WE NEED YOUR LOANS!  Currently the credit union is having members bring deposits in as fast as we can count the money.   The only way we can pay competitive share certificate rates is to be able to loan the money out….cars, boats, RV’s, homes, etc. Because deposits are far exceeding loans, we have had no choice but to lower deposit rates.  If we can’t loan the money out to members, we can’t pay our usual higher than the average certificate rate.  Bring us your loan and send your coworker, neighbor, or relative to us also!

WOULD A MERCHANT LIE TO YOU?  Yes, and they are obviously doing it now when it comes to your debit card.  When you use your card at gas pumps and grocery stores, as examples, they sometimes put a hold on funds immediately.  Then, when you complete the transaction, they debit their funds but many fail to release the hold they put on the initial funds.   Then, they have the gall to put up signs that say it is your financial institution doing it.  Think about it, how in the world do we know you are pumping gas or buying groceries and thus hold your funds.  When they do this, we cannot release that hold, only the merchant can do that.  Now they are adding fees to debit card transactions and some have already started telling their customer  “Oh, your financial institution did that”.  Believe me, we have no part of either…the holds or the added fees.  

CREDIT LIFE AND DISABILITY RATE CHANGE: EFFECTIVE SEPTEMBER 1, 2010, RATES UNDER MEMBER’S CHOICE CREDIT LIFE INSURANCE COVERAGE WILL INCREASE.  IF YOU HAVE THIS ON YOUR LOANS, YOUR PAYMENT WILL NOT INCREASE BUT THE SMALL PREMIUM YOU PAY FOR THESE WILL.  The reason for this is increased claims. The increase in premium could result in a higher last payment or it may extend the duration of your loan. The new rate for Credit Life per $100 of outstanding loan balance is $.066 for the Single Insured Plan and $.099 for the Joint Insured Plan. There is no action necessary on your part to continue coverage if you already have it.  IT IS IMPORTANT THAT THIS NOTICE BE ATTACHED TO YOUR CERTIFICATE.  If you wish to discontinue this coverage, please notify the credit union.

WAYS TO HELP AVOID CREDIT CARD FRAUD

• If you have several credit cards, get a P.O. Box so thieves can’t take statements out of your mail box with your card number on them.
• Keep a copy of your card, front and back in a lock box at home
• Use only one card for online purchases and try to use one with a small limit so that you have less to deal with if something happens.
• Don’t leave your receipts lying around in the house, you can’t possibly know everyone that well that visits you.
• Don’t leave any blank spaces on the receipt you sign.  As an example, if a tip is included, write “included” in the tip line.  If you are not leaving a tip, write “none” in that space.
• Don’t answer emails about your card or bank account.  These companies do not send emails about such, they call you.
• Cell phones have cameras and crooks are now taking pictures of cards laying on counters and video of PIN numbers, be careful.
• If you move, make sure you change your address quickly on your credit cards, not all forwarded mail makes it to it’s proper destination.
• And….lawyers will now tell you, don’t sign the back of your card, write “check ID” on it.  Signing the back of the card is fine, if you never lose it, but if you do, you just gave a crook your signature.

Remember that identity thieves need very little to steal your identity.

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Enclosed please find your quarterly statement.   Transactions after June 30, 2010 will appear on your next statement. 

Sincerely,

J. Michael Chaney

President