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Dubuque Police Warn of Scams

DUBUQUE, IA (3/5/2010)--If you receive an e-mail from the FBI, police say it's probably a scam.

Dubuque police report the e-mail scam is showing up in eastern Iowa, trying to get your personal information.

Police say that if you receive an e-mail from Robert Mueller, the FBI Director or any another FBI official, it is a scam and you should report it to the Internet Crime Complaint Center (www.ic3.gov).

Police say this scam is similar to those that tell you that you’ve won the lottery or an inheritance. The scammer hopes the recipient will think it is legitimate, and subsequently provide personal information or money for “fees” necessary to process the non-existent lottery prize or inheritance. Be advised that the FBI does not send e-mails to people; they always talk to people on the phone or in-person. They will not ask personal information type questions (if they really are the FBI, they will already know the information).

These scam e-mails have an official looking appearance due to scammers utilizing pictures of the FBI Director, seal, letterhead and banners. These e-mails also appear to come from domestic and overseas FBI offices. To get more information on this or future cyber scams go to the official FBI website (www.fbi.gov) and visit the page “New E-scams & Warnings”.

Police say another scam involves a phone call claiming the recipient is the winner of a shopping spree at a major retailer. The amount is usually around the $200-$500 range, but the recipient has to pay a “handling fee” or similar fee – usually a very small amount (often less than $5). The “catch” is that the recipient must provide a credit card number or account number so the fee can be withdrawn. The scammer gets the card or account number and then withdrawals much more than the $5 fee.

Article courtesy of KCRG-TV

 

Converts Sing Praises of Credit Unions

By Diane Mapes -- MSN Money

The notices started coming in October. First one credit card was raising its rate, then another. Looking for a way around a 19.99% interest rate, I contacted a large local credit union and was immediately offered a credit card at 6.99% interest.

Even more exciting, a credit union representative uttered those four little words I'd been longing to hear: no balance transfer fee.

That's all it took for me to switch. Others point to better customer service, higher interest rates on checking and savings accounts or the "unfair or deceptive" practices used by 100% of bank credit cards -- as delineated in an October 2009 Pew Charitable Trust study (.pdf file) -- as reasons they've kicked big banks to the curb.

Tired of chugging along like a cog in a corporate wheel? Feeling a little credit-union curious? Read on for stories of people who've suffered the last straws and switched.

Fine-print fiasco
Mike Phinney, a 44-year-old technical director from Baltimore, says he switched his checking, savings and credit card over to a credit union five years ago, after his bank changed ownership -- and the language of his banking contract -- allowing them to take his money.

"I had these two household accounts with about $600 each, money I was holding on to for renovations," he says. "But then my bank changed the language of the contract, saying that if an account doesn't remain active, within 30 days you start to accrue penalties."

Phinney says he wasn't aware of the change until he went to purchase something using one of the household accounts and found it was empty. Ditto for its twin. When he contacted the bank, the news got worse: He was told he owed the bank money, thanks to penalties he'd accrued from having two inactive accounts.

He argued with two managers, who finally agreed to remove the balance due. But they kept the $1,200. "That's when I pulled all my money out of the bank and switched over to a credit union," Phinney says.

There were other reasons, too. Phinney's bank had refused to budge from the 17% interest it charged for his credit card (the credit union offered him 6%), and the customer service at his bank, he says, was getting worse.

"They couldn't make the simplest decisions without calling the head office," he says. "It was becoming very impersonal. At the credit union, though, it feels like the good, old-fashioned customer service that people long for. They're friendly; they know you by name. It's like the old family bank."

Credit unions are member-owned, while banks are run for the benefit of shareholders.

Prompted by penalty fees
Penalty fees also drove Liz Washer, a 32-year-old communications director from Amherst, Mass., to switch her checking and savings accounts to a credit union after being with the same bank for more than eight years.

"I watched my checking account very closely, but in eight years, you're going to make a mistake here and there," Washer says. "I finally goofed and paid a bill before my paycheck cleared. The account was overdrawn for about a day, but a bunch of little ATM charges and bills went through on that day."

