A lot of these members were used to the easy banking style of WaMu and seem to be having a hard time adjusting to the strict style of Chase Bank.  They come to MCCU and are excited to once again have easy and courteous banking….and our great products (free checking with a free box of checks, Platinum Membership, etc..). After talking to many of these new members and asking them how their other banking experiences have went, they have indicated that there is zero flexibility with Chase customer service.

Have you experienced this at your bank? If so, join a credit union! You will feel like a person here, not a number. Banks have shareholders who they want to please which is why their profits are so important. Credit Unions only have their members – you – to please, which is why we usually have fewer and lower fees.  Plus, we have the same amount of federal deposit insurance as banks…in fact, with the new Banking bill, your $250,000 NCUA (National Credit Union Administration) insurance limit is now permanent!

So if you are frustrated or unhappy with your Bank give a credit union a try!

Come to the FREE Recycling and Shredding event on Sunday, July 25th! Bring paper, glass, plastic, aluminum, and electronics to be recycled as well as documents to be securely shredded at the Chabad of Northridge’s recycling event. This event raises funds for Smile on Seniors of Northridge.

Sunday, July 25
10:00 am to 3:00 pm
Chabad of Northridge Parking Lot
(Enter through the alley)
17142 Devonshire St.
Northridge

For more information call (818) 324-­5828  or email Smile on Seniors today!

“But I NEED a credit card!”

“How am I supposed to buy gas?”

“Everyone else has one.”

It may be true that lots of your teen’s friends have credit cards. In fact, according to a survey by The Student Monitor, nearly two thirds of college students acquired their first credit card before age 19. But what if your teen just isn’t ready for the responsibility of a credit card? We have another idea.

If your teen is at least 17 years old, bring them to Matadors Community Credit Union, and have them open a Teen Savers checking account of their own, with a free Debit Card. They will have the easy “plastic” purchasing power they want, with all of these advantages:

• No monthly bills or finance charges
• No danger of running up large balances
• Worldwide acceptance – anywhere the Star, Cirrus, or Co-Op logo is displayed
• 24-hour ATM access

 
Our Debit Card provides real-life money management experience, so your teen can develop the skills they will need in college and beyond. And our checking account provides value and convenience, with no monthly fee and no minimum balance requirement. While you’re on our website, check out Elements, our teen website, that provides financial tips in the form of fun quizzes, podcasts and more!

Want more savings tips? Here is a great article on CNN Money that I highly recommend reading.

Stop by today, call us at (818) 993-6328 or visit us online to learn more.

Questions or Comments? E-mail me at blogger@matadorsmoneymatters.com.

All you have to do is go here, enter a valid email address (they will send an email to you to validate it) and start voting! But hurry – voting ends on Sunday, July 4th!

And, of course, don’t forget to vote for Matadors Community Credit Union under Goods & Services! We are proud to have won in 2008 and 2009 and want to make this a trifecta! Happy Voting!

Today’s warning is part of a “Multi-National Day of Action” in conjunction with various other federal agencies and the Royal Canadian Mounted Police.  It is estimated that these fraud schemes cost consumers billions of dollars per year in the U.S. and other countries.

What is a Mass-Marketing Scam?
According to the FBI, mass-marketing fraud includes fraud schemes that use one or more mass communication technique or technology, such as the Internet, telephones, the mail or in-person meetings, to present fraudulent solicitations to a number of prospective victims, to conduct fraudulent transactions with victims or to transmit proceeds of the fraud to financial institutions or others connected with the scheme.

The following are just some of the fraudulent scams happening now:

Foreign Lotteries and Sweepstakes
Victims are told that they have won a lottery or sweepstakes in a foreign drawing, but must pay various taxes and fees in order to collect the winnings. The checks appear, on the surface, to be authentic. In some cases, it may take the bank several days to determine that a check is fraudulent.

Money Transfer Scams
Victims are asked to help illegally transfer funds out of Nigeria or other countries in return for a share of the money. Victims are asked to provide their financial institution account information or pay money up front to complete the transaction.

