2012 Members First Annual Report

March 8, 2013 By admin Leave a Comment

Caryl Greene, President/CEO

On February 28, 2013, Members First Credit Union members attended the MFCU 2013 Annual Meeting.  Throughout the meeting, CU members, the Board of Directors, Management and Staff reflected on the progress of 2012 and the continued dedication of Members First to provide the best experience for each and every person who walks through its doors, as well as help them realize their financial dreams.

Despite ongoing financial turmoil and ever-increasing regulatory burdens in 2012, Members First was able to maintain a competitive rate strategy and help put money into the pockets of member-owners.  Members First focused on providing products and services that members need and deserve, while maintaining a financially sound balance sheet. 

Below are some highlights from the meeting.  Click here to view the full 2012 MFCU Annual Report.

2012 Key Highlights

  • Assets grew by  6.07%
  • Membership increased 2.16%
  • Net Capital Ratio 15.28% (7% NCU minimum allowable level for “well-capitalized credit unions”)
  • Maintained 5-Star Superior rating by BauerFinancial, Inc., Coral Gables, Florida, the nation’s leading bank rating and research firm
  • Continued to offer “Still Free Checking and Fee Free Debit Cards”
  • Increased Internet Banking users with the introduction of Mobile Apps, Financial Calculators, and improved Internet Banking Security
  • Introduced additional Youth Programs and resources for members ages 18 and under
  • Offered Financial Literacy Programs to the community and sponsored community organizations and events
Filed Under: Financial News, Uncategorized

Member Appreciation Week: February 22-28

February 20, 2013 By admin Leave a Comment

We Love Our Members !

We love our members, and we are proving it with a weeklong celebration and specials as part of Member Appreciation Week- February 22-28th. We will be presenting some of our best offers on loans and member referral incentives. Members will also enjoy an atmosphere of celebration with refreshments and giveaways.

So, thank you for being a valued member of Members First Credit Union of Florida! If it has been a while since you visited us, we invite you to stop by any branch, say hello, and see all the great things we have to offer. If you are not a member yet, we would love to get to know you and show you the credit union difference.

We kick off Member Appreciation Week with a Shred-A-Thon on Friday, February 22, noon-4pm at all branches. Enjoy refreshments, prizes, and good company while you have your outdated and old records destroyed via shredding.

We also want to show you, our members, just how much we appreciate you with specials- exclusively for you!

Special Offers Just for Our Members

Give the gift of membership and get $35!
Get your friends and family to join, and you’ll each receive $351. Simply have the friend or family member you are referring bring in the completed Special Membership Form to join- That’s $35 for you and $35 for them once they become a member. It doesn’t get any better than that.

Refinance and get a great rate on your auto loan plus $100!
Bring your auto loan with another financial institution to Members First and get a great rate and low payment plus $1002. Take advantage of this special offer and drive off with a smile.

Open an additional account and earn $25!
Have a savings account with us, but no checking? We will pay you $253 when you open a qualifying account (Checking, Credit Card, or Line of Credit) during Member Appreciation Week.

Why We Care

Members First Credit Union exists to serve our members, not to increase our bottom line. We focus on superb customer service, and our member satisfaction sets us apart from other financial institutions. As a not-for-profit institution, we return our earnings to members in the form of higher interest on deposits, lower loan rates, and fewer fees.

The Members First Difference

• Members First strives to provide all members with excellent service and great member care.
• Members First gave $56,407.89 cash back to Rewards Club Members in 2012 alone!
• Members First Credit Cards have low rates that will not fluctuate.
• Members First has great rates on loans and helps lower payments.
• Members First has high return rates on CDs.
• Members First offers many free services to our members like Free Checking, free automatic payment transfers, free debit cards, free and easy to use Internet banking, bill pay, and Mobil banking.

Federally insured by NCUA. Offer available only during February 22-28. 1This offer may not be combined with any other new-member offers at the time of the account opening. Must be eligible to join. Accounts must be in good standing for credits to be processed. 2Within 30 days of the first full payment, $100 will be credited to the primary applicant’s savings account. Existing Members First loans are not eligible for this offer. All offers subject to credit approval. Minimum loan amount must be $5,000 to qualify for $100 credit. 3A qualifying account as described above must be opened to get $25 cash. Youth members must have a co-signer if under the age of 21. Must be over the age of 17 to apply for a credit card if youth member can show proof of income.
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New Year, New Financial You

January 8, 2013 By admin Leave a Comment

Members First is always here to help you become financially fit

The New Year has come and most of us have made New Year’s resolutions about our weight, our lifestyle, and our careers. Yet, most of our resolutions can become successful by starting with just one, becoming financially fit.  When our finances are in order, we are less stressed and have more time to pursue other goals. To help you become and stay financially fit, here are some ideas and tools to help you become financially fit throughout the year.

