What's New

If you have a debit or credit card, look for CardValet on iTunes or Google Play.  On the App you can set up alerts, see your recent transactions and even place limits on how your card is being used!!!  You can even turn your card on or off at a moment's notice from your phone.  If you haven't checked it out, you can learn more on our YouTube channel: for an overview of CardValet here is an introductory video or to learn more about how to use the CardValet app there is a more in-depth tutorial.

We are upgrading our services to better serve you.  If you have any questions or comments, please let us know!!!

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It’s the start of a joke, but it is not always funny. 

How did your Credit Union save four members over $3,000 each? 

and if you follow their lead, you can save AND also get a free $25 gas card...

How?  Simple: use your Credit Union to finance your next car purchase. The Credit Union reviewed our four most recent auto loan refinances and calculated that the Credit Union saved our customers $3,017.96 each by refinancing with us.  Here is the data:

The Credit Union members refinanced car loans with us ranging from $12,660 to $23,635.  The average amount of the loan refinances was $17,282.33. 

The other guys’ interest rates were between 10.15% to 16.572% A.P.R.  (we think that is pretty high for a secured loan!).  

Each Credit Union member was able to refinance through the Credit Union at rates between 5.25% to 6.00% APR.   

The average difference in interest rates between us and the other guys was 6.523%.  I repeat: our rates were on average 6.523% lower.  One of the four members in our mini-study refinanced with the Credit Union at a rate one-third of the car loan rate she had with the other guys.  The other three Credit Union members refinanced at about one-half of the original loan rate.  Imagine that, these members were being charge at a rate two (2) to three (3) times higher than the rate at the Credit Union.  All because they went somewhere else.

Amortizing the average of these loans ($17,282.33) over an average term of 5 years means that the Credit Union saved its members $3,017.96 each! Or for the four members, we saved them $12,071.84 total.

THE BOTTOM LINE: Come to the credit union before purchasing your next vehicle.

Here is how to get a credit union car loan and not make the mistake of using the other guys’ financing:

• get a purchase order from the dealer;
• fill out our loan application (available online here);
• forward the application to the Credit Union with:
  • the purchase order;
  • your most recent pay stub; and
  • proof of insurance for the vehicle you are purchasing.
•  and save money.

The Credit Union will finance 100% for new car purchases and 80% for used car purchases.  For refinancing purposes, a refinance is considered a new car for up to 12 months after the purchase of the new car.  See our website for details concerning our loan policy.

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With some credit card companies, it is more like "Watch your wallet!" As consumers, we need to look past the paid celebrity endorsements or amusing ads and check the rates and check the fees! For example, Capital One Credit Cards charge 20.9% to 22.9% variable rate interest and a $39 yearly fee, or 24.9% variable rate without a yearly fee, for people with "average credit." Meanwhile, your credit union has a 16.9% introductory fixed rate and a $12.00 yearly fee for "average credit" consumers. Then after just six months of perfect payment history, the rate automatically reduces to 14.9%. No games, no variable rates. This card is exactly as advertised.

And for our "preferred" rate customers the rate is 9.0% APR with no monthly fee (again, Capital One has a higher rate on each of their cards for "excellent" customers and some cards have a $59 yearly charge).

What is our definition of "average credit" and "preferred?" We have a very easy guideline: we use your FICO credit score, over 600 qualifies for our Classic Card, and over 700 qualifies for preferred, or "Platinum" card.

It's simple, no games. We mean what we say, and as you know, we are a personal service. So use your credit union and put a friendly face to your credit card company.

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A May 2015 study by the Pew Charitable Trusts revealed that the majority of big banks charge a lot more in fees than your local credit union. In addition, the Credit Union staff performed their own survey of credit unions in the state of New Jersey with assets up to $50 Million dollars. The result was the same: your Credit Union has lower cost fees than most other financial institutions.

Low Overdraft Fees.
According to the Pew Study, most large banks charge between $35 and $38 per overdraft. In the survey performed of New Jersey credit unions, of the 34 who listed this fee, twenty-one credit unions charged either $25 or $30 and eight other credit unions charged even higher fees. Your credit union fee is $20. Only one credit union charged less.

Low Overdraft Transfer Fees.
According to the Pew Study, the median fee among the 40 banks offering overdraft transfer service is $10.00. Of credit unions surveyed by the FENFCU staff, 11 of 15 credit unions that advertised this type fee charged more than your credit union - your credit union fee is $5.00.

No Extended Overdraft Fees.
According to the Pew Study, many banks charge an additional fee if a customer does not repay the amount of an overdraft within a certain time period. Twenty six of the banks surveyed by the Pew Trust charge such an extended overdraft fee. The median amount of this fee is $15.00 after 5 days of being overdrawn. According to the report, "[b]anks that do not charge these fees make it easier for customers to regain a positive balance and help to ensure that a customer will not get caught in a cycle of debt." Like most other credit unions, your Credit Union does not charge an extended overdraft fee.

No Monthly Checking Account Fees.
Your Credit Union does not have a myriad of checking accounts requiring minimum balances, some banks and other credit unions charge monthly fees for low checking account balances. We have one checking account service - and your credit union has no monthly fee. We have free debit cards and free online banking.

Low Stop Payment Fees.
This fee was not part of the Pew Study of big banks, but it seems safe to venture a guess that the credit union charges less than the "big banks." Our own New Jersey credit union survey found that - of the 34 local credit unions surveyed that advertised this fee - the majority (20) charged from $15.00 to $25.00. Some credit unions charged as high as $40.00 for a stop payment request. Your credit union charge is $10.00, and only one credit union charged less.

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