Do you or a family member have a prepaid card? Are you paying fees on it? You probably are.

What is a prepaid card? 

Prepaid cards are commonly referred to as prepaid credit cards, but they function more like debit cards than credit cards. Credit cards extend lines of credit to cardholders, whereas a prepaid card only uses money loaded on the card. Basically, you deposit deposit money into your prepaid account and use the funds when you need them. You don’t need to have a bank account, and typically those who cannot get a traditional bank account will use prepaid cards. But there are things you need to know before you purchase one.

Many people get a prepaid card as an alternative to a debit or credit card. But these can come with a high cost. The average prepaid card costs nearly $300 a year in basic fees, such as monthly charges, ATM fees and reloading fees, according to a study of 40 prepaid cards conducted by credit card comparison site NerdWallet.

Debit cards, if managed properly, shouldn’t cost you a dime. And if you stay within your financial institution’s ATM network (or Co-Op Network if you are with a credit union) you shouldn’t be paying any ATM fees.

A major misconception that many consumers have about prepaid cards is that it will help them build their credit. This is not true – prepaid cards are not credit cards therefore they will not affect your credit in any way.

A good rule of thumb is to always get as much information as you can before you embark on any new financial endeavor. Ask the issuer about each and every fee associated with the card, as well as any restrictions.

For more information on prepaid cards and other major misconceptions about them, read this article.

For information on MCCU’s Free Debit Card, click here.

I happened upon this video today on CNN. And lo and behold…Clark Howard – CNN’s Money Expert – is talking about getting the best deal for a car loan at a credit union. I’m biased, but I agree. Especially if you already have a car, and a car loan. I can’t speak for all credit unions, but here at MCCU, we are offering rates as low as 1.99% APR*, with 90 days NO PAYMENTS**. So if you have a used auto and are making payments, call us for a quote! We may be able to save you money each month. And who doesn’t like saving money?

You can also apply online for a fast response – and with no application fees to boot!

So listen to Mr. Howard – he is the Money Expert after all! Go to a credit union for your next car loan or refinance!

* APR=Annual Percentage Rate. Rates as of 01/01/12 and are subject to change at any time. Must meet credit and income criteria. Rate quoted is the preferred rate with a 24-month term. Subject to credit approval and membership eligibility. Sample Payment: $510.44 (based on 24 month new/used car loan, $12,000, 1.99% APR). Other rates and terms available. Restrictions may apply. Existing MCCU Auto Loans not eligible for refinancing. Membership required.
** Interest will accrue from date of funding.

A VIN is not merely a random set of 17 characters. Each digit signifies information about the vehicle. A VIN is a vehicles’ DNA; it is unique and unduplicated. For example, the first character identifies the country where the vehicle was made. Each country has a letter or number associated with it- the US is either 1 or 4. The second character identifies the manufacturer such as Toyota or Volkswagen. Each digit of the VIN provides more and more information on the vehicle.

VINs are also printed on several car parts to cut down on part theft. Car parts that are labeled with VINs include transmissions, front and rear bumpers, engines, hoods, right and left doors, sliding cargo doors, right and left quarter panels and side assemblies, pickup/cargo boxes, rear doors and hatchback/deck lid/tailgates.

VINs do not just assist the automotive industry in identifying their vehicles, but can help car buyers avoid fraud. A vehicle’s history is tracked by its VIN and can provide useful information to car buyers. Anyone can view a car’s history using the VIN. Simply enter the VIN into one of the many websites that offer this service (e.g. CARFAX, instaVIN, AutoCheck). Information that a VIN can disclose include:

• Vehicle registration
• Title information, including salvaged or junked titles
• Odometer readings
• Lemon history
• Total loss accident history
• Frame/structural damage
• Collision indicators, such as airbag deployments
• Service and repair information
• Vehicle usage (taxi, rental, lease, etc.)
• Recall information

Vehicle history reports not only help car buyers, but also assist dealers in their sales.  Sellers check the history of the vehicle they are trying to sell so they are prepared to answer any questions regarding the vehicle’s background. Dealers often buy vehicle history reports to provide to their customers to ensure the potential buyer that all information about the vehicle is being disclosed. Dealers also run vehicle history reports prior to acquiring vehicles at auctions to help ensure they are obtaining the vehicle at a fair market value.

What started off as just a tracking system, the VIN has become a useful tool in buying and selling cars. The next time you plan on purchasing a vehicle, remember the VIN is a valuable asset, so use it to look up the vehicle’s history and arm yourself with the tools to make a sound purchase.

For more information on VINs, vehicle history reports and the DMV, please visit www.DMV.ca.gov. Save Time. Go Online!

Need a new car or want to refinance the one you have? Check out MCCU’s low rates and apply today!

Let’s face it. The economy stinks right now. But the holidays are upon us and we want to buy our loved ones gifts, entertain, and possibly even travel. As we saw by the recent events at various Wal-Marts and other locations on Black Friday, shoppers are really stressed out and are doing anything they can to get a good deal.

If you’re like most Americans, your shopping list is a mile long, your social calendar is full, yet your patience is thin and your budget is stretched to the max. So what can you do to achieve your holiday shopping goals and stay sane at the same time?

