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(and YOU do too!)
 During these uncertain economic times, Mississippi Employees Federal Credit Union, along with other Mississippi credit unions, are pooling their resources to let everyone know the value that credit union membership brings: Better Rates. Lower Fees. People Who Care.
The credit union awareness campaign, “iBelong”, is increasing understanding about credit unions during a critical time when individuals are feeling the squeeze of tightened credit and reduced financial resources. This high-quality campaign highlights the advantages of membership, such as better rates and lower fees and makes it clear just how easy it is to join a credit union. The iBelong campaign, which hit the airwaves on TV and radio early in 2009, also reveals the differences between credit unions and other financial institutions. As a credit union member, you have an opportunity to view the iBelong commercials at www.ibelong.org.
The iBelong awareness campaign is important to the thousands of Mississippians who don’t know what they're missing by not belonging to a credit union. It will also be beneficial to credit union members who may not fully realize the benefits of the credit union “difference.” As a not-for-profit financial institution, Mississippi Employees FCU makes decisions in the best interest of our members, not a group of stockholders. And, we are locally-owned by you, our member. That means in today’s environment of troubled national financial institutions, you can enjoy the confidence of doing business in your own community. Plus, Mississippi Employees FCU has federal deposit insurance up to $250,000 per account backed by the full faith and credit of the U.S. Government.
Decisions made in your best interest, locally-owned in your community, safe & secure, better rates, lower fees, easy to join . . . what’s not to love about your credit union? Watch for the iBelong commercials and help us spread the good news about the advantages of credit union membership!
Credit Unions: Where People Are Worth More Than Money™
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Big Bank Credit Cards v. Credit Union Credit Cards
Do you carry a credit card? Are you familiar with the rates, terms and fees of your credit card? If not, you need to be.
A recent study by the Pew Health Group examined credit card trends from December 2008 to July 2009 of nearly 400 consumer credit cards issued by the largest 12 bank and largest 12 credit union issuers in America. The statistics were astounding, and the differences between bank issued and credit union issued cards were quite noticeable.
 The July 2009 report revealed that 100 percent of credit cards issued by the largest 12 banks used practices deemed "unfair or deceptive" under Federal Reserve guidelines. That's right; 100 percent! That means none of these big bank issued credit cards would meet the requirements under the Credit Card Accountability, Responsibility and Disclosure Act (The CARD Act of 2009). On top of that, these banks control more than 90 percent of the outstanding credit card debt in our nation. Are you carrying one of these cards?
The Credit CARD Act of 2009 was designed to protect consumers from “unfair or deceptive” credit card practices. It was signed and passed by the President in August 2009, but most of the Act's disclosures do not take effect until February 2010. That means bank issued cards can continue to rip off their consumers until then. They can continue to raise rates on outstanding balances, increase penalty rates, apply payments in a way that makes them the most money, charge unrestricted overlimit fees, and more. As a result, Congress is working on a new bill to speed up the implementation of the Credit CARD Act of 2009.
On the flip side, the same report revealed that credit cards issued by the largest 12 credit unions more closely complied with guidelines against "unfair or deceptive" practices that the Federal Reserve developed in 2008. The statistics from the PEW Health Group report should convince those with bank issued cards to switch over to credit union issued cards. And not just any credit union VISA card, but the MEFCU VISA credit card. No convincing on my part is necessary:
- 99% of bank cards included a late fee (median $39) v. 99% of credit union cards included a late fee (median $20)
MEFCU VISA credit card = $10 late fee
- 80% of bank cards included an overlimit fee (median $39) v. 89% of credit union cards included an overlimit fee (median $20)
MEFCU VISA credit card = $10 overlimit fee
- The median bank penalty interest rate was 28.99% v. The median credit union penalty interest rate was 17.90%
MEFCU VISA credit card = 9.90% penalty interest rate
- Median advertised interest rates on bank credit cards = 12.24% to 17.99% v. Median advertised interest rates on credit union credit cards = 9.90% to 13.75%
MEFCU VISA credit card = 9.90% APR
 So why is it that the largest 12 credit unions control only 1 percent of overall credit card lending? And if you’re not carrying a Mississippi Employees Federal Credit Union VISA credit card, why not? Stop penalizing yourself. Get the VISA card that’s best for you; the MEFCU VISA card. (From the article Still Waiting: "Unfair or Deceptive" Credit Card Practices Continue as Americans Wait for New Reforms to Take Effect by Nick Bourke and Ardie Hollifield, The Pew Charitable Trusts, October 2009. www.pewtrusts.org/creditcards)
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