Important Changes That May Affect Your
Checking Account Beginning August 15, 2010 (back to top)

Currently your Paragon Checking Account may have Overdraft Protection, also known as “Courtesy Pay”, authorizing us to approve ATM and Debit Card transactions even if you do not have sufficient funds at the time of the transaction. A new Federal Regulation is changing the way we authorize and pay your ATM and daily Debit Card (XPRESS Check^SM Card) transactions. Effective August 15, 2010, these transactions will be declined unless you request we add this service to your Paragon Checking Account.

You can choose to authorize or “opt-in” to our Overdraft Protection service for your ATM or XPRESS Check^SM Debit Card by visiting www.paragonfcu.org/debitprotection or calling us at (800) 222-8877. This will authorize Paragon, at our discretion, to “approve” ATM and everyday Debit Card transactions even if you do not have sufficient funds in your Checking Account. Again, without this service ATM transactions and everyday Debit Card transactions exceeding the funds in your Checking Account will be declined.

Please do not hesitate to stop by any branch location or call us if you have any questions or need additional assistance. We are here to help you maximize the benefits of your Paragon membership. Visit www.paragonfcu.org/debitprotection for more information.

3 Great Offers (back to top)

1 APR=Annual Percentage Rate. APR is a 6 month Introductory Rate Offer including a 1.00% discount with automatic payment from a Paragon account. $10,000 minimum balance requirement with a 10 year draw period and 20 year repayment term. During the 6 month period beginning on the closing date, the introductory rate and APR will be fixed at 3.25% (4.25% without automatic payment from a Paragon account) regardless of the outstanding balance. Thereafter, the interest rate and APR is variable as follows: The APR is variable and adjusted according to the Prime Rate as published in the Wall Street Journal, currently 3.25% as of 6/25/10, adjusted quarterly. In no event will the interest rate ever exceed 14.99% (“the ceiling”) or be less than 4.75% (“the floor”). This rate applies to new accounts only.
2 APR=Annual Percentage Rate.APR applies to terms of 5 or 7 years with a minimum balance of $10,000. APR reflects a 1.00% discount for automatic payment from a Paragon account (5.50% APR without automatic payment).
3 APR=Annual Percentage Rate.APR = Annual Percentage Rate. Term of up to 60 months. Rate reflects a discount for automatic payment from a Paragon account. Rate is determined based on our underwriting guidelines. Other rates and terms are available. A higher rate may be charged depending on individual credit qualifications. Credit Union membership is required. Rate and terms subject to change without notice. Rate(s) apply to new accounts only. See branch representative for complete details.
4 APR=Annual Percentage Rate.Term of 30 years. Annual Percentage Rate = 4.769%. Requires a minimum of 10% down payment. Vacation/Second home purchase (owner occupied) – 20% down payment required. Mortgages are available for 1 – 4 family owner-occupied dwellings. $500 application fee. Loan to Value above 80% requires PMI (Private Mortgage Insurance). Monthly payments are based on LTV. Contact the Real Estate Department for information on Mortgages greater than $417,000. We offer other terms, amounts and point options.

Rate is determined based on our underwriting guidelines. A higher rate may be charged depending on individual credit qualifications. Credit Union membership is required. All rates and terms are subject to change without notice.

Four $1,000 Carl Strong Memorial Scholarships Awarded (back to top)

The Carl Strong Memorial Scholarship Fund, named in honor of Paragon founder Carl Strong, was established to help deserving members in their senior year of high school defray the cost of continuing their education. Winners were selected based on their academic achievements, extracurricular activities, community service, teacher references as well as their exceptional leadership qualities. To date we’ve awarded over $81,000 in scholarships.

Congratulations to this year’s winners!

Pictured in photo:Brandy Neary of Ridgefield Memorial High School, Alissa Michel of Northern Valley Regional High School, Kristin Mullen of Mahwah High School, Andrew Van Haasteren of Fanwood High School, and John O’Malley, Carl Strong Scholarship Coordinator.