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Open a New Home Equity Loan of $10,000+ and Get a Luxury Cruise for Two! News
Opt-in deadline for overdraft protection is Aug. 15
Open a New Home Equity Loan of $10,000+ and Get a Luxury Cruise for Two!
It’s easy to relax with a great rate on a home equity loan—as low as 5.49% APR*—plus, you’ll get a certificate for a luxury cruise for two! Opt-in deadline for overdraft protection is Aug. 15 Existing Mid American Credit Union members have a limited time to choose overdraft protection for ATM withdrawals and one-time debit card transactions. New federal guidelines require that existing members must “opt-in” for such coverage by Aug. 15, 2010. New Directions summer event features dinner, concert July 30 This summer's New Directions summer event will feature a catered dinner and concert at a popular Wichita summertime venue. Mid American helps with financial literacy at local camps for kids More than 200 Wichita area kids are getting some insight into money - its history, how its used and how its earned and saved - through lessons provided by Mid American Credit Union staff during camps in two of Wichita’s more diverse neighborhoods. Mexico Now Added to List of Countries and U.S. States for Debit Card Restrictions Due to a high rate of fraudulent transactions occurring in Missouri, Florida, Canada, Great Britain, Ireland and Mexico, Mid American has put restrictions on signature-based debit card transactions in those states and countries. Arkansas City Branch Manager Named
Be Cooperative, but Cautious, During Census Survey With the 2010 U.S. census - a nationwide survey of citizens required every decade by the U.S. Constitution - under way, consumer advocacy groups are advising people to be cooperative, but cautious to avoid becoming a victim of fraud or identity theft.
Did you know: If you have a Mid American checking account and are an identity theft victim, you are covered by our free Fraud Victim Resolution Service. The coverage applies even if your Mid American account is not affected. Click here for more information. Colibert is New Coleman Branch Manager
Automatic Protection Plan Offered for Member Convenience Sometimes it happens: You’ve fallen a bit short with available funds when you wrote that recent check. Rather than having you face additional non-sufficient funds charges from the merchant, plus the embarrassment of bouncing a check into collections, the check is paid by Mid American Credit Union, with you incurring a one-time overdraft protection fee, under the Members Automatic Protection Plan. While all financial institutions require that you should have enough funds to cover all outstanding items on your checking account, overdraft protection is offered at Mid American for a member’s convenience. It can be revoked if abused or a member may opt out of the plan. If a member doesn’t want Mid American to pay overdrafts under the MAP Plan, they may opt out by sending a letter to Mid American Credit Union, 8404 W. Kellogg Dr., Wichita, KS 67209. Once a member opts out, Mid American will return all items unpaid if there are insufficient funds in the member’s account. Some items, such as ATM withdrawals and point-of-sale VISA transactions, cannot be returned, If an account balance is insufficient to a non-returnable item, the account will be charged a $30 fee. Other options to cover overdrafts are transfers from another share account, transfers from a MACU VISA line-of-credit, transfers from a non-Mid American VISA or MasterCard. For more information about Mid American’s MAP Plan, go to http://www.midamerican.coop/map1.php. Harvard Study: Credit Unions Offer Better Deal On Credit Cards A study by two Harvard University doctoral students has found that credit cards issued by member-owned credit unions are a better deal for consumers than those issued by investor-owned banks. “We found that credit unions are less likely to charge the fees and penalties that the new act hopes to eliminate - and when they do, they charge less than other issuers,” wrote Ryan Bubb and Alex Kaufman in an op ed published in late June in The New York Times. The pair is referring to the Credit Card Accountability, Responsibility and Disclosure Act enacted in May. Every year, Americans pay around $15 billion in penalty fees, according to a White House fact sheet released after President Obama signed the act. Many personal finance experts are expecting that credit card issuers affected by the act will raise rates and fees before the new restrictions take effect in February. Some experts, including CNN’s personal finance editor, are advising consumers to consider a credit union-backed credit card instead. In their study, Bubb and Kaufman found that credit card cards offer lower annual fees and longer grace periods than other cards. VISA