6 Ways To Spot A Payday Loan Scam

Payday Loans Neon Sign

Payday loan scams may seem like old news, but they’re more common than ever. In fact, in 2018, the FTC paid a total of $505 million to more than one million victims of payday loan scams.

In this scam, a caller claiming to represent a collection agency who is acting on behalf of a loan company tells victims they must pay their outstanding balance on a payday loan. They’ll ask victims to confirm identifying details, such as their date of birth or even their Social Security number. They claim they need it as proof that they’ve seen the victim’s loan application and actually do represent the company. Unfortunately, the caller is actually a scammer trying to rip off victims or steal their identity.

In many payday loan scams, victims may have applied for a payday loan but not yet completed the application, or they may have submitted the application but not yet received the funds. In these scenarios, the victim has unknowingly applied for a loan with an illegitimate company which proceeds to sell the victim’s information to a third party. This way, the caller can appear to be an authentic loan collector because they know lots of information about the victim.

If you’ve applied for a payday loan, be on the lookout for these six red flags, any of which should alert you to the fact that you’re being scammed:

1. You’ve never received a payday loan

While these scams usually target people who have filled out an application for a payday loan, fraudsters often go after victims who haven’t completed one or who have done so but have not yet been granted the loan. Obviously, you can’t be late paying back a loan you never received.

If you haven’t completed your application or you haven’t yet received an answer from the loan company you applied to, you’re talking to a scammer.

 2. The caller demands you pay under threat of arrest

Scammers often dishonestly align themselves with law enforcement agencies to coerce victims into cooperating. A legitimate loan company will never threaten you with immediate arrest.

3. The caller refuses to divulge the name of his collection agency.

If the caller actually represents a collection agency, they should have no problem identifying this agency by name. If they refuse to do so, you may be looking at a scam.

4. You can’t find any information about the agency the caller allegedly represents.

The caller is sometimes willing to name the agency, but the company is completely bogus. If you’re suspicious about the call, do a quick Google search to see what the internet has to say about this company. If you can’t find any proof of the company’s existence, such as a web page, phone number or physical address; or the search turns up evidence of previous scams, hang up.

5. You have not received a validation notice in the mail.

By law, anyone representing a collection agency and attempting to collect on an outstanding debt must send a validation letter to the debtor. This letter will inform the borrower that they can dispute the debt within 30 days. It will also detail the amount of money owed and the party to whom it must be paid.

If you have not received any such letter in the mail before the alleged debt collector calls, you’re probably looking at a scam.

6. The caller only accepts immediate payment over the phone.

If the caller was reaching out to you on behalf of a legitimate collections agency, they’d be happy to work out a payment plan with you, and provide you with an address to which you can mail your payments. When a “collector” insists that you pay in full over the phone and refuses to furnish an address to which you can mail your payments, you’re likely talking to a scammer who is only interested in getting your financial information and your money.

If you find yourself struggling to survive financially between paychecks, call, click or stop by Mutual Credit Union today. We’ll be happy to help you learn how to keep your finances at optimum health.

Your Turn: Have you ever been targeted by a payday loan scam or a similar con? Share your experience with us in the comments.

Word Of The Month: HELOC

People painting house

Life at the Richards’ house had gotten really busy since the twins’ arrival-and really noisy. At first, Trish and Adam were delighted with the action. They loved their twin baby siblings and each day, they snapped dozens of pictures of the tiny infants to post on their Facebook and Instagram pages and show to their friends. They were the proudest older siblings ever.

But after a few weeks, the constant crying and the baby paraphernalia scattered all over the house began getting on their nerves.

One day, Adam stumbled down to the kitchen for breakfast, bleary-eyed and grumpy.

“Those twins,” he groaned. “They kept me up all night!”

Mrs. Richards looked at him while rocking one of the twins. “They kept you up?” she laughed. “I didn’t see you getting up for the four o’clock feeding!”

“Or the two o’clock feeding, for that matter,” a tired-looking Mr. Richards chimed in. “Come to think of it, I didn’t see you at the six o’clock feeding either.”

Adam fell into a seat and flung his head down on the table. “Well, they woke me up. Again and again and again. Why do they need to cry every time they eat? And so loudly!”

