Eaton Family Credit Union News

2013 College Scholarship Winners

noreply@blogger.com (Eaton Family Credit Union) — Wed, 22 May 2013 15:23:00 +0000

Eaton Family Credit Union is very proud to announce that Kyle Kruse and Andrew Zoss have both been awarded $1,000 college scholarships.

“Kyle and Andrew have very strong academic records, but equally impressive is their desire to help inside and outside their respective communities,” said Mike Losneck, President.

Go to www.EatonFamilyCU.com/Scholarship.php to read more and see their photos.

Your Credit Score Explained

noreply@blogger.com (Eaton Family Credit Union) — Mon, 20 May 2013 14:00:00 +0000

We are compiling information regarding credit reports and credit scores.

On Saturday, May 18, 2013, Sheryl Harris, The Plain Dealer, wrote an article, "More credit myths that can trip you up."

Click here to read the entire story.

In the article she discusses the following myths and facts.

Myth: It's not important to order your credit report

Fact: credit reports contain errors.

Myth: If you co-sign a student or other loan, it doesn't affect your credit

Fact: payment information on co-signed loans can be reported.

Myth: Freezing a credit report locks all companies and debt collectors out

Fact: lenders can have access to credit reports.

Myth: Transferring balances can hide debt

Fact: total debt is important, not interest you pay.

Same Name Identity Problem - On Friday, May 17, 2013, Teresa Dixon Murry, The Plain Dealer, wrote about an ex-wife's bankruptcy and the concerns because the new wife's name is the same.

Click here to read the entire story.

Ms. Murray suggests

Keep maiden name as middle name.
Contact credit bureaus by mail.
Check credit reports before and after marriage.

60 Minutes segment from February 10, 2013 called "40 Million Mistakes: Is your credit report accurate?"

"A new study indicates as many as 40 million consumers have a mistake on their credit report and Steve Kroft finds it's hard to get them fixed." Also check out 60 Minutes Overtime to see the frustration of trying to fix your report.

#1 Takeaway: check your credit report at www.AnnualCreditReport.com.

Click here to watch more.

On Monday, January 14, 2013, Debbie Dragon wrote, "How to fix errors on your credit report," in MyBankTracker.com.

Regarding disputes, "Write out the reason for disputing each mistake you circled on your report so the credit reporting bureaus can investigate and make corrections. Keep a copy of the dispute with your credit report in case you need to refer back to it."

Click here to read the entire article.

On Thursday, October 25, 2012, Teresa Dixon Murray wrote "Westlake man has one of the highest credit scores in the entire country, 848 out of 850" in the The (Cleveland) Plain Dealer.

She writes, "He has a few simple rules:

Never charge something without having something to show for it.
Never spend money without knowing when you can repay it.
Pay your bills on time."

Click here to read the entire article.

On Friday, August 3, 2012, Teresa Dixon Murray's, Money Matters column in The (Cleveland) Plain Dealer, notes that, "Credit scores are confusing..."

She says that there are gaps between different credit scores because they're measured on different scales. Click here to read more.

Click here to take the Credit Score Quiz from Consumer Federation of America (CFA) and VantageScore Solutions - take the quiz before you fill out a loan application!

More reasons to check your credit report - click here to read the four-part series from the Columbus Dispatch titled, "Credit scars."

Credit scars - Credit-reporting agencies’ failure to address damaging errors plaguing thousands of Americans prompts call for swift action.
‘Dispatch’ series based on 30,000 complaints.
Mixed and marred - When credit-reporting agencies blend your files with others’, the financial damage can be devastating.
Our digging finds mess that cries for redress.

Click here to read details on the difference between Vantage and FICO from Teresa Dixon Murray, The Cleveland Plain Dealer, on March 9, 2012...you need to scroll down for the second Q & A

She states, " I've never gotten a straight answer from Fair Isaac Corp. (architect of FICO scores) or the bureaus about why there are two or more types of scoring with different top scales. "
Also, click here to see a comparison between FICO and Vantage from Don Taylor at Bankrate.com

Click here to read "Don't Micromanage Your Credit Score" by Jennifer Waters of The Wall Street Journal from March 3, 2012.

Ms. Waters states, "A score is determined mainly by how promptly you pay your bills and what kind of debt you carry, though other factors also feed into it. "
Also in the article is, "Scores also vary because the three credit-reporting companies don't have the same information. 'Lenders don't report all the same things to all the [credit-reporting companies], which is why scores will vary,' says Beverly Harzog, a credit-card analyst with Credit.com."

