Forget, cash, checks or plastic. Just pay with your…cell phone?

Forget emptying your pockets to look for change for the L, Subway or Metrorail (wherever you are!) Just wave your cell phone past an electronic reader and you’re ready to roll! That may be the direction the U.S. is headed in. In places like Japan and Finland, the cell phone has become the new wallet…a tool for payment with a simple wave or via text message.

Click here to read the CNNMoney article via Yahoo.com in its entirety and learn more.

I would be apprehensive to use my cell phone in this manner. What if someone steals my PDA? That’s the direction the world is going in technologically but I’m not ready! I’ll continue to check my balances on my cell phone and use plastic.

Connex Credit Union members can set up account alert notifications by email to receive balances and reminders. Even better, if you can access your email on your cell phone or PDA, you can conveniently access those account notifications! This email service is one of the benefits of having a Connex account! Click here to learn how to access Connex Online Banking or become a member!

Does this credit lender’s monitoring practices cross the line?

Apparently, some credit lenders are scrutinizing the credit of their borrowers in order to modify their credit lines. It was reported that American Express started not only checking the credit scores and payment histories of their customers but also using information such as the price of homes in their customers’ areas, the types of mortgage lenders they have and spending habits of others to determine if they should limit credit lines. If I love to shop at Store ABC123, it shouldn’t affect my credit if their other patrons are one purchase away from being broke! Do you think credit lenders should be allowed to use such “external” information to modify your lines of credit?

Click here to read the entire article.

What would you do if you lost your retirement savings?

I ran across this video featuring a victim of the highly publicized Bernie Madoff’s investment fund scheme. Just when he retired, this 90-year-old man lost his $700K life savings and had to get a job making $10 per hour to support him and his wife. Now, I am almost 30 years old and I can’t imagine saving money over the entire course of my life and having something like this occur after I retired.

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This makes me highly consider the risk factor when saving for my retirement. Has this fraud incident made you reconsider how and where you’re saving your money for retirement?

A safer alternative may be to open an individual retirement account, or IRA, which is insured up to $250,000. Click here to learn about the tax advantages and other benefits of IRAs.

A message from President John Edwards: We’re safe and sound

A message from President John Edwards: We’re safe and sound

If you’ve heard the news recently, then you’re probably aware there has been a great deal of speculation about financial institutions and their stability. There’s no denying that we’re in economically challenging times; which is why I wanted to take a moment to assure you that you’re a member of a financially strong, well-capitalized institution.

As a member-owned institution, we’re committed to managing our members’ funds wisely. As we always have been, Connex Credit Union is vigilant about reviewing our lending practices to ensure we’re making sound lending decisions and maintaining a well-balanced portfolio. It’s also why Connex never originated “sub-prime” loans. These types of loans are risky lending propositions, as has come to light over the last several months.

Our capital ratio is, and always has been, well over the National Credit Union Association’s (NCUA) definition for well capitalized, meaning we have the funds necessary to support long-term, future growth.

We’re also constantly evaluating our business operations to ensure Connex remains safe and sound. As a NCUA insured and Connecticut chartered credit union, Connex is reviewed annually by both the Connecticut Department of Banking and the NCUA. We received high marks on our September 2007 review in all areas including: capital adequacy, asset quality, management expertise, earnings strength, and liquidity.

We invite you to review our annual financial reports anytime by visiting www.connexcu.org.  You can also track our progress quarterly by visiting ncua.gov, clicking on the “Credit Union Data” link, and entering “Connex.” The NCUA site provides Connex financial reports back to June 1990.

In case you’re wondering about your share accounts (deposits) at Connex, I want to remind you that they’re insured through the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, which is backed by the full faith and credit of the U.S. government. Each individual account holder is insured up to $100,000 for standard share accounts (checking, savings, instant access, and certificate accounts) or up to $250,000 for retirement accounts. There are ways to increase your insurance coverage, and we invite you to visit connexcu.org to learn more. If you have deposits at federally insured banks, they are most likely insured by the FDIC, which works essentially the same as the NCUSIF. 

On behalf of all of us here at Connex Credit Union, we’re committed to helping you through these difficult economic times and ensuring that your credit union remains financially healthy and fiscally strong. If you would like any additional information or have any questions, please give us a call at 800.CRUNION.

 

Thank you for your continued membership.

LifeLock’s Identity Protection Service questioned: suit filed by customers

Todd Davis and his company, LifeLock, have boasted about the top level identity protection service they provide. Now the company is being sued by consumers in Maryland, New Jersey and West Virginia.

 

Check out the full story at Yahoo News.

 

What steps do you take to protect your identity? Post a comment now!

Smart online shoppers look for the lock

I’ve made numerous purchases online… everything from fruit in the form of flowers, to CDs and books, to presents of jewelry (yes, sight unseen… brave man or stupid man, I tread the line often).

Online shopping is easy. It sure beats battling the crowds at the mall or fighting for a parking spot (which I won’t do, a long walk in the brisk air is healthy).

 Plus, online shopping is safe, if you pay attention. I always look for the padlock symbol at the bottom right hand corner of the Internet browser to be sure the connection is secured.

Some tips from the Federal Trade Commission and our friends at the National Cyber Security Alliance (NCSA) include:

1. Investigate the seller. Sites like Amazon have a great reputation, but lesser known sites are worth looking into before giving away your personal information.

I got my file cabinet back.

I had accumulated too many documents containing personal information. Actually it was a two drawer file cabinet full of stuff. Tax returns back to 1989, pay stubs, credit union statements (now with e-statements I don’t have to worry about those!), auto and homeowners policies from the ‘90s, and many other documents I needed to destroy. I have a small shredder at home and had attempted to clear out the cabinet but hadn’t made much progress.

I spent a couple of evenings going through the files. There were some things I needed to keep, but the vast majority was way past its usefulness. On Saturday morning I headed for the Connex Branch in Wallingford with my 2 boxes of documents. A representative from Shred It and a Connex employee carried the boxes to the Shred It truck and gave me back the empties. In about 10 seconds it was all gone, right through the on-board shredder.

I highly recommend these Shred It days if you’re like me and have years of accumulated documents stored away. I’m going to relocate my small shredder to a more convenient location and try to use it regularly. And now I have my file cabinet back for current documents.

If anyone else was there, feel free to share your Shred It experience.

A.at Connex