Wednesday, December 22, 2010

Eaton Family Credit Union Provides Holiday Cheer

Eaton Family Credit Union offered up holiday cheer to residents of Nottingham Home in Cleveland with gifts from Santa, holiday singing and a pizza party. The event is a highlight of the holiday season for everyone.

“It is important to all of us at the credit union that we give back to the community,” said Mike Losneck, President, Eaton Family Credit Union. “Over the years we’ve developed a relationship with the guys at Nottingham, they know us and we know them. It is great to see their smiles when Santa provides a special present.”

Click here to view photos or go to www.EatonFamilyCU.com/charitable.php

Tuesday, December 21, 2010

MSNBC: Credit unions paying for risky behavior of a few

We found an article that sheds light on the structure of the credit union industry and the need to mitigate risk.

"Credit unions paying for risky behavior of a few" from MSNBC starts, "Two years after the height of the financial crisis, the American economic landscape still bears resemblance to a war zone: You never know when you're going to step on another land mine. Case in point: The nation's credit unions, many of them tiny outposts in the realm of banking giants...If you are looking for financial villains, you won't find many in that world...But every credit union in the country finds itself paying to clean up a multibillion-dollar created by a handful of failed 'corporate' credit unions..."

Click here to read the entire article.

Friday, November 19, 2010

College Scholarship To Honor Board Chairman

The Eaton Family Credit Union College Scholarship will be named The Matthew A. Logies Scholarship to honor the recent death of the credit union’s board chairman.

Click here for more information.

Thursday, November 04, 2010

Mike Losneck Chosen As Chamber of Commerce BRIGHT STAR 2010

The Chamber Bright Stars for 2010 were recognized on Thursday, October 28th at the semi-annual board meeting and 15th Anniversary Celebration of the Northern Ohio Area Chambers of Commerce (NOACC) at the Cleveland Metroparks Zoo’s Primate, Cat and Aquatic Building in Cleveland, Ohio.

Mike Losneck, Eaton Family Credit Union, was awarded a Bright Star on behalf of his work with the Western Lake County Chamber Commerce. He remarked, “We take our community involvement seriously at Eaton Family Credit Union. The WLCCC board and volunteers work hard. We had fun this year and raised a lot of money. I enjoyed working on the golf outing and the Oktoberfest was a blast.”

For more information and photograph go to
http://www.eatonfamilycu.com/BrightStar.php

Monday, September 27, 2010

Credit Unions Bailed Out - what about us?

On Saturday, September 25, 2010 the Wall Street Journal published an article titled, "Credit Unions Bailed Out."

The article starts,
"Two years after the peak of the financial crisis, the federal government swooped in to stabilize a crucial part of the credit-union sector battered by losses on subprime mortgages.
Regulators announced Friday a rescue and revamping of the nation's wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don't deal with the general public but provide essential back-office services to thousand of other credit unions across the U.S.
The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade."

Click here to read the entire article.

So what does this mean to you as credit union members?
  1. Eaton Family Credit Union is safe and secure. In our most recent audit exam, "it was determined that Eaton Family Credit Union has a low level risk." Click here to read our "2009 Annual Report" and hear our 2009 Annual Meeting.
  2. Corporate One Federal Credit Union, our corporate credit union based in Columbus, Ohio, is safe and secure too. Recently a credit union expert stated, "If NCUA’s proposed capital standards were in place today, Corporate One would be fully compliant with the retained earnings requirement."
  3. How will the NCUA special assessment mentioned in the Wall Street Journal article affect Eaton Family Credit Union? We are assessed base on our asset-size. Just like you, we put away money in our "rainy day" fund so we'll need to keep doing that to pay our part.
  4. What's going to happen to NCUA insurance? All accounts at Eaton Family Credit Union are insured up to $500,000. We believe in the public/private model of combining NCUA insurance with excess share insurance (over $250,000) through ESI.
  5. What is Eaton Family Credit Union's exposure to risky investments? Our investment policy has always been very conservative. Yes, like most financial institutions we have some mortgage-backed security investments but they are not a large part of our portfolio.
Please contact me if you have any questions or comments.

