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.”

Free Seminar: 9 Mistakes to Avoid for a Successful Retirement.

Posted by SIU Credit Union on Mar 12th, 2010 | no comments

Join SIU CU Investment Services‘ CERTIFIED FINANCIAL PLANNER™ Jeff Rose as he discusses the key to a financially successful retirement.The free seminar is 12 p.m. to 1 p.m. on Wednesday, March 24 at 395 N. Giant City Road, Carbondale. Lunch will be provided and seating is limited. To RSVP, contact Lisa at 618-549-8621.

Visit our new Investment Services webpage to learn what  Jeff Rose CFP®, can do for you. Click here to visit the new web page.

Certified Financial Planner™ Now Available at SIU Credit Union

Posted by SIU Credit Union on Jan 19th, 2010 | no comments

Jeff Rose, Certified Financial Planner™ for SIU Credit Union

SIU Credit Union members now have access to a Certified Financial Planner™ to help them navigate their financial future with the creation of SIU CU Investment Services department.

Jeff Rose, a Certified Financial Planner™ with Alliance Planning Investment Group in Carbondale, will offer financial planning and investment services to credit union members. He will hold office hours on Tuesday from 9 a.m. to 1 p.m. or by appointment at the SIU Credit Union Giant City Road location.

“We are thrilled to be working with someone of Jeff’s caliber,” said Dennis Schaefer, President and CEO of SIU Credit Union. “By adding this service, our members will have access to one of only a handful of Certified Financial Planners™ in Southern Illinois. We are continuously looking for ways to improve the financial lives of our members and we believe adding a financial planner achieves that.

Rose can help members create a financial road map to retirement.

 “I’m very excited about the opportunity,” Rose said. “Now more than ever, people need to be prepared for their financial future.”

 Rose will assist members with investment choices, stocks and bond purchases and help with retirement planning. Rose can also help with asset management, college savings plans, life insurance and small business retirement plans.

 To schedule an appointment with Rose, call 618-549-8632 or e-mail him at jeff.rose@siucu.org For more information on Jeff Rose, visit http://www.allianceinvestmentplanning.com/meet-our-team/jeff-rose.html, http://www.goodfinancialcents.com/.

 SIU Credit Union is a not-for-profit financial institution. With over 25,000 members and thousands of free ATM locations worldwide, SIU Credit Union is the largest credit union in Southern Illinois. Membership is open to anyone living or working in 11 Southern Illinois counties. For more information, or to find a location, visit www.siucu.org.

 Securities and life insurance offered through LPL Financial, Member FINRA/SIPC The LPL Financial registered representative associated with this site only discuss and/or transact securities business with residents of the following states: AZ,CA,CO,IL,IN,FL,KY,MO,NJ,NM,NV,PA,WA,WI,WV,VA.

IRA Accounts: A Great Retirement Option

Posted by SIU Credit Union on Jan 6th, 2010 | no comments

 Are you thinking about retirement?  It is never too early to begin planning for your retirement.  Recent statistics show that most individuals will need to rely on their personal savings for up to 60% of their retirement income (www.ssa.gov).  This can be an overwhelming statistic when you begin to think about it.   

An IRA account is a great way to save for those retirement years.  You may make contributions to an IRA in addition to the contributions that you make to a 401K program at your place of employment.  The SIU Credit Union offers Traditional, Roth, and SEP IRA accounts.  You may choose to invest in an IRA share account or an IRA certificate of deposit.  This allows you the flexibility you need when it comes time to access your funds.  All IRA accounts are insured for $250,000 through the National Credit Union Administration.

 If you currently have an IRA at another institution, or would like to start one, please contact me at 618-457-3957.  I would love to help you ensure that your road to retirement is smooth.

 Erica Pankey, SIU Credit Union IRA Specialist  

Keep us posted on your financial health

Posted by SIU Credit Union on Dec 30th, 2009 | no comments

Financial Trouble?

Unemployed? Spend too much over the holidays?  Just having trouble making it this month? 

If you can answer yes to any of these questions, I would urge you to call your creditors.

It is so much easier to work with someone having financial problems if they call in when they first realize that it’s going to be tough to make their payments.  If you wait until the collector has sent out several notices, made numerous phone calls and you have ruined your credit, it may be too late to help you.  If you call or visit your collector early on in your financial low, he or she usually has more options available to help you overcome your financial problems.

 Here at SIU Credit Union, we want to help you.  We want you to call us and keep us informed of your financial situations and we want to work with you to overcome your problems.

Give us a call today at 618-457-3595 to discuss your financial situation.

 -Lisa Winthrop

How To Get A Business Loan

Posted by SIU Credit Union on Dec 4th, 2009 | no comments

When you apply for a business loan, you’ve got to complete a lot of paperwork. And that’s only the beginning. After you complete the application package, it goes to the lending institution’s loan committee. Follow the 5 Cs of business credit to get your application noticed:

1.   Character: This includes your personal history, reputation, and (often) your relationship with the lender.

2.   Capacity: This refers to the cash flow, liquidity, asset/liability structure, and net worth of the borrower and guarantors.

3.   Collateral: Your loan should be adequately secured by collateral that is acceptable to the bank, at an acceptable margin.

4.   Capital: Lenders want to see a proper capital structure that doesn’t leave the bank with undue risk exposure.

5.   Conditions: You should be able to demonstrate a thorough understanding of relevant industries, the economy, and any other related conditions.

The five Cs are the elements loan committees evaluate in order to mitigate their risk.  They don’t ensure that all the loans institutions take on are 100 percent risk-free. Rather, they help to identify where the risks are, to determine if risks are layered with other risks, and to spot areas of strength that can reduce risks that may be present.

There are three steps you can take to encourage a favorable review of your application:

1.           Communicate your business plan clearly.

2.           Make it evident that you have a solid plan for using the funds.

3.           Provide high-quality, current financial information.

Having a detailed, complete application is also important. Many committees look for seven basic elements during reviews. These elements are straightforward but often overlooked by potential borrowers:

1.   Be specific about how you plan to use the funds. “Working capital” is not an adequate explanation.

2.   Show a well-defined source of cash repayment, supported by documented performance.

3.   Define two or three alternate sources of repayment that do not involve liquidation of the pledged collateral.

4.   Provide an analysis of collateral throughout the term of the loan, in terms of value and liquidity.

5.   Include a solid, objective analysis of all risk factors, including a believable “worst-case scenario.”

6.   Summarize the qualifications of the guarantor, including relevant risk analysis, to demonstrate that the guarantor is a willing and capable source of repayment.

7.   Anticipate questions from the committee and provide concise, credible answers.

SIU Credit Union is here to help you along the way. Contact Angela Williams-Barke at 618-457-3595.