04 Jan

3 Ways to Pay Off High Interest Credit Cards

Did your holiday excesses extend to all aspects of your life? If so, we have a few suggestions about how you can pay down your high interest credit cards.

  1. Free cash advances on RMLEFCU credit cards*

    – Normally a credit card company would charge a fee of 3-5% of the amount of cash you withdraw. With RMLEFCU it is free. Use this cash to pay down another card or an outstanding bill.

  1. Free balance transfers onto a RMLEFCU credit card*

    – This is a great member benefit since 3% of the amount you are transferring is usually the price you pay for transferring a credit card balance.

RMLEFCU has three different credit cards to choose from.

  • Classic Visa®
  • Platinum Visa Select® – 7.25% APR*.
  • Platinum Visa® – 12.75% APR* by visiting UChooseRewards.com

The idea behind a balance transfer is simple. You open a new credit card with a low interest rate and move the balance from your old, high-interest card to the new one. Essentially, this means that the debt on your old card has been paid by the new card. After you complete the transfer to the new card, you can start paying it down. You’ll be amazed at how much you can save when your interest payments have been drastically reduced.

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10 Aug

Save on Back to School Expenses

Although it’s not news to parents, back to school costs are nothing to sneeze at. According to the National Retail Federation’s annual Back-to-School Spending Survey of 6,500 consumers, the average family with children in grades K-12 planned to spend $630.36 on clothes, electronics and school supplies this year. Regardless of whether you have overspent, underspent, or kept to a budget, we have a few back to school shopping tips for kindergarten through college graduation that you may be able to incorporate into your spending (or saving) repertoire.

Students in any grade or year – Shop out of season. Shopping post-season sales and clearance racks is a great way to build up you or your child’s wardrobe on a budget. Take inventory to determine exactly what pieces you or your kids will need for the upcoming year, and then organize your budget around what you still need to buy. Keep a look out for winter coats, boots, and jackets in late February, and summer clothing in late August. If you have one, shop where your Student ID gives you a discount.

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06 Apr

EMV and You: What You Need to Know

What does EMV stand for?

The acronym stands for Europay, Mastercard and Visa, the three organizations that developed the initial specifications. EMV was set up to be a widely implemented system for smart card payments. The EMV specifications were developed to make sure chip-based payment cards and terminals could interact.

Why was EMV technology developed?

Unlike a magnetic stripe card, it is virtually impossible to create a counterfeit EMV card that can be used to conduct a successful EMV payment transaction.

How does EMV address fraud? Read More

13 Jan

5 Ways to Avoid Having Your Identity Stolen

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Identity theft is like a shape shifter taking on many forms. There are three common types.

  1. Existing account takeover
  2. New account creation
  3. Identity creation

In short, either someone takes what you have out of your account, opens up new accounts with your information, or uses pieces of your personal identifying information, such as your social security number, and goes on a wild tear you likely won’t know about until it becomes a financial nightmare.

RMLEFCU is working to switch all the cards we issue to use EMV technology. EMV stands for Europay, MasterCard, and Visa. Cards with EMV contain a super-small computer chip that’s extremely hard to counterfeit. Consider that almost half of the world’s credit card fraud happens in the United States—even though only a quarter of all credit card transactions happen here. The banks want to rein this in ASAP by moving away from magnetic-stripe cards, which are much easier to counterfeit.

Your personal information can be used to access current accounts, other than just your credit card, and can lay the groundwork for a brand new identity. While RMLEFCU uses technology to secure your credit cards, there are important steps you can take to make sure your personal identifying information stays PERSONAL.

These tips are not exhaustive, but are manageable tips to safeguard your financial security.

1. Photocopy the contents of your wallet. Don’t take pictures of your cards with your smartphone. Even if you try not to share with the cloud, the moment you turn that function back on for any other photos, you are potentially compromising that information. If you don’t have access to a copy machine, you can write down or type up all of the credit card company information (Issuer, credit card number, CVV, expiration date and contact number) and store this or the photocopy in a secure safe or locked file cabinet. This way, if your purse or wallet is stolen or lost, you know exactly who to contact to make sure no fraudulent charges are made and you are able to pause or close these accounts.

2.  Keep on top of your bank and credit card statements. Check every 15 days, set up a reminder on your phone or computer to log in and look at the charges. If you don’t recognize something, you’ll have enough time to contact us or your credit card issuer (if it’s not us) and try to resolve the charge.

