A printed version of this newsletter is available in our lobby and on our website at
www.northwoodscu.org.
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83rd Annual Meeting
Monday, March 9th at the Cloquet Sr High Cafeteria
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5:45pm Social Security Seminar,
hosted by Ed Grondahl, Northwoods Retirement & Investing Services
7:00 Annual Meeting
Refreshments will be served. All members in attendance will receive a gift as well as a chance to win one of our many prize drawings.
Board & Supervisory Committee Elections
The Nominating Committee nominated the following to serve on the Board of Directors.
Incumbents;
- Ann Dunaiski, 3 year term expiring in 2020
- Christine Nielsen Ringat, 3 year term expiring in 2020
- Larry Champeaux, 3 year term expiring in 2020
- Nathan Manner, appointed mid-term expiring 2021
The Nominating Committee nominated the following to serve on the Supervisory Committee.
Incumbents;
- Nick Siltanen, 3 year term expiring in 2020
- Vicki Radtke, appointed mid-term expiring 2022
If you are interested in running for a Board or Supervisory position at our next Annual Meeting, please have your application in
prior to February 5, 2020.
Application is available at our website on the Board of Directors page or
through this link.
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DONATION TO THE CARLTON FOUR SEASONS COMPLEX
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These new dasher boards were recently used at the Carlton Four Seasons Complex for their December Mites Tournament. Tory Cawcutt, President of the Carlton Amateur Hockey Association, had mentioned in passing that the Association had hoped to purchase these boards before their unfortunate cooling system leak late last year. NCU was able to help out with getting the cooling system fixed but didn't stop there. Remembering there was still a need, Doug Wolf, NCU CEO, reached out to Tory to see if they were still interested in purchasing dasher boards. The answer was yes! The boards are pictured above with the Carlton Mites team at their recent tournament.
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The Board of Directors has appointed Associate Director, Nathan Manner as our newest Director to fill the seat held by Dean Forsythe. Dean, who had served on our board for 8 years has recently stepped down.
"We are fortunate to have had Dean's leadership on our Board these past years. We are also excited to have our Associate Board Member, Nathan Manner step up to fill this position," said NCU President and CEO, Doug Wolf.
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Northwoods Retirement & Investing Services
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Ed Grondahl, Financial Advisor shares some tips to create a strategy for retirement.
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Sign Up for Texting Service
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Texting Service is now available!
If you would like to opt-in to texting service with Northwoods Credit Union, please 'enroll' to 218-879-4181 or 1-888-458-0975. Please click the link below to view the Opt-In form for all details. Let us know at marketing@northwoodscu.org if you have any questions.
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Employees Make Blankets for CU Forward Day!
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Our offices were closed on October 14th for Columbus Day but NCU staff was still working hard! An all-staff training day was held to help employees better serve YOU! October 14th was also
#CUForwardDay
in Minnesota, which means that 56 MN Credit Unions devoted a portion of their day to spread kindness throughout the communities they serve. NCU Staff worked together to make fleece tie blankets to donate for newborns at
Community Memorial Hospital
in Cloquet,
Mercy Hospital
in Moose Lake and the Teenage Parent Program (TAPP) in Grand Rapids.
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JANUARY
Monday, January 20th
We are closed in observance of Martin Luther King Jr Day.
Tuesday, January 14th
NCU employees will work concessions at the Girls CEC Varsity Hockey Game vs Hibbing at Northwoods Credit Union Arena.
Thursday, January 23rd
NCU employees will work the concessions at the Boys CEC Varsity Hockey Game vs Superior at Northwoods Credit Union Arena.
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FEBRUARY
Monday, February 17th
We are closed in observance of President's Day.
MARCH
Monday, March 9th
83rd Annual Meeting
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Quarterly Teen Club Financial Article Contest
Members age 13-17 are invited to submit an article on a financial topic to be considered for publication in our quarterly newsletter, website and on Facebook. We will then award 1 teen, $100 for their submission.* Submit your article or ask any questions now at marketing@northwoodscu.org.
This quarter's winning submission is by Lukas Mossberg and it discusses the importance of saving!
Joe Moore once said, “A simple fact that is hard to learn is that the time to save money is when you have some.” A lot of people would get their first $100 paycheck and go spend it all on “fun stuff” at Walmart. But then they realize they don’t have money for other things they need. That is why when we were kids, our parents put in motion a thing called Save, Spend, and Give. 40% would go into our savings account, 35% would go to spend the way we would want, and then give 25% to a charity or church.
Here is a hypothetical situation with two teenagers named John and Becky. One day John started working at McFroogles for $12.50 an hour. After working that week, he got his $350 paycheck. He went to the bank and cashed his check. Over the next weekend he went to a movie, he bought a new phone, he got some new video games, some snacks and finally at the end of the weekend he had nothing left. He needed to get to work the next day, but didn’t have enough money for gas for his car to get to work. He had to ask his friend Joe for $50 to pay for gas. When he got his next $350 paycheck he paid his friend back and then spent the rest the same way as his 1
st
check. He did that every time he got a paycheck except he put a few dollars away in his bank account. But he never had a lot of money after weekends. He went on working at McFroogles at the same position until retirement. He found he only had a couple thousand dollars in his account. He had to live in a bad apartment on government help for his retirement years.
