09 Aug

Banking for Students

Banking for Students

As a student, your schedule can vary widely from day to day, along with your financial needs. It’s important that your credit union be flexible and grow with you as your needs change. RMLEFCU offers a number of convenient features for students, such as mobile banking, person-2-person transfers, and shared branching. Rocky Mountain Law Enforcement Federal Credit Union also has a first time Visa credit card for students without any credit history. Banking for students is not just limited to whatever institution has an ATM near campus – use RMLEFCU when you are away at school for both its convenience and unbeatably low rates.

Convenience

With RMLEFCU you can do most banking transactions from your phone or online, which is perfect for students that don’t have the time or transportation to get to a branch. This includes depositing checks, transferring money, checking your balance, and more.

If you are not near an RMLEFCU branch and do need to visit in person, RMLEFCU makes that possible by partnering with over 5,000 credit unions across the United States. Wherever you are going to school, RMLEFCU will go with you. Visit any partner credit union to perform your in-branch transactions.

Take advantage of free overdraft protection and courtesy pay for those students that are a little tight on cash. Your card will not be declined for insufficient funds and you do not need to worry about ATM fees either. With a Kasasa checking account, up to $25 in ATM fees are refundable each month.

Person-2-Person Transfers

As a student, there is a lot of splitting costs for meals and bills with roommates. RMLEFCU offers person-2-person transfers for those unpredictable times that you need to give someone money but don’t have (or want to pull out) any cash. Using either online banking or your mobile phone app, you can transfer funds from your bank account directly to someone else. Who carries cash these days anyways?

Build Credit Early

Most students don’t have much credit yet, but the time to build it is now. RMLEFCU can help you get your first credit card and establish length of account history with a checking account. RMLEFCU has reasonable interest rates for credit cards, even for first time card holders. By working on establishing credit as a student, after graduation you will be able to get great rates on everything from a car to your first house.

Pay for School

Another popular feature for students is using a HELOC to pay for schooling/living expenses. Having your parents take out a Home Equity Line of Credit, or a HELOC, to pay for schooling will help keep your interest rates low – saving both students and parents a lot of money. It can be drawn on when needed and paid back as you are able to.

RMLEFCU – Banking for Students

With shared branching, online banking, and mobile banking, you can get everything you need as a member of Rocky Mountain Law Enforcement Federal Credit Union even when you are away at school. Take advantage of our low rates for first time card holders and build credit now so you are in a good place after college to start making those large purchases.

31 Jul

Try Mobile Payments for a Faster, More Secure Way to Pay

Mobile Payments

Everyone these days has a smartphone, so why not use it to take advantage of the ability to make mobile payments for everything from groceries to online shopping? Not only is making a payment with your smartphone quick, but it will actually cut down on your risk of having your credit card information stolen. Your debit/credit card never has to leave your pocket and the merchant never has access to your information.

Easy to Set Up

Most smartphones come with an application to set up mobile payments, whether it be Apply Pay, Android Pay, Visa Checkout, or Samsung Pay. Add one or more of your debit/credit cards by entering the required information (card number, expiration, etc.) and save it your phone. It takes just about as long to set it up as it takes to make a purchase online, but you only have to do it once!

Better Protection Against Fraud

Each time you use a mobile payment instead of swiping your card, you decrease your chance of falling victim to credit card fraud. The merchant will never see your physical card and your unencrypted credit card information will never enter their system.

By not swiping your card, your risk of falling victim to a skimmer is eliminated as well. It is not uncommon for thieves to attach secondary skimmers to credit card readers and save your information to their machine in addition to the merchant’s device you intended to use. By not swiping your card, you will not have to risk your information being skimmed in this way.

Convenience

With mobile payments from your smartphone, your payment process will be cut down to a fraction of the time it typically takes with a chip card. No fishing through your wallet, swiping, waiting, entering your pin, waiting, then waiting some more as the clerk prints out your receipt. With mobile payments you simply place your phone over the cashier’s receiver and viola! You can grab your things and be on your way.

