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Summer Fun Loan! $1,000 $91/mo. or $2,500 $157/mo. – only 9.9% APR News Main Office to Get New Backup Generator A Home Equity Loan Just Your Size!
Contact Debbie Oldenburg at 722-3921, ext. 250 for more information or start your application here.
Main Office to Get New Backup Generator Installation Set for Saturday, July 26 In our always on, always connected world, service disruptions caused by temporary power outages are more than an inconvenience. Simply put, they get in the way of your ability to access your account. Mid American’s Board of Directors believes that such disruptions should be minimized to the fullest extent possible and have approved the purchase of a backup diesel generator that will help ensure that access to your account is uninterrupted. Main Office to Close July 26 at 11 a.m. Our shared branch facilities at 31st & Meridian and First Choice Credit Union will also be unavailable for transactions after 11:00 a.m. It is ironic that the solution to temporary power outages involves a temporary power outage, but such is the price for progress. We apologize for any inconvenience that might be caused by our early closing for the generator’s installation. The long-term benefits of having to deal with fewer service disruptions should make the inconvenience worthwhile. Keep Your Home Safe While on Vacation If vacation plans are in your future, the Wichita Police Department and Sedgwick County Sheriff can help keep an eye on your home. Each agency has a simple online form to alert them that you are away and would like them to monitor your residence. The forms request the same information and take just a few minutes to complete. Wichita Police Department can be obtained by clicking on “Vacation Home Report” under the Online Forms section. For the Vacation Home Report form for the Sedgwick County Sheriff, click here. Disputing Credit Report Errors: A How-To Guide The first step to protecting yourself against identity theft is to know what’s on your credit report. But what if your credit report is wrong? It’s not unusual for credit reports to contain mistakes. Studies show that more than 70 percent of credit reports have some type of error. The good news is that the Fair Credit Reporting Act requires credit reporting agencies and creditors to fix them. It’s up to you to alert them to the errors. Step One: Contact the Credit Bureaus If you prefer, you can mail a letter to each credit bureau detailing the error you want corrected. Provide a copy of your credit report with the error circled and copies of any supporting documents. Send your letter by certified mail, return receipt requested, so you can document what the credit bureau received and when. Keep copies of your dispute letter and enclosures. For a sample dispute letter provided by the Federal Trade Commission, click here. Step Two: Contact the Creditors What to Expect If the information provider finds the disputed information is inaccurate, it must notify any nationwide credit bureau to which it reports, so that the credit bureau can correct this information in your file. Note that: Disputed information that cannot be verified must be deleted from your file. If your report contains erroneous information, If an item is incomplete, the credit bureau must complete it. For example, if your file shows that you have been late making payments, but fails to show that you are no longer delinquent, the credit bureau must show that you’re current. If your file shows an account that belongs to someone else, the credit bureau must delete it. Your Rights If you ask, the credit bureau must send notices of corrections to anyone who received your report in the past six months. Job applicants can have a corrected copy of their report sent to anyone who received a copy during the past two years for employment purposes. National Do Not Call Registry Is Now Permanent Good news for the people who have placed their phone numbers on the National Do Not Call Registry: the registry is now permanent, thanks to the Do-Not-Call Improvement Act of 2007, which became law in February 2008. Since the opening of the National Do Not Call Registry in June of 2003, over 157 million telephone numbers have been placed on the Registry. The Federal Trade Commission established a five-year re-registration system to keep the registry as accurate as possible. But over the years, cell phone usage increased, telephone number portability became popular, and the courts have made decisions regarding consumer privacy in the context of the do-not-call registry. These factors lead to the decision to make the registry permanent. If you are not part of the 76 percent of Americans who have placed their home or cell phone numbers on the registry and would like to do so, below are instructions for registering your phone numbers online and by phone. Register Online Register by Phone Limits to the Registry For more information or to find out how to file a complaint if you believe the terms of the registry have been violated, visit www.donotcall.gov. Banks Successfully Lobby to Restrict Credit Unions’ Fields of Membership
