Get Involved – Contact Your Congressional Leader

Hopefully you are a member of a Credit Union somewhere.  Really, I hope you’re a member of Resource One Credit Union.  However, I know that some of you can’t but still read my blogs.  This one is going to be dedicated to getting involved “politically” for your Credit Union’s sake. 

You enjoy many advantages by being a member of a Credit Union.  Perhaps at another time I will point out the obvious or not so obvious differences between banks and credit unions.  This blog is about getting behind your Credit Union and giving them your political support. (Your Vote Counts)

There are two topics that are coming up for debate in Congress between now and the first of next year.  This legislation could have a direct impact on your credit union’s bottom line and thus impact your wallet in the long run.  Those topics are Overdraft Protection and Interchange.  I will now attempt to explain this mess – bare with me.

Some members of Congress are trying to place very severe restrictions on overdraft protection.  Current proposals would limit overdraft coverage to once a month.  After that you’d be forced to incur NSF fees from both your financial institution and the merchant.  Overdraft protection is a lifeline when our members need it.  No one likes to pay a fee, but it’s far better than bouncing a check.  If Congress limits this service, then some of our members will turn to predatory lenders as an alternative.

The second topic for vote involves interchange.  Interchange, in short, is the amount of money charged for transactions that occur between retailers and financial institutions via electronic payment.  Currently, retailers or merchants bare the brunt financially for this exchange.  Electronic payment is a benefit to them, to make sure they get paid what is due.  The interchange legislation introduced would put undue burden of this exchange of funds back on the financial institution. What this means to you, the consumer, is that cost will utimately lead to higher banking costs.  You will probably start paying a usuage charge by your financial institution each and every time you use your debit or ATM card.

CALL TO ACTION

So what can you do???  

Over the next several weeks it’s critical that we be communicating to Congress in written form – letters and emails.  Click-on the link’s below to voice your concerns. 

Interchange legislation (HR 2328) 

Courtesy Pay/Overdraft Protection legislation (HR 3904)

Please use the following site to help with Coutesy Pay.

Please use the follwing site to help with Interchange.

- Phillip

Living in Houston: Check Out the Classes Tab

After much waiting and anticipation, we will now offer financial education seminars to those who live in Northwest Harris County.  So, if you are a R1CU member/owner living in or around Houston - here is your 1st chance. 

Heck, if your not a member/owner we would love to have you there too.  Come out and experience what we have to offer our Resource One Credit Union family.  Please check out the classes tab for more information. 

Continue to follow often for future dates and seminar topics in the Houston community…you don’t want to miss these events.

What Would You Do?

Today is the end of the third quarter for many organizations.  It is that magic point in time where companies take a snap-shot and look at their performance over the past quarter.  This moment in time will cause many organizations to make key decisions as they try to end the rest of the year on the most positive note possible.  If you have been paying attention lately, then you have seen all kinds of reactions and speculations on the financial future of many things.  Whether it is the financial future of the country or an individual company, this time of year can get quite difficult. 

For numerous reasons, many folks have been effected by a downturn in the economy.  Heck, you can look at posts from me last October and we were talking about it then.  For most, this has been a rough year.  However, there have been a few out there that this downturn has had a lasting impact.  If you are one of those without a job due to this downturn, then you know exactly what I am talking about.  I do not know what kinds of numbers are rolling around right now for unemployment = 9% + or -.  However, if you are one of those effected and without a job that number represents you.  For those not in that number, then you can be glad that you have gainful employment. 

What I want for you to do right now is to think…are you ready?  Those of you with a job right now…what would you do if you went into work tomorrow and you got let go.  Some of you may be prepared for that reality.  However, due to recent surveys and statistics – I imagine that the large majority of folks would be stuck between a rock and a hard place. 

Hopefully, you have either started to prepare for “what could or might happen” due to this downturn in the economy.  I hope that you are one of those that have changed some of the ways in which you monitor and save money.   If you have done nothing yet, ask yourself that question I posed earlier again.  What would you do if…

- Phillip

Bad Customer Service – Story A Lot Of Us Heard

A couple of weeks ago there was the reporting of a story where a Bank of America (BofA) customer had a horrible experience at his bank.  There are probably many horror stories floating around about poor service, but this one really took the cake.  In short, a customer at Bank of America needed to conduct a transaction at a branch.  BofA’s policy calls for certain actions with that type of transaction.  In this particular case in point, the transaction requires for the customer to submit a thumb print.  The horror story was when the customer informed the BofA employee and others in the branch that he did not have a thumb print.  (Okay horror may be too strong, but I used it for the dramatic effect).  Sounds strange but the man had no hands and used prosthetic devises.  The employees showed no outward thinking of their own and did not complete the transaction.  They could not get the thumb print required for the transaction’s completion.

Now, many of you have probably heard of this incident.  It was all over the news and Web.  I imagine it had the folks at BofA Corporate spinning plates and doing a dance to wrangle out of that one.  However, I wanted to point out a Credit Union Blog that addressed this issue with their peers and following.  I have a link to this post inserted here.  I am hoping that some of you would read it.  It is worth the three to five minutes that you will spend.

The lessons learned about customer service are invaluable to anyone who is in a service industry.  Heck, if you’re just a human being you will be the wiser for reading this other blog entry.

I hope you enjoy your reading and that you gain a great experience from this information.  I also hope you tell a few others about my blog so they can read this information for themselves.

 

- Phillip

New Credit Card Rules

I do not normally post a link to other articles to make up an entire blog. However, this article is a wonderful source of information and is worth the read.

Please check out this link…you need to stay informed!!!

 

- Phillip