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A North East Texas Credit Union Publication
October 2010 Edition
Why Choose a Credit Union?
If you are reading this newsletter, you
have already made the decision to become a member of North East Texas
Credit Union. But why? Your friends,
neighbors, or colleagues may wonder
what is better about a credit union, versus the bank across the street. “Credit
unions are outperforming big banks,
and gaining members because of it. In
2009, consumers saved $7.3 billion by
using credit unions rather than banks,”
says Stan Hollen, President/CEO of
CO-OP Financial Services. Here is a
top ten list to share with those around
you who may not know (but be wondering about) the credit union difference!
10.
Credit unions are not-for-profit cooperatives owned by members,
not stockholders. That means their
whole reason for being is to assist
the financial wellness of
their members.
9.
Credit unions
are operated by the
people in your community; serving the
local community and
being involved in community causes is a
point of pride for credit
unions.
8.
Credit union resources are returned to
their member-owners
in the form of lower fees
and
forward-thinking
products and services.
Big bank’s
profits are funneled into expensive national advertising budgets and huge
executive compensation packages.
7.
Credit unions are a more personalized way of handling personal finance. As the economy becomes more
complex, credit unions are streamlining their loan procedures; you’ll have
a better chance at securing personal
and small business loans at your local
credit union.
6.
Credit unions provide what people want most in financial services.
In 2009, more than 1.2 million Americans joined
a credit union, and
credit
unions now have
nearly
10 percent of the
country’s household savings.
5. Credit unions’ interest rates on
credit cards and loans are lower compared to big bank rates. And, free
checking is alive and well at many
credit unions. Deposits are insured by
the National Credit Union Share Insurance Fund.
4.
Through CO-OP Network, members have the nation’s largest network
of credit union ATMs – 28,000 surcharge-free locations (9,000 of which
accept deposits)! And credit union service centers provide 4,000 nationwide
shared branch locations for consumers.
3. Credit unions have the latest hi-
tech personal finance tools, such as
banking via mobile devices, helping
them provide unprecedented access and convenience.
2. For more than 20 years,
customer satisfaction with
credit unions has consistently
rated higher than for big banks.
In fact, these survey’s find credit
unions to be the most trusted
segment of the financial services industry.
1.
At most credit unions,
membership is open to anyone
who wants to join and the benefits begin immediately!
Take NETCU
With You!
We know we have great members and
they LOVE to travel! So next time,
take us along! You might just find
yourself featured in our next newsletter. We want to see you (wearing
your NETCU caps, t-shirts, etc.) on
your journey. Send us a photo of you
and your crew wearing our logo with
a brief description of where you are
and how your trip went and we will
try and feature you in our next NET
Works Newsletter. You can send
photos to [email protected] or
drop them off in any office.
This issue, we feature Kenneth and
Kay Breazeale from Hughes Springs,
TX. They are pictured here on their
recent vacation to Hawaii! Thanks
for submitting the photos and we
hope you had a great trip!
Open a
New Account....
Without Ever
Leaving Home!
Now you can manage even more of your account
needs on our website! Our website will now allow you to open a new account entirely from the
comfort of your home. You can open a new:
Checking
Additional Savings
IRA
Certificate or
Money Market Account
online. All you have to do is log in to our homepage and click the new link on the
right side for new accounts, we will walk you through the rest.
Have a friend or family member who wants to join the credit union but doesn’t
have time to stop in an office during normal business hours? Now they can join
online through our new system as well. Have them visit our homepage and
click the new account link where they will be prompted for all the information
and instructions needed to become a member and open their share account, all
online.
This is just another way that North East Texas Credit Union is serving you better.
We are always here to help you with your financial needs in the most convenient
way possible. We hope this new service will help you to feel free to open the accounts you need, on your schedule. Please call us with any questions you may
have about this new system. We are ready to help!
Stay tuned to see where NETCU will
show up next……
Welcome New Employees!
Wendy Wilson
Teller
Lone Star Branch
Liliana Mata
Teller
Mt. Pleasant Branch
Matthew Craig
Teller
Mt. Pleasant Branch
Don’t Let Debit Card Confusion
Cost You!
Debit cards are a great way to access your checking account and are a convenient way to use your money. But
not understanding how they work can really cost you in
fees. We hope the following frequently asked questions
about debit cards and the holds sometimes placed on your
money will help you to avoid those fees and make better
use of your card.
What is the difference between my account balance and my available balance?
The account balance does not include outstanding debit
purchases, checks or automatic drafts. Your available balance reflects any preauthorization holds or deposit holds
and is used to determine available funds when future transactions attempt to clear the account.
What is a debit card preauthorization hold?
When you use your debit card to conduct a credit transaction
(non-PIN-based), the merchant sends us an amount, usually your purchase total, for preauthorization. This amount
is placed on hold and removed from your available balance
immediately. The hold is released after approximately 72
hours or when the transaction clears your account, whichever comes first. The hold helps reflect the most current
available balance on your account through NET Teller, Star
Touch (automated phone teller system) and at ATMs.
Will debit card preauthorization holds apply to
all my purchases?
