Service Highlight : CO-OP Surcharge Free ATM's

Credit unions do a really good job of working with other credit unions. The credit union philosophy of "people helping people" extends between credit unions as well. The CO-OP Surcharge Free ATM Network is an excellent example of credit unions working together for the common good of credit union members in general.

Basically, the CO-OP ATM Network is a collection of credit unions throughout the country that allow participating credit unions to access their ATM's without a surcharge fee. There are other ATM's within the network, like Publix Grocery Store ATM's, that are also surcharge free but the bulk of the ATM's are owned by credit unions.

There are currently over 28,000 ATM's nationwide where members of North Alabama Educators Credit Union can withdraw cash without a surcharge fee or internal fee. Totally free to the member. In the Tennessee Valley area, most Redstone Credit Union ATM's and Publix Grocery Store ATM's are surcharge free. Always look for the CO-OP Network Logo (shown above) on the ATM. You should also not have to click "yes" to a surcharge fee at the terminal if the ATM is part of the CO-OP Network.

Locating a surcharge free ATM can be done in several ways. Members can locate a CO-OP Surcharge Free ATM through an online ATM locator, iPhone Application, Text Messaging, or GPS. Below is a direct link to the ATM Locator page for the CO-OP ATM network. This CO-OP link is posted on our credit union home page as well.

http://www.co-opfs.org/public/locators/ATMlocator/index.cfm

School Supply Loans - 0.00% APR

North Alabama Educators Credit Union is once again offering School Supply Loans where qualified members can borrow up to $500.00 at a 0.00% Annual Percentage Rate.* These loans are paid back over a maximum term of 10 months on payroll deduction. A small processing fee does exist on these loans. If you need to borrow money, this is one of the best deals you will find.

These School Supply Loans have been very popular over the years to teachers and parents in assisting with their school expenses. Frankly the loans can be used for any worthwhile reason. We have had members to use these loans to pay off costly payday lenders and check cashing loans.

The first three days that this loan was available this year (started July 11th) the credit union provided over $52,000 in School Supply Loans to our members. Availability of this loan will continue through September 30th.

This School Supply Loan is another excellent example of the value of credit union membership in North Alabama Educators Credit Union. You will not find this type of loan offer with the large traditional banking institutions. Credit union membership does have its privileges.

*We are an Equal Credit Opportunity Lender. Qualifications must be met on all loans. Rates and loan availability are subject to change without notice. Your loan interest rate will be determined by your credit worthiness as well as other factors, such as the length of your loan.

National Debt Ceiling

The current legislative debate over whether or not to raise the national debt ceiling is a frustrating process to witness. There are federal obligations that must be paid that will exceed our current revenues and available funds on hand. While I agree that the national debt ceiling must be raised in the short term to meet these current obligations, there seems to be no real efforts or urgency to reduce current expenses (that are not obligations) and increase revenues. We all know how school systems must deal with budget shortfalls. They are forced to lay off employees, reduce employee benefits, reduce operating expenses, consolidate various operations within the system, and look for additional revenues through property taxes and other/or other tax plans. This federal debt ceiling problem has been known for some time. Why have efforts not been undertaken already to reduce expenses and increase revenues? Businesses and other state and local governments must balance their budgets so it should be no different for the federal government.

Fear in financial markets is obviously not a good recipe for stable financial activity. Investors are understandably concerned by the possibility of debt defaults by the government and the negative impacts that would occur. Senior citizens are fearful that they will not be receiving their monthly social security checks. Fear needs to be eliminated to insure a stable financial system going forward.

The national debt problem must be addressed. The current national debt did not occur overnight and a quick fix will not be available. A reasonable plan to reduce the national debt over a period of time should be attainable. The eyes of the nation and the world will be watching Congress and our President on this debt ceiling/debt reduction issue. Hopefully our leaders in Washington will choose diplomacy and create a solution to our nation’s debt problem.

Review of Beneficiaries

Members are encouraged to review the beneficiaries currently listed on their financial accounts to insure that existing names and distribution percentages are still valid. The credit union has had members to pass away with a previous spouse still listed as the account beneficiary or joint owner. By law, the credit union is required to distribute funds from a deceased account according to the existing status on the account at the time of death. If one or more multiple joint owners exist on a deceased member's account, any surviving joint owners would receive the funds. If there are no surviving joint members on an account, the credit union is then required to distribute funds according to the account beneficiaries listed on the most recent membership card. Please understand that beneficiaries can be different for the share and IRA accounts. Beneficiaries can be changed at any time by the primary member or IRA account owner.

