18 Oct

Why Join a Credit Union?

Credit Union Savings

It’s important to have a financial institution you can trust. You need a place to store your cash as well as a reliable loan provider and a source for other financial needs.

Most people default to a local bank when it comes to selecting a financial institution. After all, there are tons of banks out there and they offer all kinds of financial services. But banks aren’t your only option — in fact, the smarter decision is to join a credit union.

Credit unions offer many of the same services as banks, but they are non-profit entities owned by their members. A bank, on the other hand, usually exists to make a profit for its investors, whether it is a private company with millions of shareholders or a publicly-traded company. Such ownership contributes to differences in the operation of banks and credit unions.

If you are deciding to join a credit union, it is important to understand these differences. This article will help you decide if a credit union is right for you.

Better Rates

Credit unions offer higher rates on savings accounts and lower rates on loan interest. This is because credit unions are not focused on making money, instead, they are focused on covering their operating costs.

Interest rates can be much lower for loans and, depending on the credit union, you can qualify for additional discounts. RMLEFCU has a special Relationship Rate service that brings your APR* on your auto loan even lower!

Since credit unions are not focused on making money but on helping their members, they can balance these prices better. It ensures that their members are better served and get the best rates possible on car loans, student loans, and mortgages.

Credit Union Deals

On top of better rates for members, credit unions offer exclusive member-only promotions and deals. For example, RMLEFCU offers a yearly Holiday SlideBy loan that allows you to skip a loan payment** in November or December plus many more member perks and services.

Community

Credit unions are required by law to restrict their membership by location, profession, religion, or fraternal association. This builds a tight-knit community between members and employees.

RMLEFCU is the only credit union that serves law enforcement officers in Colorado.

Eligibility is open to current or retired employees of law enforcement organizations in the state of Colorado as well as the family of our current members. See the full list of eligible organizations here. Once you’re a member of Rocky Mountain Law Enforcement FCU, you are a member for life, even if you or your family member no longer works in law enforcement.

Ready to join RMLEFCU? Follow this link to apply for a membership online! If you have any questions or would like to speak to someone about your membership, call 303-458-6660.

 

 

*Annual Percentage Rate. With approved credit. Some restrictions may apply.
** Most consumer loans qualify.
30 Sep

International Credit Union Day 2019 at RMLEFCU

International Credit Union Day at RMLEFCU

Local Service. Global Reach.

Celebrate 71 years of International Credit Union Day® at RMLEFCU.

On Oct. 17, 2019, credit union members around the world will celebrate International Credit Union Day®, an annual event to commemorate the credit union movement’s impact and achievements. This year marks the 71st anniversary. In honor of this special day, RMLEFCU invites its members and the entire community to come stop by any branch for snacks and RMLEFCU swag!

Since 1948, International Credit Union Day has been celebrated annually on the third Thursday of October. Each year, the international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union and financial cooperative difference. This year’s theme is “Local Service. Global Reach.” It speaks to how each credit union serves a local community—and it is because of that local service in communities across the world that we have a global credit union movement that’s now 260 million members strong. ICU Day 2019 is a celebration of the impact credit unions and other financial cooperatives have made—and continue to make for their members. It is also a chance to be thankful for the lives and communities that have been improved by our movement.

International Credit Union Day is recognized by the World Council of Credit Unions, the global trade association and development platform for credit unions and other financial cooperatives, as well as numerous national credit union trade associations and federations around the world.

Credit unions from around the world will join forces to celebrate the day with membership drives, contests, and fundraisers to help their local communities. Credit unions will share their activities with the global community on social media using #ICUDay and #LocalServiceGlobalReach.

For more information about RMLEFCU’s events, www.rmlefcu.org.

 

23 May

5 Reasons to Take Out A Personal Loan

Personal Loan

Personal loans are a worthwhile option for a variety of circumstances and can be used for just about anything. They are justifiable when it’s a less expensive option than other forms of credit and when you can comfortably afford the monthly payments for the duration of the loan term.

However, before you take out a personal loan, make sure to shop around for the best interest rates and terms! You should also examine your budget to determine whether you can make the monthly payments on time and within the set schedule. If you’re able to do both, a personal loan may make sense for your needs. An additional bonus is having a positive impact on your credit score.

