Tuesday, March 18, 2014

We Have Exciting News - Introducing The Local Credit Union

Serving Macomb, Oakland & Wayne Counties

Dear Valued Members:

We are pleased to make an important announcement that will mark a milestone in our credit union's history.  Sterling Van Dyke Credit Union has applied for and been granted permission from both the National Credit Union Administration (NCUA) and the State of Michigan, Department of Insurance and Finance Services to adopt a new name.  We will begin the process of changing our name on April 1, 2014, and the name we have selected and are pleased to announce will be:

' The Local Credit Union '

This decision emerged from many months of research and evaluation under the leadership of our Board of Directors and executive team.  Through this process, we have conducted research with credit union members, community members, union local members and credit union staff.  

Sterling Van Dyke is very proud of our history and our heritage.  In 2006, the credit union started expanding its charter.  Over the past seven years, we worked toward expanding membership in the tri-county area that has been met with mixed results.  The credit union has decided to focus not only on our new valued members, but re-focus on the members that started the credit union in 1949, our union members.  A name that can appeal to everyone in our field of membership was chosen.  The term "The Local" can satisfy both targeted audiences and eliminates the confusion of our credit union being located on Van Dyke Avenue.

You are and always will be the most important reason for our success.  Our name is changing, but our employees and the high level of personal service we provide will continue.  We have built this credit union on your loyalty and we thank you for your support and confidence in us.  

We are excited about this new milestone in our credit union's history and we invite you to share in the celebration as we embark on this new journey together.  Below we have provided a question and answer sheet with this letter to help address any questions you may have regarding this announcement.  For further inquiries, please feel free to contact me at 586.264.1212.


Joseph F Hallman, CEO

Friday, January 24, 2014

Sterling Van Dyke Credit Union Debt Consolidation Loans as low as 6.5%


Sterling Van Dyke Credit Union
39139 Mound Road
Sterling Heights MI 48310
Call Us @ 586-264-1212

Find Us Online:

Wednesday, November 27, 2013

Pluck to Win 1/4% Decrease in a Loan Rate!

Sterling Van Dyke Credit Union

Sterling Van Dyke Credit Union
39139 Mound Road
Sterling Heights MI 48310
Call Us @ 586-264-1212
Find Us Online:


Monday, September 30, 2013

Rates So Low It's Scary!!!


Rates as low as 1.74%* annual percentage rate.  

*The lowest rate based on 2009 or newer vehicles, subject to term and credit to qualified members.  Promotional rate not to be combined with any other offer/promotion and is subject to change without notice.  Offer expires Oct. 31, 2013.

Thursday, August 8, 2013

Exploring Your Options: Traditional IRA's Vs. Roth IRA's

Traditional IRA's:
  • Contributions often are tax-deductable.
  • Earnings grow tax-deferred.
  • Distributions generally are taxable.
  • Distributions before you reach age 59 1/2 are subject to penalty unless you meet an early distibution penalty exception.
  • Required minimum distributions must begin at age 70 1/2.
Roth IRA's:
  • Contributions are not deductable.
  • Earnings grow tax-deffered
  • Contributions generally can be distributed tax-free at any time.
  • Earnings can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least five years ago, and is 59 1/2, disabled, deceased, or paying first time home-buyer expenses.
  • Distributions are not required until after the Roth IRA holder dies.

More Information:
Traditional IRA:

 You are not eligible to contribute to a Roth IRA, but you can contribute $5,000 to a Traditional IRA. The ability to deduct your Traditional IRA contribution will depend on your active participation status.

Traditional/ Partial Roth:

 You are eligible for a partial contribution to a Roth IRA. But you can contribute to a Traditional IRA. The ability to deduct your Traditional IRA contribution will depend on your active participation status.

Traditional/ Roth:

You are eligible for either a full contribution to a Traditional IRA or a full $5,000 contribution to a Roth IRA.

Roth IRA:

You are eligible for a full contribution to a Roth IRA. You are not eligible to deduct your contribution to a Traditional IRA.