Credit and Loan Scams
Victims with poor or nonexistent credit are offered credit cards, loans or credit improvement services for an advance fee.

Mystery Shopper Scams
Victims receive a letter in the mail advising them that they have been selected to work as a “mystery shopper.” Enclosed in the letter is a check. Victims are instructed to deposit the check and to use the funds to evaluate money transfer services. Financial institutions subsequently determine that checks are counterfeit and victims are responsible for the funds spent.

Overpayment Scams
Victims who advertise an item for sale are sent a counterfeit check or money order from a “buyer” for more than the cost of the item, then are held responsible by their financial institution when the payment is discovered to be counterfeit.

Other scams involve false charities, counterfeit checks, and “relative in distress” scams in which a con artist convinces a victim that a relative needs money to be wired to another part of the country.

The FBI warns people to be wary of offers that sound too good to be true; never provide personal information over the phone, especially social security numbers; and never deposit checks sent by companies whose representatives claim the check is being sent to pay fees or taxes on lottery winnings. Also, banks and credit unions will never contact you and ask for personal information such as your account or social security number. If this happens, contact your financial institution immediately to make them aware that this is happening.

Please share this information with all of your loved ones – especially the elderly.  The more we are educated about this, the less successful these scam artists will be.

People who believe they are victims of fraud should contact the Internet Crime Complaint Center at www.ic3.gov. Victims of mass-marketing fraud may also contact the Federal Trade Commission at 1-877-987-3728, or at www.ftc.gov. You can also get information about Identity Theft and more here.

Questions or Comments? E-mail me at blogger@matadorsmoneymatters.com.

The Kiwanis Club of Northridge, NORTHRIDGE1OO, the Neighborhood Councils and the North Valley Regional Chamber of Commerce (NVRCC) have joined forces to make sure this yearly celebration of Northridge continues. This year is the Centennial year for the community of Northridge. While you’re enjoying the festival, stop by the Northridge100 booth to see old photos of Northridge, and learn about all the fun things to see and do throughout the rest of the year to celebrate our 100th! Bring a favorite photo of an event, place, or occasion celebrated in Northridge! MCCU is a proud supporter of Northridge100!

The weekend festivities begin at Friday night’s 50+ Senior Dance, an event hosted by the Senior Citizens Council of the North Valley Regional Chamber of Commerce, a favorite of the community. Through the weekend, the NVRCC sponsored BUSINESS EXPO introduces you to friends and neighbors who do business in and around Northridge.

The Northridge Ho`olaule`a returns with the spirit of Aloha. Bring the whole family and your low back lawn chairs for outstanding Polynesian dance, music, and more than 50 one-of-a-kind Polynesian food booths and boutiques.

Saturday’s Polynesian entertainment culminates at 6pm with special guests, “Guitar Romantica” and their unique guitar stylings … surprise special guest artists at 7 and 8pm, and then a spectacular fireworks extravaganza presented by the Neighborhood Councils of Northridge East, Northridge West, Winnetka and Reseda at 8:45pm.

This year’s event continues to have all your other favorites, including the Children’s Village, International Food Booths, two stages of non-stop entertainment, Carnival Rides and Games, an arts and crafts festival, and the Northridge Kiwanis Beer Gardens (adults only!).

NORTHRIDGE PARK is located at 10058 Reseda Blvd. Northridge, 91324. Daytime activities begin both days at 10:00 AM.

For more information, call (818) 756-8060

I’ve heard so many friends and acquaintances complain recently about how high their bank fees have gotten. For things like NSF (bounced checks), stop payments and just to maintain their account. My response to them: Leave the bank, join a Credit Union! Really, it’s that easy.

Oftentimes, their response is: But it’s too difficult to change my account, too much of a hassle.

I’m here to tell you that it really doesn’t need to be a hassle, or difficult to switch financial institutions. Here are some common protests, and my responses:

But I still have checks outstanding. OK, I get it. So wait until all your checks, and any debit card transactions, have cleared. Then close out the account. You can always open the new account at the Credit Union to get that going while you’re waiting for your checks to clear.

