Houston Police Federal Credit Union

WINTER NEWS 2008

HPFCU Board of Directors declares BONUS DIVIDENDS & INTEREST REFUNDS to our MEMBERS!

The Credit Union has returned more than $2.9 million to its members in bonus dividends and interest refunds!

Dear Houston Police Federal Credit Union Members:

We are excited to report that the Board of Directors of Houston Police Federal Credit declared a member bonus dividend/interest refund paid to eligible members of record on December 31, 2007. Assuming your membership was open and in good standing on that date, your share account was credited with your share of more than $2.9 million dollars.

Your dividend/interest refund was based on 15% of the dividends you earned on your HPFCU deposit accounts and/or 15% of the interest you paid to the credit union on loans and credit cards during 2007.

Thanks to you, your credit union had a very successful year in 2007 and over the years has been able to build exceptional financial strength. This allowed the credit union to return a portion of its 2007 earnings back to its owners, you the member.

The more you participated in 2007, the more you earned.

As a not-for-profit financial cooperative, the Board of Directors of Houston Police Federal Credit Union is committed first and foremost to enriching our member’s financial well being through their participation in the Credit Union. The more you participate, the greater the reward.

Board of Directors
Houston Police Federal Credit Union

Make plans to attend our 70th Annual Meeting!

On Tuesday, February 12th, HPFCU will celebrate it’s 70th anniversary of providing Houston’s Finest with the finest in financial services. Come join us for our annual meeting and celebration. It will be held at SPJST Hall at 7 pm. We will have our annual election of officers, food, fun, and a chance to win great door prizes.

Date: Tuesday, February 12, 2008
Time: 7 pm
Place: SPJST Hall, 1435 Beall Street, Houston, TX 77008

If you need assistance, please call Carolyn Roos at 713-986-0200.

Get Your Biggest Tax Refund—Guaranteed!

How? By clicking on HPFCU.ORG and following the link to TurboTax! If you pay an IRS or state penalty or interest because of a TurboTax calculation error, they’ll pay the penalty and interest. If you get a larger refund or smaller tax due from another tax preparation method, they’ll refund the applicable TurboTax federal and/or state purchase price paid. And, TurboTax is guaranteed 100% accurate because it is:

• Up to date with the latest tax laws
• Does the math for you
• Double checks for errors
• Easy to review and edit your entries
• And uses IRS-approved forms

Find out more by going to HPFCU.ORG today!

Statement of Condition as of 11/30/07

Assets $296.7 million Loans $154.2 million
Members 25,161 Deposits $248.4 million

Shrinking credit card float: One more reason to pay bills online.

KANSAS CITY (11/27/07)--Call it the case of the shrinking grace period. Call it sinking the float. Call it deceptive. But whatever you call it, it’s probably going to result in more consumers paying their credit card bills online (KansasCity.com Nov. 10).

More credit card issuers are shortening the grace period--the time in which you have to pay the bill before the interest-rate clock starts ticking--from 30 days or 25 days down to 20 days in some cases. That means your payment, if sent by snail mail, may not reach the issuer in time to avoid late payment penalties and possibly higher interest rates. Keep in mind, too, that you often rate a grace period only if you carry no balance.

With late fees climbing to all-time highs of around $39, and late payments triggering higher interest rates even on other forms of credit held by the card holder, consumers need to be on guard, monitor bills, and read the fine print on notices sent by issuers. Experts warn that some issuers hope you slip up and miss the due date, resulting in higher profits for them.

If you have a tendency to cut it short, there are two alternatives:

• Pay the bill when you get it. A 20-day grace period gets even shorter if it takes the bill two or three days to reach you.

• Pay the bill online. Avoid the snail mail shuffle that could cost you plenty in late fees and higher interest rates. Arrange for payment to be made two or three days before the due date and avoid the snail-mail shuffle altogether.

For more information, read, “Online Banking Makes Money Management Simple and Safe” in Home & Family Finance Resource Center on our website.

Remember, HPFCU Credit Cards offer low rates, a 25-day grace period on purchases, no balance transfer fees, late payment fee of $25.00, and no annual fee (except for Visa Rewards Card).

SMALL CHANGES. BIG DIFFERENCES.

With a few more small changes in the way you manage your finances, HPFCU can make help make big differences in the most important place of all—your wallet!