Open a secondary savings or checking account and set up automatic deductions. One concept that may help you save for a particular item or event, plan ahead for vacations or even next Holiday Season is opening a secondary savings or checking account.  The idea is that if you have a custom  account with the sole purpose of saving for a specific event such as that dream vacation, that shiny new car or those holiday gifts, you will be less likely to spend that money because it is in an account that you don’t normally use.  Another great way to help you save is by setting up automatic deductions from your checking account to your savings account or from your electronically deposited payroll to your savings accounts.  By setting up these deductions to happen on a specific date or when you receive your paycheck you will be less likely to miss those extra dollars. Not only will the deductions add up in no time, you will realize that you won’t miss those extra dollars as much as you thought. These deductions are easy to set up since it is normally a one-time arrangement you make with your financial institution until otherwise specified.

Join the Rewards Club. Most of us rely on our credit cards to make everything from household purchases to paying bills, so why not make sure that credit card you are using is paying you back in some way. When using a credit card that has an affiliation to a rewards club, not only do you get paid back for the purchases you make but you also receive other perks such as free travelers checks,  money orders, and other services as well discounts on other times such as safety deposit boxes or personal checks. Signing up can be very easy as most of the time you may already possess the requirements necessary to join a rewards club. An example is how Members First gave $56,407.89 cash back to its Rewards Club Members at the end of 2012.

Utilize Other Services: Bill Pay and Text Banking. Most of us already use internet banking or mobile banking to help keep track of our finances and account balances but you may not be utilizing other free products that are available like Electronic Bill Pay or features like text banking and money balance alerts. These free products can help you stay on track with budgeting and making sure you are not over drawing your accounts, incurring late fees or overdraft fees. Electronic Bill Pay is an easy way to keep track of recurring bills such as your utility bills and loan payments. By setting up when your payments are made, you are in control of making sure the bills are getting paid without having to worry about writing checks, putting stamps on envelopes, not having a payment trail, or remembering usernames and passwords for other payment sites. Text banking and money balance alerts can be set up in your internet banking setting. With text banking, you can activate any mobile device that has text features access to your bank account.  Once a device has been enrolled in text banking, by sending a text to your financial institution, you can quickly receive your balance, your last 5 to 10 transactions, and quickly transfer funds from one account to another. Once you have set up your mobile device to receive text banking you can enroll in money balance alerts. These alerts let your finance institution send you an alert in the form of a text when you reach a predetermined balance or when you are getting too close to zero. These alerts help you make sure you are aware of your account balance and don’t end up with overdraft fees or insufficient fund fees. 

No matter what concept or tool you decide to use in order to help you be more money conscious, you will be better for it in the end.  By becoming financially fit you will feel empowered to tackle those other resolutions you made at the beginning of this year. Members First is always here to ensure your financial fitness and guide you through the process.  Stop by a branch today.

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Safeguard Yourself from the Grinch

December 5, 2012 By admin Leave a Comment

Are you safe while shopping online?

 

The shopping season is underway, and retail holiday sales are booming. However, many of us will skip the crowds and lines with hopes of finding the perfect gifts online. ComScore Inc., a retail measurement firm, has already predicted that online sales will increase by 15% to 18% from last year; and, growth projections for this year will put online sales from November 1st to December 31st between $42.78 billion and $43.89 billion. This includes the 4 out of 5 smartphone users who will also be shopping online. With everything that internet shops have to offer and the convenience of being able to do our online shopping anywhere and anytime, shopping safely is key. Here are a few ways to keep you and your financial information safe while getting all the great gifts you are looking for.

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Go Where You Know It’s Safe. There are so many rouge websites and apps on the internet today. By shopping where you have shopped before, or by sticking with known retail websites you can rest easier and know that your personal information, as well as your financial information, are safe. When shopping on new websites or smaller retail operations, always verify website security. You can make sure it is secure by looking for the small lock icon or padlock in the lower right corner of the screen or in what is called the “status bar” or right next to the URL. Another way to make sure you are in a secure website when you are completing your purchase is to check its URL. A secure URL will start with HTTPS:// instead of http://.