The death of a loved one is difficult enough. Nobody wants a problem with an outdated beneficiary or joint owner being listed on a deceased account. Stop by any branch office to review the existing account beneficiaries and/or joint owners on your accounts. If changes need to be made, now is the time to address these name changes for beneficiaries and joint owners on your account(s).

Alert: Insurance for your water lines?

The Better Business Bureau (BBB) of North Alabama sent out an alert concerning consumer concerns about solicitations for water service line insurance coverage that are being circulated in our area. These offers are not affiliated with any local utility company and only offers a service contract that covers the main water line going from the utility company connection to your home. As with any product or service solicitation, consumers are cautioned to read all of the terms and conditions of any offer that they are considering.

One of the water service line insurance solicitations provided a number of important exclusions that appeared in the fine print of the mailing. Some of these exclusions included: Acts of God, thawing of frozen pipes, repair of covered parts, equipment and/or systems due to reduction in performance caused by normal wear and tear, repairs when parts are obsolete, etc, etc. (These reasons alone are some of the more common reasons why a water service line would fail!).

Consumers are urged to research unknown companies with their local Better Business Bureaus before making a purchase or signing a contract. One of the water service line warranty firms had a C- rating due to 492 complaints that have been registered in the past three years, 51 of which have been determined by the BBB to be serious in nature.

Buyer Beware is the best advice here.

Tools for Schools

North Alabama Educators Credit Union is assisting the WHNT News 19 Tools for Schools program this year. The Tools for Schools program collects school supplies from the community to give back to the various school systems in the Tennessee Valley. While actual supplies are still requested by the community in the program, a new wrinkle this year is the availability of donors making a monetary donation towards the program. Financial donations made to Tools for Schools will be distributed by the WHNT News 19 fundraiser team to the school superintendents in 12 counties of north Alabama. North Alabama Educators Credit Union has established a "Tools for Schools" account to receive financial donations either online or at one of our five branch offices. North Alabama Educators Credit Union also has donation boxes at each office location for school supplies to be donated.

Here is the direct link to the "Tools for Schools" page where monetary donations can be made via PayPal. Credit and debit cards can also be used to submit a donation.

http://www.naecu.org/toolsforschools.html

Please pass the donation link on to anyone that you think might be able to assist with a monetary donation. The educational budgets are tighter than ever so your assistance with providing school supplies would be greatly appreciated!

VISA Debit Card Fraud Monitoring

Behind the scenes of every VISA debit transaction, our fraud prevention team is monitoring every transaction and scoring the potential fraud risk associated with each transaction. The fraud prevention system tracks member card activity and looks for unusual changes in card usage behavior or locations. Members may be contacted either by telephone or mail by our Fraud Prevention Center to confirm suspicious transactions. The Fraud Prevention Center telephone number is 1-800-262-2024 which is open nights and weekends. We recently had a member to receive a mailed inquiry about possible suspicious activity on their VISA Debit card from the Fraud Prevention Center. The 1-800-262-2024 telephone was provided in the letter. The member contacted the credit union first to verify that the letter was legitimate and then contacted the Fraud Prevention Center. The member had recently traveled to Gulf Shores and there were a few back to back transactions at a WalMart that appeared suspicious. (Most card users would make one purchase and move out of the store). The Fraud Prevention Center provided all the details of the transactions and asked no confidential information during the member call. No fraud was evident and the potential fraud case was closed.

Key Points: Never provide personal information in response to a fraud inquiry. Our Fraud Prevention Center will just need your name and zip code. They will then provide the details of any suspicious transactions. If you receive a telephone call from 1-800-262-2024 (The Fraud Prevention Center number), inform the caller that you will call them back at the same number since incoming calls can be spoofed (fake) and not actually be the Fraud Prevention Center. The published number for the Fraud Prevention Center is listed on the bottom of our home page at www.naecu.org. Members are welcome to contact any credit union office location for assistance as well.

There are MANY fraudulent emails, text messages, phone calls, and letters circulating that are designed to steal personal information. Be careful out there!