Eaton Family Credit Union reports to all three credit reporting agencies.

Click here to read "What happens to your credit score when a card gets closed?" by Theresa Dixon Murray of The Cleveland Plain Dealer from December 9, 2011.

Ms. Murray responds to the question: What happens when the card issuer closes out the card due to inactivity? How does that impact your score?

The definition of a FICO Score from Barry Paperno, Consumer Affairs Manager, myFICO.com

A FICO score is a three-digit number between 300 and 850 that summarizes a person's credit risk based on their credit report at a particular point in time.
The number tells a prospective lender how likely someone will pay on time, with higher scores indicating lower risk and with lower scores indicating higher risk.
What the score looks at on a credit report is how the person pays, how much he or she owes, how long they have credit, to what extent any new credit has been taken on and the different types of credit experience they've had.
Information the score doesn't look at on a credit report includes marital status, gender (and) race. It doesn't even look at the name or address, so the location has no bearing on it.
Another thing it doesn't look at that is commonly misunderstood: It does not look at income or assets or anything like that.

Also in this Yahoo! Finance article titled "FICO insider explains credit scores," by Janna Herron, from Tuesday August 30, 2011

Why do the scores differ by credit bureau?
How often scores change?
How to see your FICO score?

Click here to read, "FICO's 5 factors: The components of a FICO credit score" by Jeremy M. Simon, from CreditCards.com.

Payment History
Debit Amounts
Length of Credit History
New Credit
Credit Mix

Thanks to our friend, Ondine Irving, for the heads up.

Easter Money Bunny Fundraiser Benefits Charities

noreply@blogger.com (Eaton Family Credit Union) — Mon, 08 Apr 2013 17:44:00 +0000

Eaton Family Credit Union’s spring “Easter Money Bunny” fundraiser totaled $658. The credit union will deliver funds to the Euclid Hunger Center, Willoughby Hills Food Pantry, The Children’s Miracle Network and Arkansas Children’s Hospital.

Mike Losneck, President, Eaton Family Credit Union, remarked, “The generosity of our credit union members is matched by the creativity of our staff. Together we are able to support local and national charities that do so much for so many.”

Donations of $2 or $5 gave credit union members a chance to win an Easter Bunny tagged with lottery tickets displayed at credit union offices in Euclid, Wickliffe, Willoughby Hills and Lincoln, IL. The Searcy, AR office offered a gift card and raised funds with a bake sale.

See photos of Money Bunny Winners from Euclid and Lincoln.

Valentine’s Day $579 Donation Benefits Domestic Violence Center

noreply@blogger.com (Eaton Family Credit Union) — Fri, 22 Feb 2013 20:11:00 +0000

Eaton Family Credit Union’s Valentine’s Day “dinner and a movie” giveaway resulted in $579 donation to Domestic Violence & Child Advocacy Center, which empowers individuals, educates the community and advocates for justice to end domestic violence and child abuse.

This special Valentine’s Day fundraiser was the brainchild of Eaton Family Credit Union employees, Kenyita and Kristina. They sold tickets for three weeks and chose the winner right before Valentine’s Day.

Longtime member, Mike from Concord Township, received movie tickets donated by Atlas Cinemas plus Olive Garden and Giant Eagle gift cards.

Go to http://www.dvcac.org/ to learn more about Domestic Violence & Child Advocacy Center.

Santa Visits Nottingham Home

noreply@blogger.com (Eaton Family Credit Union) — Wed, 19 Dec 2012 18:52:00 +0000

Eaton Family Credit Union offered up holiday cheer to residents of Nottingham Home in Cleveland with gifts from Santa, and a pizza party. The event is a highlight of the holiday season for everyone.

Nottingham is a large, accommodating home that has been renovated to address the special needs of older residents. This program is part of an ongoing effort to create a continuum of opportunities for people with developmental disabilities to encourage integration into the community.

Click here or go to EatonFamilyCU.com/Charitable.php for pictures and learn more.

Supporting Our Local Hunger Centers

noreply@blogger.com (Eaton Family Credit Union) — Wed, 24 Oct 2012 15:52:00 +0000

Eaton Family Credit Union raised over $100 for local hunger centers when we raffled off a leaf blower during International Credit Union Week.

