Vice President of Compliance, Katie Ferrell Receives CAMS Certification

PRESS RELEASE

Friday, August 16, 2019

Vicksburg, Miss. – – Mutual Credit Union is pleased to recognize Katie Ferrell, V.P. of Compliance for her recent achievement. In July of 2019, Katie received her CAMS (Certified Anti-Money Laundering Specialist) Certification which is considered the gold standard in AML (Anti-Money Laundering) certifications. President of Mutual Credit Union, Michael Mathews said this of Katie, “Katie works diligently to ensure Mutual meets and exceeds the standards of our industry. I am proud of Katie and her achievement receiving the CAMS Certification.”

Katie-Ferrell.jpg

Katie joined the Mutual Credit Union team in 2017 as the VP of Compliance. She is a Vicksburg native who received her Bachelor of Science Degree from the University of Southern Mississippi in 2003 and received a graduate certificate from Paul W. Barret, Jr. Graduate School of Banking at Christian Brothers University in 2014. Katie has worked in the Financial Services industry since 2003 and has served in many roles throughout her career including commercial and small business lending, mortgage origination, consumer lending, branch management, and other various lending and operational support roles. Since joining Mutual, Katie has achieved designations as a Bank Secrecy Act Compliance Specialist, a Certified Regulatory Vendor Program Manager and as a National Certified Compliance Officer.

For more information about Mutual Credit Union please follow this link to our webpage. For additional questions, please contact the marketing department at marketing@mutualcu.org or by calling (601) 636-7523 ext. 1226.

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Mutual Credit Union Announces, Brent McAlpin As The New Branch Manager Of The Mutual Credit Union Raymond Branch

Press Release

Tuesday, July 23, 2019

Vicksburg, Miss. – – Mutual Credit Union is pleased to announce the promotion of Brent McAlpin to Branch Manager of the Mutual Credit Union Raymond, MS Branch. Brent began his career at Mutual in 2015. Brent’s 4+ years of service to Mutual Credit Union and his additional 3+ years in the financial industry prior to his time at Mutual have proven invaluable assets to his community and to his fellow employees. Michael Mathews, President of Mutual Credit Union stated, “Brent has always demonstrated his dedication to our membership through his work, and I am confident he will continue to work with our membership assisting them to achieve their financial goals in his new role as Branch Manager.”Brent McAlpin Headshot BEST

Brent received a Bachelor of Science degree in Kinesiology with a concentration in Sports Management and a Minor in Public Relations from Mississippi State University. He and his wife Karri live in Pearl, MS. In 2017, he had the 2nd highest loan production for Mutual Credit Union, and in 2018, he had the 4th highest loan production. In 2018, Brent was selected to CRASH the CUNA Lending Council in Anaheim, CA. Brent is in the current class of L.E.A.D. a program thru the MSCUA (Mississippi Credit Union Association) for Young Leaders in the Credit Union Industry and is a Certified Credit Union Financial Counselor through CUNA (Credit Union National Association).

For more information about Mutual Credit Union please follow this link to our webpage. For additional questions, please contact the marketing department at marketing@mutualcu.org or by calling (601) 636-7523 ext. 1226.

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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/

The Credit Union Difference: What’s In A Membership

Teller at the window

As a member of Mutual Credit Union, you are uniquely positioned to manage your finances and watch your money grow, all with the best possible terms. Let’s take a quick look at some of the benefits you can enjoy as a member of Mutual Credit Union. 

1.) Highly personalized service 

When you step through the door of Mutual, you know you’ll always be welcomed with familiar faces, warm smiles and friendly greetings. There are no aloof tellers here—just our friendly and helpful service representatives who treat you like family. No matter your age or stage, our Financial Service Representatives are happy to guide you through any monetary challenge while assisting you in reaching your financial goals. 

At Mutual, our outstanding member service means we’re personally invested in your happiness and only want to see your success. To that end, we’ll grant you a loan quicker than most big banks, graciously looking past some tarnished credit and skipping the overly thorough background check. We also provide financial education information to our members and the larger community throughout the year. 

