The Difference Between a Notary and Signature Guarantee

What Notaries Do

A notary public is a person who, by the authority vested by the state, determines that the person who signs a document in his/her presence is in fact who that person claims to be. When appearing before a notary, you bring proper identification and sign the documents in the presence of the notary public. The notary compares your appearance to the picture in your identification, verifies your signature matches and applies a seal to your document. The notary, in effect, acts as an impartial witness and implements requirements that deter fraud.

Signature Guarantees

A signature guarantee is a stamp placed on financial instruments by a financial institution, guaranteeing that the signature is valid. The most common use for a signature guarantee is to authenticate your right to sell or transfer securities. It protects the person who owns the stock or certificate and makes it more difficult for someone to forge a signature. To be able to affix the signature guarantee stamp or imprint, financial institutions join a signature guarantee program, the most widely used being the Medallion Signature Guarantee Programs. Like a notary service, a representative of a participating financial institution reviews your paperwork (including a statement showing the value of the securities), witnesses your signature and then, in applying the signature guarantee stamp, guarantees that your signature is genuine. The stamp uses a bar code, special ink and other security features to make it more difficult to copy or counterfeit.

IRS Phone Scam - Please Be Aware of this Dangerous Scam

The Lisbon Credit Union feels that it is important to keep our Membership aware of serious and potentially dangerous scams that are at large in today's society.

With the income tax filing deadline coming up, there is a new threat involving criminals posing as IRS agents. These scam artists are making weekly phone calls, victimizing thousands of Americans by demanding that payments be made to the IRS. These crooks are threatening that legal action will result in these calls being ignored.

If you receive a call from someone claiming to be the IRS and demanding payments as well as threatening you with legal action, please do not hesitate to hang up your phone.

For more informaiton on the matter, please follow this link:http://www.cbsnews.com/news/dangerous-irs-phone-scam-unfolding-on-your-phone/

My debit card is expiring soon. When will I receive my new card?

Generally, your new debit card is mailed to you the month PRIOR to it expiring. For security reasons, your debit card will arrive in a plain, unmarked envelope with only the Credit Union’s address on it. It is easy to mistake this envelope for junk mail, so be on the lookout.

FYI:  your debit card is valid until the end of the expired month.

Surf Dude and Shared Branching

Will you be SURFing during your summer vacation? With the Surcharge Free ATM network offered by the Lisbon Credit Union,along with other participating Maine Credit Unions, you can withdraw money from your accounts with us at an ATM from York to Fort Kent, and a lot of places in between! It’s one of the many convenient benefits of your Membership with the Credit Union, and it’s what makes credit unions different from banks.

Shared Branching offers even more convenience. At participating credit unions, you can perform many of the transactions you would normally do at your Credit Union. Surfing or swimming in Wells? Camping in Farmington? Sailing in Rockland? There’s a shared branching credit union in all of these locations, and many more! Shared Branching even reaches beyond our state border and covers you coast to coast. Visit co-opsharedbranch.org to find a location
wherever you may be traveling this summer.

Your Path to Financial Success

Today’s world can be harsh. Every day we face obstacles that drain us emotionally, physically, and financially. We somehow seem to muster up enough strength to get through the emotionally and physically trying times, but what happens when there is just NO money left? Fear, depression, and avoidance are common ways to handle financial difficulties.  It doesn’t have to be that way. Taking control, making a plan and asking for help are the best ways in which to deal with financial problems. Below are some ways to make a financial crisis easier to manage and produce positive results:

Track Your Spending: If your budget continuously comes up short, take a week or two and log all your purchases and spending. This will highlight areas that are draining your wallet. You just might be surprised to see how much you’re spending in a week on unnecessary items.

Make a Priority List: Sit down and make a list of all your “Must Haves.” Make sure to include the due dates and weekly expenses for each.  This list should include housing, utilities, and any expense needed to secure a roof over your head. Account for a vehicle, gas, and related travel expenses so that you can make it to work to earn that next paycheck. Also, debts with monthly payments, like credit cards or loans, should be listed. Keeping these on track will ensure no added fees, no increased interest rates, and no aggressive collection action. Food and personal items will also need to be calculated. Be honest with yourself… it’s your list!

Construct a Plan: Your Priority List will allow you to start making a financial plan. You will know what needs to be paid and when. You can start to budget individual debts weekly or biweekly depending on your pay schedule. It helps to make a plan on paper. If you see it, it will happen!