Paul from Wickliffe was the lucky winner - click here to see a photo of Paul and Kelly, Eaton Family Credit Union.

The Euclid Hunger Center and Willoughby Food Pantry will both benefit from our credit union members kind support.

Additionally, Eaton Family Credit Union recently donated $50 from our charitable fund to the St. Augustine Hunger Center in Tremont near our Cleveland branch.

Did you know that these community organizations have 10 to 1 buying power? Meaning that $100 donation buys $1,000 worth of food.

Find a Food Bank near you at FeedingAmerica.org.

Bank Fees vs. Us - one year later

noreply@blogger.com (Eaton Family Credit Union) — Tue, 11 Sep 2012 19:45:00 +0000

On September 10, 2012 The Cleveland Plain Dealer ran an updated article by Teresa Dixon Murry titled, "Local banks charge higher checking fees; some even charge to mail you a statement."

She writes, "... most banks in Northeast Ohio are raising common fees for things like overdrafting your checking account, getting a cashier's check or using another bank's ATM."

Click here to read the entire article. Also click here to see more from August, 2011.

She includes a chart listing fee changes from last year. Here are our fees and any changes we've made.

Overdraft = $25...no change
Cashier's Check = $2...no change
Other bank's ATM = $0 for the first 8 transactions with $1,000 savings or direct deposit then $2 per transaction thereafter...no change
Stop Payment = $25...no change
Wire Transfer = $17...no change
Lost ATM Card = $0 for the first then $15 thereafter...no change
Returned Deposit = $15...no change

Click here for our Fee schedule.

Research Prepaid Debit Cards First

noreply@blogger.com (Eaton Family Credit Union) — Fri, 07 Sep 2012 13:17:00 +0000

On Wednesday, September 5, 2012, Sheryl Harris (@consumerwriter), Consumer Affairs writer, from the Cleveland Plain Dealer, wrote an article "Pew study finds prepaid cards valuable for some, but carry risks."

Click here for link to the complete study, "Loaded With Uncertainty: Are Prepaid Cards
a Smart Alternative to Checking Accounts?". Click here for a report about the study.

The Pew report lists four findings in the review of 52 prepaid cards. Below you can the find this information and related comments about our FREE Advantage Checking with FREE Debit MasterCard.

The varying fee structures and disclosures for prepaid cards make comparison shopping very difficult because most products have 7 to 15 individual fees to consider and their disclosures are not uniform.

Eaton Family Credit Union discloses all fees - click here for our fee schedule.

The cost of prepaid cards can be less than checking accounts, but the cards come with significant risks. These products are not covered by laws requiring disclosure of fees and terms - nor those that limit consumer liability for unauthorized electronic fund transfers.

Eaton Family Credit Union complies with all laws related to fee disclosure.

Most consumers use prepaid cards as a way to keep spending within their means; overdraft options run counter to this goal and should not be offered.

Eaton Family Credit Union does offer overdraft protection but it is your decision to use it or not - we give you many ways to track your account: online, by phone and via mobile.

FDIC insurance does not necessarily apply to funds loaded onto GPR prepaid cards. Those companies that claim funds are FDIC-insured are not federally supervised and, therefore there is no guarantee the protections are executed correctly.

All Eaton Family Credit Union accounts are insured to $500,000 - backed by full faith and credit of the United States Government through NCUA to at least $250,000 and additional private insurance to $250,000 through ESI.

Checkless Checking vs. Our FREE Checking

noreply@blogger.com (Eaton Family Credit Union) — Tue, 07 Aug 2012 17:40:00 +0000

On Sunday, August 5, 2012 The (Cleveland) Plain Dealer ran an article by Teresa Dixon Murray called, "Bid Your Checkbook Goodbye."

Murray discusses the latest trend in banking as an online service with a prepaid debit card for transactions. We like to explain how our FREE checking trumps prepaid debit cards when it comes to fees and services. And we think our FREE checking is better than the bank's checkless checking accounts.

Here are some questions she suggests you ask if you're considering a checkless account and our answers:

Can I physically deposit checks or cash to my account at ATMs or in branches?

Yes. You can visit our branches in northeast Ohio and over 4,600 shared branch credit union partners nationwide. Plus many of our surcharge-free ATM partners accept check deposits.

Are there fees to make deposits?

Can I pay bills or send checks to individuals online?