If you’re deciding to get a personal loan, read this article to see what you can use your personal loan for!

Medical Expenses

Medical expenses can get pricey and not paying your bills can harm your credit. These bills that go unpaid will end up with a collection agency that will report the past-due account to credit bureaus. This will cause a major hit to your credit score. However, if you’re able to make the installment payments, a personal loan can help you pay off medical debt and could be a good way to protect your credit.

Debt Consolidation

This is likely the most common reason for getting a personal loan. Consolidating your debt can help boost your credit and organize everything into one easy loan payment! Often times, personal loans have lower interest rates and can help reduce the amount of interest you’re paying on other debt when you consolidate.

Small Business Personal Loan

Small Business

Whether you’re looking to start a small business or a side hustle, a personal loan may be the key to getting your ideas up and running. The most important thing about starting a business is balancing your budget so you don’t find yourself in a debt hole down the road.

Vacations

Financing a dream vacation is another excellent opportunity for a personal loan if you know you can repay the loan on time. Sometimes it’s good to treat yourself to a splurge-worthy vacation or the honeymoon you’ve been putting off.

Weddings

Weddings can be stressful and expensive. A personal loan can help alleviate some of that stress coming from the cost, so you can have your dream wedding! Be sure you are keeping the payment amount in mind to ensure your credit score is unaffected.

The bottom line is that personal loans can benefit you in a lot of ways from financing your dreams to paying down your debt. They can also help positively impact your credit score if payments are made on time. Finding the right personal loan makes all the difference in the world. If you have any questions or would like to speak to a lending professional, give us a call at (303) 458-6660 or email lending@rmlefcu.org.

09 Jun

Conveniences of RMLEFCU

Conveniences of RMLEFCU

At Rocky Mountain Law Enforcement Federal Credit Union, members not only get to enjoy low rates and great service, but we strive to be on the cutting edge of banking technology. Take advantage of our many conveniences such as mobile and online banking, shared branching, courtesy pay, mobile check deposit, and more!

Online Banking

With RMLEFCU, your bank account is never more than a click away. Online banking is free, secure, and easy-to-use. Anywhere with internet access you can log on to your account to:

  • Access eStatements
  • View transaction history
  • Check account balances
  • Complete funds transfers
  • And more!

Another great convenience made possible by online banking is online bill pay. With your RMLEFCU checking account, set up one time or recurring bill payments to any person or business in the country.* This service is available 24/7 and will send email alerts directly to your inbox. No need to keep mailing the same check each month, set up bill pay and let your bills pay themselves!

Mobile Banking

With mobile banking, all your main transactions just got even easier to reach; in the palm of your hand! RMLEFCU mobile banking is fast, free, and secure for every member enrolled in online banking. With the mobile app (available for iPhone or Android) you can:

  • View account balances
  • Review history
  • Deposit checks
  • Transfer funds between accounts
  • Pay bills
  • Make loan payments

Don’t ever get to the checkout line, watch the total start to rapidly climb, and stress if you have enough in checking to complete the transaction. With mobile banking, you can quickly transfer the needed funds before the moment of truth – potential embarrassment avoided!

Shared Branching

Myth: Local Credit Unions are inconvenient because if you ever travel, you are out of luck if you need to visit a branch.

Myth busted! Rocky Mountain Law Enforcement FCU has 5,000+ shared branching locations in the United States.

RMLEFCU has joined with other credit unions around the world in a cooperative effort to bring you a new level of financial convenience. Through the CU Service Centers Network you can perform many of your financial transactions and obtain services even when you’re far away from your home branch!

As of February 2011, there are currently 190 credit unions in the State of Colorado participating in the Shared Branching program and 5,000+ locations within the United States. And that number is growing every day. We even have international Shared Branching Service Centers.

Isn’t it nice to know that you have easy access to your money when you are on vacation or if an emergency arises that takes you out of Colorado? Find a participating branch near you here or call 1-800-919-CUSC (2872).

Services Offered

Because a CU Service Center is a “shared” facility, members of participating credit unions can transact teller business, such as:

Some of these services may not be available at all locations.

