Eaton Family Credit Union News

Once again Eaton Family Credit Union doubled the previous year’s donation for the American Cancer Society Relay For Life held on May 13 – 14, 2011 at Euclid High School by raising more than $2,500. To augment their usual fundraising efforts, Eaton Family Credit Union partnered in a drawing for a Craftsman Lawn Mower with Sears Hardware in Willoughby Hills. Images and more information available at www.EatonFamilyCU.com/RelayForLife.php

Money Rocks at My Credit Union was the theme for this year’s national credit union youth week. Last Friday, Lawrence from Eastlake , Ohio , was a “Rockstar For A Day” at Eaton Family Credit Union. Members who deposited at least $100 in Youth Account during credit union youth week were entered in a drawing for rockstar treatment. Mike Losneck, President, Eaton Family Credit Union said, “ Lawrence is a fun kid. I think he and his family had a blast in the limo…what a great way to kick off the summer!” More at EatonFamilyCU.com/Rockstar.php and YouTube.com/EatonFamilyCU

Eaton Family Credit Union is very proud to announce that Aaron DeAngelis from Euclid High School, Byren Malone from Euclid High School and Jaclyn Noonan from Willoughby South High School have each been awarded $1,000 college scholarships. Click here to read more and see photos.

In the Tuesday, April 12, 2011, Cleveland Plain Dealer , Teresa Dixon Murray , Business Writer and Columnist, wrote an article called, " Bank customers can expect new fees for using ATMs, talking to tellers, transferring money." In the article she writes, " Fees like these are on the rise this year as banks nationwide grapple with how to recover billions of dollars in lost revenue now that they can't make as much from overdrafts fees, credit card interest and debit card usage fees as they once did." Click here for the entire article. Click here to see the chart, "What some banks will be charging you." Here are some of the types of fees mentioned in the article and what we charge per monthly and annually: Non-branded ATM-only card = $0.00* vs. $10 annually from PNC Bank MasterMoney Debit Card = $0.00* vs. $3.95 monthly from 5/3 Bank Checking Account = $0.00 with no minimum or monthly average vs. $20 monthly from CitiBank and $9 monthly from Bank of A...

Eaton Family Credit Union was awarded the Medium Business of the Year Award for 2010 at the Western Lake County Chamber of Commerce Annual Meeting on April 30, 2011. Click here or go to EatonFamilyCU.com/WLCACAward.php see photos, hear the complete press release and a an interview.

Fred Siegel, Eaton Family Credit Union, was awarded a Bluestone Award for his work in the community with organizations including Junior Achievement, Euclid Chamber of Commerce, Rotary Club of Euclid and Euclid Hunger Center. Click here or go to www.EatonFamilyCU.com/Bluestone.php to learn more.

The Northeast Chapter of the Ohio Credit Union League held their Annual Scholarship Fund Bowl-A-Thon Saturday, March 12, 2011 at Scores Bowling Fun Center in Painesville. The chapter raised over $5,000 for their annual college scholarship and will also make a donation to Marching Miles for Miracle Kids supporting Children's Miracle Network and Ohio's Children's Hospitals. Participating credit unions were Port Conneaut FCU, LCE FCU, ACME FCU, L.E.O CU, Eaton Family CU, Cardinal Community CU, Lake County Educational CU and Lakeview FCU. Port Conneaut FCU won the coveted Golden Pin trophy for donating the most money. The Northeast Chapter of the Ohio Credit Union League appreciates the support of the following sponsors: CUNA Mutual Group, OCUL Services Corporation, CU-Centric, e-Choice Solutions, VFW Post 7754 Fairport Harbor, Amos Insurance & Financial Services, edoc Innovations, The Iarocci Law Firm, Lillie & Company, Inc., MAI Services Corporation, R.C. Olmstead, We...

In the Saturday, March 12, 2011, Cleveland Plain Dealer , Sheryl Harris , Consumer Affairs Columnist, wrote a comprehesive article called, "Lost wallet? What to do when keys, cards and other stuff goes astray." She starts, "The things we carry could cause us a lot of grief if a thief got hold of them - which is why most of us panic when we lose a driver's license, keys or a stuffed wallet." Click here to read then entire article. She continues to list specific items and the ways to proceed if lost: Driver's License Insurance Card ATM or Debit Card College ID Card Credit Card Library Card Rewards or Check Cashing Card Keys For only $2.50 per month Eaton Family Credit Members can Prevent, Detect and Resolve Identity Theft . Payment Card Protection - protect all your credit, debit, ATM and check cards. CardPatrol - real-time, early warning system. MyIDMatters - news and information about fraud and identity theft. Fraud Assistance - a team to assist you if ...