2.) Increased value for your money 

As a not-for-profit cooperative, your credit union has modest overhead and marketing expenses. Mutual is proud to pass these savings on to you in the form of low or no account fees, better loan terms and higher dividend payments on your Share Certificates, Savings Accounts and more. 

According to a report by the Credit Union National Association (CUNA) that studied credit unions in New York from March of 2017 through March of 2018, credit unions provided average financial benefits equivalent to $85 per member and $178 per household. 

3.) A voice in how the credit union operates 

As a full-fledged member of Mutual Credit Union, you have a voice in how your credit union runs. You are invited to cast your ballot in our Annual elections in which we vote on a volunteer board of directors. The board is then charged with oversight of the credit union and the forming of all official decisions regarding the way the credit union operates. 

4.) A chance to give back to the community 

At Mutual, we’re strong believers in giving back to our community. We support many community initiatives and organizations and we are committed to making decisions that benefit the entire community. We are especially invested in the success of education and financial literacy to our children, a cause that is dear to our hearts. 

When you choose to be a member of Mutual Credit Union, you’re choosing to give back to the community, too. 

As a member, you are entitled to enjoy all of these benefits and so much more. Call, click, or stop by Mutual Credit Union, today to learn how to make your membership work for you in the best way possible. Visit the Mutual CU Website or give us a call at 877-457-3654. 

What are you waiting for? Experience the credit union difference, Today! 

Your Turn: What does your credit union membership mean to you? Tell us about it in the comments.

 

SOURCES:

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

https://www.thestreet.com/amp/personal-finance/credit-unions-vs-banks-14626262

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

Mutual Credit Union Receives M.A.C. Awards

Press Release

Friday, June 14, 2019

Mutual Credit Union Receives M.A.C. Awards

(Vicksburg, MS): On Friday, May 31, 2019 the Marketing Team of Mutual Credit Union comprised of Susan Mandarino and Lurline Simmons, were recognized as recipients of two awards during the 2019 Annual Marketing Association of Credit Unions Conference in New Orleans, LA. They received the following awards within the Credit Union Asset Size category of $500 million or less:

  • Bronze – Social Media Engagement for their Youth Savings Month Bulletin Board Contest
  • Bronze – Community Engagement for their partnership with the United Way of West Central MS & the Alexander Literacy Program

The Marketing Association of Credit Unions (M.A.C.) was established over 30 years ago by leading marketing professionals within the Credit Union Marketing Industry.  M.A.C. offers opportunities for workshops, professional development and free exchange of ideas across the Marketing industry. The M.A.C. awards program was established in 1986 to celebrate the great work of marketers across the United States. Judges for the M.A.C. awards are experts in the financial industry covering marketing, advertising, media and social media areas.

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(Pictured Left to Right: V.P. of Marketing, Susan Mandarino; Marketing & Communications Specialist, Lurline Simmons; and V. P. of Compliance, Katie Ferrell)

For more information about Mutual Credit Union please follow this link to our webpage. For additional questions, please contact the marketing department at marketing@mutualcu.org or by calling (601) 636-7523 ext. 1226.

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Press Release M.A.C. Conference Awards

Mutual Credit Union Director, Billy Bridges Inducted Into the 2019 MS Credit Union Hall of Fame

PRESS RELEASE

Friday, May 17, 2019

Billy Bridges Hall of Fame

Biloxi, Miss. (5/16/19) – – Mutual Credit Union Director, Billy Bridges has been inducted into the Mississippi Credit Union Hall of Fame. Created in 1993, the Mississippi Credit Union Hall of Fame is the state’s highest credit union honor, recognizing individuals that have devoted their life to the philosophy and success of credit unions at the local, state or national level.

Billy Bridges began his service on Mutual Credit Union’s Board of Directors in 1988, and he is still serving today. He held the position of vice-chairman for three years, and in 1993 was elected chairman, a position he held for almost 20 years.

At Mutual Credit Union, Billy was instrumental in his credit union’s expansion throughout Vicksburg and surrounding communities, including Raymond and Yazoo City. He is committed to improving all members’ financial quality of life and providing the quality services, facilities, and convenience that has resulted in Mutual Credit Union’s growth from $39 million to $215 million in assets.

