Existing members of the credit union can help a friend or relative while also helping themselves with our Membership Months promotion. The credit union will pay $10 to existing members who refer new members to join North Alabama Educators Credit Union using our Membership Months coupon. (Link below) The new member who joins will also earn $10 towards their new account. A win-win for all!
People sometimes hear our name "North Alabama Educators Credit Union" and think that you must be a teacher to be a member of the credit union. This is not the case. There are other ways to be eligible for membership. They include;
All students (K-college) living in Madison, Morgan, and Limestone counties in Alabama.
Any relative of an existing member in the credit union
PTA/PTO/PTSA members of eligible sponsor schools throughout the Tennessee Valley
All retired teachers living in Madison, Morgan, and Limestone counties in Alabama.
Employees of private schools and day cares in Madison, Morgan, and Limestone counties.
All employees of the eligible school systems are eligible for membership. This includes school bus drivers, cafeteria workers, and support staff.
Help the credit union grow its membership and earn some money in the process. Your referral will thank you for leading them to the credit union. Once a member, they could also refer new members and earn some cash!
The link below has the Membership Coupon near the top of the page. The page also provides a more detailed list of eligibility methods.
Here is the link; http://www.naecu.org/aboutus.html
Wednesday, July 1, 2009
$250,000 Federal Insurance through 2013
The Helping Families Save Their Homes Act of 2009 includes a provision extending $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund through December 31, 2013. This higher level of coverage was originally set to expire December 31, 2009. Investors with deposits exceeding $100,000 will now have other time deposit options to consider that would maintain full federal share insurance up to the $250,000 threshold.
Hopefully, the $250,000 federal insurance coverage limit will be made permanent at some point in the future. It would seem very difficult to revert back to the old $100,000 insurance coverage in the future. To be clear though - the $250,000 share insurance coverage is only guaranteed through December 31, 2013 at this time.
The National Credit Union Administration (NCUA) has a good Share Insurance Tool Kit available on their web site to help credit union members understand how eligible insurance coverage is calculated. Visit http://www.ncua.gov/Resources/ShareInsuranceToolkit.aspx for information.
Hopefully, the $250,000 federal insurance coverage limit will be made permanent at some point in the future. It would seem very difficult to revert back to the old $100,000 insurance coverage in the future. To be clear though - the $250,000 share insurance coverage is only guaranteed through December 31, 2013 at this time.
The National Credit Union Administration (NCUA) has a good Share Insurance Tool Kit available on their web site to help credit union members understand how eligible insurance coverage is calculated. Visit http://www.ncua.gov/Resources/ShareInsuranceToolkit.aspx for information.
Monday, June 22, 2009
School Supply Loans
Teachers and parents have school supply expenses that can drain the pocketbook. Our annual School Supply Loan has been a popular loan by our members. Qualified members can borrow up to $500 with a 0.00% Annual Percentage Rate. These loans are paid through payroll deduction or direct deposit over a 10-month period which would equal $50 per month. A small processing fee of $25 does apply for these loans. The net cost of these loans is well below most normal unsecured loans.
This type of loan is also well below the cost of payday lenders and other check cashing companies. If you need $500 for school supplies or any other worthwhile reason, this loan is a genuine member benefit. This is the type of loan that you will only see at a credit union. The "for profit" institutions would not make enough money on this type of loan to take the time or effort to process the loan.
As always with any loan, qualifications must be met. We are an Equal Credit Opportunity Lender. The minimum qualifications though for this School Supply Loan are less than most other credit union loans. Contact one of our Loan Officers for information. This loan is available through October 1, 2009.
This type of loan is also well below the cost of payday lenders and other check cashing companies. If you need $500 for school supplies or any other worthwhile reason, this loan is a genuine member benefit. This is the type of loan that you will only see at a credit union. The "for profit" institutions would not make enough money on this type of loan to take the time or effort to process the loan.
As always with any loan, qualifications must be met. We are an Equal Credit Opportunity Lender. The minimum qualifications though for this School Supply Loan are less than most other credit union loans. Contact one of our Loan Officers for information. This loan is available through October 1, 2009.
Saturday, June 13, 2009
Buyers Beware - Kevin Trudeau
You have most likely seen the info-commercials of Kevin Trudeau, the self proclaimed "consumer advocate" who is now selling books on eliminating debt and obtaining free money. Anyone considering such a purchase might want to perform a little research on this "consumer advocate". What caught my eye was a common theme of people being charged for a newsletter of his that they did not want. The Federal Trade Commission (FTC) has handed down several fines and cease orders to Mr. Trudeau. Here is a FTC link on a public release posted in 2009;
http://www.ftc.gov/opa/2009/01/trudeau.shtm
If you perform a Google search on "Kevin Trudeau fraud", you will find more than enough resources to question his claim as a "consumer advocate".
http://www.ftc.gov/opa/2009/01/trudeau.shtm
If you perform a Google search on "Kevin Trudeau fraud", you will find more than enough resources to question his claim as a "consumer advocate".
Thursday, June 11, 2009
Collateral Protection on Loans
Members with collateral loans are required to maintain insurance coverage that protects North Alabama Educators Credit Union from financial loss as a result of damage or destruction of the property securing the loan. Comprehensive and collision coverage is required. The policy must also contain a loss payable clause endorsement naming North Alabama Educators Credit Union as lienholder of the collateral.