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Check Your Statements Often. It’s really easy to get caught up with your shopping and not realize how much you are actually spending. Don’t wait until the end of the month to check your credit card transactions or your bank balance. Not only can we can overspend, but errors can occur, and fraudulent charges could be posting into your accounts. If you do have errors from retailers or fraudulent charges posted on your account, don’t wait… report them to your financial institution immediately. Some financial institutions and credit card companies only allow you to dispute up to 60 days; and, that may be too late when it comes to your checking account overdrawing or your payment being due for your credit card.

Don’t Shop in Public Places. While it may be fast and convenient to shop on your smartphone or tablet while you are waiting in a restaurant, the library or the waiting room, it’s not always safe. You may not be aware of who is watching you input your financial information or the kind of protection the free internet service has from hackers. Also, beware of shopping while using a public computer. Remember that you have no control over what other people do on that computer before and after you use it. There could be spyware and malware infecting the computer, and your personal and financial information could be compromised.

Know What Scams Are Out and About On The Internet. The Holidays may be a time for gift buying and sharing, but they are also the highest times for scams. By being aware of how others are trying to get your information, in this case, knowledge is power. Be aware of “phishing,” a scheme in which thieves attempt to get your sign-in credentials, credit card, or banking information by pretending to be a real website or by sending you fake emails. Never reply to these emails, and remember that your financial institution will never contact you via email and/or will never ask you for personal information over the internet. If you ever have any doubt, contact your financial institution to verify the email or go to their website by opening another web browser. Never use the links provided on the email. Also be aware of social media malware and emails from fake retailers with offers that are just “too good to be true”. Remember that social media is a fast way for a scam to go viral, so be wary of what you click on while visiting social media sites (Facebook, Twitter, MySpace.) Lastly, if an offer does sound too good to be true, it probably isn’t true. Always verify any promotion by going to the retailer’s website in a new browser. Remember, skepticism can go a long way towards saving you and your financial information.

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Giving Back During the Holiday Season

November 2, 2012 By admin Leave a Comment

At Members First we partner with charitable organizations to give back during the Holiday Season.

The Holidays are here, and there is always so much activity around us. This year, remember the spirit of giving by helping those in need. Here are a few ideas on how to spread the cheer.

Clean out your home
While you are getting your home ready for the holidays, take a moment to see if there are any items that you are no longer using or are sitting in your closets collecting dust. Many items like clothes, shoes, furniture, and household appliances can be used by organizations around your town or for people in need. So, while you get an even cleaner home, others benefit as well.

Shop Local Businesses
A great way to give back can be done by doing what you would normally do this holiday season, and that’s shop! Go shopping at your local businesses, downtown shops, or even at your local craft fairs. You may be surprised at the selection you will find from the local work force. Not only will you find great gifts; but, you will be supporting your local economy and you will have one-of-a-kind gifts.

Donate to a charitable organization
There are several ways you can donate to charity. One way you can donate to charity is monetary. There are many organizations that will use your monetary donations for not just the holiday season, but to fund projects throughout the year. There are also businesses, like Members First, that partner with organizations like the Goodwill Easter Seals of the Gulf Coast and the Salvation Army to help you give back to others in need. You can go to any of Members First’s branches and pick up a 2012 Christmas on the Coast Ornament- Seville Gazebo from Goodwill Easter Seals- with all proceeds from the sale of the ornaments going to help over 8,000 children and adults with disabilities on the Gulf Coast. You can also pick up an Angel Tag from the Salvation Army’s “Angel Tree” to adopt a child from Escambia or Santa Rosa County who is 13 years and younger and less fortunate.

If you can’t give back with monetary items, your time and talents would be greatly appreciated. Many organizations are always looking for volunteers. Also, nursing homes, hospitals, and even your neighbors, may benefit from your time or even a home-cooked meal.

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Celebrate Penny Pinchers

October 5, 2012 By admin Leave a Comment

This weekend’s International Frugal Fun Day

By Mark Reed

It’s no secret that Americans are notoriously bad at saving money. Saving always gets pushed to the back of most people’s priority list. It’s always a good idea for you and your members to save for a rainy day, and what better day to start than tomorrow’s International Frugal Fun Day?

