16 Jan

Mobile Deposits: Why You Should be Taking Advantage of Them

We all know how much of a pain it can be to go to our local credit union branch just to deposit a check. Well lucky for you, we have a solution to this problem that will save you a lot of time! Our mobile deposit tool is not only convenient and simple, but it is safe and secure as well. Read on to learn more about the benefits of DeposZip and how it works.

Benefits

The best part about mobile deposit is the convenience to do it from wherever you want. If you’re sitting at work thinking about all the errands you have to run afterwards, you can knock “going to the bank” right off that list in about 5 minutes without leaving your desk. This means no more sitting in traffic and waiting in lines just to get your hard earned funds into your account. Pretty great, right?

Another great perk of mobile deposits is the speed and accuracy in which they are processed. After submitting your deposit request in the mobile app, you will immediately receive an email confirming that your check has been received and has begun processing. The deposited amount should be available in your account shortly afterwards, but keep in mind that times may vary depending on the amount of traffic the mobile deposit app is receiving.

How it Works

We know you’re busy and don’t always have time to stop by your local RMLEFCU branch to deposit a check. Well, now you don’t have to! By using RMLEFCU’s mobile deposit tool, DeposZip, you can deposit a check into your account from anywhere. Here’s how it works.

Step 1:

If you don’t already, download the RMLEFCU mobile banking app from the app store. It is available for both iPhone and Android.

Step 2:

Take a picture of the front and back of your check, following the on-screen instructions. We suggest being in a well-lit area and placing the check on a flat surface to ensure the best picture. As always, make sure you sign the back of your check so it is valid.

Step 3:

Select the checking or savings account into which you want to make the deposit. Remember, you can always transfer funds from one account to the another after the deposit is complete.

Step 4:

Enter the check amount. Double check to make sure the amount you typed in matches the amount written on the physical check.

Step 5:

Verify that all information on the screen is correct, then hit “Submit”. We will confirm that the check has been received and will credit your account for the amount deposited once it is processed.

Read more about RMLECU’s mobile deposits here, and check out our informational video with step by step instructions.

23 Aug

New Online & Mobile Banking is Here!

online banking

You asked and we listened. RMLEFCU’s new online and mobile banking experience is here. These new and improved platforms will make banking easier, and include a few brand new tools as well.

Read a summary of the changes and the steps you will need to take to access the new online and mobile banking.

All of your accounts will now be in one easy-to-access place.

No more clicking around to see all of your accounts and their balances. The banking dashboard now displays all accounts and their current balances at a glance. You can even add external bank accounts! Click into each account to see a detailed report of all withdrawals and deposits. You can still easily make transfers between accounts online and in the app as well.

You will be able to set savings goals and budgets.

With the new online banking and mobile app, you can create budgets and saving goals right in your bank accounts. Enter the amounts you would like to spend in different expense categories, enter your income, and track when you go over budget, come in under budget, and see when you have money left over. It will now be much easier to stick to your savings plans and budget your monthly expenses.

Quickly & easily apply for credit cards and loans.

You can now apply for credit cards and loans quickly and easily online or in app. The process has been streamlined and can be done from home at whatever time is convenient for you. There is no need to visit a branch for most credit and loan applications.

Perform person-2-person transfers.

P2P payments are here! Either online or in the app, you can now send money from your bank account directly to another person. You can avoid the hassle of withdrawing cash or writing a check when you need to pay someone directly.

Some Important Things About the Change

Download the New App

For mobile banking, either upgrade your iPhone/iPad app or download the entirely new Android app. It has been completely re-designed to bring you a more intuitive and user-friendly experience. Click to download the app on iPhone or Android.

How to Log In

The first time you log in to the new banking site, you will need to enter your member number as your username. If you have multiple member numbers enter the lowest (generally the oldest) number.

These new applications will make banking with RMLEFCU even easier!

23 Aug

Get Rid of High Interest Student Debt with a HELOC

Student Loans with a HELOC

Nowadays, it’s incredibly expensive to attend college or a university. Most of us don’t have the cash to pay for higher education up front and wind up taking out high interest student loans. You don’t have to live with that high interest debt though. By using a HELOC, you can save money in the long term by paying it off with a great, lower interest option.

What is a HELOC?

First things first, what is a HELOC? A HELOC, or home equity line of credit, is a loan that is taken out by a homeowner and paid off over a certain period of time. It is similar to a credit card, but uses your home as collateral. With such a valuable asset as leverage, you are able to get a lower interest rate than a traditional loan.

There are usually two periods included in a HELOC loan process; the draw period and the repayment period. The draw period is the amount of time that the line of credit can be withdrawn from and only requires interest payments to be made. The repayment period is, you guessed it, when the total amount borrowed must be repaid over a set time period. Draw periods typically range from 5-10 years while repayment periods are closer to 10-20 years, depending on the loan.

Why Using a HELOC to Pay Off Student Debt is a Good Idea

 Taking out student loans through a bank or government program may seem like the easiest option, but with a 6-8% interest rate, you will realize soon after graduation just how much interest that adds up to. HELOCs typically have much lower interest rates (RMLEFCU rates can be as low as 4.25%), making the monthly payments much more affordable.

How Can RMLEFCU Help?

If you think paying off your student loan debt with a HELOC is the right move for you, make sure to use a reputable institution like RMLEFCU. We are currently offering amazingly low rates and 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 or clicking here. Whether you’re a recent graduate with piles of student loan debt or a parent paying for your child’s education, RMLEFCU is here to help you pay your debts off in the easiest way possible!

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.