Thank you for your support,

Mike Losneck
President & CEO

Wednesday, September 15, 2010

Expenditures on Children by Families

How much do you spend on your kids?

"Since 1960, the U.S. Department of Agriculture has provided estimates of expenditures on children from birth through age 17."

This report
by Mark Lino, PhD, U.S. Department of Agriculture, Center for Nutrition Policy and Promotion is the most comprehensive study on what we spend on our kids.

An interesting pie chart on page 11 shows percentages
  • Housing 31%
  • Child Care & Education 17%
  • Food 16%
  • Transportation 13%
  • Miscellaneous 9%
  • Health Care 8%
  • Clothing 6%
Click here to read the report and see the chart.

Thanks to Sue Shellenbarger, "Work & Family" Columnist and Senior Writer, The Wall Street Journal and WSJ.com for helping us find the report.

Friday, August 27, 2010

Identity Theft: Prevent, Detect & Resolve

Identity theft has become America’s fastest-growing financial crime. Every 3.2 seconds, someone else becomes victim to identity theft.* Protecting yourself from becoming a victim has never been more important, which is why Eaton Family Credit Union now offers members a solution to help do just that.

MemberSecure is designed to provide proactive protection against identity theft and fraud while also providing fraud assistance to victims in the event identity theft or fraud does occur.

  • CardPatrol - real-time, early warning system
  • MyIDMatters - news and information about fraud and identity protection
  • Fraud Assistance - your team of fraud specialists
  • Payment Card Protection - protect all your cards

Click here for more information including resources from the FTC and Ohio Attorney General.

* Javelin Strategy & Research. 2009 Identity Fraud Survey Report. 2009.

Monday, August 16, 2010

ATM, Debit Card Fees and Us

Here is the start of an article from Sunday, August 15, 2010 Cleveland Plain Dealer by Teresa Dixon Murray, "A change in federal law that kicks in today says banks must get your permission up front before charging you an overdraft fee for a wayward ATM withdrawal or debit card purchase."

Click here for the entire article.

In the article she includes, "Questions to ask your bank about overdraft policies for ATM withdrawals and debit card purchases." Here are the questions and answers from Eaton Family Credit Union:

What are the fees for overdrafting my account with an ATM withdrawal or a debit card purchase? Does the fee get higher the more times an overdraft occurs during the year?
  • $25 overdraft fee per transaction
Is the overdraft fee waived if my negative balance is minimal, say, less than $5 in the red?
  • $5 grace amount. Let’s talk. Please let us know when you have concerns about your account.
Does your bank offer real-time text or e-mail alerts if my balance goes into negative territory during the day?
  • At this time we do not offer an alert system.
  • You can verify your account balance online, by phone with our 24/7 MATT Line, via cellphone with text, mobile web and downloadable app.
Is there a maximum number of overdraft fees I can be charged in one day?
  • Overdraft fees are charged per transaction.
Can I link my checking account to another account, like my savings, credit card or equity line, and have the bank automatically pull money from one of those if my account is in the red?
  • Savings – yes, $5.00 fee per occasion.
  • Credit Card – no.
  • Line of Credit – yes, $2.00 fee per occasion. Loans are based on each member’s individual credit quality.
Is there a recurring negative balance fee if my checking account is in the red for more than three or five or seven days?
  • No, fees are charged per transaction.
Click here for our complete fee schedule.

Monday, August 09, 2010

Fee Comparison Banks vs. Us

Here is the start of an article from Saturday, August 7, 2010 Cleveland Plain Dealer by Teresa Dixon Murray, "Bank customers soon will see higher fees, more of them and no more free checking -- all the result of banking reform that will cost banks billions of dollars."

Click here for the entire article.

Click here for the bank fee chart accompanied the article. As usual, read the fine print to see how bank fees quickly add up...imagine what they will do later this year.