Roth/ Partial Traditional:

You are eligible for a full contribution to a Roth IRA.  You are eligible to deduct only part of your contribution to a Traditional IRA.

Sterling Van Dyke Credit Union
39139 Mound Road
Sterling Heights MI 48310

(586)264-1212 Sterling Heights
(800)974-6478 Toll Free
(586)264-9447 Fax
MON and WED  9:00am - 4:30pm
TUE              10:00am - 4:30pm
THURS            9:00am - 5:30pm
FRI                 8:00am - 6:00pm
Contact us by email at info@svdcu.org.

Website: www.svdcu.org

Wednesday, May 1, 2013

Financial Basics For Young Adults

Financial Basics For Young Adults
~Getting started on a lifetime of good financial management~
 Key Concepts of Personal Financial Management!

Being on your own can be exciting, but it comes with many responsibilities. Financial literacy will serve you very well as you launch your adult life. Here are some key financial concepts for this important stage in your life!

1. Budgeting:
It's the cornerstone of good financial management at any stage in life -- no matter how much, or how little money you have at the moment.  When you start supporting yourself, it's very important to have a plan. Write down all income, all required expenses, and your short- and long-term goals. Make a plan for saving and spending.  Keep an eye on day-to-day spending, which is an area where it's easy to blow the budget -- especially when parents are no longer contributing.  Good budgeting skills can make the transition to being on your own much smoother. 

2. Banking Skills:
As you know, credit unions have higher savings rates, lower loan rates and low or no fees.  Find out what services will benefit you: Get a low-interest-rate credit card if you qualify, opening a checking account and savings account, and ask for help in choosing the right additional services for your situation.  If you don't already know, learn how to balance a paper checkbook or to use personal financial management software.  Ask questions, read up on financial basics and visit your credit union for help if needed.

3. Expenses, Expenses:
Many new expenses will crop up as you start life on your own: rent, insurance, doctor and dentist visits, food, transportation costs, utilities and more.  It can seem overwhelming.  Get a firm handle on your expenses by using a budget. You'll know where the money is going, and, more important, you will have a much better chance of having enough money to cover all those additional expenses.

4. Credit & Debt:
Will all those new bills, it can be tempting to run up the credit card or take out another loan.  Be smart about credit.  Over-extending yourself and missing payments can lower your credit rating. Does that matter?  You bet it does! A low credit score can affect your ability to get a job, rent an apartment, obtain utilities, be approved for a car or school loan, and more.  Don't risk it.  Debt is a top financial problem for young adults, and it has long lasting consequences.  A credit card is great, when used properly.  Make payments on time and don't spend beyond your means.  If you do find yourself in over your head, don't just ignore the situation.  Act immediately: Contact creditors, find a competent credit counselor and come to the credit union to get help!

 5. Bailouts?
When times get tough,  you may be tempted to turn to the Bank of Mom & Dad for a bailout.  Many experts advise parents to resist the temptation to save young adults from their financial mistakes.  Whatever your decision, this is at best a temporary fix to a potentially serious problem.  Responsible financial management from the start is a better choice. 

6. Saving:
In the excitement of striking out on your own today, it may be difficult to focus on what's ahead in a few years.  But it's important to consider long-term goals now:  marriage, home ownership, children, etc.  An important financial lesson is to save a portion of everything you earn.  First, set aside some funds for a rainy day -- an unexpected car repair, health bill, etc.  Then consider even small, regular deposits to a savings account toward those long term goals. It's even not too early to start thinking of retirement -- you can open and start funding an IRA regularly, even if the contribution is small.  Try to at least contribute any amount that your employer will match. You'll be surprised at how fast regular savings amounts will add up.   

7. Your Future, Your Goals:
Effective financial management can mean the difference between a good life and a stressful life. Make the effort to follow through on these key concepts and you will get your adult life started out on the right foot.

8. We're here to help:
The credit union is a great resource.  As a member-owned, not for profit institution, the credit union's focus is on education and member-oriented financial services.  We'd be glad to help you set up accounts or answer questions. We are here to help you prepare for a lifetime of good financial management!

Any Questions??? Visit Us Online!!! www.svdcu.org