News & Announcements

 





In This Coronavirus-impacted world

In this coronavirus-impacted world, many people may be wondering if their money is safe in the credit union or whether it’s better to make a mad dash for their cash?
Like toilet paper and sanitizer, cash is one item that Americans seem to be comfortable having around in large quantities. But withdrawing thousands of dollars at once is really not necessary.
“This is not a natural disaster where the electricity’s out, where payment systems are out, where you can’t use other methods of payment or access your money,” says Greg McBride, CFA, Bankrate chief financial analyst. “So, there’s not a need to be going overboard and pulling excessive cash out of your account.” Having too much cash on hand could potentially be risky. Here’s how to determine the right amount of cash you need and why there’s no need to panic about keeping your money in the credit union.
First stay calm. Stockpiling cash in fear that it could somehow run out is never a good idea. For one thing, credit unions right now are flush with cash. They just keep a certain amount in their branches for security reasons and lend out a portion to other members. And in the event that they run out of certain bills temporarily, credit unions can quickly replenish what’s missing at their regional Federal Reserve bank.  “People need to keep in mind this isn’t ’08,” says Kristin McKenna, the managing director and a wealth advisor at Darrow Wealth Management. “This is not a systemic failure of the financial system. This is a completely different animal. But it’s not a failure of the banking system.”
How your money is protected. It’s also worth noting that your money is safer in a credit union than in your own home. The National Credit Union Administration (NCUA) insures deposits up to $250,000, per account holder for each qualified account type, per insured institution. No depositor has ever lost a penny of NCUA insured funds. If we’re just talking about green money in your hands versus in the bank, there’s no reason for people to think that they need to hold onto physical dollars because there’s any sort of threat of a collapse to the banking system or the liquidity in the market. We are open and we are healthy.
The risky side of withdrawing too much cash
Not only is the cash in your home not insured by the federal government, but when it’s in your apartment rather than in a savings account or term share account (cd), you’re not earning interest on those dollars. Outside of a credit union’s secure facilities, money at home is also at risk of being stolen. Similarly, you’ll probably be out of luck if something happens to your home. If you have $100,000 hidden under your bed and your house burns down, there are usually limits on how much home owners insurance will cover  Of course, it never hurts to have some cash on hand, just in case you’re making an in-person payment and the retailer isn’t able to process cards temporarily.
How much cash you need depends.
When it comes to deciding how much cash to withdraw, it varies based on your individual circumstances. Taking out more money than usual may not be needed. Having an extra $100.00 to $200.00 in hand is not a bad idea, just in case. What’s more important is keeping a close eye on your finances and budget to determine whether you have enough money in your bank account to cover the basics and emergency savings.
If you do need to venture out to an ATM, it’s best to choose one within your credit union’s network, (MYCU has approx. 30,000 free ATMs available through our CO-OP) https://co-opcreditunions.org/locator

TO OUR VALUED MEMBERS:

Recently some members voiced concerns over MY Credit Unions Board of Directors decisions to close the Wills Point Branch in 2019 and consolidate the Watauga Branch into the Haslet Branch location in 2020. The Directors have a fiduciary responsibility to make decisions in the best interest of the growth of the credit union.

I want to assure you that the credit union is healthy and we have passed our annual audits with flying colors.  We have over 8.5% capital in reserves which is 1.5% over the regulators minimum.

The decisions were not made because we are experiencing financial trouble, but as a proactive strategic move to make the credit union stronger and give us the resources to bring on more services to our members.

The Board of Directors review branch by branch break down of profitability every month down to the pennies. These two particular branches were operating in non profitable positions and had to be subsidized by profitable branches. This brought down our overall net income/bottom line.

Our goal is to make My Credit Union  “leaner and meaner” and bring on the future with more mobile applications and services members are looking for.  Although we are a not-for-profit member owned organization, we must have enough operating income to fund future products and services and take care of our employees and members.  So these decisions will reduce our real estate overhead, operating costs and payroll and increase our bottom line to accomplish these goals.

Please also note:  there were not any layoffs of employees as a result, as we have not replaced those who left for other opportunities in this past year.

Some of the enhancements, you can be taking advantage of now, are a new improved mortgage application process where you can receive the best and lower mortgage rates available.

Coming soon will be more easily loaded mobile phone based auto loan applications that already know you and speed your application to us.

During our membership drive,  take advantage of our member referral program and earn quick cash by signing up your friends, relatives, coworker or neighbors for a new account or a loan.

Help us build a stronger credit union for the future. We want your loans and will try our best to match or beat any other creditor.  Bring your loans home by refinancing with us locally.

Make MY Credit Union, Your credit union for your checking and loans.

Sincerely,

Mark Massey
President
My Credit Union

***SCAM ALERT***

We have been made aware of a potential scam on Facebook.  Individuals are being asked to apply for a loan and send funds electronically through Walmart Pay, Cash App and/or other electronic means.  Also, individuals are calling and “acting” as if they work at the credit union and is asking for personal sensitive information such as your online/mobile banking username and password, account number and even asking members to apply for a loan.

Please be advised, we will never contact you and ask for personal identifying information or to apply for a loan in this manner.  Please keep your sensitive account information secure and protect your identity by never allowing anyone to have access to your online or mobile banking login credentials.

 

Debit/Credit Posting

Information to our membership about same day debit and credit postings:
We do everything to benefit our members. Automatic Direct Deposit credits come in from the Federal Reserve early each morning and are credited to member accounts. Auto debits are posted in the evenings on their scheduled posting date. If someone tries to purchase something on the existing balance throughout the day and forgets a debit may be coming through, that could cause an NSF situation. We do not manipulate or hold the debit or credit files. Also, when our members have checks that bounce the night before, we give members the opportunity to make a deposit by 9:30 the next morning to cover the checks before they are returned unpaid, once again giving our members the advantage.

Refinance Special

Refinance Special

Refinance Special: Up to 2.00% off your current auto rate from any other lender.  Restrictions do apply.   Contact your local branch for more information.

New car sales are up!

New car (and used car) sales are still growing.  Interest rates at the dealerships are going up also.  Make sure you are getting the best rate and deal possible. Contact your local branch today...BEFORE you buy...and keep more of your money in your pocket tomorrow!

New Hours for Branches

Starting October 24, 2016, branches will be closing for lunch from 1-2 pm.  For more information, click on the link above.