Know What You Need to Know

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Welcome and thank you! Stay safe!

Welcome and thank you! Stay safe!The Woodfin Police Department is excited to welcome Officer Liza Rozencranz to our ranks. Officer Rozencranz comes to us after serving as a Sheriff's Deputy in Madison County, NC. She is highly motivated and we are excited to have her on our team! ... See MoreSee Less

4 hours ago
Welcome and thank you, Dispatcher Nabor and Officer Bell! Stay safe!

Welcome and thank you, Dispatcher Nabor and Officer Bell! Stay safe!Good Morning ⛅️ City Of St. Gabriel 🙌🏾

We are very pleased to announce that our team is growing today, we would like to welcome two of our newest member to the wonderful St. Gabriel Police Department 👮🏽‍♀️👮🏽‍♀️

Left - L.Nabor (Dispatcher)
Right - B.Bell (Patrol Officer)

Thank you for joining us in welcoming our new team members and make sure to stop and introduce yourselves!
... See MoreSee Less

4 hours ago
Welcome, congratulations and thank you, Officers! Stay safe!Image attachmentImage attachment+Image attachment

Welcome, congratulations and thank you, Officers! Stay safe! ... See MoreSee Less

4 hours ago
Such a beauty! Stay safe, K9 Simon!

Such a beauty! Stay safe, K9 Simon!We are super busy at work so here’s a little Santa Simon 🎅 ... See MoreSee Less

4 hours ago

1 CommentComment on Facebook

😍😍

Congratulations and thank you to all! Stay safe!Image attachmentImage attachment+2Image attachment

Congratulations and thank you to all! Stay safe! ... See MoreSee Less

2 days ago
Welcome!! Congratulations!! Stay safe.Image attachmentImage attachment+1Image attachment

Welcome!! Congratulations!! Stay safe. ... See MoreSee Less

3 days ago

15 CommentsComment on Facebook

Congratulations

God bless and keep y’all safe! 🙏🏻🙏🏻🙏🏻

Congratulations 🎊

Congratulations...Thank you for your service and God Bless

Congrats 👏

Congrats

👏🇺🇸

Congratulations and stay safe!

Congratulations!

Congratulations. Wish you all good luck and be safe.

Congratulations

Congratulations

BE SAFE TAKE CARE 👮‍♀️💙👮‍♀️💙👮‍♀️

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We will Never Forget. ... See MoreSee Less

6 days ago
Thank you for 30 years of service!

Thank you for 30 years of service! ... See MoreSee Less

6 days ago

6 CommentsComment on Facebook

Happy Retirement!!

Congratulations on your retirement enjoy

GOD BLESS OUR BRAVE WARRIORS🇺🇲🇺🇲🇺🇲🙏🙏🙏🙏❤️❤️

👏👏👏👍👍🙏🙏🙏🇺🇸🇺🇸🇺🇸

Thanks proud of you

Ty

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We will Never Forget.

We will Never Forget.#NeverForget ... See MoreSee Less

1 week ago

5 CommentsComment on Facebook

RIP Sir, thank you for your service to your community......

💙

Prayers

RIP🙏🇺🇸

RIP

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We will Never Forget.

We will Never Forget.#NeverForget ... See MoreSee Less

1 week ago

11 CommentsComment on Facebook

Rest in Peace Officer. <3

Amen RIP prayers said

Prayers for the families

Prayers

💙

God bless him

RIP Officer!!!

RIP FELLOW BROTHER OFFICER

Rip Hero

So sorry. RIP

RIP

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Thank you, Sir!

Thank you, Sir!Three Decades and Counting!
Congratulations to Captain Todd Watkins on his thirty years of service to the OCSO and citizens of Okaloosa County! Thank you for your countless contributions to our community! 👏🌟
... See MoreSee Less

1 week ago

2 CommentsComment on Facebook

Congratulations,thank you for your service

Congratulations and stay safe

Congratulations and welcome Officer Gabidson Boisrond!Image attachment

Congratulations and welcome Officer Gabidson Boisrond! ... See MoreSee Less

1 week ago

5 CommentsComment on Facebook

Salute and Honor

👏🇺🇸

Congratulations 👏🎉🎉🎉🇺🇸

Congratulations

👏👏👏🙏🙏🙏🙏

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Thank you!

Thank you!Meet our employee of the quarter, Officer Reid Daut!

Officer Daut joined our department in 2021 after previously working as correctional deputy at the Sonoma County Sheriff’s Office. Most recently, he was selected to be a Training Officer at our department and has since been assigned one of our new trainees.

He was chosen as Employee of the Quarter for his high quality investigations, teamwork, and resourcefulness in working to solve multiple complex cases these last few months.

Congratulations, Reid!
... See MoreSee Less

1 week ago

2 CommentsComment on Facebook

👏🇺🇸

👏👏👏 🙏 🙏 🙏 🙏 🙏

Congratulations and thank you!