Although Saturday is most likely the day when many people splurge and relax after a long work week, try and help your members make this Saturday different. Here are some frugal-friendly tips to help members boost savings:

Create a budget. One tip for Frugal Fun Day that can last much longer than this weekend is to create a budget. It is amazing how many people do not know where they spend their money. Sit down with a few months worth of bank or credit card statements and make a list of your spending. I’m willing to bet you could find multiple areas that you could cut back on. It may take a few months to work out the kinks in your budget, but without one, you may never reach your financial goals.

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Eat-in this weekend. It’s always more appealing to have someone else do the cooking. And eating out means no dishes to wash either. But glance at how much you spend on food and you might be surprised. Eating in can be creative, healthy and fun all while saving you money. As an added bonus, try to take one day a week and refrain from buying any food. Pack your lunch, cook your own dinner, and skip the Starbucks latte. Over time you’ll be amazed at the amount of money this can save without significantly changing your lifestyle.

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Find your nearest Redbox. Instead of spending $15 on one movie ticket to see the newest box office film, rent a movie from Redbox. Their movies are typically $1 per night and they offer a wide selection of movies recently released on DVD. This simple solution can still provide entertainment on a Saturday night while beefing up your savings account.

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Check out your local library. Libraries may seem like a thing of the past to most people, but they are a great place to help boost your savings today. How many books have you purchased that are now collecting dust on your bookshelf? You will probably discover many interesting books you didn’t even know were out there. Libraries also offer CDs and movies and TV shows on DVD as well.

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Don’t be fooled by “bargains.” If you absolutely must go shopping on Frugal Fun Day, at least try not to fall for the “bargains” out there. When you are at the grocery store, saving 50 cents on an item you had no intention of purchasing in the first place isn’t going to help you save money. If you’re at the mall, you will most likely see the “buy one, get one-half off” sales. If you don’t need two of that item, saving 50% doesn’t make sense. Try going to the store with a list of items you absolutely need and stick to that.

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Members Matter Most

October 1, 2012 By admin Leave a Comment

At Members First, Members Matter Most

With seven billion people living in the world, each passing moment provides an opportunity to help one another. By losing ourselves in a cause we believe in and are prepared to fight for, we can find both happiness and genuine success.

This year on October 18, 2012, credit unions in 100 countries will celebrate International Credit Union (ICU) Day by banding together and appreciating their members.

As a credit union member, you belong to a global movement in which people help people. Worldwide, 188 million members experience the benefits of belonging to a financial cooperative that believes in and is willing to fight for this year’s message: “Members Matter Most.”

Credit unions exist to serve you, the member, not to increase the bottom line. A focus on superb customer service and member satisfaction sets credit unions apart from other financial institutions. As not-for-profit cooperative institutions, credit unions return their earnings to members in the form of higher interest on deposits, lower loan rates, and fewer fees.

Irrespective of the amount you have on deposit with us, you are a member and an owner, with equal ownership and one vote. Members are never just numbers; your ownership empowers you and provides a voice.

In addition to member control, credit unions offer education and training programs. Fifty-four percent of Americans ages 18 to 34 check their social media accounts daily, while less than one third do a daily check on their financial statements. Credit unions actively focus on creating fiscally responsible members through their wide variety of education programs, which positively impact savings and spending habits for a lifetime.

Member control, education and training programs, and concern for the community are key cooperative values that differentiate credit unions from other financial institutions. Our people-first philosophy illustrates an underlying credit union message that will be celebrated this fall. ICU Day’s theme, “Members Matter Most,” conveys a simple message that strikes home in its ability to communicate our top priority.

Credit union membership affects lives around the world. Reina and Rofina, women from an isolated community in Mexico, gained access to a nearby credit union five years ago when a road was built. The credit union secured a loan to build a food distribution center where they now work dispensing beans, rice, and sugar to surrounding villages. Caja Zongolica, their credit union, created stability for Reina and Rofina and their family’s future. It’s people like you, Reina, and Rofina who make the credit union difference a reality.

Copyright 2012 Credit Union National Association Inc.

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How to Financially Prepare for a Hurricane or Other Natural Disaster

September 5, 2012 By admin Leave a Comment
A Disaster Preparedness Guide

From a natural disaster to a household accident, emergencies often come when we least expect them. However, most often, we are not financially prepared for them. Don’t let emergencies sneak up on you. Start preparing ahead of time by doing the following to ensure you are ready no matter what life may throw at you.