“You’re complaining? I didn’t sleep a wink!” Trish announced, shuffling into the kitchen. “I heard them crying all night long!”

“I don’t know how I’m going to stay awake in class today,” Adam grumbled.

“Me neither,” Trish said. “Can’t me and Adam move to the basement?”

Adam brightened. “Yeah. Then we won’t hear those annoying babies all night!”

Right on cue, the baby in Mrs. Richards’ arms started howling. Adam and Trish covered their ears and winced. Mrs. Richards stuck the baby’s pacifier into her mouth and rocked her.

“You know, we’d need to finish fixing up the basement if you guys want to sleep there,” Mr. Richards said thoughtfully.

“Oh, can we? Can we please?” Trish and Adam begged.

Mr. and Mrs. Richards shared a long look.

“We’ll see,” Mrs. Richards said after a while. “It isn’t fair for the two of you to be woken up by the twins night after night.And the basement may be the perfect solution. But it’s going to cost a lot of money to finish it, so we need to figure out if we can swing it.”

“It would be nice to have a little more living space around here.” Mr. Richards said thoughtfully. “You know what? Today’s my last day of paternity leave-maybe Mom and I can work something out while you two are at school,” Mr. Richards said. “We’ll talk about this later.”

***

When Adam and Trish came home that afternoon, their parents were waiting for them at the kitchen table with big smiles on their faces.

“Guess what?” Mrs. Richards said. “We’re going to be fixing up the basement soon and you guys can both move down there!”

Adam and Trish whooped and shared high-fives.

“When can we move?”

“Can I paint my new room with chalkboard paint?”

“Can I have a sleepover next weekend?”

Mr. Richards held up his hands. “Hey, slow down there! Nothing’s happening just yet! We’ll discuss all the details when they become relevant.”

“What happened today, Mom? Dad?” Trish asked curiously.

“Yeah, did you guys win the lottery?” Adam grinned.

“Not quite,” said Mr. Richards. “We actually took a trip to the credit union today.”

“That’s right,” said Mrs. Richards. “And we opened up a HELOC.”

“A what?” Adam and Trish chorused.

“A HELOC,” Mr. Richards said calmly. “Or a home equity line of credit. It’s an open line of credit we now have against our house’s equity.”

“Can you say that again in English?” Adam asked.

Mrs. Richards laughed. “Sure. That means the credit union allows us to borrow money we need for renovations. This is called a line of credit, meaning we can withdraw the money we need, when we need it. And then we pay it back, just a little bit at a time.”

“And it’s against-what was that you said?” Trish wrinkled her eyebrows.

“Our home’s equity,” Mr. Richards explained. “That means the credit is secured by the value of our home. It’s serving as collateral, or a guarantee, that we won’t default on the loan and neglect to pay it back.”

Adam and Trish were quiet as they processed this information.

“Cool,” Trish said after a while. “Now we can afford to finish the basement.”

“Yeah!” Adam cheered. “And we get to sleep without the twins screaming their heads off right near our rooms!”

The baby monitor chose that moment to start crackling-and soon the sound of an infant’s howling shattered the calm in the kitchen.

Mr. Richards stood up to go fetch the crying baby from upstairs, but before he went, Adam and Trish stopped him.

“Thank you, Mom and Dad,” they said together. “This is awesome news!”

“Don’t thank us,” Mrs. Richards smiled. “Thank the credit union!”

Talking points:

  • A HELOC is an open line of credit that allows the borrower to withdraw money as needed, and a HEL (home equity loan) is a loan that the borrower receives in one lump sum. Which do you think is the smarter choice when funding a home renovation?
  • How is taking out a HELOC different than using a credit card?
  • Why do you think some people make improvements on their home before they sell their house?

Why You Should Finance Your Next Car Loan At Your Credit Union

new car loan

When shopping for a new set of wheels, your first stop should be right here, at Mutual Credit Union. Though many people start their process on the dealer’s lot, you’ll enjoy a lower rate, a simpler loan application and other benefits by choosing to finance your car with your credit union.

This is why people are increasingly choosing to finance their cars directly through credit unions. In fact, auto loans comprise more than a third of all the active loans across the 5,600 credit unions in the U.S.