Eaton Family Credit Union will also experience decreased overdraft fee revenue but we're not planning on getting rid of FREE Checking.

Here is a breakdown of our fees based on chart in the PD.
  • Non-Sufficient Funds = $25
  • Cashier's/Official Check = $2
  • Foreign ATM = $1
  • Stop Payment $25
  • Electronic Wire Transfer
  • Incoming = $6
  • Outgoing Domestic = $17
  • Outgoing Foreign = $40
  • Lost ATM Card = $0
  • ATM-Only Card = $0
  • Deposit Check that Bounces = $15
Click here for our complete fee schedule.

Wednesday, August 04, 2010

Support us and Susan G. Komen for the Cure

Help Eaton Family Credit Union support the promise to save lives and end breast cancer forever by stepping up and joining our team.

Click here to join our team or make a donation.

THANK YOU for your support of us and Susan G. Komen for the Cure!

Wednesday, July 07, 2010

All Smiles For Member Appreciation Day

Eaton Family Credit Union members and employees were all smiles for the seventh annual member appreciation day on Friday, July 2nd. The festive theme of “Don’t worry, be happy…you’re with a credit union” was shown inside and outside with smiley face decorations. Funds were raised in support Rainbow Babies and Children’s Hospital.

Attendees and partners: State Representative Kenny Yuko, City of Euclid Mayor Bill Cervenik, Cameron Zwagerman from WELW 1330 AM Radio, Kathy Will from City of Euclid Recreation, Robbie Baughman from Jay Honda and Michelle Julian from Enterprise Car Sales.

More information and photos at www.EatonFamilyCU.com/AppreciationDay2010.php

Thursday, June 17, 2010

Junior Achievement Feedback

Eaton Family Credit Union supports Junior Achievement.

The thank you notes from Mrs. Hogan's class at St. William's in Euclid were very touching...here are some highlights:

Noelle: I want to be a pharmacist. Now I know that it takes a lot of schooling, but it will pay off with all the money I will make.
Celina: I really liked Junior Achievement. It was so much fun! You have inspired me to be smart and get a good job.
Dena: I want to be a vet when I grow up and now I know how to make a resume and have all the resources for it.
Maria: Thank you so much for teaching me about business. I learned a lot of new skills and I think I will be very successful because of Junior Achievement.
Charlie: I especially loved making our own business.
Morgan: Junior Achievement is a very good way for kids to learn about careers and how to be an entrepreneur.
Elizabeth: I know how to run my business. When I have my bakery I'll bring you donuts.
Katelyn: When I grow up I want to be a doctor. It will be a good job and I know I will succeed in life. I know I will use what I learned in JA.

Monday, June 14, 2010

New Credit Card Laws: Then, Now and Us

Thank you to The Huffington Post for the structure of this post.

Click here for their February 22, 2010 article.

Click here for updates from the Federal Reserve regarding changes in August.

Interest Rates
Eaton Family Credit Union has not raised interest rates on our fixed rate Classic Visa for 5+ years. Our variable rate Platinum Visa may change quarterly based on Prime plus 3.9% APR.

Disclosures
Eaton Family Credit Union's monthly statement will follow the updated format based on average daily balance.

Service Fees
Eaton Family Credit Union: NO Annual Fee, NO Cash Advance Fee, NO Minimum Charge Fee.

Grace Periods
Eaton Family Credit Union cardholders have 25-day Grace Period; time to pay without interest.

Over The Limit Fees
Eaton Family Credit Union credit cards have no Over The Limit Fees.

Universal Default
Eaton Family Credit Union never had a Universal Default rate and never will.

Students
Eaton Family Credit Union student members are eligible for our Visa credit card but they must have an income or co-signer.

Late Payment Fee
Eaton Family Credit Union credit card late payment fee is $19.00.

Rate Changes
Though we cannot guarantee specific future interest rates, Eaton Family Credit Union's fixed rate classic Visa card has varied 1% APR over the last 10 years.

