RMLEFCU Blog - A blog for all things law enforcement and credit union related.

12 Jul

Kasasa Cash vs. Kasasa Cash Back

If you’re thinking about upgrading your RMLEFCU checking account to Kasasa, you may have noticed that there are two different account options. While both are free, offer great rewards and ultimately put more cash back into your pocket, there are a few differences between them that might make one more attractive to you over the other.

Kasasa Cash

Kasasa Cash is a checking account that pays monthly cash rewards based on your account balance. The dividends for various balances are the following:

3.00% APY* on balances up to $10,000
3.00 to 0.73% APY on balances over $10,000 depending on balance in account*
0.05% APY* if qualifications aren’t met

You only need $50 to open a Kasasa Cash account and start earning monthly dividends!

Kasasa Cash Back

Kasasa Cash Back account holders earn 3% cash back on all monthly debit card purchases. You swipe your card, we’ll put some cash back in your account. It’s that simple! You can earn up to $9 cash back per month on purchases up to $300 with no category restrictions.

How to Qualify

To earn your monthly rewards for either account simply do the following:

Have at least 12 signature-based debit card purchases post and settle
Be enrolled and agree to receive eStatement notice
Have at least 1 direct deposit/ACH credit transaction post and settle

In other words, what most people are already doing with their checking accounts can be earning you extra rewards! And don’t worry – if you don’t meet all the qualifications for the month, it’s no big deal. Your account is still free, and you can get right back to earning your rewards the very next month.

Both accounts offer ATM refunds nationwide, free online and mobile banking, and no services fees. So, what are you waiting for? Sign up for Kasasa and start getting paid to bank with RMLEFCU today!

*APY=Annual Percentage Yield. APYs accurate as of 05/31/2016. Rates may change after account is opened. Minimum to open is $50. If qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed up to $25 and credited to account on the last day of monthly statement cycle; (2) balances up to $10,000 receive APY of 3.00%; and (3) balances over $10,000 earn 0.50% dividend rate on portion of balance over $10,000, resulting in 3.00% – 0.73% APY depending on the balance. If qualifications are not met, all balances earn 0.05% APY. Qualifying transactions must post to and settle account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle an account. ATM-processed transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Transfers between accounts do not count as qualifying transactions. PIN based transactions do not count towards qualifying debit card transactions. Limit one account per SSN. ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher.

09 Jul

Littleton Unparalleled Community Impact Award Ceremony

We had the honor of presenting Officer David Ford, of the Littleton Police Department, with the Unparalleled Community Impact Award. He is currently assigned to the traffic unit as an accident reconstruction expert and traffic enforcement officer. He also serves on the SWAT Team as a negotiator. He has been the coordinator and organizer for his department’s Shop with a Cop program. This program pairs a child from a less-privileged neighborhood with a police officer and they go shopping for Christmas presents together. Not only does the program provide numerous children with Christmas gifts, but it also fosters positive relationships between the police and the community. In addition to organizing and being a shopper for the event, David solicits community donations. This year is planned to have the best turnout for the event yet, all due to David’s hard work and dedication to the cause.

Photos from the 2015 Denver Shop with a Cop event. (above)

The Littleton Unparalleled Community Impact Award ceremony was an emotional one. Officer Ford received the award before his friends, family, and colleagues and gave a heartwarming speech about why he is passionate about the work he does for the community. He explained that his motivation for becoming a police officer stemmed from his respect and admiration for a security guard from his high school that positively impacted him during his youth. His dedication to his work and his community is undeniable, and there is no doubt why he was the recipient of this honorable award.

If you were unable to make it to the ceremony, check out the coverage of the event and see David’s story!

25 Jun

Why Your Credit Score is Important

We all know that credit scores are important, but do you really know why? We’re here to let you know what goes into your credit score and why it’s important to keep it at a good level.

What is a Credit Score?

A credit score is a numerical value used to evaluate a consumer’s creditworthiness based on financial history. The scores range anywhere from 300-850 (bad to good accordingly) and are determined by three main credit bureaus; Equifax, Experian, and TransUnion. They are based on things like on-time payments and how many accounts you have open in good standing.

Loans

When applying for a loan, financial institutions look at your credit score and credit history to determine if you’ve proven to be responsible with your payments in the past. They do this to ensure that they only give loans to the people who they are more confident will be able to pay them off. That is not to say that you cannot get a loan if you have a less-than-great credit score. Typically, the lower your credit score, the higher your interest rate on the loan will be because you are considered a higher liability customer. This can add up quickly for large mortgage or home loans, as interest can accrue over time making it more difficult to pay off the balance of the loan.

Renting

If you’ve ever rented a house before, you know that landlords and property managers commonly ask for your social security number. This is because they’re running a background and credit check on you to determine if you will pay your rent on time. If your credit score is too low for their liking, they will more than likely reject your application and you will be stuck looking for another place to live.

Employers

Sometimes, employers will look at their prospective employees’ backgrounds and credit scores to assess the risk of hiring a candidate before extending an offer. This is most common in finance roles or in a position where you will be responsible for handling company money. The thought process being, if you can’t handle your own finances well, how could you manage those of others?

