27 Aug

3 Really Good Reasons to Keep Your Account Information Updated

We want you to what?! Call into the credit union and/or log into online banking to make sure all your information is updated! No one has time for that, right? Wrong. Everyone needs to make time to keep his or her accounts updated or it can cost you, big time.

Here are 3 really, really good reasons to review your account information to make sure it is updated.

Update Beneficiaries on RMLEFCU Accounts1. Unexpected Beneficiaries – Do you know who holds the key to your accounts? Former spouses, former friends, former business partners – who from that former life is still listed on all your accounts? Per operational law, the order of ownership on a deceased member’s account is assigned in the following order:

  1. Joint Owner(s)
  2. Beneficiary(s)
  3. Court Appointed Legal Representative

This means whoever you leave your money to in your will may not be the person who gets it.

True Story: A RMLEFCU member opened a savings account in his younger years and had his current wife as the beneficiary on the account. Read More

22 Aug

What is a HELOC and How Can I Use It?

HELOC from RMLEFCU Denver, COHELOC is an acronym for Home Equity Line Of Credit. A HELOC is a loan set up as a line of credit rather than for a fixed dollar amount. For example, if you get a HELOC for $100,000 but only use $10,000 of it, you will only be responsible for paying interest on the $10,000, not necessarily your full line of credit. This is opposed to a traditional home equity loan where for example, if you take out a $100,000 loan you are responsible for paying interest on the entire $100,000.

In the Denver area, home values have risen considerably over the past few years. The supply of homes is not keeping up with the demand, which is driving home values higher and higher. Your home could be worth more than ever! This makes today’s economic climate an attractive time to consider using a HELOC for home improvements, college expenses, an emergency fund, and more. Currently, we are offering amazingly low rates based on the prime rate plus 0 points (based on current Loan to Value (LTV) and your credit history.) We even offer a convenient and easy way of accessing your Home Equity Line of Credit by giving you a HELOC Visa card. Learn more by calling 303-458-6660.

Here are 4 great reasons to take advantage of a HELOC:

Read More

11 Aug

What is Shared Branching and How Does it Work?

RMLEFCU Shared Branching Credit UnionsRocky Mountain Law Enforcement Federal Credit Union has teamed up with thousands of credit unions around the world to offer you unmatched convenience! Through the CU Service Centers Network, you can perform many of the same services and financial transactions you would at RMLEFCU at any shared branching location.

There are over 190 shared branching locations in the state of Colorado and over 4,000 around the country. This cooperative effort from credit unions around the globe gives you even more convenience than traditional banks!

One of the fears people have before joining credit unions is the lack of branches. Well, fear no more! With shared branching, our mobile app and our amazing Kasasa checking accounts that refund you ATM fees, you now have access to your money practically anywhere you are! Read More