Let’s take a look at the differences in the auto loan process at a car dealership versus Mutual Credit Union.

Financing an auto purchase at a car dealership

When you visit a dealer’s lot with the intention of purchasing a car, the dealer will likely ask you how much you’re willing to spend on your vehicle of choice. You may have already worked out your numbers, or, you may just have a vague idea of how much you can realistically afford. Either way, the dealer will probably try persuading you to push your self-imposed limits to the max or even to go over your ceiling price.

But, if you’re financing your car through the dealer, that’s only the beginning. Once you’ve chosen the car you’d like to buy, you’ll need to submit a complicated auto loan application form, which the dealer will send to the finance companies it partners with. This can include lenders and financial institutions – even Mutual Credit Union! The dealer will then share the lenders’ offers with you and ask you to make your choice.

However, in most cases, the dealer is only the middleman. This means they are going to present your options in a way that most benefits them – and not you. Thanks to this practice, even a fantastic offer from Mutual Credit Union will be presented as higher than it actually is, or may not be presented at all.

For example, say your dealer contacts three lenders: Lender A, Lender B and Lender C. Lender A agrees to offer you a 5% Annual Percentage Rate (APR), Lender B offers a 6% APR, and Lender C offers a 7% APR. But the lender will not automatically present you with Lender A’s offer. Instead, they will first determine which lender would afford them the greatest profit.

The rates presented by the above lenders are known as the “buy rates,” or the lowest possible rate the lenders will grant the borrower.  Lender A might offer the dealer a flat fee for each new loan the dealer nets them at the buy rate, with more profit granted for each new tier of a car price, such as $10,000. Lender B, on the other hand, allows the dealer to increase the buy rate by 3% to a new “contract rate.” The dealer then pockets the difference as his own profit. Lender C allows the dealer to offer a contract rate at 2% higher than the buy rate.

In the above scenario, it isn’t hard to picture the dealer pushing you to accept an offer from Lender B or Lender C at the new contract rate of 9%. If you complain that this rate is too high, the dealer may then suddenly “remember” that Lender B is willing to finance the loan at a 7% APR. In either case, there’s very little chance you’ll end up being presented with the offer that is truly in your best interest. And you’ll never even know you’ve been duped!

Financing an auto purchase at a credit union

Getting an auto loan with your credit union is a completely different experience. Why? Because we exist to serve your best interest.

When you walk into Mutual Credit Union with the intention of taking out an auto loan, you’ll be dealing with people who know who you are and what your financial reality is like. No one will try to push you into a loan you can’t afford.

The process of applying for a Mutual Credit Union Auto Loan is simple, quick, and easy. You can even apply for a loan online. Also, as a member of Mutual Credit Union,you already have a headstart on getting that pre-approval.

One of the biggest advantages you’ll have when financing an auto loan through your credit union, though, is a lower APR. Because you’re working directly with the lender, you’ll only hear the actual rate we offer instead of a marked-up rate the car dealer presents to you.

Also, as member-owned and operated institutions, credit unions famously offer loan rates that are consistently lower than those offered by large lenders and banks. In fact, according to Bankrate, the average APR on a credit union auto loan in the beginning of 2019 was a full point lower than the rates offered by banks.

Another key advantage you’ll enjoy from a credit union-financed auto loan is a more relaxed setting when determining how much you can afford to pay each month toward your new car. There’s no rush and no pressure when you’re sitting at Mutual Credit Union and working out your budget. In contrast, when you’re standing in the dealer’s lot surrounded by cars you wish you could afford, you’re far more likely to make a decision you’ll later come to regret.

If you’re in the market for an auto loan, make your credit union your first stop. You’ll enjoy a lower rate and the friendly, professional service you’ve come to expect at Mutual Credit Union.

Your Turn: Have you financed a car purchase through your credit union? Tell us about it in the comments.

Do My Child’s Activities Really Need to Make Me Go Broke?

little girls playing soccer with coach.jpg

Extracurricular activities are an important part of a child’s development. They allow students to shine in ways that may not be possible in the classroom. It also helps kids step out of their social circles to forge new friendships. They may even be your child’s gateway to a college scholarship and possibly a lucrative career. 