Click here for more information on our NO ANNUAL FEE Visa credit card.

Check out this humorous look at credit cards from The Daily Show with Jon Stewart.

Tuesday, June 08, 2010

Member Education

Click here for financial education for the whole family.

Find Games including the newly updated Practical Money Skills Calculator for iPhone and Tools such as specialized calculators.

Also listen to Home and Family Finance Radio and our 60-minute Hidden Money Secrets presentation.

Wednesday, May 19, 2010

College Scholarship Winners

Eaton Family Credit Union is very proud to announce that Sasha Huston from Eastlake North High School, Rebecca Siegel from Solon High School and Cory Waite from Willoughby South High School have each been awarded $1,000 college scholarships.

Click here for photos and more information.

Tuesday, May 18, 2010

$1,150 Relay For Life Donation

Eaton Family Credit Union doubled last year’s donation during the American Cancer Society Relay For Life held on May 14th & 15th at Euclid High School by raising $1,150 with support from our friends including

Click here for photos and more information.

Thursday, May 13, 2010

Understanding Credit Reports

"Everyone who has ever had a loan or a credit card has a credit report (as you discovered), and the contents of that report can impact your financial plans for years."

From our friends at Brass is an article geared to youth but helpful for anyone using and accessing credit with a focus on "maintaining your reputation."

Find out about the Record, Access, Raw Data, Challenging the Record, Cost of Credit, Knowing the Score, Improving Your Score and the Bottom Line.

Click here for the complete article in Brass Summer, 2010.

Thursday, April 29, 2010

Hidden Money Secrets April 2010

Credit union members find Hidden Money Secrets.

Area residents and credit union members learned how to “Find Hidden Money Secrets” in five simple steps on Wednesday April 28, 2010 at Willoughby Hills Community Center.

Jay Seaton, President, Consumer Credit Counseling Services, spoke about the importance of obtaining an annual credit report and included information from the credit union-sponsored Home & Family Finance Radio program heard every Sunday at 3:00 PM on WELW 1330 AM.

“Every time I hear Jay’s presentation I learn something new,” said Terri Halaburda of ACME Federal Credit Union. “Area credit unions did a great job in promoting financial awareness to their members and the community”

The Hidden Money Secrets financial education seminar and Home & Family Finance Radio program is sponsored by ACME FCU, Cardinal Community CU, Eaton Family CU, L.C.E. FCU and WES CU with support from the Ohio Credit Union Foundation.

Click here for photos and audio from the event.

Wednesday, April 14, 2010

Eaton Family CU Mobile For All

Eaton Family Credit Union is proud to offer an enhanced multimode mobile banking service to its membership called Eaton Family CU Mobile.

“Now just about any member with a cell phone can get account access,” said Mike Losneck, President. He continues, “Since this account information is easily available we can better help members figure out how to meet their goals rather than just provide balances and transactions.”

Eaton Family Credit Union members can view account information using mobile phones via text messaging, Internet browser (WAP 2.0) and downloadable application using compatible smartphone or iPhone, they can:
• View account balances.
• See recent history.
• Search account activity.
• Transfer funds.
• Find nearby shared branch locations.

Click here to start using Eaton Family CU Mobile now.

Monday, March 29, 2010

Bowl-A-Thon Fundraiser Scores $600

Eaton Family Credit Union raised $600 for the Northeast Chapter of the Ohio Credit Union League College Scholarship during the annual Bowl-A-Thon at Scores Fun Center in Painesville.

Click here to see the team photo.

Wednesday, March 10, 2010

Eaton Family CU and Eaton Employees CU Unite

Click here for photos from the March, 2010 Annual Meeting in Lincoln, IL.

Eaton Family Credit Union is happy to announce that Eaton Employees Credit Union members in Lincoln, IL will continue to use their local office and can now take advantage of many more products and services as well.

Click here for more information on recent mergers.