SIU Credit Union Partners with Bank On Carbondale

Posted by SIU Credit Union on Apr 7th, 2010 | no comments

SIU Credit Union has partnered with the City of Carbondale in supporting the Bank On Carbondale program. Specifically designed to assist low- to moderate-income families and minorities, Bank On Carbondale focuses on reducing the barriers that many families encounter with banking.

There is an estimated 368,600 households in the state of Illinois with no checking or savings account – including 50% of all African-Americans. Hundreds of Carbondale households currently rely on check-cashers, payday lenders and pawn shops to cash checks to pay bills and borrow money. Unbanked families, who are already struggling to make ends meet, are paying up to $75 a month to cash payroll checks, relying on pawnshops that charge high interest rates for loans, and unsafely storing cash in their homes.
Too many Illinoisans conduct their financial lives outside the financial mainstream:
• Almost 369,000 Illinois residents lack both a checking and savings account
• Less than 13 percent of low-income neighborhoods have access to a bank or credit union
• The average unbanked worker in Illinois will throw away $574 a year to cash payroll checks
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WHY DO I NEED AN ACCOUNT?

By opening a bank account, you can take an important step toward financial security. With a free or low-cost account, you can start to save for the future and establish a credit history that will help you enter the financial mainstream and achieve your dreams.
Bank on Carbondale can help you:
• Gain access to a free or low-cost checking account so you can keep more of your money.
• Stop currency exchanges and check cashing stores from taking your money with high-interest gimmicks and fees.
• Overcome past financial or credit problems so you can open a checking account without any hassle.
• Open an account even if you are not a U.S. Citizen or don’t have a Social Security number.
 

IT SAVES YOU MONEY

Using check cashers may seem more convenient than having a checking account at a bank. But these services cost a lot more than a checking account. Check-cashing stores charge you a certain percentage of each check you cash. Cash a $500 check and pay 2.25%, or $11.25. To cash two paychecks a month, you’re spending over $20 just to get access to your own money! And since money orders can cost as much as $3 per order, your costs could really add up. Our partner banks and credit unions offer low- or no-cost accounts, and most have free bill pay or even free money orders!

IT’S SAFE

Without a bank account, you and your family could lose your money during an emergency, like an earthquake or a fire. You also have no safe place to keep your money, and may become a victim of robbery or theft. Money deposited in a bank or credit union is protected by the full faith and credit of the U.S. government.

IT’S CONVENIENT

With a checking account, you can deposit your checks and access your money for little or no cost. You can save money by paying bills with checks, on the Internet, or by direct debit, and avoid paying for money orders. You can use your debit card to make purchases at stores or to withdraw money from ATMs across the city, reducing the need to carry cash. You can also keep track of your spending on the Internet, by phone, or at the ATM.

IT HELPS YOU SAVE FOR THE FUTURE

Without a bank account, it is much more difficult to save your money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child’s education. Studies show that people with bank accounts are more likely to save and move up the economic ladder to financial security.
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HOW DO I OPEN AN ACCOUNT

1. Stop by any Carbondale location of SIU Credit Union. Our staff is trained to answer questions and walk you through each step of the process. To set up a free or low-cost account, you need a valid ID. Many forms of ID are accepted, including passports, Illinois IDs,  Military IDs, and more.

2. Ask them about opening an account through Bank On Carbondale.
SIU Credit Union has designed special banking programs just for you. We’ll answer your questions and help you open an account that best serves your needs.

3. Remember to bring some identification.
You don’t need a Social Security number, but you will need a passport, Illinois ID.

4. Open your new bank account.
The person at the credit union will walk you through the entire process.

MANAGING YOUR FINANCES

Discover free classes and services that will help you achieve financial freedom. Find information about establishing financial goals, managing a budget, getting out of debt, locating free day care, and many other topics.

“Free financial literacy classes provided by Alpha Kappa Psi :
Budgeting and Saving for the Future: April 21, 5pm, Civic Center in Room 116/118

TBA: May 5, 6pm, SIU Student Center in the Kaskaskia Room

Call 618-457-3226 for more information or to register for a class.

