CNN cites CUs as good source for cards

Posted by SIU Credit Union on Jun 9th, 2010 | no comments

NEW YORK (6/9/10 CUNA)–Credit unions are an alternative for consumers who are looking for a good deal on credit cards, CNNMoney.com said Monday.

CNN cited a recent op-ed piece by two Harvard University doctoral students who discussed a study they conducted about investor-owned banks versus member-owned credit unions.

“They found that credit cards from credit unions were less likely to charge fees and penalties that big banks do,” CNN said. “And when fees are involved, those fees are less.

“Credit union cards actually offer lower annual fees and longer grace periods than regular cards,” CNN added.

To learn more about SIU Credit Union’s Visa card, click here.

Florida CU establishes fund for oil spill wildlife recovery

Posted by SIU Credit Union on Jun 7th, 2010 | 2 comments

PENSACOLA, Fla. (6/7/10 CUNA)–A Florida credit union that says it can’t sit idly by and wait for others to solve the oil spill crisis has committed $50,000 for a matching donation fund to assist the Wildlife Sanctuary of Northwest Florida in its recovery efforts from the spill.

“We wanted to create an opportunity for the community to double the amount they give to the Wildlife Sanctuary,” said Pensacola-based Gulf Winds FCU President/CEO Chris Rutledge. “When they give through our website, we will match the gift dollar-for-dollar, up to a total of $50,000.”

CLICK HERE TO DONATE

The aim is to take the $50,000 pledged and turn it into a $100,000 donation “with help from the Gulf Coast residents,” Rutledge said. Rutledge and several Gulf Winds staffers toured the Wildlife Sanctuary recently. “We were very impressed with the facility and the work they are doing,” said Rutledge. “The Wildlife Sanctuary has been a part of this community for over 28 years and will be here long after the BP (British Petroleum] cleanup operation has left the area.

“We know that the Wildlife Sanctuary will be assisting and doing all they can do to protect, restore and rehabilitate wildlife that will be affected by this disaster,” said Rutledge. “Our wildlife cannot wait while lawsuits are settled. They will need our help now and long term.”

Although reports indicate that BP has committed to covering the costs associated with the oil spill incident, including the wildlife cleanup, the Wildlife Sanctuary is preparing for a potentially overwhelming amount of work. Dorothy Kaufmann, Wildlife Sanctuary director, said her staff and volunteers are working closely with many collaborating organizations in the recovery efforts.

It already has received injured birds from Tri-State Rescue and Research, an organization contracted by BP to rehabilitate wildlife in this incident. “The birds and other animals can’t be released to the wild immediately,” says Kaufmann. “The oil is still out there. We will be ready to nurse the animals back to health and if needed, hold them until it is safe to release them.”

The sanctuary is a non-profit organization that has served Northwest Florida since 1982. It does not charge for its services and relies on contributions to stay open. The money is used to build facilities, and for grounds upkeep, medical supplies and food. During a normal year, the sanctuary takes in 3,000-4,000 injured or sick animals. Staff expect a big increase this year.

Donations can be made by clicking here.  The credit union said 100% of the donation goes directly to the local sanctuary.

Regaining Your Lost Home Equity

Posted by SIU Credit Union on Jun 4th, 2010 | no comments

Six trillion dollars. Most of us have difficulty wrapping our brains around such a figure. That’s roughly how much U.S. homeowners lost in home value—$5.9 trillion, to be exact—from March 2006, when the housing market peaked, through November 2009, according to Zillow.com.

When seeking ways to recover lost home equity, consider these questions:

• What’s my best move? That depends. If you’ll stay in your house for many more years, you have time for it to regain value. If you plan to move soon and need to sell, you’d need to act sooner to boost your home’s value, and thus your equity.

• Should I do home improvements? If you need to sell, doing minor fix-ups can enhance your home’s appeal and value, and hence your equity, without costing a lot of money.

• Is it smart to do major renovations? Doing major remodeling just to boost your house’s value usually doesn’t pay. Renovation projects don’t earn a dollar-for-dollar return in increased home value.

• Could I refinance?Mortgage rates are at historic lows. You may be able to refinance to a fixed-rate mortgage at a lower rate. Our mortgage officer, Jana Ledbetter can help you. Call her at 618-457-3595 to discuss your options.

• Should I pay off my mortgage faster? If you do, you’ll build equity faster and pay less total interest over the life of the loan. You might refinance from a 30-year to a 15-year mortgage. Or keep the longer-term mortgage and pay extra when you can.

• Is there a better use for my money? Financial planners urge homeowners to look at the big picture. Putting extra money into your mortgage won’t build your wealth over time. Instead, you could put that extra amount toward paying off high-interest debt, contributing to your 401(k) to get the employer match, or investing conservatively. Our CERTIFIED FINANCIAL PLANNER Jeff Rose is available to help you. E-mail him at jeff.rose@siucu.org or call him at 618-549-8632.