Becky on the other hand found a job at the local hardware store for $10 an hour. She worked hard for 20 hours that week. She got her $200 paycheck and went to the bank and put $120 in her savings account. She got some groceries and some gas. Then that weekend she decided to go to a movie. She did that constantly and soon became the owner of the hardware store. She was content with a nice house and car and had a good retirement because she had saved her money.
I know these are very exaggerated and probably wouldn't happen, but there are consequences for not saving. When we save we are putting money away for college, a car and eventually an apartment or home. Saving is a lifelong principle that needs to be learned and put into practice. So put part of your paycheck in a savings account and have assurance that you have money tucked away for college, an emergency or retirement.
Lukas Mossberg
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SIGN UP FOR
eStatements:
eStatements are free, safe & easy!
1.Login to your Online Banking
2.Click the eStatement link in the green menu bar.
3.Enroll
4.Next time statements go out, you'll get an email letting you know your statement is available within Online Banking.
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REVIEW YOUR ACCOUNT
Please be sure to review your monthly statement or your online banking transaction history to ensure that all transactions belong to you. If you do see suspicious activity, please report it to us as quickly as possible.
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AVOID IDENTITY THEFT
These resources can help you monitor your credit & avoid identity theft.
Opt Out 1-888-567-8688
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BEWARE FREE TRIALS
Be cautious when ordering free items online or doing a free trial. Be sure to read the fine print to see if they will begin charging you after your free trial runs out or if there are hidden costs to your free item. They do not always give refunds after the charge has cleared.
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DORMANT ACCOUNT FEE CHANGE
Why we reclassify accounts to be dormant.
The main purpose of reclassifying the accounts is to reduce the risk of fraud in your account. By reclassifying the accounts, credit unions warn their staff about the potential risk involved and carry out due diligence before allowing any fresh transaction through them.
Update to Dormant Account Policy Effective January 1, 2020
The Board of Directors of Northwoods Credit Union is constantly looking for ways to improve our credit union and make it a better financial institution for the member. In looking out for our members, we have updated our dormant account policy effective January 1, 2020. We will be instituting a one-time $60.00 fee after 12 months of inactivity on a member’s base share and all their sub-accounts under that number. This fee will be assessed on the last day of the month that this 12-month threshold is reached.
BELOW IS A COMPREHENSIVE LOOK AT OUR DORMANT ACCOUNT POLICY:
DORMANT ACCOUNT:
An account will be deemed dormant if there is not member-initiated transaction activity under that account number in any rolling 12-month period. Member activity on the base share or any sub-account under that account number will prevent the account from being deemed dormant. Example: if the share draft/checking account is utilized but no transactions take place on the base share account, the account number is considered active.
FEE:
Thank you for making NCU your credit union. We are happy to serve you and will continue to grow and change with your needs.
WHY ARE WE CHARGING THIS FEE?
If an account sits dormant and it’s not being used, it is more susceptible to fraudulent activity. Sometimes dormancy means no one is taking care of that account or may have forgot about it. If no one watches over it, there could be fraudulent activity on it. We would like to help you our member prevent fraudulent activity on their accounts so we’d like the account to be used more often so someone is watching over it.
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NCU Crew at this year's Home for the Holidays Parade in Cloquet.
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Wood City Riders Snowmobile Club earned $250 this year through our Community Builder Program. Pictured: Kelly DeVore, NCU MSR & WCR Secretary; Meggan Ranta, NCU; Kayla Gist, WCR Treasurer and Chris Rokke, WCR President.
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REACH Mentoring earned $325.00 this year through our Community Builder Program! Pictured: Doug Wolf, NCU CEO; Dakota Koski, REACH; Meggan Ranta, NCU; Anne Parish, REACH.
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NCU Crew at this year's Christmas in the Campground in Floodwood.
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Every year Northwoods Credit Union holds a fundraiser for the Children's Miracle Network which supports our local Gillette Children's Hospital and Clinics. Thanks to your generous support through our 'Change a Child's Life' fundraising drive that Northwoods CU MATCHED as well as an employee silent auction and employee jeans money - we were able to raise more than $2,500 this year!
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Northwoods Credit Union and our members raised more than $5,800 for area food shelves!
We ran a two month long promotion that gave members cash back for taking out a new loan. We offered to match up to $50 for every member that wanted to donate part of their 1% cash back to their local food shelf. Last year we raised more than $4,300 and this year we raised over $5,800!
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1702 Avenue B
Cloquet, MN 55720
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Federally Insured by NCUA. Membership Eligibility Required.
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