Have you ever been on your way to the store and realized you forgot your credit card? Or worse, gotten all the way to cash register and realized you won’t be able to pay for your items? With mobile payments, as long as you’ve got your smartphone by your side (and come on, who doesn’t) you will always have a way to pay.

Faster and More Secure

Add your credit and debit cards to your smartphone’s mobile payment app and benefit from both heightened security and enhanced convenience. Your financial information will never leave your hands and your time spent waiting on cash registers just got all but eliminated!

19 Jul

Colorado First Time Home Buyer Tips

colorado first time home buyer

Getting ready to buy your first home can feel a bit like a trip into the unknown – one with pretty high stakes too. By taking the process in stages, you can be sure that you are prepared to take the plunge and properly prepare your finances before the big purchase. Read our Colorado first time home buyer tips to get you started on your path to homeownership.

Get Your Credit Score Up

Buying a home is likely going to be the biggest purchase of your life, so getting a good interest rate will make a huge difference in how much you pay over the life of the loan. Your interest rate is largely determined based on your income and your credit history.

Get your credit score up as high as you possibly can before applying for a mortgage. If your score is low, it is worth it to take some time to work on it. Your score will have a big impact on your interest rate. Check out our credit builder loan to help improve your credit.

A good place to start if you want to get your credit score up is to get a full credit report. This will tell any about any outstanding debts, how long you have had all of your accounts, what your total debt amount is, and will even tell you what’s hurting your score and what’s helping. Take the advice seriously and fix the things you can, like paying off outstanding debt and cutting back your credit card spending. In the months before you apply don’t make any changes to your credit, such as take out a new credit card or apply for anything that might run a hard credit inquiry, this can cause dips in your score.

Get Pre-Approved for a Loan Before You Look

Don’t fall in love with a house you can’t afford! Before you even start to look, meet with a loan officer and get pre-approved for a mortgage amount. Have the loan officer show you what your monthly payment would be at different loan amounts and settle on an amount that is comfortable for you to pay back. Remember – you don’t have to use the total loan amount you are approved for!

Once you start looking, save yourself some pain and don’t go see houses you can’t afford or that would be at the top of your budget. If you are using a realtor, be firm on what your ceiling is. Trying to afford a house out of your reach won’t end well. With enough patience, everyone can find a home that will work for them in their price range.

Pick an Area or Neighborhood & Don’t Settle

You know how they say location, location, location? Well, it’s true how important it is – location is everything. Pick a town or neighborhood you want to live in and stick to it. Weigh your commute to work, proximity to amenities and hobbies, and even the crime rate and school districts.

Is there a part of town you would hate to be in every day? Avoid looking at houses in that area. Is there a neighborhood you would love to live in but are worried you can’t afford it? Just stick with the hunt and go see houses right when they come on the market. With a little luck and patience, you might be the one to snag that rare deal.

Colorado First Time Home Buyer

The Colorado landscape changes quickly and can be intimidating for seasoned investors, let alone first time home buyers. Prepare for your first mortgage as early in your financial life as you can and find a few trusted professionals like us to help along the way.

12 Jul

Coming Soon: A New Look for Online Banking!

We’re keeping members first with this summer’s upgrade

This summer, our internet and mobile banking interfaces are getting an overhaul, but it’s not just a pretty facelift. By August, you’ll find slicker, smoother banking online. “It’s important for us to stay in step with leading technologies,” says Christine Wiley, RMLEFCU President/CEO. “In implementing the proven tools in the update, and keeping pace with continuing development, we continue to offer a ‘Best in Class’ interface to all our members.”

Internet and Mobile Banking Upgrades include:

  • Member-centric interface, rather than account centric. Members will have a unique username, and once registered in the new system, will have access to all their accounts. We are moving from the account centric system, where all you can see is the account you are signed into, to a member centric platform which shows all account relationships tied to the user. You can even add external bank accounts into your RMLEFCU login!
  • Person-to-person transfers (P2P). P2P Payment is an online technology that allows members to transfer funds from their bank account, debit or credit card to another person’s account via the internet or mobile phone.
  • Wire transfers. Members will be able to transfer funds to and from other institutions to or from their credit union accounts.
  • Interactive budgeting app. An app that helps you stay on track with your spending.
  • Enhancements to Bill Pay.
  • Customizable screens so you see only what you need.