If you need help building your credit or repairing damaged credit, our credit builder loan is a perfect way to build positive credit without any risk. Learn more and apply online today

18 Jun

Northglenn Unparalleled Community Award Ceremony

(Credit: CBS)

This past week at the Northglenn Community Center, we had the honor of presenting Northglenn Police Department officers with the Unparalleled Community Impact Award and Outstanding Act of Service Awards.

The awards are meant to honor law enforcement officers who consistently demonstrate outstanding community service. We created this award because we are constantly impressed with the exceptional community service our local law enforcement officers demonstrate and believe their good deeds should be formally recognized and appreciated. We value our members and their noble professions, and we would like to acknowledge the great community we serve.

Officer Brian Kidwell received the Unparalleled Community Impact Award for his leadership and organization of the annual “No Shave Novembeard” for the American Cancer Society. For this event, all staff members are allowed to grow beards and goatees for the month of November in an effort to raise money for the American Cancer Society and build awareness throughout the department. Officer Kidwell has organized the event, solicited donations and participant gifts, and organized the shave-off with Floyd’s Barbershop in Northglenn. In 2017, he took it to the next level by going three months with no shave to raise even more money.

Northglenn officers Lindsey Queiser, Chad Reffel, Patrick Toelle, and Ibrahim Yasin received the Outstanding Act of Service Awards for their heroic acts involving a roll-over car accident. The team of Queiser, Reffel, Toelle, and Yasin responded to a vehicle rollover accident in March. When the officers arrived, the vehicle was flipped over and on fire, and it was unknown if the driver was in the vehicle. With a closer look, they observed the driver was pinned inside the vehicle. Together, they were able to get the driver out before the entire car was engulfed in flames. The driver made an appearance at the event and personally thanked the officers for saving his life.

After the award ceremony, attendees were invited to enjoy food from the Denver Biscuit Bus compliments of RMLECU.

If you weren’t able to make it to the event, check out the coverage from CBS and 9News!

06 Jun

Introducing: RMLEFCU’s Relationship Rate

Our low-rate auto loans just got even better (if you can even believe that)! Now, until September 30^th, 2018, you can take an extra 0.5%* off our already rock-bottom auto loan rates by qualifying for our exclusive Relationship Rate!

What Is It?

The RMLEFCU Relationship Rate allows qualifying members to take an extra 0.5% off of our auto and motorcycle loan rates. That means you’ll be getting an even lower rate for the entire duration of your loan!

How to Qualify

Simply use four of these five RMLEFCU services to qualify for an additional 0.5% off your loan:

Not only will using these services make your finances easier, but they will lower your auto loan rate as well!

The best place to start when shopping for a new or used vehicle is always your credit union! Contact us at 303-458-6660 or stop by a branch to learn more about our auto loan services and get pre-approved today!

* With approved credit. Some restrictions may apply. Offer expires after September 30, 2018.

25 May

How to Pay Off Student Loans Fast

If you’ve ever had student loans, you know that repaying them is no joke. Not only do the payments seem never-ending, but their high interest rates can add up very quickly. We’re here to give you a few tips that we’ve learned over the years to make paying off your educational expenses as quick and painless as possible.

Pay More Than the Minimum

We know paying more than the minimum payment each month is easier said than done, but if you find yourself with a little extra cash sometimes, it is best used to pay off your current debts. Some months you may only be able to make the minimum payment, and that’s okay. Just keep in mind that if you continue to pay only the minimum amount needed, you will end up paying more interest in the long run.

Make Extra Payments

Similar to the above point, making extra payments throughout the year will ultimately help you pay off your student debt faster and accrue less interest. This can be as simple as making an extra payment once every 3 months, for a total of 4 per year. That will lower your debt by 33% each year, making you that much closer to being debt free. Once you start making a habit out of it, the extra payments won’t seem so “extra” at all and your bank account won’t suffer in the long run.

Pay off High-Interest Debt First

This may seem like a no-brainer, but it is best to pay off loans with higher interest rates first to stop the “snowball effect” of accruing interest. It is most effective to pay off these high-interest loans with large lump sums, such as tax returns or holiday bonuses, to see the most return. When you pay off large amounts at a time, the interest can only be applied to the amount you still have left to pay, which will be quite a bit lower, depending on the amount of your lump sum payment.

Use a HELOC

Student loans are notorious for having sky-high interest rates that just seem to keep adding salt to the wound. HELOCs, on the other hand, have much lower interest rates, making the payments a bit more bearable. By paying off student loans by using a HELOC, you essentially swap out the interest rate for a lower one. For example, if your student loans have an interest rate of 8% and an RMLEFCU HELOC has a rate of 4.25%, by using the money from the HELOC to completely pay off the loan with an 8% rate, you now only have to make payments on the loan with the 4.25% interest rate. This means less of your hard-earned money is wasted on paying interest in the long run. We’d call that a win.

While there is no way to get out of paying your loans, by taking these tips into account, you can pay off your student debt as quickly and efficiently as possible. For questions about ways to pay off your student loans using a lower interest option, like a HELOC, visit our website or call a representative at 303-458-6660.