Find a credit union near you
Washer hadn't paid extra for overdraft protection ("I find the concept of paying for a checking account irritating"), so she was hit with a slew of penalty fees. When the same thing happened a year later, she was hit again -- not just with $200 in fees, but with attitude.

She knew it was her fault, but the fees felt punitive because she'd been a customer for so long. "So I called customer service," she says, "and was handed off to a very strident manager who smugly reminded me that the same thing had happened before. That's when I told her I planned to move to a credit union."

Washer says she's found the credit-union policy regarding overdrafts much more accommodating.

"They charge a fee, but you have to be a repeat offender," she says. "And they let you know quickly if your account goes into the red. My bank would send a letter, which is a great way to guarantee you won't know for a couple of days. It's like they're hoping you don't notice too quickly so they can charge you every time something goes through."

Another plus: Washer's credit union doesn't charge a fee every time she uses an ATM.

"The bank ATM fees were annoying," she says. "I was usually being charged around $4 in fees to withdraw cash. At the credit union, they reimburse any ATM fees."

Lack of interest
"I try to pay off my credit cards every month, but in 2007, a payment arrived late," says Heather Murphy, a 43-year-old communications director from Chandler, Ariz.

As a result, Murphy's bank raised her interest rate from around 17% to an "obscene" 23%. Not surprisingly, Murphy contacted the bank to see whether there was a way around the higher rate, but the bank simply pointed to the terms and conditions regarding late payments.

And then it did something else. The bank told her she wasn't their kind of customer.

"The message I received from the bank was that they weren't interested in keeping my business because I didn't keep a rolling balance," she says. "I told them, 'Look at my history, look at all the years and years I've been with you,' and they said, 'Yeah, you typically pay off your balance every month.' I said, 'Yes, I do, isn't that awesome?' and they said, 'No, not really. We make money off of people who don't pay off their bill.'"

Miffed, Murphy talked to a credit union and was told that with her spotless credit history, she would be eligible for a 7.9%-interest-rate credit card.

"After learning that, I was kicking myself for even having a credit relationship with my bank," she says.

Interest was also behind the switch for Kelly Quintanilla, a 27-year-old marketing director from Grand Rapids, Mich., who had been with the same bank since she was 12.

"I stuck with them through high school, college and the early years of my career," she says, but when a local credit union advertised 4%-interest checking account, she switched. "I thought I'd try it since I was earning pretty much no interest on my savings at the bank."

She got her car loan there for a low rate, too.

Big versus little
There are trade-offs, though, when it comes to switching from a big bank to a cozy credit union.

Michael Hanley, a certified public accountant with more than 300 small-business clients, says credit unions have offered his clients better loan rates and better business practices. (One customer was regularly paying about $1,500 a month in insufficient-fund and bounced-check fees, simply because his bank posted debits first and deposits last, even deposits made first thing in the morning.)

But they can also mean more work on the bookkeeping end.

"Their bank statements tend to be fairly archaic," Hanley says. "And their online banking systems tend not to interface with QuickBooks as often as regular banks', so there can be a huge data-entry component."

Others point to a lack of locations as an issue.

"The lack of branches is the biggest problem for me," says Janice Sellers, a 47-year-old office manager from Oakland, Calif., who recently switched to a credit union after suffering a series of "rapacious" bank practices. Parking at her credit union is hard, and the hours don't mesh well with her work schedule.

Still, the pluses seem to outweigh the minuses for many.

"It's smaller, it's more personable, and it's definitely easier to get questions answered," says Washer, who adds that switching to a credit union sooner could have saved her close to $500 in penalty fees. "Plus, for me, it's like the whole 'buy local' thing. Credit unions are doing well in terms of getting local customer loyalty. The financial crisis has just made people look at larger institutions with deserved skepticism."

Credit Unions Lead Forrester Consumer List

By Marc Rapport
 
3/3/2010--American consumers are far more likely to recommend a credit union than most of the nation’s big banks, according to a new report from Forrester Research.

The research and advisory firm said 73% of the 4,600 respondents in its latest North American Technographics Customer Experience Online Survey said they would be likely to recommend a credit union, 29% above the industry average for banks.

