checking account Archives

04 Jun

Why Do You Need Overdraft Protection?

Let’s face it — everybody makes mistakes. We may forget to make a deposit or forget that we paid for a particular item. There are a number of reasons why account holders might make a miscalculation — even the financially informed. Overdrawn accounts will incur high overdraft costs, adding to the debt load of the borrower. To avoid this, RMLEFCU offers overdraft protection for account holders as a financial safety net. Here’s why you should get it.

What is Overdraft Protection?

Overdraft protection at RMLEFCU is a line of credit loan attached to your checking account that’s free to set up. It automatically allows you to clear transactions when your checking account does not have enough money to complete a transaction.

RMLEFCU’s overdraft protection has a limit of $100 – $5000 and a 15% annual percentage rate, which is subject to change. Depending on the size of the overdraft protection balance, monthly payments are $50 or 5% of the balance owed, whichever is greater.

How Does it Work?

Say you have $50 in your checking account and you want to make a purchase for $100. Without overdraft protection, you’d have to pay a fee of $28 and fees to the merchant. With overdraft protection, $50 will transfer automatically to your checking account to cover the balance.

At the end of the month, you can pay off that $50 with no fees and only modest interest. This line of credit is extra money that becomes available if needed and can be paid off later with comfortable terms – which is much better than a sudden, expensive fee.

Benefits of Overdraft Protection

The main benefit of overdraft protection is that it helps you pay emergency expenses even if you’re short on cash. The fines or fees you would have incurred if you had made a late payment for temporary money issues can also be avoided.

The introduction of overdraft protection to your account is a realistic, free way to defend against high overdraft fees. However, you should always check your spending habits before you add this optional protection to your account.

You may want overdraft protection if you have a low balance in your checking account and don’t keep a close eye on spending habits. If you are lucky enough to have a cash buffer on your account and make sure your account is tracked regularly, it might not be important to cover overdrafts. Remember that nothing is set in stone; overdraft protection can be added or withdrawn from your account at any time if you are on the fence about this decision.

Watch this video to learn more about RMLEFCU’s overdraft protection services.

If you have any questions, contact us at 303-568-6660 or email members@rmlefcu.org.

18 Mar

Choose the Right Checking Account

Not all checking accounts are created equal. So, before you open a new checking account, it helps to do some research so you can understand the different advantages, specifications, and options available to you. Ask yourself these questions to help ensure that you use the correct account for your priorities and needs.

Can You Choose Between Checking Accounts?

It’s possible your bank or credit union has a range of checking accounts to choose from. Some checking accounts will provide advantages that are compatible with your financial objectives and spending practices, while others may have conditions that make them less suitable for your needs. It’s important to research all of your choices and analyze the checking accounts based on your financial condition and your spending patterns.

For example, if you’re planning on maintaining a high balance, you could consider an account that provides the opportunity to earn interest. RMLEFCU offers the Kasasa Cash Checking account that offers up to 3% APY* on balances up to $10,000. If automating payments and online banking is the convenience you want, search for accounts that offer free online banking. All RMLEFCU accounts offer online and mobile banking so it’s easy to bank on the go!

Is There a Monthly Fee?

An important question to ask when choosing a new checking account is whether you would need to maintain a minimum balance or if there’s another step you need to take to prevent a monthly charge. If you open a checking account with a minimum balance requirement, make sure you know not only the minimum requirement but also the duration of the charge and how it is incurred.

Make sure you ask if there are other possible monthly fees and find out how to stop them. For example, setting up a direct deposit or using your debit card for transactions will help you avoid falling below the minimum balance. With RMLEFCU, there are NO monthly fees for checking accounts so you’ll never have to worry about your money disappearing!

Is There Protection for Overdrafts?

You never want to spend more money than you have in your account, but sometimes mistakes happen. Overdrafts can occur and result in overdraft fees or bounced checks. If you want extra insurance in case of overdraft, check to see if you can sign up for overdraft protection.

Like most overdraft security programs, if you write a check or make a payment when your checking account has insufficient funds available, the bank can move money from a related savings account, a credit card or a line of credit to your checking account to cover the fee. Overdraft insurance can come with a charge when it is used, but it is generally less than the standard overdraft fee. RMLEFCU offers free overdraft protection to protect your account.

Are There ATM Fees?

ATMs allow you to withdraw money from your bank account without visiting a bank branch. But some withdrawals may cost you a fortune. Many banks charge you a fee to use machines run by other banks or third parties, and this can add up quickly. If a bank has a wide network of ATMs, you have greater access to non-fee withdrawals. RMLEFCU is a part of the MoneyPass ATM network where you can use thousands of ATMs across the country for free. Talk about convenient!

Is There Online and Mobile Banking?

If you don’t have quick access to your branch, online banking can be very useful. You can check balances, move money, make statements and pay bills from your own home. Make sure you know your online banking rights and protections in the event that someone steals your money fraudulently from online services. RMLEFCU’s online banking has great benefits like access to SavvyMoney, a credit building and tracking application, and more.

Some banks have smartphone apps for easy banking. You can deposit checks by taking pictures of them on your phone and make person-to-person payments easily. You will want to read the reviews of your bank’s app and see what different services are provided, because they may differ. Take a look at RMLEFCU’s mobile app for iOS and Android!

Do I Get Paid Interest?

Generally, if the accounts pay interest, the rate is very small. That’s not the case with RMLEFCU’s Kasasa checking accounts. You can get up to 3% APY* depending on what account you choose. You can choose between a Kasasa Cash Checking which is great for high balances or Kasasa Cash Back Checking where you can get money back for debit card transactions! Compare our checking accounts here.