But extracurricular activities are expensive. If you’ve got several school-aged children and each wants to participate in two activities, you can be looking at an investment as high as $10,000 or more for fees, equipment, uniforms, instruments and supplies. 

No worries though; you don’t have to choose between your budget and your children’s happiness. Here are some ways to save on your kids’ extracurricular activities: 

1. Limit the number of after-school activities you allow for each child 

If you’ve got several over-ambitious young ones at home, consider limiting extracurricular activities to just one per child. You’ll be doing your children a favor by forcing them to pick an area of focus, allowing them to channel all their energy in one direction. Plus, it’ll be easier for them to keep track of just one schedule — and it’s a lot easier on your carpool calendar, too! 

2. Register early 

Lots of children’s’ sports programs offer discounts of up to 30 percent just for signing up early. Speak to your children about after-school programs and sports teams well before the season so you can register early and snag those early-bird specials. 

3Purchase used equipment 

Save big on sports gear by purchasing gently used equipment from sites like PlayItAgainSports and SidelineSwap. Some of these sites also allow you to sell your own used equipment. 

4. Swap equipment 

If you have friends with kids who are also into sports and music, see if you can swap equipment and instruments from year to year. 

5.  Rent musical instruments 

If you’ve got budding musicians at home, consider renting the instrument they’ve taken up this year. There’s no way to tell if that burst of passion they’re currently nursing for the oboe is just a passing phase or the beginning of a lifelong hobby. Some instruments, like the French horn, can cost as much as $1,000 but can be rented for as little as $50 a month. 

If your child is convinced they’ve found their instrument of choice, you can purchase gently used musical instruments from resale sites like Craigslist, eBay or Reverb. 

6. Volunteer your time 

If you’ve got the time to coach a team or to walk around selling refreshments during games, you might be able to nab a discount on the program’s fees and equipment. 

By making smart, frugal choices, you can turn your children’s dreams into reality without draining your wallet. 

Your Turn: How do you save on your children’s extracurricular activities? Share your own tips with us in the comments.

 

SOURCES:

https://www.goodhousekeeping.com/life/parenting/g27678115/back-to-school-hacks/

https://www.moneycrashers.com/save-extracurricular-activities-kids-after-school/

https://www.parents.com/parenting/money/saving/11-ways-to-save-on-after-school-activities/

Word of the Month: Credit Card

Father and son using laptop together, online shopping

Kate and her mom were going shopping for school supplies. Kate had her mind set on exactly what she wanted. She’d even scribbled a list of all the things she was going to buy at the store.

“And can’t I get that?” she asked, pointing at the sequined pencil case her best friend Lori had told her about.

“Oh, Kate,” her mom groaned. “We can’t buy the most expensive of every supply on your list!”

Kate was stumped. “But why not?” she asked. “If it’s too much money, you can just put it on your credit card!”

Mom gave her a look, and then said under her breath, “Let’s talk about this a little later, at home. Meanwhile, let’s try to find all of your supplies at decent prices.”

Kate agreed and they finished shopping without any more arguments.

After they’d gone home and put away all of Kate’s supplies, Mom prepared two tall glasses of lemonade. She sat down at the kitchen table, across from Kate.

“Let me explain how it works, Kate,” she said. “A credit card isn’t ‘free money.’”

Kate yawned. “I know, I know—you get a bill at the end of the month and you need to pay it all back.”

Mom nodded. “Exactly. But there’s a few things you don’t know about credit cards.”

“Like what?”

“First of all,” said Mom, “lots of credit cards cost money just to have. It’s called an ‘annual fee.’ Also, credit cards don’t lend you that money for free. They charge you interest on every purchase you make.”

“Interest?”

“That means extra money, a certain percentage of the purchase that you need to pay to the credit card company.”

“So it really costs you more than the price!” Kate broke in.

“Exactly,” Mom smiled. “You won’t have to pay the interest if you pay the full amount on your bill on time, but most people don’t. And then they end up paying for that one little purchase for months—or even years and years!”

“So, if the best way to use a credit card is to pay up your full bill each month, why have one at all?” Kate asked. “Why not just use cash?”