By contrast, only 24% said they would recommend Bank of America and only 27% felt that way about Washington Mutual or CitiBank, the survey taken in late 2009 found.
SunTrust Bank also was well above the industry average, at 71% considered likely to recommend, Forrester said. Wachovia Bank came in at 52% and U.S. Bancorp at 51%.

Retailers overall led the survey at 71% likely to recommend, Forrester said, with Barnes & Noble leading the way with 86% likely to recommend.

SBA's Mills: CUs Critical to Growing Businesses


WASHINGTON (2/24/10)--U.S. Small Business Administrator Karen Mills on Tuesday told thousands of credit union representatives gathered at the Credit Union National Association's (CUNA) Governmental Affairs Conference (GAC) that their financial institutions are "critical" to growing businesses and creating new jobs, adding that her "impression" is that "credit unions really know what is going on in their communities."

Mills also commended credit unions for their shared goal of supporting small business and helping them create jobs by "giving them the tools that they need" to prosper.

Mills said that credit unions represent the fastest growing segment of financial institutions taking advantage of Small Business Administration (SBA) lending programs, adding that credit unions have represented 10% of financial institutions that have returned to the SBA program over the past year and have taken part in over 1700 loans related to the recovery act.

Mills also reminded credit unions that the SBA currently guarantees 90% of each loan made under its program, and that same amount of each SBA loan does not count against a credit union's business lending cap. Portions of these loans may also be sold on secondary markets, she added.

Mills encouraged GAC attendees to participate in a March 25 CUNA audio conference call on SBA loans. The call, which will feature commentary from both Mills and National Credit Union Administration Chairman Debbie Matz, will provide credit unions with up-to-date information on how to make SBA loans or expand their current SBA lending programs.

Article courtesy of Credit Union National Association (CUNA).

Credit Unions Touted in Wall Street Journal, CNN

NEW YORK (2/23/10)--CNN and The Wall Street Journal, in their coverage about the new credit card rules that became effective Monday, told consumers worried about increases in their credit card rates that they can go to credit unions for lower rates.

On Monday, CNNMoney.com's Gerri Willis discussed the changes from several provisions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. Calling the act a "new era with credit card companies playing by new rules," she noted that card companies will lose $11 billion a year in interest and fees, and to make that up, they will create new fees.

Consumers who don't want to pay higher fees on their credit cards have several alternatives, Willis said. The first she mentioned was credit unions.

"You can go to credit unions, which are less likely to charge fees and penalties on credit card accounts than banks do," she said.

Willis noted one must be a member of a credit union through an organization. To find a credit union to join, "ask your employer or your college alumni association or go to creditunion.coop to find one." To see the broadcast, use the link and click on "Gerri's Top Tips" on credit cards.

Saturday's issue of The Wall Street Journal also discusses the changes that began to take effect Monday.

"Credit unions often offer lower rates than large banks, although some of their rewards programs are less generous than those of big banks," the Journalsaid. "There are more than 8,000 credit unions in the U.S., and they tend to have pretty expansive definitions of who can join. The criterion for joining some credit unions is as simple as your ZIP Code," the article said.

"Navy Federal, the nation's largest retail credit union, offers rates as low as 7.9% on a basic platinum Visa card for three million members of the Army, Navy, Air Force, and Marine Corps and their families," said the Journal.

"That compares with an interest rate as low as 11.99% on a Citibank Platinum Select MasterCard, touted as one of the cheapest rates around by Lowcards.com, a card-comparison website," the newspaper said. The average rate at the end of last year was roughly 14%, according to the Federal Reserve," the Journal reported.

Read the Wall Street Journal article
Watch the CNN video

Where Populist Fervor Meets Friendly Faces

1/25/10 -- Huge bonuses to bank executives, casino-style financial practices and millions of unreturned stimulus dollars have many consumers angry at the nation's biggest banks and looking for a way out.

Daniel Mica knows just where they should go. The president and CEO of the Credit Union National Association said in an interview with the Huffington Post that he hopes "the cold shock-wave" of populist fervor sweeps the financial system and leads customers to credit unions.

