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What's Hot

A special look at what's new and timely at your credit union

MatriMoney Has Arrived

Which would you rather have as a wedding gift, cash or a toaster? We think the majority of people will vote for cash. Yet, how does one tactfully ask for cash? Asking for the toaster is easy. Just go to a store with a bridal registry and pick out the toaster. Itís a shame that asking for cash is not that easy.

Community Plus Federal Credit Union has an exciting new way to make it just as easy to ask for cash, but in a way that even Miss Manners would approve of. Our new MatriMoney account works just like a storeís bridal registry, only people deposit cash in your account instead of buying merchandise.

 Here is how it works. The engaged couple opens a MatriMoney account at the credit union. They are given cards to include with their invitations that inform people that gifts of cash may be made to the coupleís account at the credit union. When the credit union receives a deposit for the couple, they are  notified so the appropriate thank you may be made.

The MatriMoney account is also safer than gifts of money at the reception. It eliminates the possibility of money being lost, or worse, stolen. With everything else for the couple to worry about on that special day, they should not have to worry about the security of their gifts.

 If you or someone you know is planning a wedding, a MatriMoney account may be just what you need. Come into our credit union and speak with one of our service representatives today.

 

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Credit Unions Are Safe and Sound

On May 21, 2009 President Obama signed S. 896, the Helping Families Save Their Homes Act, into law. While the focus of this bill was to provide relief for homeowners, there were also provisions related to deposit/share insurance as well as other areas for banks and credit unions. The increased insurance limit of $250,000 that went into effect in the fall of 2008 will be extended through 2013.

In the credit union world there are two types of credit unions: natural person and corporate. Credit unions that individual people and businesses can join are called natural person credit unions. Corporate credit unions act as credit unions for credit unions. They are where credit unions like ours deposit checks we receive. Direct deposits, wire transfers, and other transactions referred to as clearing transactions are handled by these corporate credit unions for us. Another way the differences between the two are described is that we are retail credit unions and they are wholesale credit unions.

Natural person credit unions like Community Plus Federal Credit Unions are on the whole exceedingly well capitalized. We manage our funds very conservatively, making loans to our members and investing in government-backed securities or insured certificates of deposit. Over the years we have built up considerable "rainy day funds"

Corporate credit unions cannot loan to individuals, only other credit unions. So they were allowed by our federal regulator, the National Credit Union Administration or NCUA, to make a wider variety of investments. Some of those investments were mortgage-backed securities. As the value of those securities fell over the past year, these corporate credit unions incurred losses. Both kinds of credit unions are working together help the corporate credit unions out. Included in the bill which President Obama signed was a provision that allows the NCUA to borrow funds from the U.S. Treasury to help the corporate credit unions, and all federally-insured credit unions will work together to repay those loans.

The amount of money we are talking about is small potatoes compared to the TARP money that went to the big banks and insurance companies. However, since we are careful stewards of our member's money we take any expense as a serious issue. Throughout this current financial situation we are being careful to spend wisely.

So remember that your shares are insured for up to $250,000 per individual through 2013. Your credit union is being managed in a conservative manner. If you hear in the media about any problems with "corporate" or "wholesale" credit unions those affect us only in an indirect manner. Your credit union continues to be safe and sound.

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