Pending Legislation on Overdraft Protection Needs Your Input

Posted by SIU Credit Union on Nov 6th, 2009 | no comments

Dear Member:

You are one of our best members, and we thank you for the trust you have placed in our financial institution.

When you have used our overdraft program, it has enabled us to cover your unexpected expense or help you avoid embarrassment due to an error in your recordkeeping.  This meant you were able to pay for something at the grocery store, fill up your gas tank or unexpectedly purchase a prescription for a sick family member.  These are the reasons you used this safety net – and the reasons it should remain available to you and your family.

As you know, there is a cost for not having overdraft services.

• The returned check charge from the grocery store (averaging $38.50 in our city)
• The damage to your credit from bouncing a check.
• The embarrassment of having your purchase declined with your neighbors watching from the back of the line.
• The inconvenience of having to return to the merchant to ‘pick up your bad check’ and pay a ransom for it in CASH!

Unfortunately, Washington thinks you need their help to manage your checking account.

We believe that you should know how decisions being made in Congress could affect your financial freedom .

Senator Chris Dodd (D-CT) has proposed the “FAIR Overdraft Coverage Act of 2009″ that will dramatically restrict overdraft services on your account.  Instead of your local branch giving you the benefit of our relationship, Senator Dodd wants us to return your checks.  All but six of them a year!  Six overdrafts a year may be fine for the Senator’s household – but what about yours?

Washington doesn’t understand how important this is to you.  They need to hear from you!

Tell them about your personal use of our overdraft program and what it will mean to you if they take away this option.  We want to help so we have prepared a simple form for you to complete.  If you will complete it, mail or drop it back to us, we will deliver it to Congress for you!

Or, if you come into the branch, we have copies there you can complete.  At that time, we would be happy to answer any questions you have, but we want your voice to be heard!

Washington is moving quickly.  The time for your action is NOW!

Sincerely,
Dennis Schaefer President/CEO SIU Credit Union

My Credit Union Story

Posted by SIU Credit Union on Nov 6th, 2009 | no comments

For the past couple of days, a good friend and co-worker has been continually reminding me that I have yet to turn in an article for our blog.  Since I finally realized his persistence is both shameless and tireless, I decided I better get started.  “This won’t be hard,” I thought to myself.  After all, I oversee compliance for the credit union, so I could just choose one of the hundreds of regulatory changes currently affecting the financial sector, write a short blurb, and be done with it.  However, let’s face it…there are only a few of us nerds out there who actually enjoy reading the minute details of upcoming lending mandates or interchange legislation.  So I thought I would start off with telling my story about what I have learned first-hand about credit unions.

When I interviewed for this position just one year ago, CEO Dennis Schaefer asked me if I knew the difference between credit unions and banks.  I confessed that I did not (somehow I was still hired).  I soon learned that one of the main surface-level differences is that where banks are for profit, credit unions are not for profit, member-owned cooperative networks.  The underlying premise upon formation for all credit unions includes a desire to promote thrift and to provide credit to individuals who may otherwise be unable to obtain it.  When I learned this, I thought to myself, “that is a great story, and I’m sure that was the idea a hundred years ago, but in today’s society, that kind of desire and commitment to help your neighbor just doesn’t exist.”  I was immediately proven wrong.

Throughout this past year I have been amazed at not only SIU Credit Union’s desire and commitment to serve and help its members, but at the entire industry’s dedication to service.  I have attended several conferences and meetings with officers and executives from credit unions nationwide, and everywhere I go, the overall atmosphere can be summed up into one simple theme:  help your neighbor; serve the underserved.  This is evident on a daily basis from here at SIU Credit Union in Southern Illinois, to Washington, D.C. where credit union lobbyists are continually fighting for the best interest of the entire credit union movement.  As cliché as it may sound, I feel like I have become a part of a family here at SIU Credit Union.  I find it very refreshing to be a part of something that, in spite of these tough economic times, still manages to put people first and to go the extra mile.

Tell us your credit union story. We’d love to hear it.

– Amy Ragan, Internal Auditor and Compliance Officer

Add Credit Life and Disability To Your Loans

Posted by SIU Credit Union on Nov 5th, 2009 | 2 comments

Every member has needs and they are unique in every circumstance.  SIUCU is now offering loan protection to all of our members to give you the peace of mind you deserve.  You will be offered the product of Credit Life and Disability when applying for a loan.  Both members and their families will benefit through their loans being paid off in case of death or disability.

Members who are out of work because of disability may find themselves waiting even longer for the Social Security safety net to catch them.

In 2007, the Social Security Administration experienced a record breaking backlog of disability claims.  The average waiting period to get a hearing has reached 17 months. Having the extra protection on your loan will ease the stress during this difficult time.

Many U.S. households say they need more life insurance.  The average amount of life insurance you need is three to six times your annual income.

