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Winter 2021 Newsletter

Your Holiday Recovery Plan

Home Equity Line of Credit

Rates as low as
1.99% APR*
for the first 12 months with no closing costs!**

*APR = Annual Percentage Rate. 1.99% Introductory APR offer available for new lines of credit only for the first twelve (12) months from closing date. After introductory period, these rates are adjusted on a quarterly basis and are indexed to Prime Rate as published in The Wall Street Journal (WSJ). Current adjusted rate effective October 1, 2021, based on The Wall Street Journal Prime Rate (3.25%) as of September 20, 2021, in accordance with loan term. Maximum rate adjustment is 2% in a calendar year. Rate cannot go below 4.00%. Minimum Real Estate secured loan amount $10,000. Property must be owner occupied and primary residence, geographical restrictions may apply. All loan approvals are subject to normal loan underwriting guidelines. Offer expires March 31, 2022. Programs, rates and conditions are subject to change at any time. **U$X FCU pays all closing costs ranging from $100 to $1,500. Not all will qualify. See credit union for details.

USX FCU Visa® Platinum Credit Card

  • Fixed Interest Rate As Low As 9.90% APR*
  • No Balance Transfer Fee
  • No Annual Fee
  • No Cash Advance Fee
  • UChoose Rewards®

 *APR = Annual Percentage Rate. Introductory balancetransfer rate of 1.99% APR is valid January 1, 2022 -March 31, 2022. Promotional rate expires onSeptember 30, 2022. 1.99% APR is valid on balancetransfers only and does not apply to new purchases orcash advances. Following promotional period, rateswill vary from 9.90% APR to 15.90% APR for the Visa®️Platinum Card and 17.90% APR for the Visa®️ Blue card.Rate will be determined by overall creditworthiness.Visa® Blue card carries a $50.00 annual fee. Not all willqualify. See credit union for details.

Presidents Message

Can you believe that 2021 is over? All of our staff and board of directors hope all of our members had a wonderful holiday season. Now we focus our attention to the challenges and opportunities that 2022 will bring.

Although the economy has improved, the effects of COVID-19 continue to present several challenges. Supply shortages continue to impact the economy and inflationary pressures have shown up in the prices of many consumer goods. The credit union and our members continue to feel these impacts; particularly with the computer chip shortage that continues to create shortages of new car inventory throughout the U.S. These lower car inventories tend to impact new loan volumes for the credit union industry. Here at USX FCU, our loan demand continues to be much improved over 2020 levels despite these challenges. Our various loan promotions throughout the year were very successful and we look forward to offering our members additional promotions in 2022. Our best promotions, however, come from our members, so if you or someone you know is in the market for a new car or are looking to take on some projects around the house, please reach out to one of our team members to take advantage of our current loan promotions.

In the Summer 2021 Newsletter, we announced that we would be making an investment in our various computer systems. These projects continue to move forward with an anticipated completion date of October 3, 2022. At that time, in addition to a change in the computer systems in our offices, our members will be able to take advantage of a new on-line banking solution and a new mobile banking solution. These new products will make banking at USX FCU easier, faster, and more efficient.

As a member, you can expect quicker branch transactions, expanded products and services, stronger security and fraud prevention, and the continued first-class experience you’ve come to know at USX FCU.
Look for more information and updates on our progress on these projects via our quarterly newsletter, website, email (if we have your current email address on file), in-branch materials, and account statements.

Don’t forget that in addition to the more traditional transaction methods, your credit union also offers contactless transactions. We are proud to offer that service to our members. You can now use your USX Federal Credit Union debit card or credit card with Google Pay® and Apple Pay®. If you already use these services, simply add your USX FCU cards to your account. If you are new to Google Pay® and Apple Pay®, simple download the app onto your mobile device and follow the setup instructions.

Should you have questions, please call our Member Contact Center at 888-219-3159opens phone dialer or visit your local branch.

Thank you for being a member at USX Federal Credit Union. We appreciate the opportunity to continue to serve you for your financial service needs.

Sincerely,
Mark A. Volponi,
President/CEO

Mark Your Calendar

2022 will mark the 83rd year that USX FCU has provided members with advantages in every aspect of their financial life and the confidence of financial security. We invite you to attend USX FCU’s upcoming 83rd Annual Meeting.

This yearly event is your chance to hear about the credit union’s successes in the past year and the challenges facing it in the future. Many important decisions are made regarding your credit union at the Annual Meeting each year. And you can have a say in those decisions by attending and voicing your opinion. This opportunity only comes along once a year…don’t miss out on it!

Date: Wednesday April 13, 2022
Time: 6:30 PM
Place: Cranberry Highlands Golf Course

Notice of Election

Notice is hereby given that two Directors will be elected to the USX Federal Credit Union Board of Directors at the 2022 Annual Meeting. The following two people have been nominated for election by the Nominating Committee:

Mashawn A. Lorenz – Ms. Lorenz retired from U.S. Steel Corporation in 2020 after 30 years of service holding various positions in the Systems, Internal Audit, Accounting and Tax Departments. She received a Bachelor of Science in Business Administration and Juris Doctorate from Duquesne University. Ms. Lorenz currently works in the Tax Department of PPG Industries, Inc. She has served as a volunteer of the USX Federal Credit Union since 2000.