Yes. We have FREE online bill pay that includes both PopMoney for person-to-person payments and the ability to transfer between FI's.

If I set up bill to paid at a future date, when will the money be deducted from my account?

Bills paid using our online bill pay are deducted from your checking account when the bill is paid or the date you choose to remit payment.

Can the account be overdrawn?

Yes. You may qualify for Member Courtesy.

Do I get a monthly statement?

Yes. You can also view your account information online, with MATT touchtone telephone, via mobile phone and through our 24/7 member center.

Will you check my overdraft record with ChexSystems before approving me?

Yes. But if you are listed with ChexSystems then consider using our Second Chance Checking.

Is there a daily limit on ATM withdrawals or purchases?

No. Click here for ATM details.

Click here to read the entire article.

Legislative Update - issues affecting credit unions

noreply@blogger.com (Eaton Family Credit Union) — Wed, 11 Jul 2012 20:09:00 +0000

Here are some legislative issues that affect your credit union.

Federal

Tax Support – Credit unions are financial cooperatives where every member has a say in our future. This cooperative structure means that we do not pay taxes on our profits. Congress ratified the federal tax-exemption on several occasions, most recently in 1998 with the enactment of H.R. 1151, the Credit Union Membership Access Act. Big banks and other financial institutions are opposed to credit unions federal tax-exempt status.

http://thomas.loc.gov/cgi-bin/bdquery/z?d105:H.R.1151:

Business Lending – Credit unions are limited in the amount of loans we can make to businesses. We are trying to get Congress to enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions and adds significant safeguards to ensure that qualifying credit unions do this additional lending safely and soundly.

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:h.r.4191:

The following legislators supported credit unions on the issues of Tax Support and Business Lending: Senator Sherrod Brown (D), Congresswomen Betty Sutton (D) and Marcy Kaptur (D), and Congressman Steve LaTourette (R).

State of Ohio

In the Senate, the credit union public funds bill is Senate Bill 292, and in the credit union public funds bill is House Bill 441.

Public Funds – Local government entities such as municipalities and schools cannot open credit union accounts. Legislation was introduced in the Ohio House of Representatives and the Ohio Senate to allow Ohio credit unions to be eligible depositories for public funds under state law.

More importantly, this bill would be a benefit to the local governments, small businesses and Ohio’s citizens because it will also:

Expand the choices of eligible depositories for public entities to make deposits;

Keep deposits local in the community; and

Allow credit unions and their members to participate in state and local initiatives through their credit union.

The following legislators supported credit unions on the issue of Public Funds: bill sponsors in the House are Representatives Marlene Anielski (R), Casey Kozlowski (R), Barbara Boyd (D), Mike Foley (D), Kenny Yuko (D), and Sandra Williams (D); bill sponsors in the Senate are Senators Mike Skindell (D), and Nina Turner (D).

75th Anniversary Celebration

noreply@blogger.com (Eaton Family Credit Union) — Fri, 06 Jul 2012 18:55:00 +0000

Eaton Family Credit Union marked their 75^th Anniversary with a special day for credit union members and the community on Friday, June 29^th.

Click here to read more and see photos or go to EatonFamilyCU.com/AppreciationDay2012.php

NYC Mercury CU Merged Into Eaton Family CU

noreply@blogger.com (Eaton Family Credit Union) — Fri, 06 Jul 2012 15:54:00 +0000

Eaton Family Credit Union is proud to announce that NYC Mercury Credit Union has merged with Eaton Family Credit Union as of July 1, 2012.

Click here for more information or go to EatonFamilyCU.com/NYCMercuryMerger.php

College Scholarship Winners 2012

noreply@blogger.com (Eaton Family Credit Union) — Mon, 18 Jun 2012 19:11:00 +0000

Eaton Family Credit Union is very proud to announce that Daniel Essel, Ryan Schwenke and Zane Franklin have each been awarded $1,000 college scholarships.

“The winners reflect the diverse demographic nature of our credit union,” says Mike Losneck, President. “Danny lives in Euclid, Ryan’s dad teaches in Euclid and Zane’s father works for Eaton Corporation in California. They’re smart kids with bright futures ahead of them.”

Click here or go to EatonFamilyCU.com/Scholarship.php for more information and to see photos.