I have automatic withdrawals (ACH) from my checking account at (insert name here) Bank. Establish your account at the Credit Union, and get the account number and routing, or ABA, number. Call the companies you have ACH with and give them your new information. Some companies will even allow you to make those changes online, in just a few minutes.

I’ve been with (insert name here) Bank for years, they know me. OK I get that too. But we, or whichever Credit Union you choose, will get to know you as well. In fact, we may get to know you better since we are a smaller financial institution and enjoy getting to know our members and their families.

It’s such a pain to switch checking accounts, too much paperwork and driving back and forth. Many credit unions, including MCCU, have something called a Switch Kit. With MCCU’s Switch Kit, all you have to do is download a few simple forms, fill them out (it literally will take you a few minutes) and bring them into the Credit Union. We will do the rest for you, which includes closing your account at your existing financial institution, changing any Direct Deposits and ACH withdrawals to your new account with us, and have them send a check to us to open your new account. And we won’t charge you to do it. Pretty easy, right?

Credit Unions just aren’t as convenient as banks. Not so anymore. Even though you may not see us on every corner we’re still around! Many credit union, including MCCU, are part of the Shared Branch Network, which allows credit union members to use other participating credit unions, throughout the country, to do their business at no charge to the member. You can make a deposit, withdrawal, make a loan payment, and much more. Whether you don’t live near a branch or are travelling, Shared Branching is the way to go. Just try it. Go here, type in your address or zip code, and see how many branches are near you.

Credit Unions are also pretty technologically advanced. We have online banking, online bill pay, and more so you can check on your accounts, make transfers, view a paid check, pay a bill and more 24/7.

We are also part of the Co-Op Network which allows Credit Union members to use other Credit Unions’ ATMs, and ATMs at any 7-11 store, surcharge-free.

And finally, Credit Unions usually have lower fees than Banks. And I’ve heard many banks are raising their fees now. Compare fees at your bank and your local Credit Union and see for yourself. In the long run, you’ll save money.

So are you convinced yet? Make the switch and tell everyone you know. I guarantee you’ll come out the Hero.

Questions or Comments? E-mail me at blogger@matadorsmoneymatters.com.

As a credit union member, you can receive the following money‐saving discounts*:

• General Motors is making their Supplier Pricing available to members on most new GM vehicles. This discount is on top of other current incentives.
  Chrysler Group LLC is offering Affiliate Rewards preferred pricing on most new Chrysler, Jeep, Dodge or Ram Truck vehicles, saving you thousands. This discount is on top of other current incentives.
• Sprint has a 10% discount on personal wireless accounts and 15% off of business accounts. They are also waiving application and upgrade fees and giving other substantial discounts on phones and accessories.
• Allied is offering member discounts on local moving and storage and a minimum of 60% off of out‐of‐state moves, plus deals on various other moving extras.
• FTD is giving members $15 off of flowers and gifts. You can choose from items like roses, Vera Wang exclusive floral designs, spa sets, chocolates, wine baskets and so much more.
• CU Benefits Express has discounts ranging from 5% to 70% on medical and lifestyle products. Medical services include dental care, vision care, medical supplies, mail order prescriptions and more. Lifestyle services range from discounts on ID theft protection and a financial helpline to legal services and participating fitness centers.
• CompleteTax, your complete tax solution, is a cost‐effective alternative to products like TurboTax. Members get 30% off of the software, which is used by CPAs and tax professionals.
• Equity LifeStyle Properties brings the best in resort living and vacations to help you get out and live the dream! With more than 300 resort destinations and award winning communities across America, you can now receive exclusive discounts from owning your own American built vacation home to exploring all the beautiful destinations our country offers in your RV.
• Costco Membership - Purchase a COSTCO Membership Certificate. Each certificate can be used to join COSTCO as a Gold Star Member or to upgrade to an Executive Member.  Certificates can also be purchased as a gift for a loved one to have their own COSTCO membership.  With every Membership Certificate you order, you will receive coupons for discounts or free products worth more than $50 in value.
• DirecTV - When you subscribe to DIRECTV through Member Rewards, you’ll receive: $60 off^* of your subscription, on top of other DIRECTV promotions, $15 deposited into your credit union checking or savings account, and $10 donated from DIRECTV and Invest in America to the Children’s Miracle Network

MCCU is here to help our members save with respected U.S. companies at a time when everyone needs it most. To learn more about Invest in America and any of the above discounts, speak to a member representative or visit LoveMyCreditUnion.org.

