30 Sep

What it Means to be a Member of the Rocky Mountain Law Enforcement Federal Credit Union

Rocky Mountain Law Enforcement Federal Credit Union Privilege of PartnershipYou have joined the police force whether as an officer or part of their amazing support staff. You are now in an elite group dedicated to keeping the rest of us safe. While you spend your days and nights protecting the citizens of the Rocky Mountain region, we spend our days and nights looking out for your financial safety.

The Rocky Mountain Law Enforcement Federal Credit Union is an exclusive credit union built, designed, and managed to serve only law enforcement members and their families. Since 1938 we have been serving those who serve their communities bravely and altruistically.

So what does it really mean to be a part of RMLEFCU? Here are 3 reasons to join RMLEFCU if you haven’t already.

  1. Take Your Commitment to the Next Level – You’ve joined the police force, now join your financial institution. RMLEFCU is a credit union created only for law enforcement workers and their families.
  2. Own Your Banking Institution – Yup, that’s right. When you join RMLEFCU you are not just a member of an exclusive credit union, you become the boss. Every member owns a piece of the credit union and is entitled to 1 vote at our annual meeting. This keeps the goals of our credit union aligned with those of our membership. Get the privilege of partnership!
  3. Great Rates & High Dividends – Since the Rocky Mountain Law Enforcement Federal Credit Union is owned by its members, profits are returned to members in the form of low interest rates and high dividend savings products. We even have checking accounts that pay interest and have no fees!

There are hundreds of reasons to join the Rocky Mountain Law Enforcement Federal Credit Union. These are just three. To find out more about membership please come by a branch or speak with a member service representative today! 303-458-6660 You can even join online! Click here to join!

25 Sep

Credit vs. Debit – Which should you choose?

Choosing credit or debit RMLEFCUYou get to the end of the checkout line, swipe your debit card, and a clerk asks you “Debit or Credit.” What do you choose? You’re using a debit card so choosing ‘debit’ seems like the obvious choice. However, you may also choose credit. So what is better?

When to choose debit.

If you need cash back, choosing debit is a great option. Debit, or PIN based transactions, are processed through the ATM network. This gives you access to your cash from any place that offers cash back. A PIN based transaction is anytime you use your PIN number when paying. This is a convenient way to get cash without having to go to an ATM.

When to choose credit.

Every other time! There are many reasons why it is more advantageous for you to choose credit. A credit transaction still deducts cash directly from your checking account, so on the surface credit and debit are the same. However, continue reading and you will see the benefits to choosing credit when you belong to a credit union. Read More

13 Sep

Using a Home Equity Line of Credit to Pay Off Debt

Attention: Please read this article until the end. 

Pay off debts with HELOC Rocky Mountain Law Enforcement Federal Credit UnionA Home Equity Line of Credit, or HELOC as we will refer to it, is an amount of credit that we extend to a homeowner based on their credit history and the value of their home. A HELOC differs from a mortgage in that you will only pay interest on the money you draw from your line of credit. For example, if you accept a HELOC of $10,000 and never draw from it, you will not have to pay any interest. If you choose to take $5,000 from your HELOC, that you will pay back $5,000 with interest.

Wait, wait, wait. I know what you you’re thinking. Whoever, is writing this article must be taking advantage of the recent legalization of a certain green substance in Colorado. How can you pay off debt, by taking on more debt? Great catch.

The advantages of getting a HELOC is that by using your home as collateral, you will receive a considerably lower interest rate than with the credit card where your debt is now. At the time of this writing we are offering a HELOC with amazingly low rates based on the prime rate plus 0 points (based on current Loan to Value (LTV) and your credit history.) At 3.25% (as of 9/12/14) that is insanely low! What is the interest rate on your credit card? 20%? 25%? 30%? More?! Even our Visa Platinum Select without rewards credit card is 6.75% which is still double the rate of a HELOC.

By using a HELOC to pay off debts with higher interest rates, you can save a lot of money in interest, and pay off your debts faster. To make things even more convenient, we offer the HELOC on a Visa card so you have access to it on the go. No waiting for a check and no waiting for approval.

IMPORTANT! DO NOT STOP READING.

The dangers of using a HELOC to pay off debts.

A Home Equity Line of Credit is an extremely powerful privilege. And like any powerful privilege such as yielding the Excalibur,captaining the Starship Enterprise, or having the power to read minds, a HELOC requires great self-control and responsibility. Read More