 

Create your financial emergency kit. Locate and organize your important financial documents to ensure that you have all originals when they are needed. Some of these documents include:

  • Birth Certificates/Adoption Papers
  •  Marriage License/Certificate
  • Divorce Papers
  • Social Security Cards
  • Passport/Green Card
  • Naturalization Papers
  • Will
  • Power(s) of Attorney (personal/property)
  • Mortgage or Real Estate Deeds of Trust
  • Vehicle Registration/Ownership Papers
  • Tax Statements
  • Financial Accounts Statements
  • Sources of Income/Assets (Social Security/Alimony/Frequent Flyer Programs)
  • Financial Obligations (Mortgage Statement/Lease/Student Loans/Car Payment)
  • Insurance Information (Property/Rental/Auto/Life)
  • Medical Information (Immunization Records/ List of Medication- prescriptions/Health Insurace Cards)
  • Private Security Access Information for Electronic Accounts (No Passwords, but tips and PINs)
  • Contact Information for Key Personnel (Attorneys, Accountants, Employers, Financial Advisors)
  • Important Photographs
  • Computer Back-up Disk

Keeping these original documents safe in a location like a safety deposit box protects your important personal information from harm and will be easier to access if an emergency strikes your home. However, keeping a copy of all documents at home in a fireproof/waterproof metal box or safe, with some cash in case ATMs are not working, will also be helpful when time is of the essence.

Share your intentions with someone you trust. You have taken all necessary steps to be financially prepared for any kind of emergency, but sharing your intentions with someone you trust is also very important. If you are in any way incapacitated or unreachable, you must have someone to step in and help you secure your finances, your information, and possibly your health.

Whenever an unexpected situation arises, being prepared will give you a little more peace of mind and time to help you navigate to a successful outcome.

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Back-to-School

August 1, 2012 By admin Leave a Comment
Back-to-School

Back-to-School is made easier with the Members First Back to School Loan.

It’s back to school time and everyone is ready to go shopping. To ease the pain on your wallet, here are a few tips to help you save:

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Take inventory and make a budget. Before you run to any store, take inventory of what you already have at home. This will help you have a clear list of what you need. Once you have compiled a list, it will be easier for you to resist all those shiny objects at the store and separate your wants from your needs. Taking inventory will also help you when you are preparing your budget. Your budget should detail how much you want to spend for every item or groups of items. Being conscious of your budget will lessen the chance of you over spending, stay on track with your finances and have a clear picture of what you will be shopping for.

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Shop the sales. Most stores have back-to-school deals. Many retailers post or announce their sales with special circulars on their websites or Facebook. By looking at these items and sites ahead of time and knowing items availability and sales, you can cut down on the number of places you actually need to go. This saves you on gas and time. Once you are at the store, use your smart phone to comparison shop with apps like RedLaser or use your browser to compare store prices with online prices. Keep in mind that some retailers also have special coupons or special promotions to reduce your purchase total.

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Take advantage of the Tax Free Holiday. Most states designate an entire week or weekend for you to make back-to-school purchases without paying taxes on your items. In Florida, for an entire weekend you can purchase books, clothing, and footwear without taxes, as long as the item is $75 or less. You can also purchase school supplies without taxes, as long as they are $15 or less. This tax free weekend also includes items such as football cleats and spiked shoes that are needed for sports.

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Stop by your credit union. Computers, iPads, and scientific calculators can be costly. As your financial partner, Members First has a way to help you get all the items you need for back to school. With the Back-To-School Loan, you can rest easy knowing that you have a low-interest rate and low payment.

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Credit Unions: We are still giving banking a better name

July 2, 2012 By admin Leave a Comment

Members First gives banking a better name

Credit unions are better than banks because:

10. On average, they have better rates and lower fees.

9. They earn higher customer satisfaction ratings.

8. They are not-for-profit and as a result are able pass along savings to their members.

7. Every member is an owner; so, there is no question whose interests will be served.

6. They give back to their communities with financial education and counseling services.

5. The decision-making at smaller institutions is quicker.

4. They provide services that are tailored to the people who use them, rather than being profit driven.

3. They may offer more personal customer service.

2. They stand by their model of people serving people.

1. Credit Unions in Florida saved their members $239,740,248 last year.

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