And consumers will find that switching won't just be an effective protest, it will also be a change for the better, he says. "At a credit union they treat [you] like a person, not a number," Mica said, because smaller financial institutions don't have the "dismissive arrogance" of the largest banks.

Indeed, more and more people are joining credit unions every day. Mica said that over the last year credit unions have had a two percent growth rate -- higher than the population rate, and the quickest pace that credit unions have seen in a decade -- and searches to find local credit unions have tripled in recent weeks.

The move reflects a growing disillusionment with the nation's largest banks, a sentiment that has been captured by the Move Your Money campaign, which urges people to close their accounts with the six big banks that engaged in sophisticated financial maneuvers and move to a safe and solvent community bank or credit union. It urges people fed up with the big banking system to take politics into their own hands.

It's "the beginnings of people voting with their feet and their wallets and taking money out of banks," Mica said. "And we hear stories [like that] every single day."

He can appreciate the movement's grassroots growth. "It's not just Democrat-Republican, I think that's clear," he added. "I travel the country on behalf of credit unions. We have 93 million members. I've been to every state in the United States multiple times and I listen to Main Street every single day. People are very upset. We talk finance, we talk pocketbook issues, and they're very concerned." He’s praised credit unions on YouTube as well.

As to those stuck with the big banks because of their mortgages? "What they need to do is pick up the phone or get on a website and go to their local credit union," he said, "and ask if someone will come down and talk to them about moving their mortgage and what they can and can't do."

The movement is not about destroying the big banks in general, he said; more like putting them in their place: "This country needs a strong financial system including banks and credit unions, but when banks become impervious to public concerns, to the crying needs of America's economy and go off on their own, they need to have their hands slapped and they need to be redirected. We didn't have this situation for a long time in this country, but they became so powerful with so much money that they were able to get their way in Congress and with the regulators for the past dozen years, that they've gotten out of control. And this is all about getting them back in the box and serving America and consumers, not just themselves."

Unlike banks, credit unions are not-for-profit enterprises owned by their members. They pride themselves on lower loan rates and better savings rates, but membership is not open to everyone (though the vast majority of people probably can find a credit union for them, qualifications vary and can be based on employment, residence, religion or some other category -- people should check with their local credit to see if they are eligible). Like banks, they are insured by the federal government (the National Credit Union Share Insurance Fund). People can use the CUNA’s website to find nearby institutions.

"We'll always find a complaint here and there about a credit union, but 99.9 out of 100 people are happy to put a bumper sticker on their car that says 'I love my credit union,'" he laughed. "That is not the case about banks."

Article courtesy of The Huffington Post

CNN Tells Why Credit Unions Are Better

Washington (12/30/09)--CNN Tuesday explained some of the reasons why consumers feel as though they're "getting a better shake" by choosing credit unions over banks.

"Had it with your bank this year?  It's time to start fresh," said CNN, in a recent story, "Credit Unions Duke it Out With Banks."  Cnn carried both a print and video version of the story.

Gerri Willis, CNN personal finance editor and host of "Your Bottom Line," a show dedicated to saving money, noted that fees are lower at credit unions and rates are more attractive.  Savings rates at credit unions are 0.41%, compared with 0.29% at banks.

A one-year share certificate at credit unions yields 1.45% in interest, while a certificate of deposit at a bank yields about 1.15%.

Credit union credit cards are also a bargain, she said.

"You might as well go with people who are willing to pay you," Willis added.

She noted a Pew Charitable Trusts study that indicated that interest rates on credit cards from credit unions are 20% lower than those at banks.  Credit unions' penalty annual percentage rate is 18% on average compared with 29% at banks.

"People feel like they're getting a better shake at credit unions, because credit unions server their members," Willis said.

Article courtesy of Credit Union National Association (CUNA).

DuTrac Community Credit Union IDA Saver Buys First Home in Dubuque

Despite the current economy, Elizabeth Hefel’s dream of owning a home has now become a reality. Hefel closed on her first home on November 23, becoming the first DuTrac Community Credit Union Individual Development Account (IDA) saver to purchase a home. 

Hefel had her savings matched by $4,000 through the Iowa Credit Union Foundation’s Family Partnership IDA program, which she was able to use on the down payment of the home. As a part of this program, Hefel also received financial education through DuTrac Community Credit Union.  