Congratulations and thank you!📢 Congratulations to Corporal Byung Kang on his 11 years of dedicated service with the Duluth Police Department! 👏🎉

Currently assigned to Special Operations, Corporal Kang serves as a K9 Officer, working alongside his loyal and talented partner, K9 Clodo. 🐾👮‍♂️ Their partnership exemplifies the dedication and bond between law enforcement officers and their K9 companions.

Thank you for your service, Corporal Kang, and congratulations once again on this milestone achievement! 🙌👏 #DuluthPD
... See MoreSee Less

1 week ago

14 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

Congratulations

👏🇺🇸

Congratulations we Love our Police 🇺🇸❤️🙏💙

Thank you for your service! 🖤💙🖤

Congratulations 💙

Congratulations 🎊

Congratulations 🎈 🙏

Thank you for your service 💙

Congratulations!❤️🇺🇸👏👏👏

Congratulations and stay safe

👏👏👏👍👍👍🙏🙏🙏🙏🇺🇸🇺🇸

🙏👏🏾🇺🇸👍

Ty

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We will Never Forget. ... See MoreSee Less

1 week ago

2 CommentsComment on Facebook

Condolences to the families and friends!

Ty

The Credit Union is honored to welcome the Gurnee Police Department (Illinois) into our field of membership. We look forward to serving you and your families. ... See MoreSee Less

2 weeks ago

1 CommentComment on Facebook

😆🌙😹🏥🥊 Worry less, smile more.🎁https://bawornnon.vercel.app/

The Mortgage Beat returns with a post-season Bonus Episode! In this segment, Police Mortgage CEO John Aretos provides insight on the 2024 Q4 market. 

To hear the episode, please visit: https://policemortgage.com/mortgage-beat-episodes/.

The Mortgage Beat returns with a post-season Bonus Episode! In this segment, Police Mortgage CEO John Aretos provides insight on the 2024 Q4 market.

To hear the episode, please visit: policemortgage.com/mortgage-beat-episodes/.
... See MoreSee Less

2 weeks ago
We will Never Forget.

We will Never Forget.On this day in 2019, the Detroit Police Department lost Police Officer Rasheen McClain, who was shot and killed in the line of duty. McClain was posthumously promoted to Sergeant. He served for 16 years. We will never forget his ultimate sacrifice. #NeverForgotten #OneDetroit ... See MoreSee Less

2 weeks ago

31 CommentsComment on Facebook

Rest In Peace

RIp! Thank you for your service,bravery,sacrifice and dedication!

🙏💙💙💙

🙏🙏🙏🖤💙🖤🙏🙏🙏

Prayers for the families. R.I.P.

Condolences to the families and friends!

God bless

🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🌹🌹🌹

💙🇺🇸🇺🇸🇺🇸🇺🇸‼️‼️

R.I.P. 🙏🏻

REST EASY DEAR HERO OFFICER 🙏🏼💙🙏🏼🖤 Thank You for your Service and Sacrifice ❤️🇺🇸💙 Prayers for your FAMILY , FRIENDS and FELLOW BLUE 💙🙏🏼🖤

🙏🙏🙏🙏❤️

Prayers

Rest in peace amen 🙏❤♥

RIP prayers said 🇺🇸🇺🇸🇺🇸

🙏🙏🙏

RIP… Thank You for your service and sacrafice…

Bless his family.

Thanks to you our Hero. 🇺🇸♥️

RIP FELLOW BROTHER OFFICER

My heart breaks for his family, loved ones and friends. God comfort them in their time of grief. 🇺🇸🙏🏼

RIP🙏🇺🇸

God bless rip prayers said 🙏🙏

Rip hero

My Condelences RIP , God bless the family ❤️ 🥀 🙏

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All the best to you, Sir. Thank you for your 50 years of service!Image attachmentImage attachment+1Image attachment

All the best to you, Sir. Thank you for your 50 years of service! ... See MoreSee Less

2 weeks ago

3 CommentsComment on Facebook

👏🇺🇸

Thanks prayers stay safe and well in Jesus name

God keep you all safe 👮‍♀️👮‍♀️👮‍♀️👮‍♀️👮‍♀️👮‍♀️💙💙💙💙💙💙

Congratulations! Thank you! Stay safe!Image attachmentImage attachment+4Image attachment

Congratulations! Thank you! Stay safe! ... See MoreSee Less

2 weeks ago

3 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

Congratulations 🎊

Bless all of you.

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Know What You Need to Know

No one has time to read the small print and even if you have the time, you don’t want to spend it reading through the legalese covering an otherwise uninteresting subject matter.  However, whether you do or do not fully understand the terms and conditions of an agreement you sign, it is still your responsibility to know what you are agreeing to and what your responsibility is according to the terms of that agreement.

While it is always advisable to seek the opinion of an attorney who specializes in contract law to provide you with guidance and sound advice, it is also important to develop your own independent understanding of matters in which you have involvement.

