonus peace of mind for your Salal checking account. And speaking of peace of mind, Salal Student Visa holders can track their card via Salal’s Online Banking, 24/7.
• Salal Secured Visa. For those seeking to build or rebuild credit, this card is a great tool. Funds you set aside in a special savings account provide security for the card, giving you the freedom to improve your credit score while enjoying the convenience of Visa. Track your spending via Salal’s Online Banking, and never be surprised by your credit card bill again!

Plus, Salal’s Rewards, Classic and Student Visa cards come with an amazing introductory offer: $100 cash back for your first purchase with your new card, and 5% cash back⁴ on purchases, balance transfers, cash advances and checks during the first three months!

With all these benefits and no annual fee, what’s not to love? Be ready to apply for your Salal Visa card and kiss your other credit cards goodbye! Stay tuned to salalcu.org or call us at 800.562.5515 for more information on when our new Salal Visa cards will be available.

NOTE: if you currently hold a Visa card with the Salal name and logo, this card is still valid, the number has not and will not change, and there’s nothing you need to do. Please be aware your statements will come from Cardmember Service, and when your current card expires, the replacement card will no longer bear the Salal name or logo. If you wish to apply for a Salal Visa card, you’ll need to do so online or at a branch.

¹All Salal loans are subject to approval.
²Variable Annual Percentage Rate (APR)between 9.99% to 13.49% for our Rewards card and 7.99% to 15.74% for our Classic card. APR is determined when you open your account and is based upon your creditworthiness. After that, your APR will vary with the market based on the Prime Rate. Initial APR of 13.25% for our Student Visa; however, your APR will vary with the market based on the Prime Rate. Fixed APR of 18% on our Secured card. Foreign Transaction Fee of 3% of each transaction in U.S. dollars for the Classic, Student and Secured cards, and a Foreign Transaction Fee of 1% of each transaction for the Rewards card. Information on all cards is current as of March 1, 2012 and is subject to change without notice
³To be eligible for the Salal Student Visa card, applicants must be between 18 and 23 years of age. Applicants younger than 21 must be able to prove ability to repay debt and/or have an income of at least $3,000 per year; otherwise, a co-applicant who is at least 21 years of age will be required. ⁴5% cash back up to $300.

Sharon Dooley is a registered nurse who worked at Group Health Cooperative for 37 years before her retirement in 2003. She has been the chair or a member of the Salal Supervisory Committee for over 35 years. Sharon is a University of Washington graduate with a BS in Nursing. She served four years in the Army Nurse Corps prior to her employment at Group Health Cooperative.

Jamie Lee has served on the Board since being elected in 2009. She serves as chair of the Asset/Liability Management Committee (ALCO) and has been a member of the Supervisory Committee. Jamie currently works at Expedia as Indirect Tax Manager. Prior to joining Expedia, she has worked at Group Health Cooperative as Statutory & Tax Reporting Manager and at the Washington State Department of Revenue as Senior Field Auditor. Jamie earned a BA with a Concentration in Accounting from the University of Washington and became a CPA in 1995.

Supervisory Committee Nominees

Ed Orr has over 30 years’ experience as a finance professional. After receiving his degree in Accounting, he was an auditor for six years then spent the next 12 years as the Financial Services Manager of Kitsap County. Wanting a change from day-to-day accounting, he became a consultant, implementing ERP systems throughout the United States. After 12 years of constant travel, he decided to stay home and took a position with Cray, Inc. as a Senior Business Systems Analyst where he is still employed. In addition to the accounting experience, he has acted as facilitator in negotiating contracts between labor unions and management.

Lisa Johnson has been an associate attorney with Schweet Rieke & Linde, PLLC, since 2009. Lisa performs creditors’ rights work and represents credit unions and banks. Her practice includes bankruptcy representation, state court litigation, receiverships and foreclosures. Prior to joining Schweet Rieke & Linde, Lisa worked for 10 years as a CPA with several local firms, advising clients on financial, tax and accounting matters, analyzing and preparing income statements, and performing federal and state compliance. Lisa served on the Supervisory Committee of Watermark Credit Union until its recent merger with Sound Credit Union. Lisa is a Seattle native, born at Group Health on Capitol Hill, where her mother was a nurse for over 20 years. She lives in Seattle with her husband and two young sons.

We’ve decided to utilize TisBest gift cards to encourage our members to switch to eStatements. If you currently receive paper statements but opt to switch to eStatements, we’ll send you a $5 TisBest eGift card for you to donate. And 100% of the money goes to the charity!

If you already use Salal’s Online Banking, to opt in for eStatements, simply go to your Online Banking account and select “eStatements” from the left-hand side of your Account Summary screen. If you’re not currently registered for Online Banking, find the “Online Banking” sign-in box on the upper right-hand side of the salalcu.org homepage. Enter your member number and the last four digits of your Social Security number, then follow the prompts. Your TisBest eGift card should arrive within 45 days.

eStatements are a great way to save your credit union money, receive your statements a little more securely, and save a tree or two—and now you can do a little extra good with TisBest!

So what should you and your soon-to-be-spouse know before you head down the aisle?

1. Establish your attitudes toward spending and saving. Are you both live-for-now kind of people? Or are you a spender and a saver? If one of you wants great vacations and expensive cars while the other is more interested in robust IRAs, you should probably know that now. While you may differ in your opinions on handling money, at least you can enter your marriage with open eyes and realistic expectations.
2. Share credit reports. As MSN Money’s Liz Weston says, your credit reports from all three reporting bureaus will show what you owe and how you’ve handled credit in the past. And past behavior is a pretty good indicator of future actions. Check carefully for red flags that may require frank discussion.
3. Determine debt-tolerance. Debt can be truly corrosive when partners disagree. How much debt are you willing to take on? How will you pay it off? Will you get rid of your student loans and credit card debt before taking on a mortgage?
4. Retirement readiness. No matter what your age, it’s never too soon to think about retirement. How much do you want to have banked when it’s time to retire? How much risk are you willing to take on in your investment portfolio? Even if your finances are separate, these decisions will affect both spouses, so a discussion now and an annual check-in will help keep the road to retirement smooth.
5. Set up a budget and establish an emergency fund. Getting your agreements in writing now may help fend off friction later. Be open to reevaluating your budget at least annually or when life changes dictate it. And know yourselves—if one of you needs to splurge every now and again, then perhaps that one needs his or her own account earmarked for that purpose. Having an emergency fund and an agreement on what constitutes an “emergency” may help a more cautious partner feel comfortable about the family finances.
6. Update your paperwork. Make sure your insurance, wills, 401(k) beneficiaries, etc. are all up-to-date and correct so your spouse and children are well taken care of in the event something happens to you. Nothing says “I love you” quite like well-ordered documentation!