credit cards issued by Mid American have no annual fees and no-fee cash advances. The cards have a 25-day grace period on purchases. Depending on the type of card a member has, other services are available, such as free warranty or travel emergency protection. Bubb and Kaufman say that the lending model used by credit unions is feasible for banks and other card issuers, primarily since they compete for customers in the same market. “The primary distinguishing characteristic of credit unions is that they answer to a different group of owners: profits that are not reinvested are paid to the union’s shareholder-customers as a dividend, much as investor-owned banks reinvest or pay dividends to their shareholders,” they wrote in their article. They also point out that even if credit unions were not exempt from corporate income taxes, their model would still make profits — just less of them. For individuals who would like to re-establish credit or improve a credit score, Mid American has available a secured VISA credit card, which works just like a regular VISA card but is secured by a deposit. The limit is determined by the amount of funds on deposit. Mid American also offers a Preferred Youth VISA for members ages 16-24 and requires a co-signing parent, guardian or adult. The co-signer sets the limit. For more about Mid American’s VISA cards, go to http://www.midamerican.coop/visacred.php. Mobile Access to Accounts Now Available Mid American members now have mobile access to their account information. With the new service, you can check balances, move funds, search for transactions and account history or even link directly to a financial service representative. Your phone must be compatible with what is called Wireless Application Protocol, a wireless industry standard for Web browsing, to use Mid American’s mobile Web address (https://desktop.midamerican.coop/mobile) for accessing the service. For other devices, such as an iPhone, access can be made using Mid American’s Desktop Banking address: https://desktop.midamerican.coop. The mobile Web address is not compatible with desktop computers. Not all Desktop Banking features will be available through the mobile access. For example, Bill Payer and transfers to other members are not allowed at this time. Wireless access is a free service from Mid American, but depending on your cell phone plan, you may incur a data charge by your cell phone provider. For more information, visit our online and mobile banking page. Beware of Debit Card Text Message If you’ve received a recent text message telling you that your credit union debit card or any other financial account needs to be reactivated, your best course of action is to report it to the FBI and delete it. The text message is a hoax, falling into the category of “phishing,” according to Carl Boster, who heads up Mid American Credit Union’s technology department. Scammers are now using text messaging to conduct these hoaxes, similar to those that used to circulate by e-mail, in order to get your financial information or personal information, such as your Social Security number or even a PIN for your debit card. The message indicates your card or account is deactivated, suspended or other such similar wording, and asks you to call a toll-free number to reactivate it. Often you are then asked to provide your private information. If you receive any suspicious phone calls, e-mails or text messages about your financial accounts, never divulge your private information. You are advised to report these activities to the FBI’s Web site, www.fbi.gov. If you should become a victim to identity theft and have a Mid American checking account, you are protected with a free ID theft resolution service. Go to http://www.midamerican.coop/identity_theft.php to find out more about this member benefit. ID Theft On Rise During Bad Economic Times Identity theft continues to rise, and experts expect that trend to spike during the economic downturn. In the past few years, identity theft has been the No. 1 complaint filed by consumers with the Federal Trade Commission. Last year, ID theft accounted for 26 percent of all complaints filed with the commission, according to an FTC report released in late February. Identity theft complaints reported to the FTC rose to 313,982 in 2008 from 259,266 the previous year, the report showed. Credit card fraud was the most common form of reported ID theft, followed by government documents/benefits and employment fraud. Find out more As a consumer, you can access one free credit report annually from each of the consumer credit reporting agencies – Equifax, Experian and TransUnion. Rather than requesting your report from each agency all at once, spread out your requests to receive one once every four months. Go to www.annualcreditreport.com, a centralized