Billy was elected to the Mississippi Credit Union Association Board of Directors in 1996 and is still serving today. He has served as chairman, and he is the longest serving vice-chairman in the board’s history. He is also the long-time chairman of the Personnel & Salary Committee.

An active supporter of the credit union movement, Billy has been a faithful participant in the annual Credit Union National Association Governmental Affairs Conference, and he played a significant role in rallying support in Congress for H.R.1151, the Credit Union Membership Access Act, which was signed into law in August 1998.

Billy’s 31 years of service to Mutual Credit Union and his more than 20 years of service to Mississippi’s credit unions on the MSCUA Board of Directors are characterized by his genuinely outstanding performance and countless hours of selfless service. He serves with honor and distinction and is an extraordinary ambassador for the credit union movement.

For more information about Mutual Credit Union please follow this link to our webpage. For additional questions, please contact the marketing department at marketing@mutualcu.org or by calling (601) 636-7523 ext. 1226.

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Press Release Billy Bridges Inducted into the MS Credit Union Hall of Fame

Steps 1 thru 12 to Living a Debt Free Life

working on her accounts

Step One: Take Stock of Your Debt

You’re determined that this will be the year you finally pay down (or pay off) that debt. Get ready, because every month, our Do It Today plan will have you taking another step on your journey toward living a debt-free life. 

First, sit down and take stock of all your debts. Don’t let the numbers scare you; you need to do this to move forward. Get out every single credit card bill, personal loan, student loan, and any other debt you’re carrying (except your car and mortgage payments). Tally up the numbers to give yourself an idea of what you’re dealing with. 

Next, organize your debt into different categories, such as credit card debt, student debt, personal loans etc. Use a spreadsheet to list your debt, the remaining term of each loan (if applicable), the minimum payment and the interest rate.   

Finally, designate one hour each week for working on your finances. 

Step Two: Don’t dig yourself deeper

When you’ve dug yourself deep into a pit, the only way to get out is to stop digging. This month, focus on not racking up more debt. Stop using your credit cards. Skip your weekly trips that usually have you buying too many non-essentials.

Instead, start brown-bagging your work lunch and brewing your own coffee. Get into the habit of spending only on essentials so you can make real progress toward paying down that debt.

Don’t forget to make the minimum payments on every line of credit and loan you have open. Neglecting your debt will only pull you deeper into the pit.

Step Three: Negotiate a lower APR

If the majority of your outstanding debit is credit card debt, you may be spending hundreds of dollars just on interest alone. Aside from wasting money, this keeps you from moving forward and paying down your debt.

Most people don’t know you can call up a credit card company and negotiate for a lower APR. Take the time this month to do that. Explain that you are working on paying down your debt and that the interest payments are impeding your progress. You can even research competing cards and cite their interest rates in a bid for a lower APR from your current credit card company.

Lowering your interest rates will allow you to make another real step toward getting rid of debt.

Step Four: Create an emergency fund

You may be feeling impatient to start more aggressively paying down debt, but it’s important important to first create an emergency fund. If you don’t have money socked away for unexpected expenses, you’ll be tempted to use the money that’s already earmarked for your debt payments to fund this expense.

Experts recommend keeping three months’ worth of living expenses in an emergency fund, but you can start with a modest $1,000. Set up an automatic monthly or weekly transfer from your [credit union] Checking Account to your Savings Account until you have a fully padded emergency fund. This may take several months, but no worries, you can continue following the next few steps towards a debt-free life as your emergency fund grows.

Step Five: Create a budget

This month, you’re going to organize your finances. Hold onto every receipt, bill, paystub and invoice you produce throughout the month. Sometime during the last week of May, sit down with all of your paperwork and start crunching the numbers.

When you’re through, you should have all of these questions answered:

  • How much is my net monthly income?
  • How much are my monthly fixed expenses?
  • How much are my monthly non-fixed expenses?

Now that you have the numbers in front of you, work on creating a budget. Designate the necessary funds for your fixed expenses. Then, with the remaining money, determine how much you will spend in each non-fixed expense category; like groceries, clothing, entertainment, etc.

Put your minimum debt payments in the fixed-expenses category, with another category for extra debt payments in your column of non-fixed expenses.