Mother's Day Giveaway Nets $650 For Charity

noreply@blogger.com (Eaton Family Credit Union) — Fri, 11 May 2012 13:43:00 +0000

Eaton Family Credit Union’s Mother’s Day basket giveaway resulted in a $650 donation to Dress For Success, a non-profit organization that provides interview suits, confidence boosts, and career development to low-income women.

This special Mother’s Day fundraiser is the brainchild of Eaton Family Credit Union employees, Debbie and Kenyita. Over the past two months, $5 donations were accepted for the opportunity to win a Spa Day Package for Mom. Gregory from Euclid is excited to present the basket to his mother on Sunday.

Click here to view the Mother’s Day Gift Basket.

Credit Union Youth Week Super Saver Winner

noreply@blogger.com (Eaton Family Credit Union) — Fri, 04 May 2012 16:05:00 +0000

Super Savers assembled at Eaton Family Credit Union during Credit Union Youth Week from April 22 – 28, 2012. The credit union promoted National Credit Union Youth Week by offering a $20 bonus for new accounts opened and an entry for The Avengers Super Saver Package at Atlas Cinemas when $100 or more was deposited into a youth account. All kids received an Eaton Family Credit Union Super Saver t-shirt for any deposit during youth week.

Daniel from Euclid, Ohio won movie tickets to The Avengers and treats from Atlas Cinemas. He was also made a “millionaire for day” and received interest on $1,000,000. Daniel attends Forest Park Middle School, his parents deposited money to their children’s accounts in honor of their recently deceased grandfather.

Click here or go to EatonFamilyCU.com/SuperSaver.php for more.

Prepaid Debit Cards vs. Our FREE Checking

noreply@blogger.com (Eaton Family Credit Union) — Thu, 19 Apr 2012 15:01:00 +0000

Click here to view a nice comparison of prepaid debit cards from Card Hub called, "Prepaid Cards Report - 2011."

On this page you will find detailed scenarios comparing five popular issuers: Green Dot, NetSpend, AccountNow, American Express and Capital One. They also lay out the cost for an Alternative Checking Account and Child's Allowance.

Eaton Family Credit Union's FREE Advantage Checking with Debit MasterCard stacks up pretty good in comparison.

Activation Fee = $0.00
Monthly Fee = $0.00
ATM Withdrawal Fees = no charge up to eight transactions monthly with direct deposit or funds on deposit ($1,000 savings or $500 checking).
Surcharge-Free ATM: national and regional partners - click here for more information.
Customer Service Fees = $0.00 - three branches plus shared branch credit union partners and 24/7 account information via Internet, mobile, MATT Line and Member Call Center.
Cancellation & Inactivity Fees = $0.00
Direct Deposit = Yes.
Online Bill Pay = Yes.
Maximum Balance = all accounts insured up to $500,000.

Remember, if you've a couple of hiccups along the way, consider our Second Chance Checking with paper checks, online bill pay, ATM access and shared branch access for only $10.00...and down the road you're eligible for our Advantage Checking.

Thank you to our friends at CUinsight for bringing Card Hub to our attention.

How to Teach Kids to Handle Credit Cards

noreply@blogger.com (Eaton Family Credit Union) — Thu, 29 Mar 2012 12:16:00 +0000

Here is a really nice article from Kiplinger by Janet Bodnar titled, "How to Teach Kids to Handle Credit Cards."

She starts, "This four-step plan will help prepare your children to control their spending, pay bills on time and avoid fees."

Cash is the cornerstone.
Use a debit card wisely.
Stay away from prepaid cards.
Save a credit card for last.

Click here to view the entire article.

Thanks to our friends at FamZoo for posting this article.

Bank Fees Vs. Us

noreply@blogger.com (Eaton Family Credit Union) — Tue, 13 Mar 2012 13:51:00 +0000

In the February, 2012 Consumer Reports article, "Bank Accounts More fees are coming. How to fight back–or flee." the magazine starts, "People say they’re furious at behemoth banks, for myriad reasons: lending practices that helped sink the economy, government bailouts, foreclosures, huge bonuses for CEOs, and now higher fees and tougher account requirements."

They suggest, "Why this is happening: Banks are fighting pressure on several fronts. Lending is down, interest rates are at historic lows, and there’s been a decline in investment income."

So take a moment to compare our fees to banks and other credit unions as reported by Informa Research Services, "The largest credit unions tend to have lower fees on average than the biggest banks." We think some of us "smaller" credit unions stack up very well too!

