Info Desk


  • Payment Challenges? We'll Find You Solutions+

    Having Financial Difficulty? Let us help you. Call Today.

    At MyCU, we understand that due to economic circumstances or unexpected events, you may have difficulty making your mortgage or home equity payment. We want you to know that we are here to help.

    The sooner you contact us, the sooner we can discuss the various options that may be available to you. Whether you have questions about your mortgage or home equity loan, we have solutions that may fit your financial circumstances. For mortgage or home equity help contact us at:

    888.USE.MYCU
    888.873.6928

    When you contact us, please be prepared to discuss and/or provide the following:

    • Household income and expenses
    • Current bank statements
    • Proof of income
    • Budget worksheets

    Once we have this information we may be able to assist with repayment plans, extensions, modifications to the rate, term, and/or monthly payment, and debt management programs that will allow you to get back on track or assist with the sale of your home.

    Department of Housing and Urban Development

    The U.S. Department of Housing and Urban Development (HUD) can also provide information and assistance. For more information or call 800.569.4287.

    Assistance with other MyCU products

    We may also be able to help with other MyCU products. For questions or assistance with your auto, credit card, personal or other types of loans call us toll free at 888.873.6928.

  • Why Credit Unions Aren’t Banks+

    When you walk into our lobby, or call a loan officer, what makes My Credit Union different from a bank isn’t immediately apparent. The two financial institutions 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 president/chief executive officer 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.

    *Credit unions educate members about money matters. They provide publications such as this newsletter to keep you advised of rates, loan sales, and financial trends that affect you.

    Because you’re an owner of My 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.

  • What to Consider When Buying a Used Vehicle+

      Buying a used vehicle can be a smart choice financially, but may take a little more research and legwork than when you buy a new vehicle. When you purchase a new car, often the biggest concern is the price; when you buy a used car there are additional considerations to keep in mind:

    1. Conduct research before making the purchase. Browse the local paper or visit websites such as Autotrader.com, Cars.com, or Edmunds.com to find what comparable vehicles are worth. Read Consumer Reports or check other review sites that will help you understand the safety, durability, and reliability of the vehicle. Once you narrow your search, check the estimated value of the car by checking Kelley Blue Book (kbb.com) or NadaGuides (nadaguides.com).
    2. Look for obvious damage to the body of the vehicle and any detailing that may have been done to cover up damage. Look for tire wear; remove the oil dip stick and inspect the oil condition. Check the interior of the vehicle as well.
    3. Only purchase a vehicle if you can test drive it for at least 20 minutes. Keep on the lookout for noticeable vibrations, whether the alignment may be off, worn brakes. Make sure the cruise control works as well as all buttons and knobs in the car. Make sure the car provides the comfort, power, and size you’re looking for.
    4. Order a vehicle history report from carfax.com or autocheck.com.

    5. Make sure the final sale is contingent on expert inspection by a reputable dealer with experience working on the type of vehicle you’re considering. Another option is to hire a service such as carchex.com where an inspector will inspect the car curbside at the seller’s home or office.
    6. Consider a certified pre-owned vehicle for warranty up to 100,000+ miles typically for $1,000 to $2,000 extra up front.
    7. The loan officers at My Credit Union are eager to help with your vehicle purchase whether you’re buying new or used. Stop by or call today at 888.USE.MYCU (888.873.6928) to inquire about the best rates around.

  • Car Buyers Worst Mistakes+
    How much money do you think educated car buyers can save over uneducated buyers when buying the same car? Would $5,000 get your attention? While you may not save as much as $5,000, you’ll save a bunch if you avoid these classic car-buying errors.
    1. Showing enthusiasm. If you act excited, the sellers know they have a unique product you want. The price goes up instantly. Keep that enthusiasm in check until you’ve driven home. Sneer a little if you like the car.
    2. Buying in a hurry. If you buy on your first visit to a dealership, you don’t have time to compare. Take your time. Be willing to walk away. The price at most dealerships falls quickly if you move slowly.
    3. Giving deposits before the dealer approves your offer on a vehicle. Feel free to give a deposit, if you really want a vehicle. But don’t give it until the boss has said “yes.” Some dealerships use deposits to keep you there while they try to convince you to pay more. You can’t leave if they have your deposit–money, a credit card, a driver’s license, or your kids.
    4. Being switched to leasing without doing your homework. Because dealerships make a much larger profit if they lease rather than sell, even the best dealership is going to try to “switch” you. They’ll try to convince you leasing is cheaper than buying. In most instances, it isn’t. If you want to lease, fine. Just don’t do it on the slip of the moment.
    5. Trading in your old car without knowing its value in advance. A dealership has the right to give you the least you will take for your old car. But you have a right to get the most your car is worth. To know that value, simlily clean it up, and try to sell it to several used car departments. The highest amount you’re offered for it is your car’s real value right now. Don’t accept less than that in trade.
    6. Financing automatically at the dealership. Dealerships may be the cheapest place to finance. To find out, simply bring a copy of the filled-out dealer contract to your credit union and compare contracts. If the dealership won’t give you a copy, they’re probably telling you they’re not really the cheapest.
    7. Big mistakes, big bucks out the window. We like to help you preserve your money – that’s what credit unions are all about. Avoid these mistakes, and put that money to work rather than throwing it away.
    Copyright 2008 Credit Union National Association Inc. Information subject to change without notice.
  • Tune Up Your Car Loan+

    “Refinancing can be the most profitable legal act many humans are capable of performing,” says consumer author Andrew Feinberg.

    Think about it: At a time when it’s hard to earn as little as an extra half a percentage point or more on your savings, you might be able to “earn” two or three percentage points by improving your auto loan rate.