Talk About It: If, after making a plan, you are coming up short, be open and honest about it. Every credit union, bank, and utility company has a Debt Resolution or Collections Department. People are in place to help you! Making contact with these people will ensure a productive working relationship. Most have programs or ways in which to make it easier for you to make payment. Establishing an open line of communication is a great way to work through budgeting shortages, past due balances and avoiding aggressive collection action. We all know how hard it is in today’s world and it is okay to ask for help.

Debt Management Companies: There are companies that extend their services to help you create budgeting plans. Be sure to research which company you choose to work with. One trusted company is Money Management International, with offices in Auburn, South Portland and Bangor.

Your Credit Union encourages a proactive approach to financial hardship. We understand the stresses of life and that there seems to never be enough money to go around. We have a knowledgeable Collection Department ready and willing to help you. Contact us with any questions or to discuss an appropriate course of action for you. You may reach our Collection Department at 207-353-4144.
Just remember, where there is a will, there is a way!

Article written by: Tracy (Lisbon Credit Union Loan Collector)

Get Financially Prepared to Purchase a Home

Qualifying for a home loan remains a hurdle for anyone without a solid balance sheet.  A potential homeowner must have the right income, the right credit score and the right down payment to get the best rates available. What follows are a few tips to consider as you pursue the home of your dreams.

1. Assess your financial picture and see how much house you can afford. Before you get too involved in looking for a new home, you should take some time to evaluate your finances thoroughly. If you’re a first-time homebuyer and haven’t been saving money or have been living paycheck-to-paycheck while dealing with student loans and other debt, you’ll likely have to make major lifestyle changes to get in a better position to buy a home.

Ultimately, you want to get an idea of how much of your monthly income you can reasonably afford to spend on a home. We suggest you use a formula to calculate what you can afford: add up the monthly house payment – principal, interest, taxes and insurance – and divide this into your gross monthly income. Your monthly housing payment should not exceed 28% of your gross monthly income.


2. Budget like you were already a homeowner.  You have figured out roughly how much money you should devote to housing.  But other costs need to be considered, such as repairs and utilities which usually run higher than if you’re renting.  If you are currently renting, you should calculate the extra costs that come with homeownership and start setting aside that amount. This accomplishes two goals: saving money for a down payment and getting accustomed to the financial obligations of homeownership.


3. Shoot for 20% down. While lenders will allow homeowners to make a down payment as little as 3% of the purchase price, you should shoot for 20% down in order to avoid paying private mortgage insurance or PMI. This is a premium that is added to your mortgage payment and can be quite expensive.  In addition to a down payment, you’ll also have to set money aside for closing costs, which can run into thousand of dollars.


4. Tackle any credit score problems early.  A person’s credit score is a critical element in determining how much money homeowners can borrow and at what interest rate. Buyers looking for the most favorable rates on a home loan must have a FICO score of at least 720. Prospective homebuyers should check their credit report for any errors that may be weighing down their credit score.  Disputing errors can take months, so it’s best to get this process going well before you’d like to buy a home.

A potential homebuyer should also avoid taking on new debt in the months before you set out to buy a home, as new loans or credit cards can negatively affect your credit score.


5. Get financial documents in order.  When it comes to formally applying for a loan, you will need to provide at least two months of bank statements, paystubs and W-2s.  If you are self-employed, you will need two years of tax returns. You should start pulling this information together before you apply for a loan.


6. Get pre-approved for a loan. Before you begin your home search, you should speak with one of our Loan Officers about being pre-approved. Once you are issued a pre-approval letter, this is a solid indication of what you can spend. This will also let the brokers and the sellers know that you are serious about purchasing a home.


Our Loan Officers are available to assist you at any time and will be happy to help you with what can often times be an overwhelming process.

Lisbon Credit Union is an Equal Housing Lender.

Obtaining a Copy of Your Credit Report.

Question: I’ve been hearing a lot about Identity Theft. How would I go about obtaining a copy of my credit report to make sure it contains correct information?

Answer: Federal law requires that each of the three reporting agencies (Equifax, Experian, and TransUnion) give you a free credit report every 12 months, upon request. 

You can order your free report from
www.AnnualCreditReport.com, a site authorized by the Federal Government. You usually get the report immediately by ordering online. You may also make a request by phone or mail.  This could take up to 15 days. 