3.  Get off mailing lists and get a locking mailbox. Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit optoutprescreen.com to stop unsolicited offers from coming. Here’s more info. A locking mailbox helps deter thieves from accessing any other sensitive information that might still arrive, despite your efforts to cut down on this type of mail.

4. Keep personal identifying information in a safe place and or shred things. There are still dumpster divers out there. Or the potential of unscrupulous visitors in your home. Shred your personal identifying information or if you need to keep a record or it keep it in the same safe or locked file cabinet where you have stored what cards and accounts we mentioned in step #1.

5. Stop giving out your social security number. To create new accounts, thieves may only need your social security number paired with other public information that can be found online. Being able to find your address or employment information only requires whitepages.com and LinkedIn or your name and city, if your name is unique enough. Don’t give it out to anyone and if pressed, ask if you can use an alternative ID. There are only a few state and federal programs that REQUIRE it. Ask if you can provide your passport or driver’s license instead. Check here for when you have to provide it and for a few more alternatives.

By doing these 5 things, you are better able to safeguard your finances from conniving criminals. If at any time you have questions about suspicious activity in your RMLEFCU account, call us at (303) 458-6660 or contact a branch representative.

05 Jan

5 Money Questions to Wrestle With Before Marriage

couple shopping picIf you and your significant other have been ring shopping, or have announced your engagement, this article is for you. We know you’re busy with wedding planning and housing headaches and whether she’ll ever understand your sense of humor, but as your credit union it’s our job to offer advice when it comes to our area of expertise. Here are 5 money related questions that you need to deal with before that marriage license is signed.

Perhaps you can use a long car ride as the time to delve into these. There’s no way to escape them once you’re married, so you might as well have the conversation in a car.

It’s unnecessary to know all the little nitty gritty details about each other’s financial life, but the following questions can set you up to cover a lot of ground and avoid unnecessary surprises.

  • Where is the money currently going?

Have a sense of how much each of you spends each month and on what. If one of you has a credit card payment that is eating up 30% of your salary, that’s money that can’t be going towards a house payment or vehicle. What are your monthly obligations and how many payments are left on these?

  • What kind of lifestyle do we see for ourselves?

What area of town do you want to live in? How large does your house need to be? Do you want to be able to save money and live in a smaller house or save less money, have a nicer home but end up working more hours for more years to be able to afford that lifestyle? What kinds of things will you spend your money on? Experiences? Children’s educations?

  • How do kids figure in?

It’s no secret that kids don’t come out with a manual OR c-notes taped to their fleshy little appendages. The associated expenses of childcare and schooling must be factored in and planned for prior to their arrival. If you don’t plan on using childcare, would an alternative like grandparents or a single income situation work for your family?

  • How do you spend your disposable income?

Ah, the dark web. It’s easy enough to print your statements out for your monthly bills but to take a stark look at where the rest of your paycheck is going, requires complete candor. If one of you utilizes cash for these type of expenses, start by taking pictures of receipts every time you use cash.

  • How much debt do you have?

It’s a fair question if you plan on having one account you both draw from. For instance if one party has student loans, will they be the responsibility of the person who took them out? Or will a certain amount come from the shared account? Maybe this is the agreement for student loans but not for credit card debt. There’s no right or wrong answer, but a discussion at this stage is warranted.

There are undoubtedly more money questions that you can ask, but these are great places to start.

Congratulations from RMLEFCU on finding your special someone!

 

 

27 Sep

Payment Industry Updates

EMV Chip CardThe news and social media have been highlighting the upcoming change in the payment industry and EMV enabled cards. So we wanted to provide some information to our members about our role in this exciting change.

What is an EMV card?

EMV stands for Europay, MasterCard and Visa.

An EMV or “chip” enabled card is the same size as your current debit or credit card but is embedded with a unique data chip.

What are the benefits of an EMV card?

Added security: The chip adds another layer of security to cards when used at a chip card reader. During the transaction the chip produces a single-use code to validate the transaction that cannot be compromised to create other transactions.

Wider acceptance: Europe, Canada, Asia and South America have already embraced chip technology. So your card will be easier to use while traveling outside of the U.S.

When will I receive my new EMV card?

RMLEFCU is currently in the lengthy process to convert our cards to this new technology. We are hopeful that we will be able to finish the completion of this project by the end of 2016. When completed you will receive a new card when your old card is up for renewal or when requested by you.

We will be keeping all of our members posted on any new updates and sending out more user FAQ’s when the conversion is complete.