service created by the agencies, to make your request. The Federal Trade Commission also has an informative Web site about protecting your identity. At Mid American, You’re Protected This coverage applies even if your Mid American account is not affected. If you believe you’ve been the victim of identity theft, call 1-866-443-3728 to start the process 24/7. To find out more about the service, click here. IRAs Provide Tax Benefits, Retirement Savings IRAs are a great resource for saving for retirement that give you the added benefit of tax savings. Traditional IRA investments are tax-deferred until you begin making withdrawals, while a Roth IRA earnings are tax-free. With a Traditional IRA, you can begin making withdrawals at age 59 1/2, and at age 70 1/2 you must make withdrawals. The Roth IRA has no such age requirement. The Roth IRA differs from a Traditional IRA in another way: contributions to a Roth IRA are not tax-deductible. Earnings on a Roth IRA are tax-free. The tax advantage of a Roth IRA increases the longer you wait between establishing the account and making withdrawals. Your income level and eligibility for an employer-provided retirement plan may play a factor in determining which IRA is right for you. Mid American Credit Union offers four kinds of IRAs, with various tax implications:
To help determine the most advantageous IRA for you, contact Financial Services at 316-722-3921, ext. 202 Did you know… Change of Address, Other Services Online If you’ve ever wanted to learn how to use Mid American’s Desktop Banking or free online bill-paying services or balance your checkbook, check out the online tutorials available on Mid American’s Web site. As part of other online services, you can also reorder checks or notify us of an address change. All those features can be found on the Member Services page. The page also includes links to a number of printable forms to speed up the process of such activities as making a deposit or adding payroll deductions. Just print the page and fill out the forms. You can mail the completed forms or bring them to our main branch, the Sedgwick County branch or one of our full-service shared branches (Credit Union Center, 31st Street South and Meridian, and First Choice Credit Union at 1401 N. Maize or 1920 S. Seneca. You can even send us a message with questions or comments online through the Online Contact form link. For messages containing confidential information, such as account or Social Security numbers, use our secure message system available through Desktop Banking. Consider a Health Savings Account to Counter Rising Costs Total health care spending in 2007 in the United States was $2.4 trillion and that spending is expected to continue to rise over the next decade. With rising premiums, many employers are choosing to offer high-deductible insurance plans to their employees. If you are currently insured by a high deductible insurance plan and are not covered by any other health insurance that isn’t a high deductible plan, consider opening a Health Savings Account at Mid American Credit Union to help save for medical expenses. HSAs were created by the Medicare bill signed by President Bush in December 2003 and are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis. Contributions — whether by an employer, yourself or both — are generally tax-deductible. Earnings and withdrawals for qualified health expenses are tax-free. Consult with your tax or legal professional for specifics. No fee HSAs We offer three HSA options: a savings account, a checking account with a debit card and certificates. HSAs can be managed online with our Desktop Banking option and payments to health care providers can be made with our free online Bill Payer. For government guidelines regarding HSAs, go to http://www.ustreas.gov/offices/public-affairs/hsa/.
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| Mid American Credit Union - 8404 West Kellogg Drive, Wichita, Kansas 67209 - (316) 722-3921 * Fax (316) 722-0920 - macu@midamerican.coop | |||||||||||||
Mary Hamilton is the new branch manager at Mid American Credit Union in Arkansas City. Hamilton, who has 20 years of experience in the financial and marketing sales industry, replaces Mary Strange, who retired in March after 22 years of service.
Mid American Credit Union, which is headquartered in Wichita, Kan., established its Arkansas City branch at 1610 N. Summit in October 2009, when it merged with Sunflower Credit Union.
Travis Colibert is the new manager for Mid American Credit Union’s Coleman branch, located inside The Coleman Co. plant at 3600 N. Hydraulic. Colibert had been a financial services representative at Mid American’s main branch, 8404 W. Kellogg. He replaces Sarah Meehan who became manager of employee partnerships and advocacy in
Mid American’s marketing department.