“That’s a great question,” Mom said. “There are two main reasons people have credit cards other than to help them pay for stuff they can’t really afford,” she explained. “One is to get the rewards. Lots of credit cards offer points and money back for specific purchases you make on the card.”

“Cool!” said Kate. “Like a bonus for spending money?”

“Right,” said mom. “But it sometimes can get out of control and people spend more than they planned just because they’re getting some points out of the deal. So it doesn’t quite work out as planned. Plus, lots of rewards cards have an annual fee, so they’re expensive just to have.”

“Wow,” Kate said. “And what’s the second reason?”

Mom reached into her wallet and pulled out her MasterCard. “You see this?” she asked. “This helped me buy our house!”

Kate’s eyed bulged. “You can buy a house on a credit card?”

Mom threw back her head and laughed. “No, Kate,” she said. “Let me explain. Let’s say someone has a bunch of open credit cards but they’re super-careful with how they use them. They’re always careful about paying their balance on time and they never rack up huge bills. What does that say about them?”

“They’re responsible!” Kate said. “They know how to pay back what they borrow and they don’t spend too much money.”

“Exactly!” Mom smiled. “So when someone wants to take out a huge loan—like a loan that will help them buy a house, the people lending them that money will look at the way they use their credit cards. It’s called their credit history and credit score. The person’s credit history will tell the borrower about their credit card use in the past, and their credit score is like a grade which shows how responsible they’ve been with their credit. Are you following?

Kate nodded. “I think so.”

“So, why do you think the lender will look at their credit history and credit score when deciding if they will lend this person money to buy a house?”

“Because they want to make sure the person will pay them back!” Kate exclaimed.

“You’re catching on really quickly,” Mom grinned. “I was always very careful with my credit cards, and that helped us get a mortgage for this house!”

“Wow,” Kate said. She had a lot to think about. “What do you say we open a credit card for me, Mom?” She asked. “I want to start building my credit score right now!”

Talking points:

  • Can you explain the way a credit card works?
  • Why do you think credit card companies let people borrow so much money from them?
  • Are credit cards a good way to purchase something you can’t afford? Why, or why not?

8 Things To Do If Your Identity Is Stolen

Retiree - Financial planning

  1. Lock the compromised account. Dispute any fraudulent charges on your compromised accounts and ask to have them locked, or even shut down.
  2. Place a fraud alert on your credit reports. This helps alert creditors that someone may be trying to open accounts in your name. Contact one out of the three credit bureaus to add the fraud alert to all three. Visit Equifax.com or Experian.com or Transunion.com.
  3. Consider a credit freeze. This will make it impossible for the scammer to open a credit line or loan in your name.
  4. Alert the FTC (Federal Trade Commission). Visit https://www.identitytheft.gov and follow the site’s instructions.
  5. Strengthen your passwords. In addition to changing them, use strong and different passwords for all your online accounts.
  6. Check your account statements. It’s best to do so frequently to look for suspicious activity.
  7. Open new credit cards and accounts. Replace compromised accounts that you’ve shut down so you can be inconvenienced as little as possible.
  8. Repair your credit. Be extra careful about paying your bills on time and keeping your credit utilization low.

Your Turn: Have you ever been the victim of credit card fraud? Share your story with us in the comments.

7 Steps To A Mid-Year Financial Checkup

7-Steps-to-Your-Mid-year-Financial-Checkup

It’s hard to believe, but 2019 is half over. Take a timeout from barbecues and beaches to give yourself a mid-year financial checkup. Use the seven steps below to guide you. 

Step 1: Revisit Your Budget 

Take some time to review your monthly budget. Is it working for you or are you falling behind each month? After reviewing, adjust your budget as necessary. 

Step 2: Anticipate Large Expenses 

List any large expenses you anticipate in the coming six months. This can include household appliances that may need replacing or an anticipated medical expense that is not fully covered by insurance. 

Next, determine the spending category you will take the money from to cover these expenses. Deciding on a source for these funds now will help you avoid making the wrong choices when you’re under pressure in the future. 

If you do not have enough money set aside for these expenses, build a savings plan into your monthly budget so you have the funds available when you need them. 

