Stay Politically Alert

There are a number of things that Congress is reviewing that may negatively impact credit union members throughout the country and then we have two issues that could greatly impact our region specifically.

Visit http://www.capwiz.com/tcul/issues/alert/?alertid=14104801 to learn about key issues that could affect your credit union and our ability to offer our members the best possible solutions.

In a time when jobs are at a premium, we can ill afford to lose one of the major employers in this area. Visit http://www.chron.com/disp/story.mpl/headline/metro/6857710.html to learn more about how the proposed NASA budget could impact JSC and our region. Visit http://goboldlynasa.org/ to learn more about the impact of space exploration and how to get involved. The other major issue is school funding. Some local school districts have been forced to lay off employees to try to trim budgets. These two issues directly impact our membership.

We encourage our members to stay alert to theses issues and make their voices heard.

Start the New Year Securely

Let's make 2010 a safe year. With identity theft and online fraud on the rise, we'd like to share a few simple tips to help you stay safe.

1. You can obtain a free credit report from each of the three credit bureaus each year by visiting www.annualcreditreport.com.
   
   We recommend that members only download one of the three and then four months later download the next one and so on. This is a great way for members to monitor their credit and minimize the effects of identity theft.
2. Reduce the amount of mail you receive which contains account numbers and other important information. The majority of identity theft still occurs via mail and printed documents. Many companies offer this information online. For example, your monthly statements are available online at most financial institutions and utility companies, including your credit union.
3. Keep an up to date Internet security program running. The amount of malware has exploded and should one gain access to your system, it could give a hacker information to everything you type including usernames and passwords. If you are cost conscious, there are free alternatives available such as Microsoft Security Essentials.
4. Educate yourself about the latest scams. The credit union's website has page that is updated but there are many sources to obtain this information such as the Internet Crime Complaint Center.

Have a great suggestion that you would like to share? Either post it here or send an e-mail to info@gcefcu.org

To a Financially Happier & Healthier New Year

It is that time of year again. It is a time for reflection on what has been a tough year economically and one of many challenges. It is also a time to look ahead and make some resolutions. We prefer to look ahead to 2010 and find ways we can help you with your financial resolutions.

We've partnered with the BALANCE Financial Fitness Program. BALANCE services include money management and housing counseling, a debt repayment plan, credit report review, online financial education tools and a toll-free information line - all free to members.

We invite our members to call BALANCE toll free at 1-888-456-2227 and let them help you enjoy a finanically happier & healthier new year.

Threat to Member's Peace of Mind

The current political climate has caused a rash of potential and enacted legislation rushed through the system. It seems that anti banking sentiments have caused the pendulum to shift to the side of stricter legislation. The problem is that in the rush to pass this legislation, unintended side effects are not account for or thought through. One such issue currently being discussed is Courtesy Pay. Due to the practices of some greedy institutions, the whole concept of Courtesy Pay is in jeopardy.

Courtesy Pay provides members peace of mind because those that opt into our program know that we will pay any items that try to clear up to an aggregate amount of $500. There is a fee for this service but the item gets paid rather than returned to the merchant's financial institution. For example, if a member writes a rent check and by the time the check is presented and the member is short by $50, the credit union pays the item instead of retunring it. Not only can the member breathe easy, but the credit union has saved them the fee on the merchant side which in the case of most apartment complexes is well over $75.

Now, in the rush to create legislation, that feature may be under threat. If we did not have a Courtesy Pay program that the member could choose to opt into, lets look at what would have happened in the case of the rent check. The credit union would have returned the item and charged the normal NSF fee (ours is $20 which is among the lowest you can find). On top of that, the member would have to deal with the $75 plus fee of the apartment complex and might not be allowed to pay rent with checks in the future. Not only has the member lost money, but they then lose the time and convenience of not being allowed to pay with checks.

If you want to voice your opinion regarding this issue to our elected officials, we invite you to visit http://www.capwiz.com/tcul/issues/alert/?alertid=14104801&type=CO

When the credit markets froze, we were there

Earlier this year, we heard stories from around the country about how even people with great credit were unable to get loans. That never happened here at Gulf Coast Educators. In fact, while others were freezing their lending, we stepped it up and let people know that we had plenty of money to lend.

You see, that is what credit unions are designed to do; help our members. Chip Filson, a well known and respected credit union consultant, recently called credit unions the first responders of the financial crisis. He went on to say that as the big banks shut down consumer lending, credit unions stepped up without any prompting. The credit unions responded to the crisis by continuing to make loans, collaborate with the car makers to make loans available with special pricing, and working with members facing foreclosure. All without being asked or told by the government. Again, it's just what credit unions do.

During these tough times, please let us know what we can do for you. Afterall, we are your financial first responders.

Our Promises to Our Members

• We promise to treat you with respect and the highest standards of professionalism
• We promise to take ownership of your request
• We promise to make it easy to do business with us.
• We promise to respond to your requests in a timely manner.
• We promise to identify your needs and suggest a solution that will improve your financial life.
• We promise to ensure the privacy of your information.
• We promise to be a trusted and accurate source for financial information.

We believe that by living up to these promises in everything we do, in every member interaction, we will provide our members with the best service possible. In the near future we will be making these promises very prominent to our members. We hope that they hold us accountable to these promises. We hope that they share with us when we fall short and when we exceed their expectations. As always, let us know what you think.

$aving Money

An employee said something interesting to me the other day and it got me thinking. She came up to me and said that I was the person to see for some money saving tips. I can't escape my Scottish heritage. I do tend to be frugal and it seems my coworkers know it.

Anyway, I obliged and gave her a few of my tips and then I asked the staff to share theirs. The following is a brief compilation of some the ideas:

1. Have a savings goal. If you are saving for something such as a vacation, it makes you more likely to think twice about impulse buys.


2. Pay yourself first. Make sure you max your 401K or 403b, especially if your organization matches funds. If not, you're giving up free money. Also, set up automatic investments to coincide with paydays. That way the money is gone before you have the chance to blow it.


3. Drink water at restaurants. The price of sodas & tea has exploded. It is up over $2.50 at most places now.


4. Rent movies from a Red Box or even the Library. Yes, the library has a good collection of movies. My kids go once a week and pick a few videos which they watch over and over again. Also, many websites such as hulu.com stream free movies.


5. If you have a friend that you work with and the two of you live close by, you can car pool to save on gas. Joseph & I have made a point of it to carpool. It is a great way to save money and the environment at the same time. Also, it gives you the chance to catch up with a coworker or in our case discuss business on the way to and from the office.


6. PRICE MATCH: I have taken advantage of that at BEST BUY and WALMART. A BLUE RAY COMBO PACK was selling at Target for 10.00 Best Buy had it at 20.00 , they matched it !! I saved a drive and earned more points on my REWARD ZONE CARD. I like this and would take it one step further: don’t be afraid to bargain or haggle with retailers. In some cases, they will work with you not just on price. For example, free delivery/shipping or no interest financing. Also, be willing to walk away if they don’t budge.

Now it's your turn. Feel free to share your Money $aving tips.