Step Six: Trim Expenses

Now that we have a budget, let’s slim it down!

You’ve already practiced spending less thanks to Step#2 in this series. Now, it’s time to get serious about it. Take a long, hard look at the money you spend each month and find your weak spots. Where do you spend the most on unnecessary purchases? What’s your particular vice? You may even have several spending traps. How can you cut back on your daily expenses?

Any extra money you save goes toward your debt payments.

Step Seven: Create A Debt Snowball

You’ve organized your debt, you’ve set up an emergency fund and you’re working on spending less. You’re now ready to start getting rid of that debt…for good!

Choose the debt you’d like to pay down first. Financial expert Dave Ramsey suggests starting from the smallest debt and working your way up. You can also choose to start with the debt that carries the highest interest rate. Either way, once you’ve paid down the first loan or line of credit, you’ll move onto the next and continue to work your way through all remaining debt until you’re completely debt-free.

For now, paying off this debt will be your top priority. Be sure to pay the minimum payments on all other debts, but any extra money you have at the end of the month goes towards the first one. Start with the minimum payments you were making anyways, and add the money that was previously going towards setting up your savings account to create your debt snowball. Whenever possible, try to add money to your snowball to accelerate your progress.

Doesn’t this feel great? You’re on your way to a debt-free life!

Step Eight: Boost Your Income

Increase your income this month to help you pay down debt.

There are a handful of practical ways to accomplish this. For instance, consider asking for a raise or promotion at your current workplace or seeking employment elsewhere if you feel you’ve reached your maximum earning potential at the company. You can also freelance for hire, take on a side job on weekends or a seasonal job for just a few weeks a year. You might also consider offering consulting services in your particular field.

Remember: any extra money earned goes straight towards your debt snowball!

Your Turn: How did you boost your income this month? Share your success story with us in the comments!

Step Nine: Releasing in September ……………………………

6 Ways to Save On Summer Vacation

Family packing for vacation

 

  1. Time it right. Experts say the sweet spot for cheapest flight booking is 54 days before your travel date.
  2. Clear your cache before every new flight searchThis way, airlines can’t access your browser history and inflate the prices they offer you.
  3. Sweet-talk your way to savings. Ask for an upgrade at the check-in counter. About 78% of hotel guests who request an upgrade at the front desk actually get one.
  4. Never pay full priceCheck sites like coupondivas.com, entertainment.com and Groupon.com for deep discounts at local eateries and entertainment centers.
  5. Freebie fun. Search local sites and blogs for write-ups about free things to do near your destination.
  6. Save your mega event for the last day. Finish your vacation on a high note by saving your most exciting event for the last day of your trip.

Your Turn: How do you save big while getting the most out of your summer vacation? Share your best hacks with us in the comments!

2019 Mutual CU Scholarship Recipients Announced

Press Release

May 14, 2019

 

2019 Mutual Credit Union Scholarship Recipients Announced

(Vicksburg, MS): The Mutual Credit Union Scholarship Committee is pleased to announce the following High School Seniors as selected recipients in the 2019 Mutual Credit Union Scholarship Program.

Alyshia Moore – Vicksburg High School – $3,000

Alexis Lomax – Central Hinds Academy – $2,000

Jonathan Shelton – Mississippi School for Math & Science – $1,500

Emily Vandennieuwboer – Warren Central High School – $1,500

Abigail Wallace – Warren Central High School – $1,000

Reann Ponder – Warren Central High School – $1,000

2019 Mutual CU Scholarship winners collage

Each year, Mutual Credit Union offers graduating high school seniors the opportunity earn one of six scholarships to pursue higher education. Mutual has a firmly held belief that the education of our community’s youth is a solid investment in our community’s future. This year we were proud to award a total of $10,000 in scholarships to six selected recipients. We congratulate all 2019 graduating high school seniors and offer encouragement to you in all your future endeavors.

For information on the Mutual Credit Union Scholarship program, please follow this link to our web page. For questions, please contact the marketing department at marketing@mutualcu.org or call (601) 636-7523 ext. 1226.

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2019 Mutual Credit Union Scholarship Press Release