Monthly Newsletter

August 2017

Mark Your Calendars!

Our annual Shred Day is set for Saturday, October 14th from 9am until 12pm at our Jones Rd location. Please limit 4 medium boxes per car.

 

Cy-Fair FCU School Spirit Debit Cards

 

Show off your high school mascot with our new School Spirit Debit Cards! Cy-Fair FCU is the only place you can choose from all 12 CFISD High Schools, PLUS we make a donation to the selected school's program from the proceeds of every signature-based transaction of $5 or more!

Same-Day Electronic Payments

The financial services industry has been working to modernize the systems to make it faster and easier for customers to make payments, and to update account balance information more frequently during the day.  Beginning September 15, 2017, you will be able to make same-day payments for electronic transactions.  For example, this means members can make on-time payments on the exact due dates and then have the transactions reflected on their account that same business day. 

Here are a few things you should know:

1) Acceptance of same-day payments varies. Not all merchants or billing companies may offer the option to make a same-day electronic payment with them.
2) Because electronic payments may post to your account the same day they are made, it is important to make sure you have sufficient funds in your account to cover every payment made that day.
3) Before this change, electronic debits would post in the morning. This will no longer be the case with same-day payments.  Electronic debits can now post at any time during the day.
4) Electronic debits are commonly known as Direct Payment, Direct Debit, ACH Debit, Electronic Check or e-Check, and similar terms. They are different from your debit card payments and ATM transactions.

If you have any questions regarding same-day electronic payments, please contact one of our Financial Service Representatives.

Six Rules for Managing Credit Card Debt


If you want to be the master of your credit card debt load, follow these key rules:

  1. Take inventory.
    How many credit cards do you have? What's the balance and minimum monthly payment on each? What's the total balance? If it's more than you thought or can afford, it's time to pare down.

  2. Check out the cost of your credit cards.
    What's the interest rate on each card? What's the annual fee? Does your card offer a grace period? If the card doesn't have a grace period, or if you carry over a balance, or take a cash advance, you're usually charged interest right away.

  3. Get one low-fee or lower-interest card and use it wisely.
    Make  Cy-Fair FCU your first stop when starting your search. Check to see if you can transfer existing debt from your various credit cards to your new lower-interest credit card.

  4. Make the largest monthly payment you can afford.
    Even though you may not be able to pay your balance in full, paying the monthly minimum may do little more than cover the accrued interest.

  5. Watch out for "teaser rates."
    Your mailbox may be brimming with unsolicited credit card offers that promise attractive low-interest rates. But if you read the fine print, you'll see that after six months or so the issuer may double the low introductory rate.

  6. If you get in over your head, don't bury it in the sand.
    If you're having trouble making your monthly payments, contact your creditors before they contact you. If you're already screening calls from bill collectors, or refusing to open your mail, you need help.

Pass Up Payday Loans

Payday lenders charge interest rates of 400% annual interest (APR) or more. Visit Cy-Fair Federal Credit Union instead. Credit unions offer alternatives with fairer terms and lower rates, such as short-term signature loans and low-cost cash advances. The people at the credit union also can help evaluate your finances and develop a spending plan so you don't end up in this situation again. Visit the Consumer Federation of America's website to see how much payday loans really cost.

Stay Secure Online


Set up mobile banking alerts and check for suspicious activity daily.

Make a financial back up plan. Make sure you have other ways to pay for essentials if your debit or credit card is compromised.

Use a secure connection to make online purchases.

Pay recurring bills via automated clearing house (ACH / Online Banking's Bill Pay). This saves you from having to re-enter all your information.

Use your credit card online. Credit cards are not as directly tied to your account like debit cards.

Disclaimers:
All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions.
Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions.
Any opinions expressed through the content in this newsletter are the opinions of the particular author only.  
It’s a Money Thing is a registered trademark of Currency Marketing.

*APR = Annual Percentage Rate
Federally Insured by the NCUA