Limiting Consumer Choice Banks claim that credit unions have unfair advantages, and that without legislative help the playing field is uneven. Kansas credit union membership accounts for about 4.5 percent of the financial services market. This share has remained steady since 1995, which makes the bankers’ arguments hard to swallow. Also consider that bank profits are more than double the rate of all credit unions’ net income. I think it is more likely that their objective remains the same as it has been: limit consumer choices, whether through competition or through legislation. Where We Go From Here Over the next several months, Mid American will be developing a new political action program that will help us communicate our message to legislators. I believe it will be a rewarding experience for those who choose to get involved. We also plan to make it a social experience, so there will be some entertaining and educational events involved with the program. I hope you will consider joining our effort. You can find out more information on getting involved on our Web site at www.midamerican.coop and in upcoming monthly statements. Your help will be appreciated by all of those who value their credit union, and want to prevent further limitations by the bankers on our ability to serve our members. Prepare Your Teen for Financial Independence
If your teen is like most young people, he’s looking forward to being on his own. But does he have the financial skills for it? According to a recent Harris Interactive poll, one third of college students admitted they were not prepared to manage their money on their own. How can parents help prepare their teens for financial independence? Even so, he was surprised at how quickly his money was spent. “With my parents not around to tell me what I can and can’t do, I spent money on stuff I wanted and not on what I needed. You always have to be on your toes,” says Hunt. Hunt’s experience is echoed in the Harris Interactive poll. About 75 percent of students admitted to making mistakes with their money, especially on food and entertainment. Hunt saw first-hand the consequences of being financially unprepared. Says Hunt, “My roommate was always borrowing money. My mom and dad made sure I balanced my money and taught me I have to work for what I want.” Tim Hagan, director of education in Wichita for Consumer Credit Counseling Service and the father of five children ranging in ages from 14 to 23, has a lot of experience teaching money management. He started out his children with savings accounts. “Certain percentages of money they received for birthdays and holidays went into their savings accounts. That helped them start thinking about setting money aside and future goals,” says Hagan. As his children grew older, they managed more of their money on their own and occasionally made mistakes. Hagan says, “Sometimes you have to let them make mistakes and learn from them.” Hagan’s financial advice for his children: Never sign up for a credit card at freshman registration; balancing your checkbook is caring enough about your money that you know how much you have; and debt doesn’t solve anything. Hunt’s advice for high school students preparing for college: Know how to budget wisely and save as much as possible. Says Hunt, “Set a price on what you think you’ll spend at school, then always save more. What you think you’ll spend and what you actually spend are two different things.”
New VISA Fee for International Purchases If international travel is in your future and you plan to use your Mid American VISA, you should be aware that your VISA purchases will be assessed one of two fees for international transactions. VISA currently charges an international conversion fee of 1 percent of the transaction amount for purchases that must be converted to U.S. dollars. Starting May 1, 2008, international transactions made in U.S. dollars will be charged an international service assessment at 0.8 percent of the transaction amount. Here’s an example of how it will work: If your purchase in Canada is sent through in U.S. dollars, you will incur the 0.8 percent international service assessment. If the merchant sends the transaction in Canadian dollars, you will incur the 1 percent international conversion fee. Transactions done on U.S. military bases or U.S. embassies are exempt from the international service assessment.
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| Mid American Credit Union - 8404 West Kellogg Drive, Wichita, Kansas 67209 - (316) 722-3921 * Fax (316) 722-0920 - macu@midamerican.coop - Site Developed By iNetic | |||||||||||||
*APR=Annual Percentage Rate. Rates effective 2/5/08 and subject to change without notice. 
Three months ago, I wrote about bankers’ efforts to pass a law that would restrict Kansans’ ability to join a credit union. I also asked for your help in fighting the banks by signing petitions, writing letters, and making phone calls. Your voices, along with thousands of other credit union members, were heard by our legislators as they considered this issue. But despite our best efforts, the bankers were successful in changing the way in which Kansas credit unions are allowed to do business.