And Phase II will offer even more!

As the late-summer implementation approaches, we’ll keep you abreast of the coming changes. The transition will be a smooth one, as the tools are already well-proven in the financial industry. And don’t worry: the RMLEFCU staff will be ready to answer your questions or concerns.

29 Jun

2017 Biscuit Bus Challenge: Show Your Patriotism

Biscuit Bus Challenge

Once again, RMLEFCU is giving a lucky local Colorado Law Enforcement department a visit from the Biscuit Bus. Could it be yours?

Here’s how it works:

  • Take a photo of your department showing its patriotism
  • Tag @RMLEFCU in a photo you post on Facebook or Instagram, or post it on the RMLEFCU Facebook page
  • Collect the most likes by 3pm on July 19th
  • Eat delicious biscuits. Nom nom nom…

The department represented by the patriotic photo with the most likes on July 19th at 3pm will win a complimentary visit from the Biscuit Bus! We will also randomly select two other departments to receive a visit by Fat Sully’s Pizza truck as runner-ups.

Show your patriotism and we’ll show you the biscuits! #2017BiscuitBusChallenge

*This contest is only valid for Colorado law enforcement departments whose employees are eligible for RMLEFCU membership. This promotion is in no way sponsored, endorsed or administered by, or associated with, Instagram or Facebook. RMLEFCU has the right to refuse entries. Contest rules and prizes are subject to change without notice. If your department location is not in range of the Biscuit Bus or Fat Sully’s, an alternative meal option will be issued.

See on Facebook Now

27 Jun

Giving a Child a Credit Card: Why It’s Not as Crazy an Idea as It Sounds

Giving a Child a Credit Card

Do you remember when it first started to really sink in that you were going to have to repay all of those purchases you racked up on your credit card, plus interest? Many of us learn this lesson in early adulthood when we first become financially independent, but there is a way to help your children to this epiphany before it has to happen the hard way. By giving a child a credit card at an age as young as 12, you can keep the training wheels on while still helping them build credit and learn valuable financial lessons.

Builds Accountability

Skills like budgeting and money management come with practice, so why not start early?

Giving a cash allowance to a child is one step in building accountability, but giving them the capability to make credit purchases will take that budgeting training to the next level. Learning about delayed consequences for your spending decisions is something many adults have not even mastered yet. Start instilling the idea that choices you make today will always have consequences tomorrow while your children are still young.

Learn About How and When to Use Credit Cards

There is no harm in responsible use of credit cards. Using credit cards regularly will help lenders see that you are reliable to pay off debts, and when you are confident that you can afford to repay what you have borrowed, credit cards can be used to earn reward points and budget large purchases.

Giving a child practice making decisions of when to use credit versus cash will give them valuable financial practice for their adult life, and hopefully, avoid later falling into debt.

Online shopping is still growing and credit cards tend to be safer than debit for online purchases. By giving your child their own, they can make online purchases with their own money and not need to borrow a parent’s credit card.

Establish Credit Early

Many people begin building credit once they are adults. By allowing a child as young as 12 to have a credit card in their name, you can help them to build valuable credit gradually and be better prepared for larger purchases as young adults such as college loans, vehicles, and eventually their first home.

Parents Are Still in Control

With credit cards for children under 18, a parent or guardian can still be the responsible party and can track their child’s spending. These cards tend to have low, manageable limits and can be linked to a debt account for easy payments. You can kill two birds with one stone by giving a child a credit card; learn how to responsibly use a credit card while establishing a credit history.

Giving a Child a Credit Card

Open a credit card for your child in their name to help them learn valuable financial lessons early on in life. You will still retain control and the ability to track their spending, but with them being the primary holder, you can more closely give them the accountability a credit card of their own will one day require.