Thomas M. White – Mr. White is an attorney and is currently a board member and general counsel of Gold Key Healthcare LLC. Prior to this, he worked at Orrick Sutcliffe and Harrington as contracts counsel for a client of the firm and at FedEx Supply Chain Inc. in Cranberry, Pa, as Business Transactions Counsel. Prior to retiring from U. S. Steel Corporation (USS), in June of 2017, he held the position of Director USS Real Estate. Over a 29 year career with USS, Mr. White held various positions in law, real estate, finance, treasury and audit. He has received BSBA, MBA and Juris Doctorate degrees from Duquesne University. He is a Certified Public Accountant in the Commonwealth of Pennsylvania. Tom, his wife Tracy, daughter Kassidy and son Jordan, reside in Penn Township.

Additional nominations for election to the Board were solicited from the membership in the Fall 2021 issue of the newsletter U$Xtra. No additional nominations have been received. Accordingly, election of the nominees will be affirmed at the meeting.
No nominations will be accepted from the floor during the Annual Meeting.

Mashawn A. Lorenz, Secretary
December 28, 2021

Wake Up Your Dormant Accounts!

USX Federal Credit Union is required to report Unclaimed Property (escheat) to the Pennsylvania and Ohio Department of Revenue for accounts that have been “dormant” in accordance with state law. An account is considered dormant if there have been no member initiated withdrawals, deposits or transfers made during this period. The best way to be safe is to WAKE UP your account by making a deposit and watching your USX FCU accounts grow. If you are unsure of the status of your account, please contact your local office by calling 1-888-219-3159opens phone dialer.

Is Inflation Peaking?

One lesser-known indicator is called the Baltic Dry Index.
– Provided by Nathan Rodgers

You see it in prices at the grocery store and the gas station. You feel it in your monthly budget. So why don’t the financial markets seem too concerned about inflation?

Remember, financial markets are considered “discounting mechanisms,” meaning they are looking six- to nine-months into the future. And by June 2022, the financial markets expect that inflation will be lower than today.1

One lesser-known indicator helps support that forecast is called the Baltic Dry Index. It measures the cost of transporting raw materials, such as coal and steel. The index has been trending lower for several weeks, which in the past has suggested that prices may be more manageable in the months ahead.2

No indicator is fool-proof. That’s why the Baltic Dry Index is just one of the many indicators that our professionals follow when watching inflation. They also keep a close eye on the Fed, which is responsible for controlling inflation.3

With the economy improving, the Federal Reserve has indicated it will be tapering bond purchases this month. That may help with inflation. The Fed also has prepared the markets for higher interest rates in 2022. That, too, may help.4

For now, it’s important to understand that Inflation can influence interest rates, which often play a role in how a portfolio is constructed. We’re keenly focused on what’s next for inflation to determine if any portfolio changes are appropriate in the future.

Nathan Rodgers may be reached at 888-219-3159 ext. 4895opens phone dialer or 724-779-4895opens phone dialer.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, subject to revision without notice, and may not materialize.

Citations –

  1. Investopedia.com, 2021
  2. CNBC.com, November 10, 2021
  3. ClevelandFed.org, 2021
  4. 4.CNBC.com, November 3, 2021

Notice To All Members

Please be advised, USX Federal Credit Union will be updating our FEE Schedule effective April 1, 2022. On April 1, 2022, you can review the revised FEE Schedule on our website.
Woman holding USX Coffee Mug with Credit Cards beside it

A Savings You Can Warm Up To!

Transfer your high-interest balance to a USX FCU Visa®️ credit card.

Through September 30, 2022

BALANCE TRANSFERS
Fixed rates as low as
1.99% APR*

*APR = Annual Percentage Rate. Introductory balance transfer rate of 1.99% APR is valid January 1, 2022 – March 31, 2022. Promotional rate expires on September 30, 2022. 1.99% APR is valid on balance transfers only and does not apply to new purchases or cash advances. Following promotional period, rates will vary from 9.90% APR to 15.90% APR for the Visa®️ Platinum Card and 17.90% APR for the Visa®️ Blue card. Rate will be determined by overall creditworthiness. Visa®️ Blue card carries a $50.00 annual fee. Not all will qualify. See credit union for details. 

Student Scholarships Available

The following credit union chapters will be offering student member scholarships for 2022. 

  • The Beaver Valley Chapter of Credit Unions plans to offer three $500, one $1,000 and one $1,500 scholarships.
  • The A-K Valley Chapter of Credit Unions will be offering up to four $500 scholarships.

If you are a USX Federal Credit Union® student member, you may qualify.

Scholarship requirements:

  • Applicant must complete and submit a typed or printed Beaver Valley Chapter, or A-K Valley Chapter scholarship application and the requested information on the application.
  • All Beaver Valley Chapter applications and required information must be sent to the address indicated on the application and postmarked no later than March 1, 2022.
  • All A-K Valley Chapter applications and required information must be sent to the address indicated on the application and received by February 5, 2022.

NOTE: Other requirements for each individual scholarship offer are listed and explained on the respective application.

To receive the application information for the student scholarships please contact Tim Wojtaszek via email tcwojtaszek@usxfcu.orgcreate new email.

Welcome

The Board of Directors and Staff would like to welcome the following new companies, associations and their employees or members to USX FCU:

Captivating Imagery Gibson Capital, LLC

Remember if your co-workers are not yet members of USX FCU, you can get paid for introducing them to the credit union. Ask our staff how.

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