Eaton Family Credit Union News

Eaton Family Credit Union offered up holiday cheer to residents of Nottingham Home in Cleveland with gifts from Santa, and a pizza party. The event is a highlight of the holiday season for everyone. Nottingham is a large, accommodating home that has been renovated to address the special needs of older residents. This program is part of an ongoing effort to create a continuum of opportunities for people with developmental disabilities to encourage integration into the community. Click here  or go to  EatonFamilyCU.com/Charitable.php  for pictures and learn more.

Eaton Family Credit Union raised over $100 for local hunger centers when we raffled off a leaf blower during International Credit Union Week. Paul from Wickliffe was the lucky winner - click here to see a photo of Paul and Kelly, Eaton Family Credit Union. The Euclid Hunger Center and Willoughby Food Pantry will both benefit from our credit union members kind support. Additionally, Eaton Family Credit Union recently donated $50 from our charitable fund to the St. Augustine Hunger Center in Tremont near our Cleveland branch. Did you know that these community organizations have 10 to 1 buying power? Meaning that $100 donation buys $1,000 worth of food. Find a Food Bank near you at FeedingAmerica.org .

On September 10, 2012 The Cleveland Plain Dealer ran an updated article by Teresa Dixon Murry titled, " Local banks charge higher checking fees; some even charge to mail you a statement." She writes, "... most banks in Northeast Ohio are raising common fees for things like overdrafting your checking account, getting a cashier's check or using another bank's ATM." Click here to read the entire article. Also click here to see more from August, 2011. She includes a chart listing fee changes from last year. Here are our fees and any changes we've made. Overdraft = $25...no change Cashier's Check = $2...no change Other bank's ATM = $0 for the first 8 transactions with $1,000 savings or direct deposit then $2 per transaction thereafter...no change Stop Payment = $25...no change Wire Transfer = $17...no change Lost ATM Card = $0 for the first then $15 thereafter...no change Returned Deposit = $15...no change Click here for o

On Wednesday, September 5, 2012, Sheryl Harris ( @consumerwrite r), Consumer Affairs writer, from the Cleveland Plain Dealer , wrote an article " Pew study finds prepaid cards valuable for some, but carry risks ." Click here for link to the complete study, "Loaded With Uncertainty: Are Prepaid Cards a Smart Alternative  to Checking  Accounts?" . Click here for a report about the study. The Pew report lists four findings in the review of  52 prepaid cards. Below you can the find this information and related comments about our FREE Advantage Checking with FREE Debit MasterCard . The varying fee structures and disclosures for prepaid cards make comparison shopping very difficult because most products have 7 to 15 individual fees to consider and their disclosures are not uniform. Eaton Family Credit Union discloses all fees - click here for our fee schedule. The cost of prepaid cards can be less than checking accounts, but the cards come with significa

On Sunday, August 5, 2012 The (Cleveland) Plain Dealer ran an article by Teresa Dixon Murray  called, " Bid Your Checkbook Goodbye ." Murray discusses the latest trend in banking as an online service with a prepaid debit card for transactions. We like to explain how our FREE checking  trumps prepaid debit cards when it comes to fees and services. And we think our FREE checking is better than the bank's checkless checking accounts. Here are some questions she suggests you ask if you're considering a checkless account and our answers: Can I physically deposit checks or cash to my account at ATMs or in branches? Yes. You can visit our branches in northeast Ohio and over 4,600 shared branch credit union partners nationwide. Plus many of our surcharge-free ATM partners accept check deposits. Are there fees to make deposits? No. Can I pay bills or send checks to individuals online? Yes. We have FREE online bill pay  that includes both PopMoney for

Here are some legislative issues that affect your credit union. Federal Tax Support – Credit unions are financial cooperatives where every member has a say in our future. This cooperative structure means that we do not pay taxes on our profits. Congress ratified the federal tax-exemption on several occasions, most recently in 1998 with the enactment of H.R. 1151, the Credit Union Membership Access Act. Big banks and other financial institutions are opposed to credit unions federal tax-exempt status. http://thomas.loc.gov/cgi-bin/bdquery/z?d105:H.R.1151: Business Lending – Credit unions are limited in the amount of loans we can make to businesses. We are trying to get Congress to enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions and adds significant safeguards to ensure that qualifying credit unions do this additional lending safely and soundly. http://thomas.loc.gov/cgi-bi

Eaton Family Credit Union marked their 75 th Anniversary with a special day for credit union members and the community on Friday, June 29 th . Click here to read more and see photos or go to  EatonFamilyCU.com/AppreciationDay2012.php

Eaton Family Credit Union is proud to announce that NYC Mercury Credit Union has merged with Eaton Family Credit Union as of July 1, 2012. Click here for more information or go to EatonFamilyCU.com/NYCMercuryMerger.php

Eaton Family Credit Union is very proud to announce that Daniel Essel, Ryan Schwenke and Zane Franklin have each been awarded $1,000 college scholarships. “The winners reflect the diverse demographic nature of our credit union,” says Mike Losneck, President. “Danny lives in Euclid, Ryan’s dad teaches in Euclid and Zane’s father works for Eaton Corporation in California. They’re smart kids with bright futures ahead of them.” Click here or go to EatonFamilyCU.com/Scholarship.php for more information and to see photos.

Eaton Family Credit Union’s Mother’s Day basket giveaway resulted in a $650 donation to Dress For Success , a non-profit organization that provides interview suits, confidence boosts, and career development to low-income women. This special Mother’s Day fundraiser is the brainchild of Eaton Family Credit Union employees, Debbie and Kenyita. Over the past two months, $5 donations were accepted for the opportunity to win a Spa Day Package for Mom. Gregory from Euclid is excited to present the basket to his mother on Sunday. Click here to view the Mother’s Day Gift Basket.