Non-interest checking per month

Eaton Family Credit Union = $0
Bank = $10.27
Credit Union = $6

Minimum balance to waive fees

Eaton Family Credit Union = $0
Bank = $1,115.97
Credit Union = $0

Online bill payment per month

Eaton Family Credit Union = $0
Bank = $6.95
Credit Union = $0

Use another bank's ATM

Eaton Family Credit Union = $0 - then $2 per transaction after the 8 with direct deposit or funds on deposit
Bank = $2.21
Credit Union = $1.07

ATM Surcharge

Eaton Family Credit Union = $2
Bank = $2.96
Credit Union = $2.79

Insufficient funds

Eaton Family Credit Union = $25
Bank = $34.48
Credit Union = $27.82

Stop Payment

Eaton Family Credit Union = $25
Bank = $31.09
Credit Union = $19.43

Overdraft

Eaton Family Credit Union = $25
Bank = $34.48
Credit Union = $27.82

We Don't Prioritize For Overdrafts

noreply@blogger.com (Eaton Family Credit Union) — Thu, 23 Feb 2012 15:07:00 +0000

On February 22, 2012 The Cleveland Plain Dealer Consumer Affairs Reporter Sheryl Harris wrote a story about the Consumer Financial Protection Bureau and their investigation of financial institution fees called, "Agency to investigate bank overdraft fees."

In the article she states, "...the agency wants to know whether banks process consumers' transactions in an order that makes overdrafts more likely."

We process transactions chronologically. If you have overdraft protection on your Eaton Family Credit Union checking account, be assured that we do not process transactions to maximize overdraft fees.

More specifically, we process your account transactions as they come in. Here are some details by category:

Debit Cards - when debit cards are processed after purchase is important because some companies process immediately and others batch process. Therefore you might purchase an item today but we will not see the transaction until tomorrow or the day after. We handle debit transactions daily.
Checks - checks are processed in chronological order by check number on a daily basis. You write check number 100 before check number 101 so we handle the lower number check first.
Electronic - today paper checks are often converted to electronic transactions and many payments, such as auto debit, are electronic as well. These transactions are also handled daily as they come in.
ATM - instantaneous throughout the day. If you take out money from an ATM in Cleveland, Ohio, or Cleveland, Tennessee, or in Cleveland, UK (north east area of England) then it comes out of your account immediately through one of our ATM networks.

Knowing your balance is an easy way to minimize overdraft fees.

Write It Down - keep track of your transactions and account balance with a check book ledger.
Online - with our free home banking you can access account information on the web 24/7.
Phone - by voice or touchtone, our free MATT Line gives you account information 24/7.
Mobile - text, via mobile web or with iPhone App. Get your account information on the run 24/7 for free from us.
Member Center - after hours you can get account information via phone at no charge from our member center.

Local Credit Union Fraud - Not In My House

noreply@blogger.com (Eaton Family Credit Union) — Thu, 09 Feb 2012 17:06:00 +0000

At Eaton Family Credit Union we take our jobs very seriously. We appreciate that you trust us to make good decisions. Below you will find articles about the investigation at St. Paul's Croatian Credit Union in nearby Eastlake and the efforts we take to ensure your money is safe with us.

On February 9, 2012 another article was featured on the front page of the The Cleveland Plain Dealer that focuses on an organization that makes investments throughout northeast Ohio. The article by Michelle Jarboe McFee, "Cleveland International Fund looks for way forward after resignation, indictment of CEO" includes references to alleged fraud committed at the failed St. Paul Croatian Federal Credit Union. A companion article by John Caniglia, "Pepper Pike financier A. Eddy Zai indicted in Croatian fund swindle" references bribes paid to St. Paul's officials.

On September 28, 2011 The Cleveland Plain Dealer ran an article by James F. McCarty titled, "Chief executive officer of Croatian credit union pleads guilty to stealing $70 million, bankrupting the Eastlake bank."

The article starts, "The once trusted head of the St. Paul Croatian Federal Credit Union in Eastlake confessed Tuesday to stealing more than $70 million and triggering the collapse of the 67-year-old institution."

We want to address some of the points in the article to explain how this sort of thing cannot happen at Eaton Family Credit Union.

Fraudulent Loans

The article mentions that loans were dispensed without requiring collateral, borrowers had little or no assets, no employment history and often with fictitious names.