No, they only apply to debit card purchases that are nonPIN-based. Debit purchases and ATM withdrawals made
using a PIN subtract the funds immediately from your account, thus reflecting an accurate available balance.
Please note: When using your PIN for fuel, the merchant
may still send a preauthorization request.
Will the debit card preauthorization hold always
equal the exact amount of my transaction?
No. Some merchants, especially gas stations, hotels, car
rental companies and restaurants, will preauthorize an
amount that is higher or lower than
the
actual
purchase amount.
For Example:
Gas Stations: Many gas stations preauthorize transactions for amounts
ranging from $1 to
$100 because they
do not know how
much gas you will
actually pump in advance of your transaction. If they pre-
authorize $100, we will place a hold for $100, even if your
actual transaction is only $50. After 10 minutes, we will
release the hold and those funds will be available to you
again.
Hotels: When using a debit card to make reservations
in advance, hotels generally will preauthorize an amount
equal to an overnight stay, or more, depending on the
length of your stay. This will result in a hold on your account up to 72 hours. Then, when you actually arrive, the
hotel will place another preauthorization, often larger than
the cost of your stay to cover possible incidental expenses.
Because these can result in significant holds against your
account, we recommend always using your NETCU credit
card for hotel reservations.
Car Rental Companies: When renting an automobile,
most car rental companies will authorize an amount greater
than the actual cost to cover any additional expenses.
Restaurants: Most restaurants authorize an amount that
is slightly larger than the bill in the event that you may include gratuity on your card transaction.
If a hold is placed on my account and then the
transaction clears, is there a chance it will be
deducted again?
When merchants preauthorize an amount that is different
from the final transaction total, there is a possibility that the
hold and the transaction will not match, and the hold will
not release. If the transaction amount does not match the
hold, the system will automatically release the hold on your
account in 72 hours.
Do all debit card transactions clear within 72
hours?
No. Some merchants will not send the final transaction
through to us within the 72-hour timeframe of the hold. In
that case, the hold will drop off and funds will appear to be
available again. However, the debit transaction still has to
clear your account. Unfortunately, we have no control over
how quickly merchants process their transactions.
Why are debit card preauthorization holds being implemented?
Most members depend on the accuracy of their available balances to
help them avoid insufficient fund or
overdraft fees. Debit card preauthorization holds allow members
to view pending transactions
and provide timely available
balance information.
For example:
Chris visits the ATM and sees his
Continued on Back....
Imagine...
A financial institution
whose primary goal is to
improve the financial
position of its members.
Contact Us:
Lone Star
PO Box 1480 * 1115 Lone Star Blvd
Lone Star, TX 75668
Phone (903) 656-2576
Fax (903) 656-3458
[email protected]
Daingerfield
1206 Linda Drive
Daingerfield, TX 75638
Phone (903) 645-2206
Fax (903) 645-2208
[email protected]
Jefferson
302 E. Broadway
Jefferson, TX 75657
Phone (903) 665-8998
Fax (903) 665-7200
[email protected]
Mount Pleasant
1405 South Jefferson Avenue
Mount Pleasant, TX 75455
Phone (903) 577-3500
Fax (903) 577-5580
[email protected]
Diana
PO Box 5 * 1978 US Hwy 259 S.
Diana, TX 75640
Phone (903) 663-6200
Fax (903) 663-6213
[email protected]
Hughes Springs
PO Box 159 * 1412 East First St.
Hughes Springs, TX 75656
Phone (903) 639-4115
Fax (903) 639-4105
[email protected]
www.theNETCU.com
As a member of North East Texas Credit Union, you are entitled
to receive upon request copies of the following: a summary of the
credit union’s most recent annual audit, the most recent statement
of financial condition, and the IRS Form 990 filing. All requests
should be submitted in writing to the following: NETCU, Attn. Compliance, PO Box 1480, Lone Star, TX 75668.
Continued from Page 3....
available checking account balance is $100, so he withdraws $50. He doesn’t
realize his wife made a debit card signature-based purchase for $75 from their
joint account earlier in the day. The resulting balance in their account would be
negative when the debit transaction arrives for processing, so their overdraft
protection is triggered to transfer $25.
However, if there had been a debit card preauthorization hold placed for his
wife’s $75 transaction, Chris would have known that he really only had $25
available to him and could have avoided the overdraft fees by withdrawing less
money.
How do I avoid preauthorization holds when using my debit
card?
Enter your PIN for point-of-sale transactions whenever possible. Keep in mind,
most PIN-based transactions clear your account immediately.
Do preauthorization holds apply to my NETCU Credit Card?
Yes. All non-ATM credit card transactions are subject to a 96 hour preauthorization hold.
How can I get more information regarding preauthorization
holds?
For additional information, contact us at any of our branch locations or on the
web at www.theNETCU.com.
RETRACTION!
The 2010 Daingerfield Branch Scholarship went to
Jordan McFarland. He graduated this year from Paul
Pewitt High School. He was ranked first in his class of
66 students, not second as printed in our last edition.
A special congratulations to Jordan for being Valedicotrian and our apologies on the misprint.
Jordan McFarland