An IDA is a matched savings account where the savings of a participant is matched by a grant from another organization. The savings and matching funds are used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work. Participants must meet income guidelines to qualify for an IDA account. 

“The goal of the program is to help Iowans learn the importance of saving and how it can make their dreams a reality.  Our hope is to educate people in our community to become financially independent,” said Beth Weiland, Branch Manager and IDA coach, DuTrac Community Credit Union in Dubuque. 

DuTrac Community Credit Union is one of nine Iowa credit unions in the Credit Union Family Partnership IDA Program providing the IDA savings accounts. The matching funds come from the Iowa Credit Union Foundation thanks to private and federal grants. 

“I am so grateful to have been given this opportunity,” said Elizabeth Hefel, DuTrac Community Credit Union Family Partnership IDA program participant. “I feel blessed to be able to participate in this program with DuTrac Community Credit Union.  They definitely made my dream a reality!”                      

“Elizabeth was disciplined and motivated to save for this home.  She worked hard and we are very proud of what she was able to achieve” said Weiland. “She was able to work on several financial topics from budgeting to home ownership.  These are topics that will benefit her and her family for the rest of their lives. 

Marybeth Foster, Executive Director, ICUF said “We are very happy for Elizabeth. She is such a hard worker, and we’re thrilled to have helped her become more financially secure.” 

Educational Funds Available Through DuTrac

With its ongoing commitment to education, DuTrac Community Credit Union, in conjunction with its business partners, is pleased to announce the following funding source currently being made available to qualified persons:

  • In partnership with the Dubuque Area Labor-Management Council, an exclusive $1000 grant is being made available through the 2010 Education-to-Employment Grant Program.  For entry requirements and additional information, please visit their website at www.dalmc.com.

If you have additional questions, please contact Karen Tegeler at (563) 585-8584 or 1-800-475-1331, ext. 8584.

Sustainable Relationship Account Offered by DuTrac

Created with Dubuque's Sustainability Initiative in mind, DuTrac Community Credit Union is doing its part to provide long-term financial sustainability for its members and the communities it serves by introducing a new relationship account called EcoPlus.

The EcoPlus Account is a comprehensive relationship account that can be utilized by any DuTrac member or any consumer within DuTrac's 14-county charter area.  To qualify, consumers need only have a direct deposit relationship with DuTrac and subscribe to e-statements.

After qualifying for the EcoPlus account, members will receive no-charge checking that is fully automated - or "green" in the sense that all transactions may be done online through DuTrac's newly re-invented website and through the use of DuTrac's EcoPlus Debit Card.  EcoPlus can be a paperless account.  Even the switch kit, for consumers wanting to switch to DuTrac to take advantage of EcoPlus' benefits, is automated, online and paperless - completely green.

"Sustainability means providing consumers with affordable financial services; financial services that change with their ever-changing needs.  Hence, DuTrac is offering a no-cost checking solution that is not only green, but is also flexible enough to change as members' needs change," states Andrew Hawkinson, president and CEO.  "It's more than just a checking account, it affects members' loan and deposit relationships with DuTrac."

"EcoPlus is a forward-thinking product for the area's consumers.  This account will help put more money back in members' pockets to continue the course of sustainable economic development in the region," sums up Hawkinson.

"According to DuTrac's internal analysis, a 'typical member' subscribing to DuTrac's EcoPlus Account will save approximately $300 the first year.  DuTrac is rekindling its long history of being innovative and meeting the needs of its members," adds Jason Norton, senior vice president of marketing and business development.  "EcoPlus Account holders receive a complete review of their financial situation, keeping EcoPlus in line with the smarter sustainable initiative in the area that truly fits the needs of every consumer.  It's a win-win for all involved."

Consumers or members of DuTrac wanting more information about the EcoPlus Account should contact any of DuTrac's highly qualified financial services consultants by calling 1-800-475-1331.