At Eaton Family Credit Union the borrower must complete and sign a loan application. Our loan officers verify this information against the credit report. We ask for employment verification.

Fraudulent Payment

The articles notes that, "most borrowers made little or no repayments."

Eaton Family Credit Union loans must be repaid. We report loan history (payment and non-payment) to all three credit reporting agencies. Our delinquent loan rate matches peer averages, but from time-to-time we need to efficiently and legally collect delinquent loans.

Oversight

The article mentions that federal investigators said the credit union managers, "were running a scam, stealing millions of dollars in phony loans from the credit union."

In addition to a professional management team and experienced board of directors, Eaton Family Credit Union has an outside, third-party auditor. We are also subject to state, federal and private insurance audits.

We take our jobs very seriously and intend to be here for a very long time...thank you for your support.

Debit Card: Suze Orman vs. Eaton Family Credit Union

noreply@blogger.com (Eaton Family Credit Union) — Mon, 09 Jan 2012 16:11:00 +0000

We really like Suze Orman. We're in agreement with her about making informed decisions, setting up emergency fund accounts and the value of using credit unions.

We differ when it comes to The Approved Prepaid MasterCard® which she has "created from the ground up."

Here is a comparison between Suze's card and Eaton Family Credit Union's FREE checking with Debit MasterCard:

Suze = $3.00 per month or $36 annually.
EFCU = no annual fee.

Convenience

Suze = debit card or ATM.
EFCU = debit card, ATM, EFCU branches, credit union shared branch partners and paper check options.

Credit Score Monitoring and ID Theft Protection

Suze = TransUnion credit score monitoring TrustedID protection included.
EFCU = $2.50 per month - click here for more details on our ID Theft protection and we encourage you to check your THREE credit reports annually for free at AnnualCreditReport.com.

Insured

Suze = FDIC Insured to $250,000 (she is working with a bank).
EFCU = Insured to $500,000 with $250,000 NCUA federal insurance plus an additional $250,000 ESI private insurance.

Account Balance

Suze = text alerts, automated telephone system and customer service - One FREE call per calendar month; $2.00 per call thereafter.
EFCU = no charge online, mobile, MATT TouchTone Teller plus live help during business hours in our branches and 24/7 through the member center.

Online Bill Pay

Suze = free.
EFCU = our Webster Bill Pay is free plus you're able to pay others via ZashPay and transfer funds in/out.

We know that prepaid debit cards are NOT exactly the same as a full-fledged checking account but we do want you to be an informed consumer. Check out Suze's fees and compare them to our fees.

Click here to view a New York Times article by Ron Lieber called, "TV Adviser on Money Offers Card." As Mr. Lieber points out, we feel that privacy advocates should take notice that Suze has cut a deal for "TransUnion to collect spending data from Approved card customers."

Click here to view a Forbes article on Personal Fiance called, "Does Suze Orman's Prepaid Card Live Up to its Namesake?" The Approved Card is compared to other popular prepaid debit cards including Green Dot and American Express.

Click here to view an article from the blog GetRichSlowly called, "Does Suze Orman's Prepaid Debit Card Make Sense for You?" Sarah Gilbert does a nice job of summarizing the industry and gives Suze a thumbs up with some caveats.

Click here to view an article from American Banker called, "Why Do Prepaid Debit Cards Have Such a Bad Rap?" Jennifer Tescher states, "The criticism about the Approved Card is largely focused on two issues — fees, and whether Orman can be trusted."

Holiday Cheer For Notthingham Home Residents

noreply@blogger.com (Eaton Family Credit Union) — Thu, 22 Dec 2011 13:50:00 +0000

Eaton Family Credit Union offered up holiday cheer to residents of Nottingham Home in Cleveland with gifts from Santa, holiday singing and a pizza party. The event is a highlight of the holiday season for everyone.

Nottingham is a large, accommodating home that has been renovated to address the special needs of older residents. This program is part of an ongoing effort to create a continuum of opportunities for people with developmental disabilities to encourage integration into the community.

Click here or go to EatonFamilyCU.com/Charitable.php for pictures and learn more.

Tax Time Savings: TurboTax and Jackson Hewitt

noreply@blogger.com (Eaton Family Credit Union) — Fri, 09 Dec 2011 14:44:00 +0000

Get discounts on tax preparation this year through Eaton Family Credit Union.