To request your report by phone, call 1-877-322-8228 and there will be a simple verification process. To request your report by mail, download the request form, print it and mail it to:
      Annual Credit Report Request Service
      PO Box 105281
      Atlanta, GA.  30348-5281

Please be advised that these reports do not include your credit score. It contains all the information that a credit reporting agency has gathered about you.

Simply Remarkable

Our 2011 Social Responsibility campaign was simply remarkable!

During the first half of the year, the Credit Union raised funds for the American Cancer Society’s Relay For Life. Each member of our 14-person team took and active role in the fight against cancer by walking laps around the Brunswick High School track—for 16 hours! With various fundraisers such as a bake sale, a car wash, employee dress down days and more, the team was able to raise an incredible $6,440—become the second highest fundraising team of the 2011 event!

The second half of the year was dominated by our Ending Hunger campaign. The funds raise during this campaign will be directly donated to the Lisbon Area Christian Outreach (LACO) at our Annual Meeting in March. Fundraisers included Member Appreciation Day raffles of an Adirondack chair and our Moxie Float lighthouse, a LACO bake sale, Lisbon’s Chili & Chowder Challenge and our annual Holiday Basket Raffle.  Due to our efforts, over $3,020 will be donated to LACO.

In the end, we are pleased to report that over $9,460 was contributed to our Social Responsibility campaign in 2011. The entire Credit Union would like to extent a special thank you to those Members who contributed to some, or perhaps all, of these fundraisers. Your generosity is very much appreciated. It is a critical goal of the Credit Union to support the various communities that we serve. Here’s to another successful fundraising year in 2012.

Building Futures. Preserving Dreams.

Lights, Camera, LACO!

It has been said that a picture is worth a thousand words. In our opinion, a video may be worth even more! To further explain the services offered by Lisbon Area Christian Outreach (LACO) to our surrounding communities, we have created a video that gives a great overview of the organization in a little less than 4 minutes. Enjoy!



Building Futures. Preserving Dreams.

Moxie…It’s Maine in a bottle

With the Town of Lisbon gearing up for the 40,000 expected attendees for the annual Moxie Festival, it is clear that some out-of-state folks wanted to be a part of the action. Back in March, the Moxie Committee announced the theme of Moxie…it’s Maine in a bottle for 2011. In fact, there were submissions from six other states: California, Massachusetts, New Hampshire, New York, Pennsylvania and Texas.

Jeff Moxcey of Waterville submitted the winning theme. He received a basket full of Moxie items from The Kennebec Fruit Company and a VIP ticket to view the parade from the judging stand on Main Street. He is a product evaluator and song writer who had this to say about his theme. “I thought the theme idea up by thinking how Moxie is a lot like Maine…unique, fresh, crisp, lots of good taste and unlike anything else. To me, Moxie is one of the best beverages. I liked it from the first taste.”

Congratulations Jeff! The 2011 Moxie festival will take place on July 8th, 9th and 10th. For complete festival details, please visit moxiefestival.com.

Building Futures. Preserving Dreams.

Lisbon Area Christian Outreach

During our 52nd Annual Meeting this past Sunday, the Lisbon Credit Union presented a donation to the Lisbon Area Christian Outreach (LACO) as part of our Social Responsibility campaign. In fact, over $6,500 has been donated to the organization on behalf of the Credit Union and its Members within the past two years. We feel it’s time to take this opportunity and explain who LACO is, the services they offer to the community and how we all can support their mission.

LACO has provided valuable assistance to our community members by way of food, clothing, fuel and Christ like compassion. Founded in 1985, several area churches have since collaborated and created a food pantry and clothing bank operated by an executive board of directors. The food pantry is located in the Marion T. Morse Center and available for residents of Lisbon, Durham and Bowdoin who are experiencing financial hardships and lifestyle challenges. However, anyone may visit the clothing bank regardless of where they live. A small group of volunteers from the participating churches have donated countless hours of their own time to keep both the food pantry and clothing bank running at peak efficiency.

According to figures provided by LACO, they served over 510 families and over 7,290 individuals in 2010. This participation was a significant increase from 2009. In fact, with every current month that passes, a new record number of families are being served. Thus, a challenge for LACO is keeping certain types of food on the shelves in the pantry. Feel free to visit their website at www.lacopantry.com to see a list of items in short supply and donate according to your circumstances. Another challenge for LACO is the lack of awareness among the community. The Credit Union encourages community members to discuss the services provided by LACO to family and friends. Plus, there is always a need for volunteers.

Building Futures. Preserving Dreams.