Ready to open a checking account? Call us today at 303-458-6660 or email us at info@rmlefcu.com.

Free Kasasa Cash Checking:

*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.

Free Kasasa Cash Back Checking:

*When monthly qualifications are met, you receive 3.00% cash back on debit card purchases that post to and settle account during monthly qualification cycle up to a total cash back of $9 per monthly qualification cycle. 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 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. Domestic ATM fees incurred during qualification cycle will be reimbursed up to a total of $25 per monthly qualification cycle. Transfers between accounts do not count as qualifying transactions. ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher.

13 Feb

What is Kasasa and Why Do You Need It?

If you’ve been around RMLEFCU, you’ve most likely heard of our Kasasa accounts, but what exactly are they? Yes, they’ll get you cash back, but having a Kasasa account is more than just really great rewards for customers. Read on to see what else you can get with your Kasasa account and see if you’d like to sign up for one today with RMLEFCU!

Kasasa accounts are free checking accounts that reward you each month for doing things you probably already do. If you already do modern banking basics like choosing e-statements over paper statements or using your debit card instead of checks, you’re on your way to earning rewards!

Depending on what type of Kasasa account you choose, you can either get paid extremely high rates (way above the national average!), cash back on debit card purchases, or even refunds on your iTunes and Amazon purchases! How you get rewarded is up to you. And on top of these rewards, you can also get refunds on thousands of applicable ATM fees, nationwide.

Kasasa is more than just a rewards checking account, it’s a checking account you can feel good about. Since Kasasa handpicks the institutions they offer accounts with, you’ll never find a Kasasa account at some big bank. Kasasa believes in local community banks and credit unions, and RMLEFCU is proud to have been chosen to provide two Kasasa accounts to choose from.

Now we’ve been saying Kasasa a lot, but what does that word actually mean? Nothing – it’s simply a made-up word. Since this account treats users differently, Kasasa was made up to represent its uniqueness. From the extra money you see in your account at the end of each month or freedom from monthly service fees, there’s always a reason to choose Kasasa.

Here at RMLEFCU, we have two different Kasasa checking accounts; Kasasa Cash Checking and Kasasa Cash Back. The rewards differ on each account, so speak with a teller at RMLEFCU to see which one would benefit you the most. Here are the benefits for each account:

Kasasa Cash Back Checking

3.00% cash back on debit card purchases
Earn up to $108 cash back per year, $9 per month
Cash back earned on up to $300 in purchases monthly
No category restrictions on purchases

Kasasa Cash Checking

Free checking that pays high dividends
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

While both accounts offer unique benefits, they both come standard with:

Refunds on ATM withdrawal fees nationwide
No monthly maintenance fees
No minimum balance to earn rewards
Kasasa Protect for comprehensive fraud protection
Free digital banking

The monthly qualifications needed to earn extra rewards are:

At least 1 direct deposit or ACH payment of $500 or more
12 debit card purchases
E-statement enrollment

Sounds easy enough, right? And don’t worry, if you don’t meet these qualifications, your account is still free, and you’ll earn cash rewards on the next cycle you qualify for!

If you want to set up an account today, head over to RMLEFCU’s website, visit one of our branches, or call today at (303) 458-6660 to open one in a few minutes!

15 Jan

5 Things You Should Stop Spending Money On

An easy way to reach those saving goals is to reassess your budget. We all have things we could trim from our budget and we’ve compiled a list of five things you should stop spending money on, without compromising your quality of life.

Coffee

I’m sure you’ve seen this on every list highlighting ways to save, but it is true! Coffee from your friendly neighborhood coffee shop is expensive. If you’re spending an average of $5 every day on coffee, that can add up to about $1,300 a year! A small bag of ground coffee and/or some sweetener and milk would cost you around $15 and last a few weeks. Newer coffee makers even have a setting to start brewing coffee automatically at a specific time so you won’t waste any precious time in the morning getting it ready. This coffee maker has an option to brew in a carafe or a personal mug. If you really enjoy the fancy drinks, treat yourself to one a week! $260 a year for coffee is far better than $1,300.

Bottled Water

Stop spending money on bottled water and start using a water filter! By using a water filter, you are not only helping to reduce waste, but you’re also helping your wallet! This faucet mounted water filter is easy to install, affordable AND makes your water taste good. Unlike water filter pitchers, you don’t have to wait for the water to filter, it comes straight out of the faucet fresh and ready to drink!

Landlines and Fax Lines

Nowadays, most people have cell phones and, much like payphones, landlines and home phones are being phased out. If you have a landline, this means you also have a separate phone number and it’s much easier and more convenient to use one phone number so stop spending money on that extra line! If in any rare case you need to fax a document, any delivery service store or local office supply store will either have a fax machine you can use or can fax the document for you.

Books and Newspapers

There is something special about holding a freshly printed, new book in your hand, but how often will you reread that book? If the answer is rarely, it’s time to head to the library and check out those books. Don’t want to deal with a hard copy? Within the past few years, libraries have added and expanded their eBook and audiobook collections. These digital copies don’t require a physical trip to the library so you can rent and return right from your digital reading device.

ATM Fees

Your checking account should be free of fees, and if it isn’t, it’s time to switch banks. These fees will take a bite out of your budget when only “a few dollars here and there” start to add up and especially when ATM fees hit a record high for the 14^th straight year in 2018. RMLEFCU provides a Kasasa checking account that’s not only free, but it will refund your ATM withdrawal fees nationwide at participating MoneyPass ATMs. To find one of these MoneyPass ATMs, RMLEFCU has a free app to easily locate the ATM nearest you.

For more great money-saving tips, head over to our blog! If you have any questions regarding your account or setting up an account, call us at (303) 458-6660 or stop by a branch today!