As of October 3^rd

, individual’s share accounts in federally insured credit unions are insured up to Standard Maximum Share Insurance Amount (SMSIA) which have been raised to a maximum amount of $250,000. For more information on this increase, please refer to the NCUA’s webpage by following this link: http://www.ncua.gov/ShareInsurance/index.htm

 

CD rates are back on the rise which means great news for you. Anytime rates start to change competing financial institutions will all strive to give the best rates they possibly can to and attract new memebers and to retain their current valued members. With that in mind KeyPoint FCU has decided to create some great rates of our own. We have a 6 month CD at a great 3.50% APY, but as great as that rate is, it gets even better. Currently we have two CD specials with amazing rates. There is a 9 month CD at 3.60% APY  and our best rate is a 13 month CD at an astounding 3.80% APY! Certain restrictions do apply and we are only offering them for a limited time, so please hurry and take advantage of these specials, you don’t want to let them pass you by. Call or come in to get more details and open one while you’re there becuase you won’t find any better rates or better service anywhere; It’s all about YOU!

Jason
jveramelen@keypointfcu.com

KeyPoint FCU is proud to once again team up with Enterprise Rent-A-Car to give you great rates during the Enterprise Green Tag Special plus Trade In Promotion. We are offering incredibly low rates when you get a loan through us for purchasing a great new car from Enterprise. Here is the website with specifics www.tradeswelcomed.com and if you have any questions don’t hesitate to call KeyPoint and ask for a loan specialist.

Jason Vermaelen
jvermaelen@keypointfcu.com

Here is a quick video that easily and thoroughly explains the difference between a credit union and a bank. This has been posted before, but its done very. There are two other parts as well that I will post the next time. Please enjoy.
Jason
jvermaelen@keypointfcu.com

           College is a tuff time for most students. A lot of college students are moving out on their own and paying for their own schooling for the first time. Needless to say, funds are limited and should be very well managed. Sometimes mistakes happen though, and that $20 spent on that meal the previous day is a little more than the $17 in the checking account, and now things get “interesting”. All financial institutions will charge a fee for any account that goes negative, but the severity of the fee is what distinguishes most banks and credit unions. (I can personally say that Chase Bank charges at least $12 more in fees than KeyPoint FCU, and that is before they charge fees for accounts negative for more than a week.)  According to a report by The Center for Responsible Lending, a nonprofit group, every time a student overdraws an account, the report says, they are on average shelling out more than $3 in bank overdraft fees for every $1 they are overdrawn. This can cause a major setback in most students’ plans and causes a lot of un-needed stress, and some institutions will charge more fees if the account isn’t brought back to a positive balance within a certain amount of time. Then on top of that, any other purchase that clears the account after it has gone negative will make the account incur another negative balance fee. This can pile up very quickly and just makes the money hole deeper and deeper. With this in mind, there are a few ways to help keep this from becoming a reality.

One of the easiest ways is to just keep some money in the savings account. Most, if not all, financial institutions have overdraft protection nowadays and keeping even $50 to $100 in the savings can get most people out of a slight miscalculation. Now when that $20 food purchase hits the $17 checking account, instead of overdraft fees the savings account will donate just enough money to keep the checking account positive. Be careful though, there is a limit to the number of times this overdraft protection can occur in a single month. Another great way to secure the checking account is to get an open line of credit. At KeyPoint FCU we offer a KeyLine, which is an open line of credit that can be tied into the checking account to keep the checking account positive in the case of large purchase. The funds are sent to the checking account, just like with the savings account, but with the KeyLine the funds are lent to the account owner and can be paid back in time, like a credit card. A KeyLine’s funds can also be taken out at anytime in the form of a cash advance if funds are needed immediately, and again are paid back in time. If you are looking for a way to protect your funds and from incurring unnecessary fees, come to your closest branch or call us to apply today for a KeyLine and keep your money for yourself.

Jason
jvermaelen@keypointfcu.com

Hello everyone. As some of you may know, Amanda, the old marketing administrator (and the one formerly responsible for this blog), decided to leave KeyPoint and move on to greater ventures in her young career, and because of such this blog hasn’t been updated for a few weeks. I am now the new marketing administrator and as such, I plan on updating this blog at least once a week if time permits, and I will try to target a certain group each week, rather than blanket blogs for everyone and no one. If anyone has any comments, questions, or suggestions please don’t hesitate to shoot me an e-mail at jvermaelen@keypointfcu.com

Thanks,
Jason

Who Can Join? KeyPoint FCU has opened its field of membership to anyone who lives, works, worships, attends school, or does business in East Baton Rouge, West Baton Rouge, Livingston, and Ascension Parishes.

Remember: “Once a member, always a member.” That is, once you have become a member, a change in employment, family relation, or other circumstance cannot deny you the ongoing benefits of membership, including voting rights.