DuTrac Entry Wins People's Choice Award 

DuTrac Community Credit Union participated in the Dubuque Arboretum & Botanical Gardens' Autumn Festival by providing a scarecrow entry for the silent auction.  In addition DuTrac staff, with magic scratch-off scarecrows in hand, assisted over 120 children with creating their own Halloween ornaments.  Sunny the Savasaurus was on hand to greet young people and to share with children and parents the benefits of having a savings account.

DuTrac's "Hooked On DuTrac" themed scarecrow won the People's Choice Award by a landslide according to Arboretum officials.  It featured father and son scarecrows sitting on lawn chairs while fishing.  DuTrac's scarecrow also earned the highest silent bid raising $250 for the Arboretum.

"In keeping with its role of giving back to the communities it serves, DuTrac wanted to share in the event with the Arboretum.  We had no expectation of winning," said Jason Norton, senior vice president of marketing and business development.  "The Arboretum is a beautiful gathering spot for members and families in the community."

DuTrac Community Credit Union, headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 40 thousand members.  DuTrac has $420  million in assets, serving 14 counties in the Tri-State region with ten office locations. 

Area Residents Receive Backpacks and Cash

DuTrac Community Credit Union partnered with Radio Dubuque 92.9FM to provide the annual "Back to School Backpack Give-Away."  Community members listened to Radio Dubuque and called in to answer grade school math, science, history, English or current event questions for their chance to qualify for one of 50 backpacks, of which ten backpacks also contained a $92 VISA gift card.  Those interested in the promotion could also qualify by stopping in and signing up for the give-away at any of DuTrac Community's branch offices in the Dubuque area.

Each of the 50 backpacks contained much-needed school supplies for the back-to-school season.

"Both the qualifiers who receive the backpacks and the winners of the VISA gift cards were happy to win needed school supplies and VISA gift cards.  It was another example of how DuTrac Community and Radio Dubuque partner together to participate in community involvement activities for all ages," states Karen Tegeler, project coordinator.

DuTrac Community Credit Union, headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 40 thousand members.  DuTrac has $420 million in assets, serving 14 counties in the Tri-State region with ten office locations. 

DuTrac's Youth Program Donates 400 School Supply Items

DuTrac Community Credit Union's youth program members embraced a school supplies drive for area schools and their students in need.

Savasaurus Club members accumulated and donated new or used school supplies in good condition.  Supplies were then distributed to local area schools.

"Our youth members really came through in helping out fellow students with the school supplies drive.  It was another example of how DuTrac educates community youth about the value and importance of "people helping people" - the credit union philosophy," states Karen Tegeler, Savasaurus Club coordinator.  Club members making donations had their names entered into a drawing for a $50 savings bond.

Savasaurus Club is made available to all younger people age 12 and under with a membership at DuTrac.  The Club teaches children the value of saving and begins them on a journey that will take them far beyond the limits of a traditional savings account.  DuTrac partners with local area elementary and middle schools in order to bring financial education to children.

DuTrac Community Credit Union Savasaurus Club is a registered trademark.  For additional information on the Savasaurus Club please contact Karen Tegeler at 1-800-475-1331, ext. 7326.

DuTrac Community Credit Union, headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 40 thousand members.  DuTrac has $420 million in assets, serving 14 counties in the Tri-State region with ten office locations.

U.S. Sen. Grassley Urged to Maintain Credit Card Interchange System, Independent Federal Credit Union Regulator

During a Dubuque County Town Hall Meeting Tuesday, credit union leaders urged U.S. Sen. Charles Grassley (R-Iowa) to preserve current credit card interchange rules and safeguard credit unions’ independent federal regulator.

More than 125 people attended the standing-room-only public event, which happened at the Dupaco Community Credit Union branch in Asbury, Iowa. Other issues discussed included health care reform, energy, education and immigration.

Among Tuesday’s issues, Iowa credit union representatives asked Grassley to not support proposed federal legislation (H.R. 2695, H.R. 2382 and S. 1212) that would unfairly shift the costs of providing credit card transactions (called interchange) from merchants—who benefit from the service—to financial institutions like credit unions, who provide it. 

Credit union leaders also asked Sen. Grassley to maintain the National Credit Union Administration (NCUA) as a competent and independent regulator while Congress looks to overhaul the financial services regulatory system.

