Chattanooga FECU News and Updates - 2017 Quarter 2



New Chief Executive Officer Named

Chattanooga Federal Employees Credit Union is pleased to announce Mark T. Fraker has been promoted to CEO effective February 1, 2017. Mark began his credit union career in July 1993 while a senior at the University of Tennessee , Knoxville. He earned a Bachelor of Science in Business Administration from UT in December 1993, having majored in Finance. While in college, Mark worked as a drive up teller for a teachers' credit union and was soon promoted to Loan Officer, followed by Branch Manager. A native Chattanoogan, he returned home in March 1999 and was named Regional Operations Manager in January 2005, overseeing eight branch offices throughout East Tennessee . In April 2007, he left to become the Chief Financial Officer for a local credit union.

Mark was hired by CFECU in November 2009 and has overseen compliance, lending and HR functions. He and his wife have three children and are active in serving at Red Bank Baptist Church where Mark is an ordained deacon, teaches a life group, sings in the choir, and currently chairs the Finance Committee. Mark is excited to lead the Credit Union in its next chapter and appreciates the opportunity to serve the members of CFECU for many years to come.



Time for a Spring Break?

It's springtime so that means spring cleaning and home improvements. If you need help "cleaning" up your finances, let us know. Your credit union has some of the most competitive signature loan rates available. Signature loans are a great option for small improvements around the home or for that spring break ,getaway for a long weekend. Let us know how we can serve your financial needs this spring

Phishing and skimming and hacking; oh my!

It has been said there are two types of people in this world; those whose identity has been compromised and those whose will be. While there are no guarantees, there are some simple procedures we can follow to reduce the risk of this happening such as:

  • Watch the activity on your account - by keeping a close eye on your account daily, you can know if something unusual is going on and take steps to reduce your losses.
  • Use more complicated passwords - when you access your accounts online, make the passwords more complicated by including numbers, case sensitive letters, and special symbols.
  • Pay attention to card readers at checkouts, gas pumps, and ATM's - criminals will many times install "skimmers" which collect the information from the magnetic stripe of your card so they can recreate your card. Look before you swipe and if it doesn't look right, swipe somewhere else.

Have you gone dormant?

While many plants, flowers, and trees go dormant in the winter, we want to make sure that your account has not gone dormant. If an account does not have any activity for 12 months, it is considered dormant. After this period of time, a dormant fee of $5 monthly is charged to the account until contact is made with the member. If contact cannot be made with the member for a period of five years, the funds in the account are submitted to the State of Tennessee as required by law. Help us help you by using your Credit Union account regularly. If you only have a share account with us, let us know the banking services you use elsewhere and find out if we have a better product to offer you. As your financial cooperative, we want you to use our services first.

Financial Corner 

As of July 31, 2017

Assets - $44,744,050

Shares - $36,403,611

Loans - $25,981,833

Members - 2,745