If your holiday mantra is “Bah Humbug!” rather than “Ho Ho Ho”, try these tips to reduce your stress and enjoy the holiday season:

• Relax your expectations. You don’t have to find the perfect present. You don’t have to cook the perfect meal. Your family loves you for yourself, not for your Beef Wellington.
• Let your kids pitch in. They may turn out to be excellent gift-wrappers or table-setters!
• Stick to your budget. Overspending will add to your stress for months or even years to come. See tip #1.
• Plan ahead. Shop early. Watch for sales. Set up a savings account for next year’s expenses.
• Have a car loan? See if refinancing makes sense, and cents (and dollars) in your pocket!
• Potluck! If you’re entertaining, save money, time and stress by making it a potluck!
• Find time for fun. As they say, laughter is the best medicine!

Holiday season doesn’t have to be stressful. Be thankful for what you have, and have fun!

Really?

Most of us can’t afford to buy a loved one a new car for the holidays, let’s get real. Especially a Lexus, Mercedes, BMW… However – there is something you can do for a loved one that involves a vehicle this holiday season. If they already have a car they love, or simply can’t afford a new car, talk to them about refinancing their loan! If their car is, let’s say, two years old – chances are their rate is fairly high, by today’s standards. If they refinanced at a lower rate, they may be able to save hundreds of dollars each month on their payments. What a wonderful gift, especially in this economy!

I’ll give you an example: Billy Jones bought his Nissan Altima in 2009. His rate was 5% when he got the loan, with a 48-month term and an original balance of $25,000. He now owes $13,000 and his monthly payments are $576. If he refinanced his loan now, at a rate of 2.99% annual percentage rate for 48 months, his new payment would be $288, cutting his monthly payment in half!

So how is this a gift, you ask? Maybe your family and friends didn’t realize they could refinance their loan, or just need that little nudge to do it. Show them this example and how much money they could possibly save. I think Billy would be ecstatic to save almost $300 a month!

MCCU has GREAT, low rates on auto loans, PLUS there are no payments for the first 60 days! Give the gift of Refinancing this holiday season – you and your recipient will have a very joyous holiday!

Do you have an auto loan with another lender – a bank perhaps? Would you like to lower your monthly payment? Of course you would. We’ve all been so preoccupied with checking accounts and debit cards that auto loans are being neglected. If you don’t already know your rate/monthly payment on your car loan, definitely find out what they are. You could be saving money!

Matadors Community Credit Union has great deals on new and used (refinances too!) auto loans right now, as low as 1.99% annual percentage rate!* We have other rates/terms as well. Let us quote you on your car loan and see if you can save money with us. Plus, you won’t have to make a payment for the first 60 days!**

Let’s call every day Auto Loan Transfer Day from now on. If you can save money each month, why not switch? Call us or go online and apply. We don’t charge any applications fees, so you have nothing to lose; only money to gain each month!

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* APR=Annual Percentage Rate. Rates as of 10/01/11 and are subject to change at any time. Must meet credit and income criteria. Rate quoted is the preferred rate with a 24-month term. Subject to credit approval and membership eligibility. Sample Payment: $510.44 (based on 24 month new/used car loan, $12,000, 1.99% APR). Other rates and terms available. Restrictions may apply. Existing MCCU Auto Loans not eligible for refinancing. Membership required.

** Interest will accrue from date of funding.

We know that switching your account can be a hassle. That’s why we offer our Switch Kits! Fill out a few simple forms and we’ll do all the work for you!

If your bank is charging fees, just say no and make the switch to MCCU today!

Bank Transfer Day encourages bank customers to move their accounts out of big banks and into smaller banks and credit unions instead. The movement is in response to aggressive fees financial institutions are implementing to recover profits lost from new financial regulations. Why would you give these banks your hard-earned money when you don’t have to? Make the switch!

November 5th is a Saturday – MCCU’s Chatsworth branch is open that day from 9am to 1pm! Come visit us and open an account! We have FREE Checking, FREE Debit Cards, FREE online banking and bill pay, and we are rolling out FREE mobile banking in January! Plus, we are part of the Shared Branch network and Co-Op ATM Network which means you can do your banking at other participating credit unions, fee-free!

MCCU is a $125 million credit union. We are not like a big bank, or credit union, for that matter. We will give you quality, low-cost products and services with exceptional and personable service. Your accounts are federally insured up to at least $250,000, just like the “big banks”. We’re small and strong!

So if you are banking at Bank of America, Wells Fargo, Citibank, Chase, or any other “big bank” that has high account fees, consider switching to a credit union! We’ve also got GREAT rates on Auto Loans, Home Equity Loans and more.

Join the movement, attend Bank Transfer Day and start saving money!

I won’t re-hash what I’ve already written, but I do want to reiterate that MCCU will not charge a fee for our members to use their debit cards. Add to that our already free checking account – such a deal! If you’re local, check us out. If not, find a credit union in your area that also has free checking and debit cards.

Don’t throw away your hard-earned money when you don’t have to.

According to an article on CNNMoney.com:

Flooded vehicles are dangerous because the water damages the mechanical and electrical systems that control safety features. That means anti-lock brakes and turn signals can fail, airbags may not deploy in an accident, or — as in one unfortunate buyer’s case — the entire engine can simply blow up.  Health issues are another concern. Chemicals and filth can get into the seats and ventilation, and can result in a buildup of mold and bacteria.

See full article from DailyFinance.

The best way to avoid purchasing a flooded vehicle is to take it to a trusted mechanic before you buy it. If you are purchasing the car online, find a mechanic who is not connected to the seller and have them check the car out for you.

If you do purchase a used car that is in good condition, finance it with MCCU! We have low rates, no application fees, and no payments for 60 days (interest will accrue)! You can even apply online for  fast response.
Good luck in your new car search – and remember, an informed shopper is a happy shopper!