International Credit Union Day
On October 16, 2014, credit unions around the world will celebrate International Credit Union (ICU) Day®. That’s 200+ million people … from 56,000 credit unions … in 101 countries joining together to celebrate their cooperative spirit.
Globally, this cooperative spirit has led to life-changing opportunities in the form of small business start-ups, home ownership, and education. In some countries, members encounter their first taste of democratic decision-making through their member-owned credit unions.
This year, credit unions have been present during the most tumultuous moments around the world. Throughout the crisis in Ukraine, credit union volunteers were among the protesters in Kiev and are now attempting to maintain financial stability for their members. With the help of the World Council of Credit Unions, which is supported by credit unions in the U.S., Ukrainian credit unions are working on ways to ensure loans can be made to those who need it, and upholding the confidence of their members.
On the other side of the globe, credit unions in the Philippines are dealing with the devastation left after the recent typhoon. With the help of credit union organizations around the world, they are now rebuilding and renovating affected branches to better fit members’ needs. After such destruction, these Filipino credit unions are helping people get back on their feet. And credit unions worldwide are providing the basis for development while serving local communities, with an unwavering belief in the “people helping people” philosophy upon which we were built.
Locally, as a member of Matanuska Valley Federal Credit Union, you and your financial stability are our top priorities. Globally, you’re part of a much bigger movement—the credit union movement—working towards global good each and every day. That’s definitely something to celebrate! •
Credit unions know that you need more than a variety of products and services. You need to know that your money is safe—and at a credit union it is.Money is Insured
The National Credit Union Administration (NCUA) is the independent federal agency that regulates charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 90 million account holders in all federal credit unions and the majority of state-chartered credit unions. As an alternative, many credit unions choose to insure your funds through private insurance companies.
The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage.
Members have full NCUSIF coverage at each federally insured credit union where they are qualified members. While NCUSIF coverage protects members at all federally insured credit unions from losses on a broad spectrum of savings account and share draft products, it does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities.Responsibly Managed
Credit unions generally offer higher interest rates for savings accounts and lower rates for loans, when compared to most banks. And credit unions typically do not engage in predatory lending practices, such as offering subprime loans or payday lending programs with exorbitant rates and fees.
Credit unions also follow conservative investment practices and live within their financial means. That means you can trust your credit union to put the needs of you and its other members first.Financial Guidance
Across the country, credit union staff members participate in programs that help consumers learn the basic financial skills that will serve as a strong foundation for their financial futures.
Also, many credit unions and their state associations work with other non-profit entities to help educate consumers about the risks associated with predatory lending.
Whether it’s working with schools to open in-school branches, hosting a financial planning seminar, or offering ID-theft prevention tips at a branch, credit union staff members share their knowledge with the community. Because the more knowledge credit union members have, the wiser the decisions they can make with their money. •» top «
Watch Your Account
Please take notice! Matanuska Valley Federal Credit Union never asks for any confidential or financial details by e-mail, telephone, or text message. If you receive an e-mail, phone call, or text message claiming it is from your credit union, or from any financial institution, asking for financial or personal or sensitive data, do not reply. Do not respond by clicking on a link within the e-mail message. NCUA will never ask you to answer an e-mail. DO NOT OPEN and DO NOT REPLY to any of these e-mail requests. Learn more about protecting your privacy. •
By Al Strawn
A while back I took some flak from several friends who were somewhat critical of our recent Lifestyle loan promotion. Their concern was that it appeared the credit union was encouraging members to over consume by using debt. Their point was well taken, and I can see how some people may have come to a similar conclusion.
Making loans to members is the lifeblood of all credit unions! The need for reasonably priced loans for individuals and small businesses is the why most credit unions were started. A quote from one of our charter members featured in a magazine article from 1963 says it well:
“I think the credit union is a good organization. I didn’t know anything about credit unions when we organized in 1948. The credit union has helped the community. We are small people and small borrowers. When we started out there was nobody in town who wanted to make such loans. The credit union also gives you a kind of good feeling because everything is friendly and you are one of the owners.”
When it comes to borrowing money, it is not our job to tell people what type of lifestyle they should live. We serve a wide variety of people from all walks of life with many different needs and wants. A vacation loan may seem foolish to some, but for others it may be the only way to visit an elderly parent one last time. What may seem reckless to some may be necessary and essential to others. With this said, the credit union does have a responsibility to help members make wise borrowing decisions. If a person is using credit to habitually live beyond their means, are we really helping them by making a new loan?
Our mission is to help each member achieve their individual financial goals. We do this through providing sound financial knowledge and advice, encouraging savings, and making loans for provident and productive purposes. As a member of Matanuska Valley Federal Credit Union you are part of something very special; a group of folks who truly embrace the motto of “People helping People.” If you have family and friends who are not yet members, encourage them to consider the benefits of joining today. •» top «
Saturday, October 18, 10 a.m.-4 p.m.
As an MVFCU Member, you are most likely familiar with our Annual Adventure Sale that takes place every May. Well, we are excited to announce our First Annual SNOWSOON Event happening Saturday, October 18, from 10:00 a.m. to 4:00 p.m., at the MVFCU Seward Meridian Community Office.
With an MVFCU Signature Holiday Loan
Instead of charging holiday gifts to a high-interest credit card, consider applying for an MVFCU Signature Holiday Loan. Save yourself some cash by heading to MVFCU. We offer rates far below the average credit card, allowing you to make the holidays bright, for less.
Is a Holiday Loan Right for You?
We never recommend spending beyond your means. As Scrooge-y as it sounds, “the holiday spirit” is no excuse for financial negligence. However, if you have to go over budget and don’t want to damage your credit score, a holiday loan from MVFCU is a good compromise. Stay away from similar loan products at check cashing and payday advance companies; these often have crazy-high APRs and stricter payment deadlines. Credit unions are not-for-profit and member-focused, which often allow us to offer the lowest rates in town, and the best financial counseling for low-income and middle-income families.
November 17-December 31
This year's Holiday Loan promotion will run from November 17 through December 31, and our official rates for this year will be announced early in November, so stay tuned to mvfcu.coop and our MVFCU Facebook page! » top « •
Let Us Know.
If you have an MVFCU VISA Check Card or VISA Classic Credit Card and plan to go on vacation, call us at (907) 745-4891 or (907) 694-4891 to let us know where you are going and how long you will be gone. Making this phone call will help avoid problems with using your card while you are traveling and help avoid any delays in accessing your funds.
Matanuska Valley Financial Services
Workshop: Guaranteeing Income in Retirement
What lies ahead for you? Whatever your retirement goals are, ensuring a steady stream of income during retirement will be an important part of the road ahead. Social Security, how to use your 401(k), and other investments are common concerns during retirement income planning.
Join us for an informational workshop to address these concerns and learn how the use of annuities could create a guaranteed stream of lifetime income for you.
Help set your financial direction and learn the answers to questions like these:
This no-cost, no-obligation workshop is hosted by Jodie M Smith, the Matanuska Valley Financial Services Representative at Matanuska Valley Federal Credit Union. Space is limited, so make your reservations today.