Don’t Make Us Pay — Important Legislative Info
Rep. John Conyers, Chairman of the House Judiciary Committee, has introduced a bill on interchange that would shift this cost of doing business for merchants to the backs of American consumers.
It’s simple: merchants do not want to pay their fair share to accept debit and credit cards, and they want consumers to foot the bill.
If this legislation passes, American families will end up footing retailers’ bills when it comes to accepting debit and credit cards.
Watch a video on how interchange legislation will raise costs for American families »
Merchants that accept credit and debit cards benefit from more sales, lower costs and greater profits. It is only fair that they pay a fee for this service.
At a time when American families everywhere are struggling to make ends meet, they shouldn’t be forced to pay more so giant retailers can profit at their expense.
Tell Congress that you don’t want to pay for retailers’ bills »
Free Seminar: 9 Mistakes to Avoid for a Successful Retirement.
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.
Visa Giving Gateway
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
Why Do People Choose a Credit Union?
Why do people choose a credit union over a bank? It isn’t just a matter of one’s profession or union encouraging the choice – though that certainly plays a role. People like credit unions for other compelling reasons.
A fundamental (and philosophical) difference. Credit unions are not-for-profit organizations owned by their members; retail and business banks are for-profit private enterprises. A bank seeks to maximize earnings as it serves its customers. The more income it can derive from you, the better for its future. Banks have to answer to shareholders. Credit unions must ultimately answer to members.
Credit unions commonly use profits to fund reserves. Excess earnings may be indirectly returned to members – they can translate into reduced loan rates, higher interest rates on savings accounts (which are called share accounts), and lower fees. Some CUs have even sent members bonus checks.
A chance to potentially save money over time.
Money which banks might charge you, that is. Checking accounts are free at most credit unions. In most cases, a checking account at a CU requires no minimum balance, and there are no per-check fees or overdraft fees. Historically, most credit unions haven’t returned cancelled checks to their members – mostly because of the expense. However, many CUs provide them at request.
What about ATMs? Well, there are more than you might think. Many credit unions belong to the CO-OP Network, a credit-union only ATM network with more than 28,000 ATMs in America. Credit Union 24, a member-owned, full-service ATM cooperative, helps CUs offer their members more than 100,000 ATMs and more than 50,000 surcharge-free ATMs.1,2
If you need to get a loan to buy a car or some other major item, the person on the other side of the desk may quickly ask you if you belong to a credit union. There’s a reason for that: loan rates at CUs are often better than those at banks.
Are your assets federally insured at a credit union?
Yes, in almost all cases. Just as almost all banks are FDIC-insured, about 98% of credit unions are federally insured through the National Credit Union Share Insurance Fund, administered by the National Credit Union Administration (NCUA). No member of a federally insured credit union has lost a cent of their insured credit union savings in the NCUA’s history.3
A share account at a federally insured credit union is insured up to $250,000 through the end of 2013 as a result of the Emergency Economic Stabilization Act of 2008, the same level of insurance that the FDIC affords bank accounts.3
Credit unions may not be as numerous as banks, but these are some of the reasons why their members prefer them. If you have eligibility to join a credit union, it is worth seeing what that credit union can do for you and comparing the potential long-term savings of a credit union relationship against a bank relationship.
Jeff Rose is a Representative with SIU CU Investment Services which is a DBA under LPL Financial. He may be reached at Good Financial Cents, 618-549-8632 or jeff.rose@siucu.org.
This material was prepared by Peter Montoya, Inc. not the named Representative nor Broker/Dealer, and should not be construed as investment advice. Neither the named Representative nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information.
Jeff Rose is a Registered Representative with, and securities and insurance products are offered through LPL Financial and its affiliates,
Member FINRA/SIPC. SIU CU Investment Services is not a Registered Broker/Dealer and is not affiliated with LPL Financial.
| Not FDIC/NCUA Insured | Not Bank/Credit Union Guaranteed | May Lose Value |
| Not Insured by any Federal Government Agency | Not a Bank Deposit | |
Citations.
1 co-opfs.org/public/locators/atmlocator/index.cfm [12/23/09]
2 cu24.com/mapcoverage.asp [12/23/09]
3 ncua.gov/Resources/ShareInsuranceToolKit.aspx [12/23/09]
CARD CARD Act Brings Change to the World of Credit Cards
You’ve likely heard about credit changes coming your way. A new law—The CARD Act—forces card issuers to show young adults (younger than 21) the big picture.
February 22, 2010
▪ Cards can’t be issued without an adult co-signer unless cardholder can prove means to repay the debt.
▪ Credit limits can’t be increased without considering the ability of the borrower to make required payments.
▪ Card issuers are not allowed to offer tangible items or inducement for applications on or near campus at college-sponsored events. What this means to you If you’re younger than age 21 you’ll need a co-signer if you want a credit card unless you have a steady source of income. SIU Credit Union still is the best place to shop for a credit card—with your parents’ approval, of course. For more information our our credit cards, visit our our Visa Page.
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