Action Alert - Contact Senator Jeff Sessions

THIS IS A FOLLOW-UP TO THE PRIOR POST:

I am writing to you about an issue that could negatively impact all members of our credit union.

Each time you use your credit union credit card or debit card, a merchant is paid immediately and the card receives "interchange" through a card payment system. This interchange system reflects a merchant's fair share of the costs of this payment system. The Senate is debating S. 3217, the Restoring American Financial Stability Act of 2010. Some amendments would threaten our ability to offer debit and credit cards and allow merchants to interfere with consumer choice by arbitrarily varying the terms of card acceptance. The bottom line is that big retailers want to shift their cost of doing business on to you, our credit union member. If the amendments pass, our credit union could be forced to raise rates and fees, or even curtail debit and credit card offerings in the future. Please contact Senator Jeff Sessions at 202-224-4124 urging him to oppose any amendments to S. 3217 which would affect debit and credit card-issuing credit unions and the card payment system. (Senator Richard Shelby has already indicated his opposition to these amendments).

If any members have any questions regarding the interchange amendment, please feel free to contact me. Your voice and help would be appreciated!

Restoring American Financial Stability Act of 2010

The U.S. Senate is currently debating S. 3217, Restoring American Financial Stability Act of 2010. This bill is the much publicized "too big to fail" legislation that addresses improved oversight of the large financial organizations and the complex investment products that they have created over the years. As with all good legislation that comes forward, there are amendments and pet projects that get added to bills that have little if anything to do with the core purpose of the initial bill.

Amendments are being considered to S. 3217 that would affect debit and credit card-issuing credit unions and the card payment system. The pending amendments threaten credit unions' ability to offer credit and debit cards to their members and would allow merchants to interfere with consumer choice by arbitrarily varying the terms of card acceptance. The merchant-backed proposals are intended to disrupt the card payment system with the goal of reducing the merchants' financial responsibility for the benefits received from the card payment system.

To simplify, merchants don't like having to pay interchange fees when they accept a credit or debit card for a purchase. They probably don't like paying the light bill either but there are costs of doing business. A merchant that accepts and pays interchange fees for a credit or debit transaction receives their money more quickly, with less risk, and opens the door for online purchases. The financial institution uses the interchange income to cover the costs of processing transactions, managing the card program, overnight accounts to fund purchases, and fraud expenses associated with data breaches usually created by the merchants themselves.

Does anyone think that the merchants will lessen their prices if interchange fees are reduced or eliminated? Do merchants want to start accepting checks for $2,000 LCD televisions? The credit union industry is watching these amendment debates very closely and voicing our concerns on behalf of our member-consumers.

The card payment system is not broken so a "fix" is not necessary.

Target: College - Free Forum May 3, 2010

The Missile Defense Agency (MDA) is hosting a free forum for parents, school personnel, and community leaders to support and encourage academic success of students in grades 6-12. This forum will be held on May 3, 2010 at the Sci-Quest Hands-On Science Center located at 102-D Wynn Drive, Huntsville, AL 35805. The scheduled times are 6:00 - 6:30 PM for the Presentation and 6:30 - 7:00 PM for questions and answers. The topic for this meeting will be "Resources for Academic Success: Finding a College and Paying for College".

Parents, teachers, counselors (grades 6-12), and community leaders are invited to attend this free forum.

For additional information, contact educationaloutreach@mda.mil.

New $100 Bill Design

The United States Treasury Department unveiled the new design for the $100 bill which is scheduled for circulation in 2011. There are several new security features added to the new bill. The Treasury Department has an interesting website explaining the new features. A short video highlights the differences. Visit http://www.newmoney.gov/newmoney/Splashpage.aspx for information on the new $100 bill.

Youth Week Activities - Get in the Savings Game

National Credit Union Youth Week is taking place this week. This year's theme is "Get in the Savings Game" which is an excellent message for our youth today. North Alabama Educators Credit Union had a variety of deals and opportunities during the week to encourage savings by our current and potential youth members.

