Happy Halloween

Posted by SIU Credit Union on Oct 30th, 2009 | View Comments

Why Credit Unions Aren’t Banks

Posted by SIU Credit Union on Oct 28th, 2009 | View Comments

When we are out and about in the community, we often hear two things. What’s a credit union? and I didn’t know I could join. To be clear, if you are living in Southern Illinois you are more than likely eligible to join SIU Credit Union. And no, you don’t have to been connected to Southern Illinois University to join the credit union.

But when you explain what a credit union is, it’s almost guarneteed to be followed with … so you’re a bank. Um, no. Here’s the difference.

Banks and credit unions may offer similar products and services. But the similarities stop there. Crucial differences exist–in ownership, in cost of borrowing money, and in use of services.

* You own your credit union. Credit unions are member-owned nonprofit financial cooperatives dedicated to improving members’ lives. More than 90 million members own 7,905 U.S. credit unions with combined assets of $869 billion. Stockholders own banks. Banks make money for stockholders, not for customers.

Credit unions are the only democratically controlled financial institutions in the United States. You and other members elect a volunteer board of directors to oversee the credit union. The manager or reports to this board. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not customers.

* Credit unions have the best rates. Credit unions price loans, pay interest on funds you’ve deposited, and charge fees to provide you with high-quality, low-cost services. Banks price products and services to make a profit.

Credit union loan rates also are better. Money market, savings, and interest checking accounts carry higher rates–giving back more to members. Interest rates on credit cards and auto loans average one to one-half percentage points lower than bank rates. Credit unions make consumer loans and some member business loans. Banks offer consumer loans, but really emphasize business loans.

Because you’re an owner of SIU Credit Union you have a say in how we do business. Let us know how you think we’re doing, and what services you want at your credit union.

SIU Credit Union Can Put You in Business

Posted by SIU Credit Union on Oct 27th, 2009 | View Comments

SIU Credit Union is here to help small-to-medium size business. Credit unions have established a relationship with the Small Business Administration (SBA) to expedite loans to credit-worthy small businesses. The SBA’s finance programs enhance the ability of credit unions to provide long- and short-term loans to small businesses that might not qualify through other lending channels.

SBA loans can only be used to finance the start-up, operation, or expansion of a business. You can’t use the funds to repay other debts, reinvest in financial instruments, or speculate in real estate, financial, commodity, or other markets.

To obtain an SBA loan, you must demonstrate the ability to repay the loan from the cash flow and profits of the business and meet other eligibility criteria.

The credit union makes all necessary arrangements to secure a loan with the SBA. Both fixed and variable interest rates are available for an SBA loan.

Borrowers should be prepared to pay closing costs on SBA loans, including all recording and packaging fees, title company and environmental reports, appraisals, and attorney fees. Total closing costs average between 3% and 5% of the loan amount.

SIU Credit Union may be able to help you with your business; visit our business services representative, Angela Williams-Barke today to see how SIU Credit Union Business Services products can help you. Call 618-457-3595 to schedule an appointment.

Having a Hard Time Making Your Car Payment?

Posted by SIU Credit Union on Oct 26th, 2009 | View Comments

Refinance your auto loan with us.

Did you finance a car in the past year or two?

Did you take advantage of a 0% financing offer but now can’t afford the hefty monthly payment?

Are you paying a high rate through another lender?

Do you want the convenience of having your auto loan at the credit union?

If you answered “yes” to any of these questions, we can help. Even by pushing the interest rate on your auto loan down a percentage point or two, the money you save really adds up.

Stop in or call today to find out how refinancing at the credit union can benefit you.

In Times of Emergencies… It’s Good To Know You Have Connections!

Posted by SIU Credit Union on Oct 21st, 2009 | View Comments

If you have ever had an emergency and needed immediate transport to a hospital by helicopter, you know that this can costs thousands of dollars.  Transport by air ambulance can make the difference between life and death for many citizens.   Air Evac operates the world’s largest fleet of more than 100 medically-equipped Bell helicopters and has safely flown more than 180,000 people who were in critical need of care. Service area includes Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kentucky, Mississippi, Missouri, Ohio, Oklahoma, Tennessee, Texas and West Virginia, with the company being the largest air ambulance provider in 8 of its 14 states.

Membership in Air Evac Lifeteam is a subscription-based program. Membership provides prepaid protection against all of Air Evac Lifeteam’s transport costs that exceed any insurance or medical benefits you may have. Most insurance companies will pay 100% of what they deem an allowable amount for air ambulance, which does not necessarily mean that the total cost of the flight will be covered.  Members are entitled to transport by an available Air Evac Lifeteam helicopter to the closest appropriate medical facility for medical conditions deemed by an attending medical professional to be life- or limb-threatening, or that could lead to permanent disability.

Although you do not have to be a member to use the air ambulance service, membership offers several benefits:

• As a member, Air Evac Lifeteam they work on your behalf with your insurance company to secure payment for its flight. For all Air Evac Lifeteam transport costs that exceed any insurance or medical benefits you may have, the company will waive all costs not covered by your insurance or benefits.
• Memberships are valid in all Air Evac Lifeteam service areas so members are covered while traveling. More than 85 mutually supporting bases are located across 14 states within the United States.
• Becoming an Air Evac Lifeteam member is a good way to support the health care needs of your community. The company’s membership base helps it operate in rural areas where having a quick response time to critical medical situations can save lives. If not for its members, Air Evac Lifeteam would be challenged to provide its livesaving service in many of its outlying communities.

Air Evac Lifeteam Membership Fees

If interested in learning more about membership benefits, call toll free 800-793-0010 or go to www.lifeteam.net and visit the FAQ section on the website for details.

Wind Energy Facts

Posted by SIU Credit Union on Oct 21st, 2009 | View Comments

• The U.S. wind energy industry installed a record 8,358 mw of new generating capacity in 2008, enough to serve more than 2 million homes.

• 2008 growth increased the nation’s total wind generating capacity by 50 percent.

• New wind projects in 2008 accounted for 42 percent of new power-producing capacity added nationally.

• United States wind generating capacity is 25,170 mw, enough to power 7 million homes.

• For every megawatt of wind energy produced, $1 million in economic development is generated.

• Texas leads the states in generating capacity with 7,116 mw, followed by Iowa, California, Minnesota and Washington.

• About 85,000 people are employed in the wind industry.

• About 50 percent of turbine components are manufactured domestically.

Source: American Wind Energy Association, 2009