Step 3: Review Your Tax Withholdings 

Review your tax withholdings to see if they need any adjusting. Your goal here is to pay the perfect amount so you’re not hit with a huge tax bill at the end of the year, but you’re also not lending the government your money all year long. 

Step 4: Check Your Credit Score 

Visit AnnualCreditReport.com for your free credit report from any of the three major credit bureaus. If your score has gone up in the last six months, you’re doing great! 

Conversely, if your score has dropped, review your report in detail. Take the necessary steps to fix your score today, whether that means contesting an erroneous charge with the Federal Trade Commission, setting up an automatic payment on some of your bills or lowering your credit utilization rate by paying with plastic less often. 

Step 5: Review Your Investments 

Review and adjust all of your investments. This includes your retirement funds, any stock investments, bonds, trust funds or share certificates at Mutual Credit Union. Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan. Adjust as necessary.   

Step 6: Tackle Your Debt 

List every outstanding debt you carry, including credit card debt and all kinds of loans. Designate one debt to tackle first and work on a plan to pay it down. Once you’ve paid off this debt, move to the next one on your list. 

Step 7: Review Your Financial Resolutions and Long-term Goals 

Review the financial resolutions and goals you dreamed up at the end of 2018 and then determine whether you are taking the steps necessary for making them happen. If you’ve been neglecting them, create a plan for working toward them for the rest of the year. 

Now you can kick back and enjoy the remaining summer season, guilt-free. 

Your Turn: What’s on your list for your mid-year financial checkup? Tell us about it in the comments.

 

SOURCES:

https://money.cnn.com/2016/07/28/investing/financial-checklist/index.html

https://onebiteblog.com/its-time-for-your-mid-year-financial-checkup/

Mutual CU Text Messaging Service Released August 1st

PRESS RELEASE

Thursday, August 1, 2019

(Vicksburg, MS) Effective Thursday, August 1, 2019, Mutual Credit Union will release a fraud monitoring service linked to every debit card holder and on August 20, 2019 to every credit card holder. President of Mutual Credit Union, Michael Mathews stated, ” We are always searching for methods to improve communications with members regarding their account. With a majority of our membership listing their cell phones as their primary contact method, adding capabilities to send and receive text messages proves to be a more efficient means of communication.”

Mutual CU has provided text alerts for several years prior to August 1, 2019 however, members had to first enroll in text alerts for fraud monitoring within their online banking. With this upgrade, every member will receive this level of protection as an automatic enrollment. Fraud detection is constantly running behind the scenes —– analyzing data from attempted fraudulent transactions across the world to identify trends that can then help identify potential cases of fraud. If a transaction meeting these trends occurs, our Mutual’s fraud call center will contact you. You will receive a text message from the 5-digit code 37268 or you will receive a voice mail message from 1-877-273-5740. You will never be asked for your financial information over text message or by phone. A simple “Yes” or “NO” answer is required from you to confirm or deny suspect transactions. For more tips and answers to any additional questions you might have about the new Mutual Credit Union Fraud Monitoring Service, please visit our web page at https://www.mutualcu.org.

We thank you for your membership and look forward to continuing to serve you and your families.

Sincerely,

Michael-Mathews-Sign-3.jpg

Michael Mathews

President

BM-Two_Way_Banner_728x90 MutualCU branded.jpg

All You Need to Know About Remote Deposit Capture

In a world where you can order almost anything using your mobile phone, it makes sense that we, Mutual Credit Union offers a complete mobile banking experience for our members. remote-check-capture

One of the most convenient features we offer through our mobile banking service is Remote Deposit Capture. All it takes to deposit a check is a few minutes of your time and a phone with internet access. 

Let’s take a closer look at remote deposit capture and mobile deposits. 

What is remote deposit capture? 

Remote check capture is a way for you to deposit a check into your Mutual Credit Union Checking Account from a distant location using a mobile device with internet access. You can be practically anywhere in the world and make your deposit at any time. 

The process is simple: You’ll sign into your Mutual Credit Union mobile app and prepare your check for deposit. Tap on the Check Deposits icon and the app will guide you through snapping a picture of both the front and the back of the check. You’ll also be asked to verify the check amount. Once you’ve made the confirmation, your check will be submitted for deposit into your account. 