Super Savers assembled at Eaton Family Credit Union during Credit Union Youth Week from April 22 – 28, 2012. The credit union promoted National Credit Union Youth Week by offering a $20 bonus for new accounts opened and an entry for The Avengers Super Saver Package at Atlas Cinemas when $100 or more was deposited into a youth account. All kids received an Eaton Family Credit Union Super Saver t-shirt for any deposit during youth week. Daniel from Euclid, Ohio won movie tickets to The Avengers and treats from Atlas Cinemas. He was also made a “millionaire for day” and received interest on $1,000,000. Daniel attends Forest Park Middle School, his parents deposited money to their children’s accounts in honor of their recently deceased grandfather. Click here or go to EatonFamilyCU.com/SuperSaver.php  for more.

Click here to view a nice comparison of prepaid debit cards from Card Hub  called, " Prepaid Cards Report - 2011 ." On this page you will find detailed scenarios comparing five popular issuers: Green Dot, NetSpend, AccountNow, American Express and Capital One. They also lay out the cost for an Alternative Checking Account and Child's Allowance. Eaton Family Credit Union's FREE Advantage Checking with Debit MasterCard stacks up pretty good in comparison. Activation Fee = $0.00 Monthly Fee = $0.00 ATM Withdrawal Fees = no charge up to eight transactions monthly with direct deposit or funds on deposit ($1,000 savings or $500 checking). Surcharge-Free ATM: national and regional partners - click here for more information. Customer Service Fees = $0.00 - three branches plus shared branch credit union partners and 24/7 account information via Internet, mobile, MATT Line and Member Call Center. Cancellation & Inactivity Fees = $0.00 Direct Deposit = Y

Here is a really nice article from Kiplinger by Janet Bodnar titled, " How to Teach Kids to Handle Credit Cards ." She starts, "This four-step plan will help prepare your children to control their spending, pay bills on time and avoid fees." Cash is the cornerstone. Use a debit card wisely. Stay away from prepaid cards. Save a credit card for last. Click here to view the entire article. Thanks to our friends at  FamZoo for posting this article.

In the February, 2012 Consumer Reports  article, " Bank Accounts More fees are coming. How to fight back–or flee. " the magazine starts, "People say they’re furious at behemoth banks, for myriad reasons: lending practices that helped sink the economy, government bailouts, foreclosures, huge bonuses for CEOs, and now higher fees and tougher account requirements." They suggest, "Why this is happening: Banks are fighting pressure on several fronts. Lending is down, interest rates are at historic lows, and there’s been a decline in investment income." So take a moment to compare our fees to banks and other credit unions as reported by Informa Research Services , "The largest credit unions tend to have lower fees on average than the biggest banks." We think some of us "smaller" credit unions stack up very well too! Non-interest checking per month Eaton Family Credit Union = $0 Bank = $10.27 Credit Union = $6 Minimum balance to wa

On February 22, 2012 The Cleveland Plain Dealer Consumer Affairs Reporter Sheryl Harris wrote a story about the Consumer Financial Protection Bureau and their investigation of financial institution fees called, " Agency to investigate bank overdraft fees ." In the article she states, "...the agency wants to know whether banks process consumers' transactions in an order that makes overdrafts more likely." We process transactions chronologically. If you have overdraft protection on your Eaton Family Credit Union checking account, be assured that we do not process transactions to maximize overdraft fees. More specifically, we process your account transactions as they come in. Here are some details by category: Debit Cards - when debit cards are processed after purchase is important because some companies process immediately and others batch process. Therefore you might purchase an item today but we will not see the transaction until tomorrow or t

At Eaton Family Credit Union we take our jobs very seriously. We appreciate that you trust us to make good decisions. Below you will find articles about the investigation at St. Paul's Croatian Credit Union in nearby Eastlake and the  efforts we take to ensure your money is safe with us. On February 9, 2012 another article was featured on the front page of the The Cleveland Plain Dealer that focuses on an organization that makes investments throughout northeast Ohio. The article by  Michelle Jarboe McFee , " Cleveland International Fund looks for way forward after resignation, indictment of CEO " includes references to alleged fraud committed at the failed  St. Paul Croatian Federal Credit Union. A companion article by  John Caniglia , " Pepper Pike financier A. Eddy Zai indicted in Croatian fund swindle " references bribes paid to St. Paul's officials. On September 28, 2011 The Cleveland Plain Dealer ran an article by James F. McCarty titled, "

We really like Suze Orman . We're in agreement with her about making informed decisions, setting up emergency fund accounts and the value of using credit unions . We differ when it comes to  The Approved Prepaid MasterCard ®  which she has "created from the ground up." Here is a comparison between Suze's card  and Eaton Family Credit Union's FREE checking  with Debit MasterCard: Fee Suze = $3.00 per month or $36 annually. EFCU = no annual fee. Convenience Suze = debit card or ATM. EFCU = debit card, ATM, EFCU branches, credit union shared branch partners and paper check options. Credit Score Monitoring and ID Theft Protection Suze = TransUnion credit score monitoring TrustedID protection included. EFCU = $2.50 per month - click here for more details on our ID Theft protection and we encourage you to check your THREE credit reports annually for free at AnnualCreditReport.com . Insured Suze = FDIC Insured to $250,000 (she is working with a ba