*Details and restrictions on discounts from the following companies can be found at LoveMyCreditUnion.org: Chrysler Group LLC, General Motors, Sprint, Allied, FTD, CU Benefits Express, ELS Properties and CompleteTax. Offers valid as of 1/1/10.

The other day I was evaluating all of the credit I have floating around out there, especially on my credit cards. I do have one card that I really don’t use so, for a brief moment, I pondered cancelling it. Then I remembered that by doing that, my credit score would be affected, and not in a good way.

I ran across this article online and thought I would borrow it to share with all of you. The following are tips on how you can keep your credit score from falling. 

Remember: the higher your credit score, the better the rates will be when it comes time for you to get a loan – car, mortgage, or even for a credit card. Plus, due to high volumes of delinquencies and bankruptcies, many lenders are raising their standards on minimum credit scores required to even be considered for the loan.

Most lenders rely on FICO ( Fair Isaac Corporation ) scores when making a decision of whether or not to approve your loan. FICO focuses on five categories when calculating your score: How much debt you have, your payment history, your debt utilization ratio (how much you owe in relation to your credit limits), how far back your credit history goes and your mix of various types of credit.

Read on…and please share.

1. Making late payments

A single late payment on a credit card or other loan could ding your score by as much as 110 points if you already had a great score and 80 points for someone with an average score. So the best thing you can do to improve your score is make payments on time.

Since payment history accounts for about 35% of your total score, it’s really important to start paying on time.

2. Carrying a big balance

Your debt utilization ratio accounts for almost 30% of your score. So carrying too much debt will not only cost you a fortune in interest, it can also destroy your credit rating.

As part of the CARD Act that went into effect last month, credit card issuers must now include a chart with your bills that shows how long it will take to pay off your balance if you only make the minimum payments. The chart will also display how much you need to pay each billing cycle in order to completely pay off your balance in three years.

3. Closing a credit line

Closing a line of credit could impact your debt to utilization ratio.

For example, if you have two credit cards with a limit of $1,000 each and a $400 balance on one card, closing the other account will immediately double your debt to utilization ratio from 20% to 40%.

But the negative effect varies greatly. Closing one card could have a very small impact if you have lots of other high-limit cards. You can also counteract some of the impact by opening up a new line of credit. But beware: that can also impact your score.

4. Opening a credit line

In order to open a new account, a credit card company will need to check your credit, and a typical “hard” inquiry like this will lower your score by about five points, plus the cost of opening a new line of credit typically ranges from five to 15 points.

But the temporary ding only lasts about six months, so if you’re in a stable financial situation, the score reduction could be worth it.

5. Defaulting

Defaulting on a loan is the single worst thing you can do for your credit, said Rex Johnson, founder of credit union consulting firm Lending Solutions Consulting. And given the down economy, more people are damaging their credit scores through foreclosures, credit card charge offs and bankruptcies.

A home foreclosure, for example, might dock about 200 points off your score and a short sale could cost you around 80 to 90 points, said Johnson. Declaring bankruptcy could lower a good score of 750 by up to about 250 points.

While most negative information stays on your report for seven years (bankruptcies can stay on for 10 years), it’s never too late to start rebuilding your credit.

Do you know what your FICO score is? You can check it here and then take the necessary steps to improve it, or keep it high and not let it get any lower.

Questions or Comments? E-mail me at blogger@matadorsmoneymatters.com.

Whether you’re a homeowner, or thinking about becoming one in the next month or so, have a child in college, or have been unemployed, there are tax breaks for you so take advantage of all that you can!

And remember, MCCU is here for you every step of the way.