Proof of proper insurance coverage needs to be forwarded to the credit union for new loans or changes in your insurance company. Proof of insurance be received within 14 days of a new loan or a policy termination notice. If we do not receive proof of insurance in the time frame allowed, a policy protecting the credit union will be ordered with the cost of that premium being added to the outstanding loan balance. The loan payment amount would also be increased to maintain the original amortization schedule of the loan.
Forced placed collateral protection coverage is NOT traditional insurance. It provides no coverage for other vehicles involved in an accident. It does not provide coverage for the full value of a vehicle. It only provides coverage for the outstanding balance of the loan. If your loan balance was $5,000 and your $14,000 valued vehicle was totalled, only $5,000 would be paid on a claim. Forced placed collateral protection coverage is expensive because it is forced placed.
We do not want to have to add forced placed collateral protection but we must have the collateral loans protected. Members should be able to obtain traditional insurance coverage for far less cost. There are "high risk" insurance agents that can provide traditional insurance in most cases.
If you receive a notice from the credit union requesting proof of insurance, please take it seriously and provide the proof of insurance. Members can call the insurance tracking center directly at 1-866-260-6097 or update their insurance status at www.myloaninsurance.com . Proof of insurance can also be faxed directly to 1-817-276-7860.
Proof of proper insurance coverage needs to be forwarded to the credit union for new loans or changes in your insurance company. Proof of insurance be received within 14 days of a new loan or a policy termination notice. If we do not receive proof of insurance in the time frame allowed, a policy protecting the credit union will be ordered with the cost of that premium being added to the outstanding loan balance. The loan payment amount would also be increased to maintain the original amortization schedule of the loan.
Forced placed collateral protection coverage is NOT traditional insurance. It provides no coverage for other vehicles involved in an accident. It does not provide coverage for the full value of a vehicle. It only provides coverage for the outstanding balance of the loan. If your loan balance was $5,000 and your $14,000 valued vehicle was totalled, only $5,000 would be paid on a claim. Forced placed collateral protection coverage is expensive because it is forced placed.
We do not want to have to add forced placed collateral protection but we must have the collateral loans protected. Members should be able to obtain traditional insurance coverage for far less cost. There are "high risk" insurance agents that can provide traditional insurance in most cases.
If you receive a notice from the credit union requesting proof of insurance, please take it seriously and provide the proof of insurance. Members can call the insurance tracking center directly at 1-866-260-6097 or update their insurance status at www.myloaninsurance.com . Proof of insurance can also be faxed directly to 1-817-276-7860.
Tuesday, June 2, 2009
Record Month for Loans
Who said that there was a "credit crunch" going on? North Alabama Educators Credit Union just realized a record month in new loans during the month of May. The credit union disbursed over $2.9 Million in new loans during May. The bulk of these new loans were for new and used automobiles. That is good for our members and the local economy. Our loan rates are very affordable and competitive in the market. Lower loan rates translate to more money in the member's pocket at the end of the month.
I appreciate the members choosing North Alabama Educators Credit Union for their lending needs. Our lending staff should also be commended for their efforts in producing this record loan volume. The credit union stands ready to meet the lending needs of our membership in the coming months and years.
I appreciate the members choosing North Alabama Educators Credit Union for their lending needs. Our lending staff should also be commended for their efforts in producing this record loan volume. The credit union stands ready to meet the lending needs of our membership in the coming months and years.
Friday, May 29, 2009
Beware of Money Moving Scams
The search for employment can sometimes lead to bogus claims and scams. One national scam that is circulating also impacted one of our members, who fell prey to the new "job offer". People are being contacted through legitimate job employment sites for jobs from home. The new job is supposedly related to payroll processing or check processing. As part of the new job, the newly hired person is basically paid a fee for moving funds through their own personal account(s). The dollar amount is typically less than $10,000 because of reporting requirements. The funds are placed into the account(s) as an Automated Clearing House (ACH) electronic deposit. Once the funds are deposited, the newly hired person is then instructed to move the funds via Western Union to one of the company's partners. A fee is retained by the employee for their services in moving the money.
Does this sound like a legitimate business? Guess what, it's not. The funds coming into the account by electronic deposit are STOLEN funds from a victim's account at another financial institution. Once the money is sent by Western Union, that money is gone. The newly hired employee who participated in this "job" may then find themselves face to face with law enforcement trying to explain how and why they participated in moving stolen funds. There is no way of knowing who the "employer" really is in these cases. It could be a terrorist group acquiring funds for terrorism for all we know.
Members should NEVER allow their own accounts to be used by strangers. There should also not be any reason why a legitimate employer would ever need to move funds through an employee's account. If you have a new employer asking you to move money through your account or an account that you are asked to open, you might want to find a new employer!
Does this sound like a legitimate business? Guess what, it's not. The funds coming into the account by electronic deposit are STOLEN funds from a victim's account at another financial institution. Once the money is sent by Western Union, that money is gone. The newly hired employee who participated in this "job" may then find themselves face to face with law enforcement trying to explain how and why they participated in moving stolen funds. There is no way of knowing who the "employer" really is in these cases. It could be a terrorist group acquiring funds for terrorism for all we know.
Members should NEVER allow their own accounts to be used by strangers. There should also not be any reason why a legitimate employer would ever need to move funds through an employee's account. If you have a new employer asking you to move money through your account or an account that you are asked to open, you might want to find a new employer!
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