  • Deposits
  • Withdrawals
  • Money orders
  • Transfer funds
  • 24-hour ATM access
  • Loan payments & advances
  • Balance inquiries on all accounts
  • Statement printouts on all accounts for the past 10 days
  • Purchase cashiers & certified checks

You can expect to pay a nominal fee* on the following items at service centers:

  • Service center checks
  • Checks deposited in excess of 10 checks
  • Money orders
  • Stop payments on counter checks
  • Notary service
  • Coin machine

NOTE: CU Service Centers may limit the amount of cash you can withdraw per day, regardless of RMLEFCUs withdrawal limit.

What You Will Need

You need these things when you visit a CU Service Centers Location:

  • Credit union name: Rocky Mountain Law Enforcement FCU
  • Your account number (without dashes)
  • A VALID U.S. Government issued picture identification with signature
  • Last 4 digits of your Social Security Number

Have these items ready to present to the teller. This will save you time and will help us with serving you. All transactions require identification because the CU Service Centers Network cares about protecting your identity and account information.

If you have questions regarding your account or transactions that were performed through the CU Service Centers Network, please contact us.

Courtesy Pay

Courtesy Pay is a free service that works as an emergency source of cash. If you do not have an Overdraft Protection Loan, Courtesy Pay will allow check, debit and ACH items to be paid by allowing your checking account to go into the negative, rather than returning the overdraft item.

Courtesy Pay will allow items to be paid up to $1,000. When paying the item, your checking account will go negative and you will be expected to pay the negative balance back within 30 days in addition to a fee of $28. This protects against mistakes made, or if you simply overdraw your balance. Courtesy Pay prevents collection agency fees and other associated fees and may help clear an important item such as a house payment.

Mobile Check Deposit

Deposit checks without ever setting foot in a branch! Mobile deposit uses your smartphone camera to make deposits in just a few quick clicks. No changing out of your sweats or human interaction necessary.

It’s free, secure, and easy to use. Save yourself some time — take advantage of this convenient mobile banking feature today.

  • Deposit checks anytime, anywhere from your mobile phone
  • Free service for customers with a Rocky Mountain Law Enforcement FCU checking account
  • Save time and avoid unnecessary trips to a branch
  • Deposit your check in just a few quick clicks.

Getting started is easy! Simply download the app for iPhone or Android and follow these steps:

  • Take a picture of the front and back of your check, following the on-screen instructions (make sure you sign it)
  • Select the checking account into which you want to make the deposit
  • Enter the check amount
  • Verify that everything on the screen is correct, then hit “Submit”
  • We’ll confirm that the check has been received

Apple Pay/Samsung Pay/Visa Checkout

Carrying around a wallet full of plastic can put in quite a bind if that wallet is lost or stolen. Connect your RMLEFCU checking account to a mobile payment app such as Apple Pay, Samsumg Pay, or Visa Checkout and have your virtual “debit card” password protected! A huge number of stores and restaurants now accept mobile payments, so you can leave the plastic at home.

Make banking easy, and dare we say it, fun. With RMLEFCU’s many convenient ways to bank, there is no need to fight traffic or even get dressed to perform your basic CU transactions.

*Some restrictions apply. Alimony, court, and certain government payments may not be made using the online bill pay service.

03 Feb

3 Years vs. 5 Years: How Long Should Your Auto Loan Be?

Choosing an auto loan for your new car is a big decision. It can affect your monthly finances, your credit, and your ability to sell the car down the line.

The most common auto loans are 3-year loans and 5-year loans. Here are the benefits and drawbacks of each:

3 year vs 5 year auto loan rocky mountain law enforcement federal credit union3-Year Auto Loan

Benefit: These loans are less expensive overall. They are less risky for the lender, so they carry a lower interest rate. If you anticipate having very solid income for the next three years, a 36-month plan will save you money over the course of the loan. It will also allow you to pay off your car faster, meaning you can resell it sooner. That is a significant benefit, since cars depreciate quickly.

Drawback: 3-year plans come with a higher monthly cost. This can eat into your monthly budget. Even if you can afford it now, if your financial future is uncertain—if you know you’ll be looking for a job in six months, for instance—you may not want a 3-year loan. These expensive monthly payments leave you less discretionary income to handle life’s uncertainties, whether it’s unemployment or unexpected medical bills. You cannot eliminate these uncertainties, but if you anticipate having them, a high monthly payment might not be your best option. Read More

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!