More than 25 credit union folks representing three Dubuque-area credit unions attended the event: Dupaco Community Credit Union, DuTrac Community Credit Union, and Alliant Credit Union.

Julie Vande Hoef, director of government affairs for the Iowa Credit Union League, said Tuesday’s event reflects the strong support of Iowa credit unions in our legislative advocacy efforts.

"The future of credit unions depends on their ability to engage lawmakers and articulate the credit union message," she said. "Elected officials' decisions can influence greatly the future direction of credit unions and their ability to serve members."

Program offers money match

For Iowans plagued by economic hardship and fallout from recent floods and tornados, credit unions around the state are offering some help with efforts to save.

Individual development accounts, which include a match of up to $4000 per family and $2000 per individual from government and nonprofit organizations, are available at nine credit unions.  That includes DuTrac Community Credit Union in Dubuque.

Although the program has been operating for several months, Jason Norton said participation has been slow so far.

"There’s money, we just need to get folks to take advantage of it," said Norton, senior vice president of marketing and business development at DuTrac.

Statewide, there are 30 people enrolled.  At DuTrac there is one participant.

Marybeth Foster, executive director of the Iowa Credit Union Foundation, said the six months the program has been open isn’t long enough to generate a lot of awareness.

"There is a learning curve, not only for our credit unions, but the public in general," she said.

Involvement requires the assets be used for certain purposes, including buying a home, starting or expanding a small business, paying for post-secondary education or job training, and in some cases, purchasing a vehicle.

Foster said the application process takes about an hour.

To be eligible, applicants must meet one of the following requirements:

  • Be eligible for the Temporary Assistance for Needy Families program, called FIP in Iowa.
  • Be eligible or receiving the Earned Income Tax Credit, or be at or below two times the federal poverty limit.  Generally, that includes families that qualify for the Hawk-i children’s health care program.

Foster said the changes to the program include $250,000 the Iowa Legislature set aside last session for people who live in disaster-affected counties that had some kind of material loss from flooding or tornadoes.

The savings goal has to be met in two years, or five years for home buyers.

For additional information on this program, please feel free to contact Beth Weiland by e-mail at bweiland@dutrac.org or by phone at (563) 557-5001, ext. 7520 or 1-800-475-1331 or Kristi Horan by e-mail at khoran@dutrac.org or by phone at (563) 652-4400, ext. 7702 or (800) 475-1331.

To your credit: Cardholders beware

The law, “Credit Card Accountability, Responsibility and Disclosure Act of 2009,” is intended to create transparency and openness in the credit market.  Provisions of the law, including banning retroactive rate hikes and double-cycle billing, should go into effect after February 2010.

Jason Norton says DuTrac Community Credit Union is receiving a lot of calls, although the details of the legislation are overwhelming some.

Norton, DuTrac’s senior vice president of marketing and business development, offers some credit card suggestions to consumers:

  • Read the fine print regarding any changes or disclosures regarding your credit card account and don’t hesitate to contact your credit card issuer or local financial institution with questions.
  • Question any unexplained finance charges or fees that may appear on your statement.
  • Shop around for lower rates and require fewer or reduced fees on cards.

Credit Union named leading lender by Culver

DuTrac Community Credit Union has been recognized by Governor Chet Culver as a “Leading Lender” for its participating in the Iowa Finance Authority’s FirstHome Program during 2008 and for promoting affordable homeownership for Iowans.

In recognizing DuTrac Community, the governor noted, “DuTrac’s continued commitment to the Iowa FirstHome Authority’s homeownership programs is vital to the continued growth of our state…I commend you for your outstanding dedication to our state.”

“We are honored to have been recognized by Governor Culver in our efforts to make homeownership available to all Iowans.  DuTrac Community Credit Union’s First Time Home Buyers program strives to offer federal and state programs combined with the most attractive rates to help Iowans achieve their dreams of home ownership,” stated Andy Hawkinson, president and CEO of DuTrac Community Credit Union.”

DuTrac Community Credit Union, headquartered in Dubuque is a full-service community credit union owned by and serving 39 thousand members.   DuTrac has $400 million in assets, serving 14 counties in the Tri-State region with ten office locations.

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