Know What You Need to Know

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Cover for National Police Credit Union
Jim Bedinger and Vivian Abraham attended the FOP Great Lakes Coalition meeting held in Indianapolis, IN, on October 3- 4, 2024.

Jim Bedinger and Vivian Abraham attended the FOP Great Lakes Coalition meeting held in Indianapolis, IN, on October 3- 4, 2024. ... See MoreSee Less

5 days ago
Today is National Thank a Police Officer Day! Wed like to take a moment to express our gratitude to the brave men and women who protect and serve. Thank you for your dedication and commitment to keeping us safe. #NationalThankAPoliceOfficerDay

Today is National Thank a Police Officer Day! We'd like to take a moment to express our gratitude to the brave men and women who protect and serve. Thank you for your dedication and commitment to keeping us s#nationalthankapoliceofficerdayerDay ... See MoreSee Less

3 weeks ago
Thank you for 30 years of service!! And counting …
Stay safe!

Thank you for 30 years of service!! And counting …
Stay safe!30 years and counting!

Denise Sledge has been a valuable part of the OCSO Communications team for three decades! Thank you for your dedicated service and for answering the call for so many years! We appreciate you!🌟👏
... See MoreSee Less

1 month ago
Great work Officer Harris and K-9 Rocky! Thank you! Stay safe.

Great work Officer Harris and K-9 Rocky! Thank you! Stay safe.Great work Officer Harris & K9 Rocky and congratulations on being the District 5 Officer of the Month!!!
****************************************************
Congratulations to Officer J. Harris and K9 Rocky of District 5, C Squad, who are being recognized as this month’s Officer of the Month.

Officer Harris recently completed a four-week K9 Handler course with his new partner, K9 Rocky. While attending K9 Handler school, Officer J. Harris and K9 Rocky conducted rigorous training to master working as a K9 Team. The curriculum is designed to equip handlers with the expertise needed for effective law enforcement. The curriculum focuses on narcotics detection, tracking, and evidence locating. Officer J. Harris and K9 Rocky have quickly become a unified team. Their combined efforts have led to the successful locating and apprehending of three suspects wanted in connection with felony incidents. Officer J. Harris and K9 Rocky have recovered not only two discarded firearms from fleeing suspects but also other discarded evidence pertinent to the crimes currently being investigated. Their work, including assisting with K9 callouts and routinely responding to 9-1-1 calls, has significantly contributed to maintaining public safety.

Thanks to Officer Harris and K9 Rocky for your hard work and dedication to protecting the Durham community. Excellent work!
... See MoreSee Less

1 month ago
Great picture! Thank you, Deputy King and K9 Vito! Stay safe.

Great picture! Thank you, Deputy King and K9 Vito! Stay safe.Don’t mind us as we carry around "ruffly" 90 lbs. of K9 love.
Happy National Dog Day from Deputy King and K9 Vito!
#nationaldaydog🐾

📷 Nevada County Sheriff's Office
... See MoreSee Less

1 month ago
We will Never Forget.

We will Never Forget.The Chicago Police Department offers our condolences to the family, friends, and coworkers of Police Officer Austin Machitar of the San Diego Police Department who sadly lost his life in the line of duty on August 26, 2024. Officer Machitar's partner was also injured in the crash and is currently listed in critical condition. Our thoughts are with the officers and their families. ... See MoreSee Less

1 month ago
Thank you, K-9 Haywire! Enjoy your well-deserved retirement with your handler, and stay safe!Image attachment

Thank you, K-9 Haywire! Enjoy your well-deserved retirement with your handler, and stay safe! ... See MoreSee Less

1 month ago
Great job! Thank you! Stay safe.

Great job! Thank you! Stay safe.Earlier today, when a kitten in Staten Island fell through the grates of a storm drain, concerned residents reached out to your NYPD cops. NYPD Special Operations ESU officers responded, and with help from NYC Department of Environmental Protection, they successfully brought the cat back to safety so it could dry up in today’s warm sun. ... See MoreSee Less

1 month ago
Welcome, K9 Raider and K9 Titan! Stay safe!

Welcome, K9 Raider and K9 Titan! Stay safe!Join us in welcoming K9 Raider and K9 Titan! 🐕

“The Gwinnett County Police Department is proud to introduce two new K9's into service. After completing their training in North Carolina, Raider and Titan will both begin work in the county. Titan will work with Cpl. Bartkowiak and Raider will work with Officer Copley. Both dogs are 2-year-old Belgian Malinois.”
... See MoreSee Less

1 month ago
Congratulations! Thank you! Stay safe.Image attachmentImage attachment+1Image attachment

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

1 month ago
Hello, K9 Diesel and Officer Ryan Coll! Thank you! Stay safe.

Hello, K9 Diesel and Officer Ryan Coll! Thank you! Stay safe.Meet K9 Diesel and Officer Ryan Coll of the Metropolitan Nashville Police Department . Diesel is a half Belgian Malinois and German Shepherd and will be 4 on his next birthday. When he’s not working, Diesel LOVES spending time relaxing with his human siblings and mama at home. Photo by Erik Larson. ... See MoreSee Less

1 month ago
Congratulations and thank you! Stay safe!