Voting Criteria One account equals one vote. Joint accounts, custodial accounts, tenant-in-common accounts and any others having more than one registered owner or agent are allocated one vote. Therefore, if you each desire to have a voting share, you must have two individual share accounts. Your Credit Union. Your Control. Credit Union membership at KeyPoint Federal Credit Union opens the door for many of your loved ones to enjoy the same great services, competetive rates, savings plans, and voting priveleges. Furthermore, you know that you are placing your family’s financial future with an institution that was established in 1955 as a not-for-profit cooperative dedicated to improving members’ lives. Money the Credit Union makes is returned to the members in the form of better rates, additional services, and rebates. We are democratically controlled — the Board of Directors that you elect represents you and the membership accept the role on a voluntary basis.

Help yourself to lower rates and higher rebates Spreading the word about your credit union to your co-workers and family members ensures a growing membership and fortifies the strength and capability of KeyPoint Federal Credit Union. Security, Stability, Satisfaction KeyPoint FCU is Federally Insured by the National Credit Union Administration (NCUA), a government agency. We insure your funds up to $100,000 or more, depending on the type of account you own. KeyPoint FCU was founded in 1955 by a small group of committed and concerned employees of the Copolymer Corporation. Years later, the company changed names and became DSM Copolymer. Since that start in 1955, KeyPoint Federal Credit Union has grown to service over $38 million in assets and 6,701 members. With our eye on the future and a passion for greater service through growth, we are committed to vision, adaptation, and convenience. We are dedicated to making your credit union the strongest, best serving, dynamic financial institution in the area.

Following these Preventative Measures (DO’S AND DON’TS) from the United States Postal Inspection Service will assist you from becoming the victim of Identity Theft.

1. Have all information removed from you personal checks except your INITIALS (for your first and middle name) and your LAST NAME. There are no laws requiring what information must be on checks.
   
2. Have any checks you order delivered to your credit union and pick them up there (there might be an additional charge, but it’s worth it).
3. Purchase a paper shredder for your home and do not throw any documents in the trash that might subsequently be used to steal your identity. These documents include preapproved credit applications, phone records, financial statements, billing documents and any other records with any account or personal information.
4. Do not give out your personal information i.e.(Date of Birth; Social Security Number) to anyone (over the phone or in person) unless you are sure how it is to be used. Same for ANY credit card numbers or
   information.
5. Request a copy of your credit history AT LEAST once a year from one of the three credit reporting agencies. www.annualcreditreport.com (One report a year free)
   a. EXPERIAN 1-888-397-3742
   b. EQUIFAX 1-800-685-1111
   c. TRANSUNION 1-800-916-8800
6. Tear out and destroy/shred the back page of any catalogs received showing your name/address with a customer number and/or catalog number. Also, look for any envelope on the inside of the catalog and destroy/shred it also since it often has the same information on it.
7. Place any OUTGOING mail in the blue boxes at the post office and not in your home mailbox.

KeyPoint FCU will be closed Saturday, May 17th, 2008 for computer updates.  Thanks for your cooperation!

When it’s time to buy a new or used car, the countless decisions can be overwhelming. Whether it’s new vs. used, brands, models, mileage, etc., each choice must be made with a realistic budget in mind. Most people will finance their new or used car, even if they have been saving for one. Here are some good things Trent at The Simple Dollar recommends you do when purchasing your next car:

1. Review your credit report: This summary is from AnnualCreditReport.com’s website: “Annualcreditreport.com is a centralized service for consumers to request free annual credit reports. It was created by the three nationwide consumer credit reporting companies – Equifax, Experian and TransUnion.” Reviewing your credit report will save you from any surprises at the dealership as well as giving you the opportunity to clean up your debts, improve your score, and know whether to expect a low interest rate or a high interest rate.
2. Determine what you would like to purchase: Research consumer and professional reviews of the best makes and models of the type of vehicle you’re looking for. Also, determine the true value of the vehicles you have in mind. Be very specific in what you’re looking for, so you won’t easily stray to something outside your budget. A rough estimate of a car’s depreciation is that all cars fall 20% in value each year, and brand new cars depreciate an extra 20% as soon as you drive them off the lot. Again, this may not be the most accurate estimate, but it will give you a rough idea of price as you’re walking on the lot. Also refer to the book value of the vehicles you are considering.
3. Figure out how much down payment you need: If your credit is less-than-perfect, you’ll need the biggest down payment you can make to avoid high interest rates on large amounts of remaining balances. If you are buying new, you should put 20% down because once you drive the car off the lot, it’s depreciated about that much. On a used car, the depreciation is not as drastic, and a 10% down payment is acceptable.
4. Make sure you get the best interest rate: Stop by your local credit union (KeyPoint FCU serves East Baton Rouge and the 4-parish area with 5 branches) to see what rate they’d be willing to offer you based upon your, research, your planned down payment, and your credit score. If the rate is too high, keep saving for a larger down payment!

For more information about this topic, read Trent’s more extensive entry at The Simple Dollar.