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What's New
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Find out about government legislation affecting credit unions |
Could you use a $1000 college scholarship?
Your UCU membership offers many valuable benefits, including eligibility to apply for a $1000 college scholarship.
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Enter our 2nd Annual College Scholarship Program by submitting a 500 word essay telling us
"How the University Credit Union Scholarship would benefit me."
We will award five scholarships of $1,000 each.
To apply for one of UCU's College Scholarships, download the complete rules and entry form. Entries must be submitted no later than September 30, 2008. UCU employees and their families are not eligible to apply.
This competition is open to any UCU member who is a full-time college or university student.
UCU opens ATM at new Ronald Reagan Hospital
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The ATM is located on the main level of the hospital at the south entrance near the cafeteria. This ATM can be accessed by UCU members, UCLA employees and students, and by hospital patients and visitors.
With the addition of this new ATMs, members now have 23 UCU-owned ATMs plus 25,000 CO-OP Network ATMs , all at no charge, at their disposal.
Banking with University Credit Union has never been more convenient!
University Credit Union...Financially Safe and Sound!
Your money is safe here
With the recent bad financial news, it's natural to wonder how your credit union is doing. Rest assured: Your money at University Credit Union is safe and insured both federally and privately for a combined total of $350,000!
University Credit Union never engaged in the high-risk lending practices responsible for the current financial crisis plaguing the banking and mortgage industries. By practicing sound financial management and prudent lending policies, your credit union has avoided problems and is as strong as ever.
Deposits insured up to $350,000, IRAs to $500,000
With the combination of federal and private insurance, you can have peace of mind knowing that your money at University Credit Union is safe and sound.
Federally insured to $100,000
Deposits are federally insured by the National Credit Union Administration, in the National Credit Union Share Insurance Fund (NCUSIF) which is backed by the full faith and credit of the US Government. This federal deposit insurance fund is equivalent to the FDIC (Federal Deposit Insurance Corporation). When you see the NCUA logo on our literature, it's the same as when banks put the FDIC logo on theirs.
Private insurance to $250,000
University Credit Union has taken the added step to insure even greater portions of our members' money. This additional insurance coverage, up to $250,000,is provided by American Share Insurance (ASI) on top of the federal government's $100,000.
Individual Retirement Accounts to $500,000
Separate from and in addition to the coverage on your regular accounts, IRA deposits are protected through the NCUA up to $250,000 and an additional $250,000 through ASI deposit insurance for a combined total of $500,000.
Increase your insurance coverage
You may think you should withdraw uninsured funds and deposit it elsewhere to get insurance coverage on it. That's not necessary; you can increase your coverage by opening new accounts here.
Simply put anything over $350,000 in new accounts under different ownership combinations. For instance, open one in your name only, another in your spouse's name only, another in a joint account and so on. Each account, as long as the names on the account are different, is insured separately by a combination of federal and private insurance policies.
Please call or visit us for more information, or if you'd like to increase your coverage by opening new accounts. We're here for you.
Support Credit Unions in their Efforts to Inform Lawmakers
Credit unions often have to stand up for themselves in informing and educating local, state and federal legislators about the uniqueness of credit unions and the benefits provided to the communities they serve. For some of these efforts, support form the community members itself is what is needed to bring a greater sense of urgency and importance to a particular matter.
In an effort to keep the public informed about current issues, the California Credit Union League, a body supported by credit unions to advocate the benefits of credit unions, has established the Web site Connect for the Cause that outlines current legislative initiatives affecting credit unions.
ConnectForTheCause.com provides information about current legislation and it gives you, the credit union member, a way to voice your support for credit unions.
Free counseling available for credit union members:
Early delinquency intervention and foreclosure prevention
Sometimes, talking to someone about some difficulties is what we need to get back on track. When it comes to late payments on loans, the person to talk to might be a budget counselor.
University Credit Union provides such a service at no cost to members. Through a partnership with BALANCE, a California-based provider of financial educational services and counseling, credit union members can talk to a trained counselor, seek advice and even help come up with a repayment strategy.
So, if you're have trouble keeping up with credit card payments, loan payments, and even mortgage payments, talk to a counselor before the situation gets critical.