    Buying a new car or truck is a thrill. Many buyers will do just about anything to acquire the vehicle they want. Sometimes, that includes going for a “right now” loan instead of the best loan rate. If that happened to you, don’t passively suffer buyer’s remorse. Call [INSERT NAME/NUMBER OF THE LOAN OFFICER HANDLING VEHICLE LOAN REFINANCING]. If the vehicle’s still fairly new, and you qualify, we’ll help you trade in that costly loan on one that won’t dent your fenders.

    How much can you save? Say you’ve had a 60-month car loan at 6.30% annual percentage rate (APR*) for one year, and you financed $15,000. At monthly payments of about $292, your current balance is about $12,365. If you can refinance at 4.75% APR* for the remaining four years of your loan, monthly payments will go down slightly, to about $283. But you’ll pay about $419 less in total finance charges for the remainder of the loan. That’s a deal with real road appeal.

    Contact a loan officer today at 888-USE-MYCU to discuss refinancing an auto loan you have with another lender or a dealer.

    Copyright 2010 Credit Union National Association Inc. Information subject to change without notice.

  • Help Your Teen Driver Choose the Right Car+

    Parents can help teens get a good buy on their first vehicle by focusing on safety, affordability, and reliability.

    Start early

    Start by helping teens understand the responsibilities tied to owning and operating a vehicle.

    Roughly six months to a year before the teen gets a license, begin sharing the cost of gasoline, insurance, and repairs. Set clear rules for teen drivers. Ask the teen to help care for the family vehicle.

    Create an agreement

    When you’re ready to buy, set clear guidelines by creating a written agreement that covers:
    • Who pays for specific types of expenses, such as loan payments, insurance, or repairs.
    • Rules for vehicle usage
    • How the teen's behavior affects driving privileges
    • What the consequences will be if the teen fails to live up to the agreement

    Safety first

    Insist that teens shop for vehicles with at least three safety features:


    • Air bags, including side impact air bags, which can reduce injuries in a crash.
    • Antilock braking systems, which can provide directional control is emergency braking.
    • Electronic stability control (ESC), which can help reduce rollover accidents.
    • Safety experts say teen drivers' best option is typically a used sedan with a four-cylinder engine.

    Shop together

    Shop with your teens to teach them about dealer practices and negotiating a good deal. Issues to consider include:


    • Is the dealer reliable? Check for complaints with the state attorney general's office or the Better Business Bureau.
    • Is the vehice in good shap? Have a mechanic inspect used vehicles. Another option is choosing used cars "certified" as meeting manufacturer standards.
    • What is the bottom line? Add sales tax, title fees, and license fees to the sticker price.

    Take your time

    Both teens and parents can benefit from taking their time in making a first vehicle purchase.

    Remember, the longer the teen drives the family vehicle, the more time you’ll have to reinforce expectations for good driving behaviors. In the end, that can save lives as well as money.

    My Credit Union isnready to help with all your auto financing needs. Stop by or call today at 888.USE.MYCU or email us at info@usemycu.org.

    Copyright 2010 Credit Union National Association Inc. Information subject to change without notice.

  • Sharpen Your Savings Skills+

    Just like playing a sport, learning to save money takes practice. By saving, you can put your money toward whatever is important to you — whether that’s a new video game, a trip to the movies, or even a college education.

    Here’s how to get in the savings game:

    Elementary School:

    • Ask your parents to help you open your own savings account at the credit union. Keep track of how much money you put in and take out to see how close you are to meeting your savings goal.
    • If you're saving up for something special, like a new bike or toy, hang a picture of it on the wall. This wwill remind you of your savings goal every day until you reach it.

    Middle School:

    • Ask your parents if you can plan a family event, like a trip to the zoo or an afternoon at a waterpark. List all the things that will cost money, like tickets, food, and souvenirs. Set a budget, and encourage everyone to stick to it when the big day arrives.
    • Make a list of things you want to spend your money on. Put the list in order, starting with the things you want the most. This will help you figure out what you really want to save for.

    High School:

    • Consider taking a part-time job. Earning your own money can help you save for big goals, like college expenses.
    • Talk to your parents about opening a checking account at the credit union. Learning how to use a debit card responsibly and balance your checkbook is good money-management practice

    Join us this year as we celebrate National Credit Union Youth Week from April 18-24. Our theme for 2010 is “Get in the Savings Game.” Stop into My Credit Union for more great savings ideas.

    Copyright 2010 Credit Union National Association Inc. Information subject to change without notice.

  • Teach Your Children Financial Independence+

    Grade: F

    That’s the average report card 12th graders earned for financial literacy. What our youth don’t know is shocking. For example, only 27% understand that interest/dividends on savings accounts may be taxable. Only 40% realize they could lose their health insurance if their parents become unemployed.*

    Achieving economic prosperity is difficult. It’s especially hard for young people who’ve never learned how to manage money. Your credit union is ideally positioned to respond because we believe in the power of education. We’re here to help you launch the youth in your life toward financial independence.

    Join.

    As a start, open a savings account for each child in your family at the credit union. As soon as your children can write, have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card and balancing a checkbook.

    Share.

    Include your children in your household finance discussions. Show them how you budget income and expenses. As their skills improve, give them challenges—such as finding a better cell-phone plan, calculating the total monthly cost of owning a car, or sticking to a budget with back-to-school or holiday spending.

    Coach.

    Remind your children to ask for help when they need it. And turn to your credit union when you want help. Our tradition of service and philosophy of self-help make My Credit Union and all credit unions a natural partner in pursuing financial security.

    We’re here to help. For more information, contact us at 888-USE-MYCU.

    *2008 Survey of Personal Financial Literacy Among High School Students, The Jump$tart Coalition® for Personal Financial Literacy

    Copyright 2010 Credit Union National Association Inc. Information subject to change without notice.