CU-Succeed Club members, ages 13-18, can open a new share draft account and receive the first box of checks free, first debit card free, no monthly fees, no minimum balances, and receive a $5.00 Sonic Card.

Any new youth members opening a new account during this week will receive $10 towards their new account. This is a good time to open that child's account!

Youth members opening a Certificate of Deposit (CD) for a reduced minimum of $300.00 during the week will receive an additional 15-basis points over the current posted rate AND also receive a $5.00 Sonic Card.

GRAND PRIZE DRAWING: Youth members may enter once each day for the Grand Prize drawing of $50.00 cash to be given away at the Main Office, Sparkman Branch, Athens Branch, and Madison Branch.

Students ages 10 and older, bring your last report card with A's and B's into the office during the week of April 19-23 and we will deposit $5.00 into your account.

Complimentary refreshments will be served on Monday & Friday of this week at the Main Office, Sparkman Branch, Athens Branch, and Madison Branch.

We will end the celebration on Friday afternoon from 3:00-4:30 PM at the Main office location on Whitesburg Drive with games & prizes for the Kirby Kangaroo Club members and a free NAECU T-Shirt for CU-Succeed Club members. SPECIAL GUEST HOMER FROM THE HUNTSVILLE STARS WILL BE AT THE MAIN OFFICE FROM 3:00-4:30 PM ON FRIDAY, APRIL 23RD!

Visit http://www.naecu.org/newsandtips.html for additional details on other youth week activities during the week. A flyer and $10.00 referral coupon are also available.

Annoying Coworkers Survey

Our Vice-President of Administration came across these categories of "annoying coworkers" based upon a national human resource study.

A great coworker can help you look forward to going to work each day. An annoying coworker, on the other hand, can make you want to hide under the covers. A large survey by the staffing firm Ranstad USA asked employees what their biggest office peeves were. It turns out they all involved coworkers. Annoying ones.

Do you recognize any of the top six most annoying coworker types?

The Psst-er: Gossipers were the number one pet peeve in the survey. While some people like to hear juicy tidbits about the boss or their colleagues, too much gossip can undermine the spirit of the workplace. Plus you're always wondering when the Psst-er will make you the topic du jour.

The Broken Clock: These coworkers stink at time management. They're routinely late for everything, including work. They tend to spend too much time on emails, take long lunches, and then scramble to get others to help them meet their deadlines, which, for some reason, they keep missing.

Mold Guy: Coworkers who mess up communal spaces were third on the list of workplace pet peeves. Their month-old leftovers sport a thick layer of fur in the company fridge. Every office seems to have at least one who stinks up shared spaces.

The Whiffy Wonder: You can smell these coworkers wafting about from the other end of the office. They just wear too much perfume or cologne. Some have an obsession with Obsession. Others feel the need to douse themselves with Old Spice. And hiding in your cubicle won't make the overpowering smell go away.

The Cracker: Crackers are loud. They crack loud jokes, they crack their knuckles, they crackle their chewing gum, they clank spoons in coffee cups like they're calling the cows to come in from the fields. People who work near crackers can find themselves ready to crack.

The Tapper: Tappers are generally quieter than Crackers. But that doesn't make them any less annoying when they're tap-tap-tapping on their personal communication devices during meetings. It's distracting, rude, and yes, just plain annoying!

Fishing for a Cure Bass Tournament

North Alabama Educators Credit Union is one of the sponsors for an upcoming "Fish for a Cure" Bass Tournament to be held on May 22, 2010.

Details and an entry form are available by clicking HERE.

Proceeds from the event will benefit the credit union's primary fundraising effort, the Breast Cancer Awareness Fund. Our employees continue to develop new ideas and events to help raise money for Breast Cancer Awareness.

Member and community support of these fundraiser events are very much appreciated! If you know an avid fisherman who enjoys these type of fishing tournaments, please let them know. They can enjoy themselves and help the community at the same time!