Congratulations and thank you! Stay safe!Congratulations to Officer Dalton Koch!

We are proud to announce that Officer Dalton Koch has been selected as the O'Fallon Police Department's Officer of the Month for July. This recognition is a testament to his dedication, hard work, and commitment to serving our community. Please join us in congratulating Officer Koch on this well-deserved honor! 👏👮‍♂️
... See MoreSee Less

1 month ago
Congratulations and thank you! Stay safe.Image attachment

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

1 month ago
Welcome!! Thank you! Stay safe.

Welcome!! Thank you! Stay safe.We welcomed a new recruit class at the Lexington Police Department Training Academy this week! For the next 30+ weeks, the recruits will cover topics that will help them Set the Standard.

Please join us in welcoming Recruit Class 08-2024 and thank them for choosing to serve our community!
... See MoreSee Less

1 month ago
Great job, K9 Milo!!!! Thank you!

Great job, K9 Milo!!!! Thank you!Good Boy K-9 Milo 💙👏
#thankyouforyourservice

"K9 Milo of the Colorado Springs Police K-9 Unit was off duty this past Friday but that didn't stop him, or his Handler, from assisting with the capture of a fugitive.

Thank you Milo for doing such a great job which meant that everyone went home safe!"

📷 Running 4 Heroes- K9s
.
#heroes #policedog #k9 #k9officer #workingdog #malinois
... See MoreSee Less

1 month ago
Thank you, Officer Horvath, for your many years of service!!!!
Stay safe!

Thank you, Officer Horvath, for your many years of service!!!!
Stay safe!Congratulations to Officer Jason Horvath on celebrating 20 years of dedicated service with the Wentzville Police Department!

With 26 years in law enforcement, Officer Horvath has been an integral part of our team. From his work as a K9 Officer, Detective and service in the Cyber Crime Unit and now serving as a School Resource Officer for over 11 years, his commitment to our community is unmatched. As the lead advisor for the WPD Explorer Program, he's made a significant impact on the youth in our community. He's also been recognized multiple times, earning Employee of the Quarter twice and receiving the Optimist Club Award for his outstanding contributions to youth in the community.

Thank you, Officer Horvath, for your dedication and service! We are proud to have you on our team.
#WentzvillePD
#WPDServiceAwards
... See MoreSee Less

1 month ago
#HEROES!!!!
Thank you! 💙💙💙💙

#heroes!!!!
Thank you! 💙💙💙💙🐶𝗚𝗢𝗢𝗗 𝗡𝗘𝗪𝗦 𝗦𝗨𝗡𝗗𝗔𝗬🐶

Detectives from the Special Victims Section recently discovered six abandoned puppies on the side of the road. Covered in dirt and riddled with fleas, the puppies were quickly rescued!
Thanks to the swift action of our detectives and colleagues in the Criminal Investigations Division, the puppies have found loving homes. We’re proud of our team’s dedication and compassion!
... See MoreSee Less

1 month ago
Thank you! Stay safe!

Thank you! Stay safe!👏👏👏👏
Congratulations to Officer Michael Grund on achieving his one-stripe milestone, signifying 5 years of law enforcement service.

Officer Grund joined the Wausau Police Department in 2019 after graduating from the criminal justice academy at Northcentral Technical College in Wausau. Aside from his time with patrol, Officer Grund served as one of our Field Training Officers and is now a member of our Community Resource Unit, tasked with addressing neighborhood issues in our city. Thank you Officer Grund for choosing to serve our community and being a big part of our success as an organization!

*Background of Service Stripes: For every 5 years of law enforcement service, we present our staff with a gold service stripe to be worn on their long-sleeve uniform. Service stripes are small, but each stripe is significant and symbolizes a tremendous amount of positive impacts each officer has made in our community
... See MoreSee Less

1 month ago
Congratulations! Thank you! Stay safe!Image attachmentImage attachment+1Image attachment

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

1 month ago
Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!CONGRATULATIONS to Officer Nicholet Gonzalez and Officer Madeleine King who graduated from Sauk Valley Police Academy BLE-5. ... See MoreSee Less

1 month ago

Latest Tweets

Feed Them Social: TikTok Feed not loaded, please add your Access Token from the Gear Icon Tab.

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

Share This Post

Recent Posts

I am sure that you have read an article or listened to a reporter outline a story that included a reference to the source or sources responsible for the information being reported.
If you are experiencing any of the feelings or frustration associated with being overwhelmed; it is because you are either looking too far ahead or thinking about too much at once.
Knowing how to establish your goals is the most essential aspect of developing any useful and relevant plan and there are several key ingredients of successful goal setting.

GO!

Learn more about Strategies for Investing at the Credit Union’s next Financial Fitness for First Responders, a free online virtual educational seminar created for Law Enforcement Officers and their families. For more information, visit our website.

GO!

Learn more about Strategies for Investing at the Credit Union’s next Financial Fitness for First Responders, a free online virtual educational seminar created for Law Enforcement Officers and their families. For more information, visit our website.

Subscribe to our Newsletter

We’d love to add you to our mailing list.