Your life insurance needs to:

Replace your income

Pay off your mortgage

Cover daily living expenses (food, utilities, transportation, child care)

Pay for college education for your children

Cover retirement for your spouse

Pay for funeral expenses

Pay off loans

By adding Credit Life and Disability insurance to your loan, you will have the piece of mind knowing that your obligations will be taken care of when you need it most. Stop by any branch location. We’ll be happy to discuss how Credit Life and Disability can benefit you.  For more information on insurance products offered thought CUNA Mutual Group, visit http://www.siucu.org/resources/index.htm#insurance

–Kim Babington, Vice President of Operations

Going on Your Next Employment Interview

Posted by Tracy Frischkorn on Nov 4th, 2009 | no comments

Job interviews can be challenging and stressful.  Planning ahead and being prepared for hard questions will give you an edge. Here are some tips to ensure a smooth interview.

Tips:

1. Practice interviewing ahead of time so you are comfortable with the process.
2. Make sure your qualifications are appropriate for the position at hand.  Be ready to demonstrate your proficiency in the tasks associated with the job.
3. Be prepared. Learn all you can about the company ahead of time.  Have an understanding of the business and the services provided.
4. Dress appropriately. Project an image of workplace professionalism.  Understanding the environment of the business is critical.
5. Speak slowly and with confidence.  Be prepared to sell yourself without being overbearing.   If you don’t know the answer, be honest.  Eye contact is essential and body language should convey a positive attitude.
6. Don’t lie!  Exaggerations about previous jobs or experiences can, and will, come back to haunt you.  Employers do background checks, including previous positions and duties.   Be honest about what skills you have.
7. Don’t interrupt the interviewer to interject your opinions or responses.
8. Don’t bad mouth your old company or supervisors during the interview.
9. Ask questions when given the opportunity.  For example, show interest in the position by asking specific questions about the tasks or ask questions about where the company sees itself in 5 years.

Send a follow up “thank you” letter to the interviewer showing your appreciation while conveying your continued interest in the position.

-Tracy Frischkorn, HR Director

Talking Money With The Inmates

Posted by SIU Credit Union on Nov 3rd, 2009 | no comments

For a little over an hour a month, I attend boot camp. Not boot camp in the traditional sense, rather at the Illinois Youth Detention Center in Murphysboro. For the past several months the credit union has been invited to come in and talk to the inmates about financial literacy. I also bring a birthday cake with me for those celebrating birthdays that month. It’s amazing how that little gesture means the world to those locked up, without family on their special day.

I’ve always enjoyed helping people understand the tricks to managing their money successfully. But I get an even greater sense of satisfaction when the 15 or so kids who are nearing the end of their stay and I spend one morning a month talking money. I was lucky enough to be raised in a family where money was never a concern … at least if it was, it wasn’t my concern. But these kids, many of them from broken homes, have a different perspective on money. They’ve had to worry about where their next meal will come from. Most had to steal or sell drugs just to survive. I spend an hour trying to reinforce the lessons they’ve been given during their stay. Hopefully that time is as rewarding to them as it is to me.

The boot camp is military in nature. The inmates wear uniforms and march to commands. For the most part, they are respectful and obedient. It’s the easiest class I’ve ever had to talk to … and quite possibly the most important. Hopefully, the inmates will take away the importance of my message: Get an education. Find a good job. Live within your means. It’s simple stuff, but words that many of them have never heard before.

I look forward to my visits with them. I only hope my message is heard and I don’t begin seeing familiar faces in the classroom.

-Chris Sievers, Marketing Director

Fraud Alerts On The Rise

Posted by SIU Credit Union on Nov 2nd, 2009 | no comments

This past week saw several government warnings and alerts about financial frauds as well as several credit unions reporting other scams that could spook some accountholders. But these are no Halloween pranksters.

Keesler FCU reported that at its base in RAF Mildenhall, England, about 100 members saw fraudulent charges on their accounts this month (Stars and StripesOct. 28). All affected accountholders had visited Spain sometime this year, Michelle Foster, a loss prevention manager for Keesler told Stars and Stripes.

The losses were from Visa debit cards. Visa said it is aware of a possible security issue in Spain but said the investigation was ongoing and it couldn’t comment. Visa Europe contacted several affected banks and credit unions when the fraud was discovered.

One Keesler member reported charges of $539.16 from boutiques in Chicago suburbs. She said the only time she used her debit card while in Spain was at a mom-and-pop store near the beach.

Another credit union , Service CU, which has 15 locations in Germany and 17 in the U.S., saw less than one-half of 1% of members’ cards compromised by the breach, the newspaper said.

In another situation, the Federal Deposit Insurance Corp. (FDIC) Thursday issued an alert warning financial institutions of an increase in schemes to recruit individuals to receive and transmit unauthorized electronic funds transfers (EFTs) from deposit accounts to individuals overseas.

The recruitees or “money mules” are solicited on the Internet by criminals who have gained unauthorized access to the online deposit account of a business or consumer. The criminal will originate an EFT from a victim’s account to a money mule’s deposit account. The money mule is told to quickly withdraw the funds and wire them overseas after deducting a “commission” of 8% to 10%.

The schemes often occur in the context of online job posting websites, advance fee scams, mystery shopping jobs, and social networking sites. Some hesitant money mules have been threatened by their criminal “employers” if they don’t make the transactions quickly and secretly, said the FDIC. The personal identifiable information provided by the money mule may be used later to commit identity theft or account takeover.

SIU Credit Union has systems in place to monitor for fraudulent activity. But if you suspect you account has been compromised, contact us immediately. For more information on how to protect your accounts, visit our fraud prevention page.

–CUNA News Now