PO Box 370
Hondo, TX 78861
www.mecofcu.coop
Phone: 830-741-7269
Fax: 866-305-5591
Acct Access: 888-826-3718
2ND QUARTER
2016
C E LEBRATING
NATIONAL CREDIT UNION YOUTH MONTH
“HEY MOM AND DAD,
WHAT ’S A CREDIT UNION?”
How do you explain to kids that a credit union is more than a bank?
A credit union is a not-for-profit financial cooperative, so its foundational principles include things like
educating members and people helping people. But that’s a difficult concept for a kid to understand.
So keep it simple!
Tell them the credit union is a friendly place where people come together to help each other save and lend money.
Explain that the credit union is there to help them make good money decisions.
Ultimately, a credit wants to make them financially STRONG!
What’s the first step to making your kids financially strong?
JOIN: For starters, open a credit
di union
i savings
i
account ffor each
h child
hild iin your ffamily.
il As soon as your children
hild
can write,
have them fill out deposit and withdrawal slips. Guide teenagers through using a debit card, checks, and most importantly,
tracking transactions.
SHARE: Include your children in household money discussions. Show them how you can budget income and expenses.
As their skills improve, give them challenges- such as calculating monthly expenses on a budget.
COACH: Remind your children to ask for help when they need it. And turn to your credit union when you want help.
As your young adults begin to tackling finances on there own, let MECO help educate them with smart credit decision.
DON‛T MISS OUT ON OUR COLORING CONTEST!
W W W.M E CO F C U. CO O P
Savings Rate
Share Certificates
Minimum
Deposit
$ 1,000
Term
APR*
APY**
Dividend Period
01/01/16-03/31/16
1 year
0.40%
0.40%
Prospective Rate for
04/01/16-06/30/16
.10%
Contact the credit union for current rates. Rates
are subject to change weekly. Early withdrawal
will be subject to a 90 day dividend penalty.
*APR= Annual Percentage Rate
**APY= Annual Percentage Yield
A.P.R.*
.10%
Financial Statement
A.P.Y.**
.10%
AS OF 03/31/16
.10%
An average daily balance of $25 must be
maintained in order to earn the stated APY.
Dividends are subject to change quarterly at the
discretion of the Board of Directors.
Contact the credit union for more information
on savings account fees and terms.
Total Loans
Total Shares/Savings
Total Assets
Total Accounts
$2,994,211
$4,767,486
$5,696,915
962
Learn How to Protect Your Information
Phishing - pronounced fishing - is the latest form of
identity theft. It’s when thieves act as if they are
representing an organization and try to "hook" the
consumer into providing personal information. They
can dupe consumers into providing their Social Security
numbers, financial account numbers, PINs, mother’s
maiden name and other personal information. Once the
consumer is "hooked", the thieves can do lasting damage
to a consumer’s financial accounts.
•Be wary of e-mail! Never click on any link to a bank, eBay, or other merchants. Instead,
open a browser and type in the URL yourself. When in doubt, call the institution.
(Not the number provided in the e-mail or link.)
•Nobody needs to verify your passwords. EVER.
•Practice good computer hygiene. Don't click on attachments. Run both anti-virus and
anti-spyware applications. Firewall software are also a good idea. Update this software,
as well as your operating system, on a regular basis.
•Only provide personal information when you initiate the transaction and never when
someone requests it, whether online or over the telephone.
•Order credit reports yearly and review them carefully. You can get a free annual credit
at www.annualcreditreport.com.
•Watch credit card and bank statements for small withdrawals. These are sometimes used
to take small amounts of money that customers don't consider to be worth reporting.
•Encrypt it or shred it. Use a cross-cut shredder (makes confetti, not long strips which
are too easily reassembled) or burn documents containing personal information. Do not
store PINs on your computer; lock them up or encrypt them.
•Don't provide (or offer) unnecessary information. Ask yourself, "Why do these people
need my information?"
April 29th
Scholarship
applications due
may 6th
coloring contest
pictures due
may 30th
office closed:
memorial day
FEE SCHEDULE CHANGE:
Effective May 1, 2016
Title Fee: $15.00
Incoming Wire Fee: $3.00
You save MECO money when you use your card as “Credit”?