The best part about speaking with BALANCE is that the counselor is unbiased, will work with you by phone to get a program in place (if needed) and all they while keeping your information confidential.
More information about BALANCE is online. Read up on them, then give them a call to set up for an appointment. BALANCE counselors are ready to serve you.
Fraud Alert: Fake checks and how to spot them
Think you're too savvy to fall for a fake check scam? Don't be so sure. Since January, investigators, led by the U.S. Postal Inspection Service, have seized more than $2.1 billion in counterfeit checks bound for the U.S.
Fake check scams involve someone you don't know offering to send you a large sum of money but requesting that you wire or send a portion of the money back. Fall for this and you could be out thousands of dollars. By cashing the check, you'll be responsible for repayment once the check bounces.
As part of a public awareness campaign, the National Consumers League (NCL), a consumer advocacy group in Washington, D.C., has launched fakechecks.org to warn and educate consumers about the different types of counterfeit check scams. The site includes videos of possible scams, a quiz to see if you could be faked out, and advice about preventing scams.
The average loss is between $3,000 and $4,000--a significant amount for most people. Because consumers are responsible for the losses if the checks or money orders they deposit prove to be phony -— a fact that many people don't know until it's too late -- it's crucial to fight fake check scams with education as well as enforcement.
For more information on other crimes of fraud, click the credit union info page on fraudulent attacks.
Latest Identity Theft: Tax Refund Fraud
Tax Refund Fraud is an identity theft crime currently on the rise especially during the tax season.
This form of ID theft occurs when a scam artist files a phony tax return--in your name, with your Social Security number and other personal information--in an attempt to collect a fraudulent refund.
For more information on tax refund fraud and tips to protect yourself, click the credit union info page on fraudulent attacks.
Stimulus Check? Refund? Why not stimulate your savings!
Are you going to be one of the many Americans to receive a tax refund or a stimulus check this year? If so, UCU is the perfect place to deposit your money.
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UCU has a number of accounts that can help you, all with no monthly fees and interest rates that generally top the competition:
- Market Rate Account
- Regular Savings Accounts
- IRAs
- MEMBERS Financial Services, located at the UCU Main Office
Have peace of mind knowing your savings are federally and privately insured to $350,000. IRAs are separately insured up to $500,000.
Let us help you stimulate your savings! Contact us today at 310-477-6628, ext. 1.
If you're traveling out of the country, contact the credit union
If you’re planning to use your UCU Visa® Check Card or UCU MasterCard while out of the country, please make sure you call UCU right before you leave to inform us of the country and dates you will be away.
We’d like to verify that the transactions that occur in these foreign countries are actually yours.
Contact a UCU Representative at 310-477-6628, ext. 1 for more information.
Looking for a Surcharge-Free ATM? It's only a text away!
Text MYCOOP for free ATMs
Need cash while on the road, or after hours? There are 25,000 free CO-OP
ATMs nationwide, and the power to find the nearest one is literally in your
hand!
1. Send a Text to 692667 (MYCOOP) from your mobile phone.
2. Enter your location: a zip code, street address or intersection.
3. Get the nearest CO-OP ATM location usually within 30 seconds.
4. Want more? Reply “MORE” for additional locations.
This service is free, although your cell phone provider’s regular text
messaging rates apply. You can also call
888 SITE CO-OP to access a voice ATM Locator or use the online CO-OP Network ATM locator.
Always look for the CO-OP logo, and remember there are 5,500 free CO-OP ATMs in 7-Eleven stores.
Like CO-OP Network ATMs, 692667 (MYCOOP) is a surcharge-free service. But check with your mobile phone provider as standard text messaging rates apply. And don’t worry, you won’t receive any unsolicited messages by using 692667 (MYCOOP).
You're Invited to Join the Fun at Credit Union Days!
University Credit Union will be holding another Credit Union Day on Wednesday, August 20, at UCLA Covel Commons, from 11:00am to 2:00pm.
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Stop by and have some fun. Don't miss out on free giveaways or try your luck at UCU's Prize Wheel.
Get a free bonus gift when you open an account* or apply for a loan at this event. Bring a friend or co-worker and come check out the fun and see what UCU is all about! *Be sure to bring a copy of your Driver's License and Employee ID. $5 opens a savings account.