There is a very interesting article written by Bill Handel from The Raddon Repor t on March, 9, 2011 it starts: There is movement afoot to address the issue of debit card interchange. Unless you’ve been on safari for the last three months, you are very much aware of the loud industry protestations resulting from the Federal Reserve’s Reg II, which was issued in December. Click here to read the entire article. The Durbin Amendment was meant to be consumer-friendly. Mr. Handel includes possible ways financial institutions could react that are actually very UNfriendly to consumers: Reduce its full-time employee count by 18 people, an effective reduction of 11 percent. This assumes $4.5 million assets per employee and $65,000 in salary and benefit costs per employee. Or … Lower its rate on deposit accounts by 16 basis points, or … Impose a $6.08 per month fee on checking accounts with balances below $1,000. This assumes that 60 percent of checking accounts have balances of less th...

Eaton Family Credit Union is more convenient because we're mobile. You can view your account information via compatible mobile phones in two ways. EFCU Mobile - view your account balance, transfer funds and see transaction history via text, mobile web or iPhone app. Click here for more information. Click here to see more information on our YouTube channel Home Banking - with the most up-to-date mobile browser you might be able to use our Home Banking for all connected accounts: view balances, transfer funds and see transaction history. Click here for more information and remember to bookmark: http://bit.ly/EFCUonline Contact us for more information.

Hooray, we got a coin machine! Deposit your coin with us for a low fee...less than Coinstar. So empty that coin jar and stop to make a deposit. Member Fees: 2% for deposit and 5% for cash. Non-member Fees: 10%. Click here to see a video starring Kenyita, Debbie and Debbie's money.

Eaton Family Credit Union donated a Nintendo Wii console and controllers to the Euclid Senior Programs housed at the City of Euclid’s Lakefront Community Center yesterday. Mike Losneck, President, Eaton Family Credit Union said, “This is great facility, but they need more to do.” He continued, “Now we need to raise some money to get them a bigger television.” Kathy Will, Program Manager, Euclid Senior Programs commented, “It’s been a cold and snowy winter. So now is a great time to get the seniors moving…we’re going to start a Wii bowling league right away.” Go to www.cityofeuclid.com/seniors for more information on Euclid Senior Programs Photos are available at www.EatonFamilyCU.com/EuclidSeniorPrograms.php

On Saturday, January 22, 2011, in the Cleveland Plain Dealer , Teresa Dixon Murray wrote an article titled, "Ask your bank these tough questions about debit cards: Money Matters." The article starts with a question from C.M. from Berea The Question : In your Jan. 1 column, you said you were against debit cards. I was wondering if you could explain your reasoning. The Answer: For those who haven't read my rants over the years about debit cards that are connected to a person's primary checking account, here's why I think they're horrible... Click here to read the whole article. Here are some questions Ms. Dixon Murray includes at the end of the article and our answers 1. How can you make sure my account doesn't get hit by fraud or a billing error that drains money intended to cover a check I already wrote or an automatic payment already scheduled? Eaton Family Credit Union members are the first line of defense against fraud by limiting with whom they share...

Eaton Family Credit Union’s winter fundraiser resulted in a total of $1,500 for the Euclid Hunger Center , Willoughby Food Pantry and the upcoming Relay For Life Event in Euclid . Mike Losneck, President, Eaton Family Credit Union said, “This was one of our best community fundraisers ever.” He continued, “We’re able to give a lot of money to Euclid and Willoughby Hills because Sears donated the snow blower and so many people donated to the cause.” During much of the fourth quarter Eaton Family Credit Union accepted $5.00 donations for a ticket to win a Craftsman Snow Blower donated by Sears Hardware on Bishop Road in Willoughby Hills. The winner, Lisa from Cherry Valley , Ohio , had two feet of snow on her driveway the day she was notified. See photos at www.EatonFamilyCU.com/Snowblower.php

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

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.

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.

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

On Saturday, September 25, 2010 the Wall Street Journal published an article titled, "Credit Unions Bailed Out." The article starts, " T wo 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? Eaton Family Credit Union is safe and secure. In our most recent audit exam, "it was determi...

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.