Busy Holiday Week

Posted by SIU Credit Union on Nov 24th, 2009 | no comments

It’s been a busy holiday week for SIU Credit Union. Yesterday, I delivered a truck load of food collected by credit union employees to the final collection point of the SIU Credit Union, Withers Broadcasting Holiday Food Drive. I’m told that donation levels are greater than last year. All the food collected will fill food pantries throughout Southern Illinois.

Yesterday also started our sponsorship of Pat’s Kids. For many years, SIU Credit Union has been a major sponsor of this charity that gives abused and underprivileged children a chance to have a Christmas. The stories we hear from the kids are heartbreaking. We’re happy to be a part of this wonderful charity. If you are able, please consider dropping off a check, made payable to The Poshard Foundation, at any SIU Credit Union location or mail to River Radio, attention Pat Benton, 1431 Country Aire Drive, Carterville, IL 62918.

I also made my monthly visit to the Murphysboro Illinois Youth Camp. I spent the morning talking to the inmates about budgeting, credit scores and loan interest rates. This was a good group of kids who had many intelligent questions. We compared interest rates on a car loan for a person with good credit compared to someone with poor credit. The look on their faces told me they got my message.

Finally, we’ll be tailgating on Saturday from 11 to 1 as SIU battles EIU (my alma mater) in the first round of football playoffs. Pick up your tailgate tickets at these locations.

Happy Thanksgiving.

E-mail Scam Alert

Posted by SIU Credit Union on Nov 12th, 2009 | 2 comments

Random individuals and/or companies may have received a falsified e-mail with the subject title “Rejected ACH Transaction.”  This e-mail appears to be from NACHA – The Electronic Payments Association telling them that there is a problem with an ACH transaction they have originated.  The e-mail includes a link which redirects the individual to a fake web page which appears like the NACHA website and contains a link which is almost certainly executable virus with malware.  See sample below.

= = = = = Sample E-mail = = = = = =

From: nacha.org [mailto:report@nacha.org]
Sent: Thursday, November 12, 2009 10:25 AM
To: Doe, John
Subject: Rejected ACH transaction, please review the transaction report
Dear bank account holder,

The ACH transaction, recently initiated from your bank account, was rejected by the Electronic Payments Association. Please review the transaction report by clicking the link below:

Unauthorized ACH Transaction Report  (this is the how the link is presented)

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

Why Credit Unions Aren’t Banks

Posted by SIU Credit Union on Oct 28th, 2009 | no 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.

Happy Credit Union Day 2009

Posted by SIU Credit Union on Oct 15th, 2009 | no comments

We’re celebrating a special day, and you’re part of it.

Join us Oct. 15 to celebrate International Credit Union Day with this year’s theme “Your Money, Your Choice, Your Credit Union.” Your money is hard-earned, and in a time of economic uncertainty, it’s safe in the hands of SIU Credit Union. 

More than 177 million people worldwide belong to a credit union. Credit unions don’t belong to shareholders hoping to turn a profit from your cash. Credit unions are member-owned, and any earnings are returned to you in the form of better rates and higher earnings. Take full advantage of your credit union membership. Meet your borrowing and savings needs with our member-friendly, low-priced services.

In honor of International Credit Union Day we will be serving a free chili lunch at our Giant City Road location in Carbondale from 11 to 1. Plus, vist our other branches and register to win Visa Gift Cards.

It’s your money, and this International Credit Union Day, we want to thank you for trusting SIU Credit Union to take care of you. We have only your best interests in mind. Let us know how we’re doing and what we can do to make your credit union membership even better.

We look forward to seeing you.

Ford Vs. Chevy Supersale in Marion

Posted by SIU Credit Union on Oct 14th, 2009 | no comments

Everyone loves a good match-up, so it caught our attention when two local car dealers approached us to be part of the Ford Vs. Chevy Supersale at Illinois Centre Mall in Marion. The credit union is always looking for ways to save our members money. With great car deals being provided by Marion Ford and Cash’s Baker Chevrolet in Marion, we threw our hat in the ring and offered one of the lowest auto loan interest rates available in the area.  Stop by Illinois Centre Mall between now and Saturday to get a great car deal and an even better auto loan interest rate.