Newsletters

Congratulations to all our graduates!
While you can put the books away (at least
for the time being) and get started on your
future careers, there is one more assignment
to attend to…establishing your personal
credit history.
One great way to get started is to talk to
Chris about getting a UDBell Visa Credit
Card. You’ll get a great low-rate card with
no annual fee that can be used anywhere
credit cards are accepted. We’ll share ideas
on the best ways to manage your loan
payments. The earlier you start building
credit, the easier it will be to use your credit
history when applying for bigger ticket items
like cars, apartment rents, mortgages, and
insurance. Your related FICO score will start
to grow with account activity. Let us help you
get started today on the next stage of your
career.

___

See more information in our May Newsletter!  

Check out the offering from our corporate partner, Enterprise Car Sales. You’ll get a great car, great value, and great rate. And that’s as good as it gets!
If you’re looking for a car, visit their site at www.enterprisecarsales.com/locations/
or call 888-227-7253 to find the Enterprise Car Sales closest to you.

Be sure to let them know you are a UDBell member to get their best deal.

FICO is not only used for lending institutions, but also by insurance companies, landlords, employers and others who will use it in an effort to determine your credit worthiness. Your score is based upon five components with weighted averages.

1. Payment History at 35%
2. Amount Owed at 30%
3. Length of credit history at 15%
4. New credit at 10%
5. Types of credit used at 10%

By keeping your loans current, you’ll position yourself for more credit availability and lower rates going forward.

Tips to avoid credit card fraud:

• Keep Your Credit Cards Safe
• Shred Anything with Your Credit Card Number on It
• Don’t Sign Blank Credit Card Receipts
• Avoid Giving out Your Credit Card Information
• Be Safe with Your Credit Card Online
• Report Lost or Stolen Credit Cards Immediately
• Review Your Billing Statements Each Month
• Make Strong Passwords and Keep Them Safe
• Check Gas Stations and ATMs for Credit Card Skimmers

Reference: The Balance

Tips to avoid check fraud:

Click here for FBI Fraud Alert

• Prevention Tips

  • Before accepting a check, validate the check with the paying institution.
  • Use a telephone number of record, not the number on the document. Ask for the “check fraud” department. *
  • Place check holds on check deposits in accordance with Regulation CC and the credit union funds availability policy.
  • Longer exception holds can be used on checks: amounts over $5,000, or if there is reasonable cause to doubt collectability.
  • Review the member’s account history and average balance to help identify unusual deposits.
  • Reconcile the corporate checking account daily.
  • Any cashier’s checks that were not properly issued by the credit union should be identified and returned by the credit union’s midnight deadline.
  • Report any counterfeit teller’s checks within the timeframe outlined in the account agreement between the credit union and its bank or corporate credit union.
  • Consider using positive pay as a verification service if your institution allows.

  Mitigation Tips

  • Send an item for collection and do not give availability to the funds until payment is received from the drawee bank.
  • The provisional credit you may receive is no guarantee that the item cannot come back at a later date.
  • Foreign institutions will take longer to clear. The midnight return rule doesn’t apply to foreign checks, because Regulation CC doesn’t apply to checks issued by foreign banks.
  • Understand the member’s liability for deposits of returned items, based on the state’s Uniform Commercial Code (UCC), and pursue available recovery from the member. The credit union may also have a claim for breach of transfer warranties under the UCC.