Click here to save when using TurboTax Online
Click here to get your $30 Jackson Hewitt discount

With TurboTax Online you can self prepare your taxes this year and electronically file your tax returns. TubroTax Online uses an interview style format to asks question then the answers are put on the appropriate lines on the appropriate IRS forms...just answer the questions and let the program do the rest.

If you prefer working with a Jackson Hewitt tax professional face-to-face then download a $30 coupon today...you get the savings now matter simple or complex your return. Click here then enter your zip code to find the near Jackson Hewitt office or call 800-234-1040 for more information on pricing.

Credit Unions Win Out vs. Banks

noreply@blogger.com (Eaton Family Credit Union) — Mon, 21 Nov 2011 20:24:00 +0000

On November 19, 2011 The Seattle Times ran an article by Gregory Karp (Chicago Tribune) called "Money Tip: How consumers can find a banking champ."

Click here to read the entire article.

In the article Mr. Karp writes, "So, big or small? Who wins on the merits in a toe-to-toe fight between megabanks and smaller institutions? Is bigger better, or is this a Rocky Balboa story?"

Here are the categories and his ratings and our thoughts...

Round 1: Fees

Winner: Smaller institutions.

We agree. Our goal is the same as the banks: maximize shareholder value...the difference is that you're the shareholder at Eaton Family Credit Union, so that's why we strive for lower fees, higher interest earned and lower interest charged on loans.

Round 2: ATM Access

Winner: Big banks.

We disagree. Eaton Family Credit Union owner/members have access to thousands of surcharge-free ATMs nationwide. In Ohio, Midwest and Western states through the MoneyPass network featuring U.S. Bank. Plus credit union partners nationwide through the AllianceOne network.
Click here to see our ATM options and let us know what you think.

Round 3: Branch networks.

Winner: Big banks.

We disagree. Shared branching is the best example of the cooperative nature of credit unions. With 4,000+ shared branch credit unions you can deposit funds, get cash and make loan payments near home or work for just about everyone. And not just in metropolitan areas!
Click here to find a shared branch near you.
So far Eaton Family Credit Union owner/members have used shared branch partners in 36 states.

Round 4: Customer service.

Winner. Smaller institutions.

Heck yeah.

Round 5: Ownership.

Winner: Smaller institutions.

Yep, that financial cooperative thingeedoo does make a difference because we work for you.

Round 6: Financial products.

Winner: Big banks.

Well, Mr. Karp, that wealthy crack doesn't really make it with us, because at Eaton Family Credit Union all accounts are insured up to $500,000.
Yes, we cannot compete on some business banking services but smaller enterprises appreciate us too.

Round 7: Technology.

Winner: Big banks.

Hold on a second buster. Now all this stuff is free: online account access, voice-activated account access, mobile account access, online bill pay and 24/7 account information from a live person.

Round 8: Rates

Winner: Rates.

Yes.

Round 9: Safety

Winner: Draw.

Well, actually, we're better here too. Not only are all account FEDERALLY insured up to $250,000, but we also offer private insurance for an additional $250,000 up to a total of $500,000 for each account....#winning.

Eaton Family Credit Union Members Can Win Big

noreply@blogger.com (Eaton Family Credit Union) — Wed, 02 Nov 2011 14:18:00 +0000

As an Eaton Family Credit Union owner/member, you are eligible to enter the Invest in America Sweepstakes and could win one of these fantastic prizes

Grand Prize - 2012 Chevy Cruze LTZ (Estimated retail value of nearly $28,000)
First Place - Sprint wireless package, including a tablet, smartphone and gift card (Estimated retail value of $5,000)
Second Place - $1,500 gift card to spend at Shop America

Visit http://www.IIASweepstakes.org to enter the Invest in America Sweepstakes* and for official rules.

To learn more about Invest in America and its exclusive credit union member discounts, visit lovemycreditunion.org.

NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. MEMBERS OF A PARTICIPATING CREDIT UNION AS OF NOVEMBER 1, 2011 WHO ARE LEGAL RESIDENTS OF THE 50 UNITED STATES (D.C.) 18 YEARS AND OLDER. VOID WHERE PROHIBITED. Sweepstakes ends 12/31/11. For Official Rules, prize descriptions and odds disclosure, visit www.IIAsweepstakes.org. Sponsor: CU Solutions Group, 38695 W. 7 Mile Road, Suite 200, Livonia, MI 48152.