Super Shredder Thursday

Posted by Joshua English on Apr 1st, 2010 | no comments

2010 Undy Run

Posted by SIU Credit Union on Mar 29th, 2010 | no comments

We are big supporters of the American Cancer Society here at the credit union. It’s become one of our major fundraising efforts and a cause that is near and dear to our heart. Last year our employees raised over $4,000 for the ACS.  On Saturday, two credit union employees, Amy Ragan, compliance officer, and Josh English, teller and marketing intern, ran in the 2010

Credit Union volunteers (at left) were part of the registration team. Above, Amy Ragan and Josh English competed in the race for SIU Credit Union.

Undy Run, an effort to stamp out colorectal cancer and an extension of our support for the American Cancer Society. Several credit union employees also volunteered their morning to help with race registration. SIU Credit Union was a major sponsor of the event.

We’re proud of our employees who go out into the community to serve a cause they are passionate about.   

Identity Theft: You Have a Lot to Lose

Posted by SIU Credit Union on Mar 19th, 2010 | one comment

SIU Credit Union Marketing Director Chris Sievers talks about identity theft prevention with WPSD Local 6 Anchor Beth Bradley at the WPSD, SIU Credit Union Super Shredder Thursday Event at SIU Credit Union in Marion. SIU Credit Union collected over 6,000 pounds of documents on Thursday that was securely shred by DataLock.

Armed with little more than the name, address, birth date, and Social Security number of a completely unknowing person, thieves are illegally obtaining credit cards and access to checking accounts. Others use their newfound identities to apply for employment, an auto loan, or a driver’s license or even to commit a serious crime. Worse, that unknowing person might be you.

Consumer advocacy groups, such as the Privacy Rights Clearinghouse in San Diego, are receiving an increasing number of requests for help from victims of a crime that most law enforcement officials call identity theft.

For victims, the nightmare might begin when someone steals a wallet or check. Or when someone pilfers financial or other records with identifying information from a trash can. Or it might occur when the perpetrator legally obtains credit bureau records while working for a credit grantor (a financial institution, auto dealer, insurance company).

The lengthy process victims endure to untangle the web of fraud is draining both financially and psychologically.

So, what have you got to lose?

* Access to credit. A bad credit rating can virtually prohibit you from getting a credit card or any type of loan.

* Use of your checking account funds. You’re likely to show up as a bad risk on retailer’s check verification systems.

* Employment opportunities. A damaged credit report or driving record could take you out of the job market.

* Work time. With passage of the Identity Theft and Assumption Deterrence Act of 1998, victims finally have a federal law that gives them the right to file police reports and recoup damages. But it takes time to be persistent and assertive in clearing their names.

* Money. Costs can mount when you retain the services of legal counsel.

Report any suspected identity theft to SIU Credit Union as soon as you realize it has occurred. And visit the Federal Trade Commission identity theft Web site (ftc.gov/bcp/edu/microsites/idtheft/) to view a copy of its publication, “Take Charge: Fighting Back Against Identity Theft.”

Super Shredder Thursday at SIU Credit Union — Marion Branch

Posted by Joshua English on Mar 16th, 2010 | no comments

Thursday, March 18 from 10 a.m. to 6 p.m. at 2809 Outer Drive in Marion, next to O’Charley’s.

Visa Giving Gateway

Posted by mikelantrip on Feb 17th, 2010 | one comment

Support your local charity with ease, convenience and security of using Visa. Access nearly 1 million IRS-qualified 501(c)(3) publicly supported charities and receive a receipt immediately when you make a donation with your SIU Credit Union Visa Check Card or Visa Credit Card.

Visit Visa Giving Gateway to make charitable donations ease and security of using your Visa card via one centralized destination. Just use your SIU Credit Union Visa Check Card or Visa Credit Card to give to the causes you care about most — in your neighborhood or
nationwide.

You’ll avoid the hassles of writing checks and receive an electronic receipt right away. Plus when you use your SIU Credit Union Visa Check Card you’ll earn Power Points so your giving can be even more rewarding!

Visa Giving Gateway makes it easy to support charities that matter to you:
•Access to nearly 1 million 501(c)(3) publicly supported charities via one single online destination
•Learn more about charitable organizations before you donate
•Recommend charities of all sizes

Here’s how easy it is to donate:
Step 1: Find your charity at visa.com/giving
Step 2: Donate with your SIU Credit Union Visa.
Step 3: Print a receipt for your records
Donate today at visagiving.com