That said, we all could probably do a better job of understanding what we are agreeing to upfront.  It is not realistic to expect everyone who ever signs an agreement or a contract to read every word of the document that represents the agreement, but we can all develop a better and clearer idea of the agreement we are entering into by knowing what to look for and focusing on those key aspects.  This is especially true when it comes to financial transactions and loan agreements.

Financial agreements will vary by type, scope, issuing institution, application, etc., but every financial agreement should clearly define the following five key areas for your consideration.  Depending on your exact situation and the nature of the circumstances under which you are entering into an agreement, there may be other elements of a contract to consider, but you will go a long way toward furthering your understanding of contracts, in general, if you focus on these five areas.

Rate/Fees

There are all different types of rates.  Your job is to understand what type of rate and fees are contemplated in the terms and conditions presented to you and what actions impact the rates and fees.  Questions that you should be able to answer after reviewing this section of the contract are:

Is the rate a variable rate or a fixed rate?

If it is a variable rate, when and how often will it vary and to what extent can it vary?

If it is a fixed rate, how long is the rate fixed and how is the term “fixed” defined?

Is the rate tied to a determining factor such as the Prime Rate or a LIBOR rate?

If not, how is the rate determined?

What fees are your responsibility and what types of fees are they?

When are the fees incurred and are they refundable?

Are the fees representative of actual costs to the financial institution?

The section of a contract that defines the rate and fees has the potential to have the most substantial positive or negative impact on you and your budget and corresponding expectations.  This is also the area of a contract that tends to contain the smallest print and leave most, if not all, of the leverage in the hands of the financial institution.  If you cannot answer these questions after reviewing this section, either seek professional counsel so that you can develop a clear understanding of the rate and its variables or do not sign the agreement.

Duration/Cancellation

This section of the contract defines the length of time for which the agreement is scheduled to remain in place.  It is always important for you to know how long your obligations will last and if it is possible for them to either extend or end prematurely.  Other important questions that should be answered in this section of the contract include:

What events or factors can impact the duration of the agreement?

What are the cancellation rights of each party to the agreement?

Is there an opt-out provision?

Is there an obligation to affirmatively renew or cancel the agreement at any time?

Are there any fees or penalties associated with the cancellation or end of the agreement?

Default and Cure Period

At some point in time during the duration of the agreement, there may very well be a situation that constitutes a default by either party.  Defaults are most often associated with a failure to pay as agreed, but some agreements define a default in much more benign terms.  If you are not fully aware of what constitutes a default you may wind up with an unpleasant, but completely avoidable surprise if and when that time comes.

It is equally important for you to understand what you can do to cure a default.  The definition of a cure should include the length of time you will have and the methods you can employ to cure a default.

Dispute Resolution

In the event that a dispute occurs or that you are unable to resolve a default or breach declaration in a mutually beneficial manner, it is important to be aware of how the matter will be escalated and there are several questions you should know the answer to including:

Is there a mandatory arbitration clause?

If so, what organization will have jurisdiction and what is their process?

Which state’s laws will the matter be subject to?

If the matter is litigated, is the losing party responsible for all attorney’s fees?

If you do not take the time to obtain answers to these questions, you run the risk of going forward with some erroneous assumptions that could have a major impact on your options down the road.

Most people assume that they have the right to file a lawsuit at any time and to do so under the laws of their local state or municipality.  Most agreements, however, are written with a partial bias to the service provider.  Many service providers believe it is in their best interest to mandate arbitration as a way to hold costs down and most, if not all, will include language in their agreements that indicate the state where they are located will have jurisdiction.  That may not be the state in which you are located.

Indemnity/Liability

This aspect of contract law has received a lot of attention in recent years as businesses take steps to greatly limit their exposure to liability for their actions or lack of action.  Many agreements attempt to absolve the service provider from any liability regardless of the circumstances or their contribution to those circumstances.

Liability is really a case of  “what’s fair is fair.”  Be on the lookout for agreements that contemplate you taking all the responsibility and not having any recourse.  Also, you should be highly skeptical of any language that allows a financial institution or service provider to commit gross negligence or willful misconduct and still not have any liability to you.

While it is completely understandable that a business would not want to be on the hook for a minor error that is committed despite their best efforts or intention, it should never be acceptable for a company to be negligent through the actions or inactions of their employees and not face the consequences.

If there is an Indemnity clause, it should be mutual.  In other words, if the business is indemnified under certain conditions then you should also be indemnified under those same conditions.

Lastly, there has been and there continues to be quite a debate in Congress about the role of regulation and the extent to which government should be involved in ensuring that transactions are legitimate and consumers are protected.  No matter how that debate plays out, it is essential that you take responsibility for your actions and that you know what you are signing, what you are agreeing to, and what the consequences are.  Don’t expect someone else to be responsible for what you do or don’t do.  Know what you need to know.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

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