It’s that easy. 

The benefits of remote check capture 

1. Convenience. As mentioned, with remote check capture, you can make your deposit anywhere, at any time.

2. Speed. Your check will generally clear more quickly through a mobile deposit than it will through an ATM deposit.

3. Accuracy. You’ll be asked to confirm the check amount for accuracy. On the small chance that an error or rejection happens, you’ll still have the physical check, which you can then deposit at any Mutual Branch location. 

Some facts you may not know about remote check capture 

A. Deposit limits. For your safety, the maximum amount you can remotely deposit in one check is $2500.

B. Bounced checks. Just like a confirmed check deposit can end up bouncing several days later, if we cannot collect the funds, a mobile deposit can also be returned for the same reasons.

C. Holds on checks. Any checks deposited after our evening cutoff of p.m. will be placed on hold until the next business day. 

But is it safe? 

We take many precautions for ensuring your personal information is protected throughout the remote check capture process. 

First, no one can sign into your Mutual Credit Union mobile account without two-factor authentication. Always use strong, unique passwords. 

Second, our mobile app does not store your check images in your phone. Once your check has been submitted, the image is erased from your phone and stored only in our own software. 

Finally, if an error occurs, you’ll always have the physical check to deposit if necessary. 

Mutual Credit Union Remote Deposit Capture is quick, easy and safe. Try it today! 

For even more information on Mutual Credit Union Remote Deposit Capture, visit our website .

Your Turn: What do you love about remote check capture? Tell us about it in the comments!

SOURCES:

https://www.thebalance.com/mobile-check-deposits-vs-atm-deposits-315007

https://www.bankrate.com/banking/5-crucial-facts-everyone-should-know-about-mobile-check-deposit/amp/

https://www.digitalcheck.com/history-of-rdc/

The Credit Union Difference: The History of Credit Unions

pros cons bank _ credit union

As a member of Mutual Credit Union, you know the heart of any credit union is to serve members and communities as much as possible. We value each member’s input as an equal owner in the credit union, and we offer flexible loan terms, low-cost accounts and higher dividends to help members achieve and maintain financial wellness. 

This article is the first in a series celebrating the history, contributions and benefits of credit unions. 

Both credit unions and banks provide consumers with financial services and products, but there are many distinctions between the two. The primary credit union difference lies at its core; Banks are created to generate profit for owners while credit unions are created to provide members with a place to manage their finances at the best possible terms. 

The goal of putting members first is deeply rooted in the history of the credit union movement. 

The first credit union was established in 1864 by Friedrich Raiffeisen in southern Germany. Raiffeisen proposed that all community members pool resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well-received, and the first credit union model was soon established. 

In 1909, the credit union movement reached American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued to grow. In 1920, Edward hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Roy created a more systemized concept for the credit union we know today.  

In 1934, President Franklin D. Roosevelt signed the Federal Credit Union Act into law.

Federally chartered credit unions in every state were legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices. 

In 1970, the public’s confidence in the credit union model grew stronger as the National Credit Union Share Insurance Fund was established. With it, credit union deposits became federally insured much like the FDIC insures bank deposits. 

The credit union movement was growing at its most rapid pace, with credit union assets in America tripling between 1970 and 1979. Then, in 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products to members. 

Today, the credit union movement continues to thrive and is backed by the “full faith and credit of the United States Government.” These not-for-profit institutions serve their 103 million+ members by always putting their members’ needs first.   

Here at Mutual Credit Union, we’re proud to join the chain of institutions committed to the credit union mission. As a member-owned cooperative, our only objective is your success. 

Be a part of the credit union movement by calling, clicking or stopping by any of our five branch locations of Mutual Credit Union today to benefit from our personalized service. 

Your Turn: How does the core credit union value impact your finances in a positive way? Share your thoughts with us in the comments.

 

SOURCES:

https://www.mycreditunion.gov/about-credit-unions/historical-timeline

https://www.thebalance.com/national-credit-union-share-insurance-fund-ncusif-315404

https://www.creditkarma.com/advice/i/difference-between-credit-union-and-bank/%3Famp

https://www.nerdwallet.com/blog/banking/credit-unions-vs-banks/