Membership does pay at HPFCU

Since you’re a member of Houston Police FCU, you’ve already seen a big difference it makes in your busy lifestyle by using the convenient services and great products we offer. You’ve experienced the difference in working with friendly representatives who truly understand what you do, why you do it and how it impacts your life. Why not encourage your eligible family members to experience all we have to offer, too? By as easy as changing their financial institution to HPFCU, they too can experience a big difference in their financial future. For the children, we offer our Lil Star Account (ages 0-12). This account will teach them to save money while their having fun. For the teens, we offer the 5 Star Account. This account will teach them good money management and will give them money tips through informational newsletters. We will also help them through college with student loans, checking accounts, and more. For the adult family member, we make it simple to transfer their checking account by using our easy “switch kit”. Plus, once they join, they’re immediately eligible to apply for one or more of our low-cost loans, use our FREE CREDIT UNION FRIENDLY ATM service as well as all of our other services. Please check our website HPFCU.ORG to find out membership requirements or come by or call the office nearest you.

Change your checking.
And, change how much you’re paying in fees.

At HPFCU, we have a FREE checking account with no per check fees and no monthly service fees. We offer over 90 FREE ATMs in the Houston area through the Credit Union Friendly Network—and thousands surcharge free ATMs throughout the United States. We even offer FREE ebranch, our online service, for personal checking account users and FREE bill pay with FREE electronic statements. That’s in addition to all of our other convenient services like Visa Check Card, overdraft protection, direct deposit, and 24/7 audio response service. Plus, you have over 50 Credit Union Service Center locations (Shared Branching) in the Houston area to deposit and withdraw from your account. Ready to change? Then use our easy “switch kit” available on our website at HPFCU.ORG or at any office.

Changing your location?
Then, we’ll change our locations to meet you there!

At HPFCU, we know you’re changing your location throughout the day—and we want to be there for you! After all, why should you drive to our Memorial Drive location if you’re nowhere near it? With our Shared Branching Centers, you don’t have to! Just go to HPFCU.ORG and click on our Credit Union Service Center Locations. Enter your current zip code (or where you expect
you’ll be later) and it will give you the location of the nearest Credit Union Service Center. There are more than 50 locations in Houston and more than 2,730 worldwide where you can deposit, withdraw and make loan payments to your account. It’s that easy and that convenient!

Holidays

Monday, January 21, Martin Luther King, Jr. Day

Changing homes? Then change your loan to HPFCU.

It just could make a big difference in your monthly payment and the amount you’ll save over the life of your loan. What’s more, you’ll be dealing with the financial institution that best understands your needs—Houston Police FCU.

At HPFCU, we offer conventional loans with fixed or adjustable rates, a First Time Buyer’s Program and even options for refinancing. Terms are available for 15, 20 or 30 years. Plus, we offer low closing costs and low rates. We even make repayment easy with direct pay or automatic payments.

To apply for your mortgage loan, just visit the folks you already know and trust. Stop by our Memorial Drive location and discuss your home purchase with one of our professional mortgage loan officers. You can even set up an appointment by calling 713-986-0200 or 1-800-927-8707. Whichever way you choose, they’ll help you find the loan that best meets your needs. Like to find out more?Then just visit our website at HPFCU.ORG, click on Mortgage Loans and you can view current rates, monthly payments or even get your loan preapproved!

Mortgage loans are now available at low rates and convenient terms – get your loan preapproved before you shop so you know how much your payments will be and what price range fits best with your budget!

Big bills?
One small change can help.

Looking at too many high interest bills from the holidays? Then let us suggest a small change that can make all the difference—a home equity loan from Houston Police FCU. By consolidating your bills with a home equity loan or a home equity line of credit through HPFCU, we can possibly lower your interest rate and combine all those bills into one easy payment. If you have owned your home for several years (or made a substantial down payment) you may be eligible for a home equity loan.

Because your home is used as collateral, home equity loans are one of the least expensive forms of consumer loans. What’s more, the interest on the loan may even be tax deductible. The dollar amount you’re eligible for varies per individual, but are limited to 80% of the appraised value of your home. The minimum value is $5,000. To find out more, just stop by our Memorial Drive location, visit HPFCU.ORG or call 713-986-0200, toll free 800-927-8707.