 

 

27 Sep

Changes at Checkout

Choosing credit or debit RMLEFCUWhy do some transactions post with different descriptions when using my debit card?

With the EMV conversion deadline fast approaching more merchants are converting their card processing machines to EMV ready. With this change in some cases the default payment on your statement reads WITHDRAWAL POS (address) and you did not use your PIN. The merchant processed this as a point of sale purchase with signature and no PIN. So don’t panic that your PIN has been compromised. As long as you are aware that you completed this charge then your card is safe to continue to use.

The default payment type for the industry used to be debit card with signature and would show up as DEBIT CARD DEBIT or WITHDRAWAL POS would be point of sale pin. We can no longer assume that the PIN was used with point of sale transactions. The merchant is still in compliance to be able to process the transaction either way. The reason why the merchants are changing this default payment type is for their benefit in order to have less fraud charge back obligations and pay less in fees.

We would like to make you aware that point of sale transactions regardless of with pin and no pin are NOT eligible to qualify you for rewards on your account. These transactions will not earn uchoose points or count towards Kasasa rewards. For these types of rewards, you would need to process your payment as a credit with signature transaction.

26 Aug

How to Build Good Credit

how to build good creditCredit. Those five little letters have the ability to inspire fear and raise blood pressure. If you have little to no credit history or a low credit score, RMLEFCU’s Credit Builder loan was designed with you in mind.

It works like this: RMLEFCU acts as a gatekeeper and loans you between $500-$5,000 with a rate determined by your FICO score and our signature loan rate. You make payments on the loan over a period of time, perhaps a year, and RMLEFCU puts the money in an interest-bearing savings account. Once the loan is paid off, you can access the full amount.

To help ensure your success, RMLEFCU will arrange for a low monthly amount and set up automatic repayment options. Just ask us the next time you’re in or call our main line at (303) 458-6660. You’ll know within minutes if you are approved. Read More

10 Jul

5 Essential College Items to Buy with Your RMLEFCU First-Time Visa

RMLEFCU First Time Visa for CollegeRocky Mountain Law Enforcement Federal Credit Union understands the value of opening up your first credit card account as a young adult. You’re establishing your creditworthiness early and setting the tone for the soundtrack that is your life. Whether that soundtrack will be “I Wanna Rock n Roll All Night” or “Pressure” is still to be determined. All you know is that your first semester of college is around the corner and you need a few things for your dorm.

Luckily, RMLEFCU offers a 6.75% APR* first-time Visa credit card to purchase these must have items. Read More

24 Jun

4 Things You Must Do To Build Your Credit

Build your credit score RMLEFCUWe know you’re a trustworthy, reliable person. Anyone who has ever met you can tell right away that you fulfill obligations and that your word is as “good as gold.” I have bad news and more bad news. First, the price of gold is dropping and second, your reliability and trustworthiness, at least to people who might lend you large sums of money to buy a car or a home, relies on three little numbers – your credit score.

So, what are 4 things you need to do to build your credit?

  1. Get a credit card. First check out RMLEFCU’s visa cards. We have a couple options available depending on whether you want better rewards or a lower interest rate. If you’re unable to get an unsecured credit card, look into a gas card or store card. We would suggest if it’s a store card, to get one at a place where you normally do your shopping. For example, check out Target or Wal-Mart store credit cards. With Target you’ll get 5% off with every purchase, no shipping if you shop online and you’ll have 30 extra days to return items. With Wal-Mart, when you first open your account and spend $75 at Walmart.com, you’ll save $25. You’ll also receive 5 cents off per gallon at participating Wal-Mart gas stations. Bonus: Neither card has an annual fee.
  1. Pay your card IN FULL and ON TIME each month. We know what you’re thinking, isn’t this two things in one? “Paying in full” is like the peanut butter to the jelly that is “on time.” They are best when they are done together. Contrary to popular belief, you don’t need to carry a balance to build an awesome score. If you absolutely cannot pay it in full, always pay the minimum balance.

To make sure you are never late, set up an automatic payment. If for some reason that option is not available, ensure you have some kind of reminder, handwritten or electronic, to pay the bill each month. Thirty-five percent of your credit score is determined by your track record with making on-time payments on your bills.

There are a couple of myths out there about building credit that, like cockroaches, are hard to kill. Carrying a large balance will help boost your score and so will closing old accounts you don’t use. Doing either of these can really HURT your credit, so avoid them at all costs. Little known fact: Fifteen percent of your credit score is based on the length of time you’ve maintained a credit account.

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