Stay on Top of Your Account Activity

Are you suffering from security breach burnout in the wake of the recent hacker attacks at Shaw’s and Home Depot?  You may have even been one of the unfortunate ones to have had your card compromised at some point.

Unfortunately, once you have swiped your card at a store, you no longer have control over the safety of your card information. However, you can help prevent fraud by keeping the following in mind:\

1. Never share your PIN number with anyone.
2. Never write your PIN on your card.
3. Never keep your PIN with your card.
4. Monitor your accounts regularly for any unauthorized activity through our online home banking or mobile banking. This will allow you to verify that what is being debited from your account was actually authorized by you.
5. Keep track of ALL transactions. Use a checkbook register even if you do not use checks.
6. Contact the Credit Union immediately if you suspect unauthorized activity on your account. This will allow the Credit Union to immediately block your card and investigate the activity.
7. NEVER RESPOND to strange phone calls, text messages or emails asking for personal and/or card information. 

There is no way to prevent all fraud, but by following the above steps, you can be proactive and help us prevent fraud.

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)

Lending Money…Responsibly!

We hope you have heard or seen the phrase Lending Money…Responsibly in some of our marketing materials so we’d like to take a minute and explain what it means.

The mission of the Lisbon Credit Union is to improve the financial well-being of all Members. In fact, our lending philosophy is centered on our ability to lend money responsibly. It is important to recognize that when an application is reviewed, our Loan Officers always have the Member’s financial well-being in mind. It is not in our best interest to approve a Member for loan with a monthly payment they cannot afford. In our experience, lending money responsibly means doing our best to help Members build a secure financial future.

As we lend money responsibly, we also lend money fairly. The Credit Union is proud to offer ALL Members the same rate on loans. When underwriting a loan, we look at the entire picture and no just your credit score. This lending practice truly makes us unique among area competitors.

Building Futures. Preserving Dreams.

Heard of the Supervisory Committee?

During the week of January 24th, 2011, auditors from the accounting firm Macdonald Page & Company will be at the Credit Union performing an annual audit. The firm was hired by our Supervisory Committee to accomplish multiple objectives: certify the accuracy of our financial statements, conduct a verification of Member accounts, review our adherence to policies, monitor the performance of the Credit Union and evaluate other critical areas of operation.

After mentioning this, we wanted to ask a question. Do you know what the Supervisory Committee does at the Credit Union? Another question: Did you even know that it existed? We figured it may be time to remind or enlighten you about the primary role of the Supervisory Committee. The committee at the Lisbon Credit Union is very active and displays a strong desire to see the organization succeed. The group consists of five Credit Union Members who serve as volunteers without compensation. Each month, they assemble together and review loan files, closed account notices, investments, teller cash totals and other items. Basically, the Supervisory Committee is another set of eyes to help make sure the Credit Union is being managed properly and that Member assets are safe and secure. For a list of committee members, click on this link to our website: https://www.lisboncu.org/About-Us/Volunteers-and-Staff.aspx. If there are any negative issues that arise, they in turn notify the Management Team and the Board of Directors.

We are happy to report that the Lisbon Credit Union’s financial performance is excellent – thanks in part to the Supervisory Committee. We invite all Members to contact the committee if there is a need to surface an issue or to report an unresolved complaint. As always, please feel to contact the Credit Union with any questions or comments.

Building Futures. Preserving Dreams.

Got a Theme for Moxie?

Besides the 16 inches of snow that fell in the town of Lisbon this past Wednesday, we are pleased to offer another reason to look forward to the warm days of July. The 2011 Moxie Festival Committee has recently launched a contest to seek out the theme for the upcoming festival. Do you have a cool idea for a theme? Here’s your chance to share it!

Submitting an idea to the committee is pretty simple. Contestants will be able to access an entry form on the festival’s website and have a choice to mail or email a copy to Debra Wagner. All the detailed information is available on the contest form itself and for convenience purposes, we included the form below. The contestant who submits the winning theme idea will be awarded with a deluxe Moxie-filled basket and a VIP pass to hang out on the parade review stand while the parade’s in progress. This sounds like a great deal just for thinking outside the box! Be aware that the deadline for this contest is rapidly approaching—January 31, 2011.

The 2011 Moxie Festival will take place on July 8-11 and will again feature a three day Pow Wow, fireworks, parade, 5K road race and a river race on the Androscoggin River. For more information, please visit the festival’s website, www.MoxieFestival.com, and stay updated on the progress of this neat contest.

ENTRY FORM

Building Futures. Preserving Dream.

Become a Holiday Saver

With only 9 days until Christmas, we know that Members all have a different story about their Christmas shopping progress. Some may be almost done while others are not even close. Some may be just getting started while others have been done since October! Some may be going light this year because of employment circumstances. Regardless of your story, the Lisbon Credit Union has just the tool to make your holiday shopping much more simple and enjoyable.

In addition to our Savings (Share) and Checking (Share Draft) Accounts, we offer a Christmas Club Account that is specifically used to save ALL YEAR for your shopping pleasure. You are able to open a Christmas Club anytime during the year but they work the best if done right after the holidays. How do they work? Just deposit money each week or month by cash or checks, automatic transfer or payroll deduction. On October 1, the balance will be either mailed to you by check or transferred into an account of your choice. If you need the cash before October, you’re able to withdraw the balance without a penalty. Simple!

The Credit Union also offers a couple more Club Accounts. We have a Vacation Club that can be used to save for a yearly family trip or a one-time epic getaway. Similar to the Christmas Club, you’re able to access your funds anytime without a penalty. For Vacation Clubs, the balance is mailed or transferred on June 1 – just in time for summer! We also have an All Purpose Club that is ideal to save for taxes, insurance, utility bills, heating oil, the list goes one.

Our Member Service Representatives are happy to answer any questions you may have on these accounts. Give us a call or visit our Club Account page on our website, which is http://www.lisboncu.org/.

Happy Holidays!

Everyone Gets the Same Rate

When you look around at most financial institutions, you’ll notice the short phrase “as low as” before their loan rates. Most of the time, they appear on advertisements or marketing materials. This phrase indicated that these institutions use what’s called risk-based pricing. In a nutshell, risk-based pricing means that the rate you qualify for is directly affected by your credit score. If your credit score is very high, you may be able to qualify for that very low rate that was advertised. If your credit score is moderate or fairly low, you will qualify for a much higher rate.

This is an area that makes the Lisbon Credit Union different and unique. We do not participate in risk-based pricing and feel it’s very important that all Members get the same rate. If we advertise a 4.00% rate for a new vehicle loan and you’re an approved borrower, you’ll get that 4.00% rate. As loans are approved by our Loan Officers, they do consider your credit score; however, it’s just a small part of the approval process. We recognize that some Members may have gone through some rough patches in their lives such as layoffs or divorces. These other factors are also considered.

So, when we advertise that everyone gets the same low loan rate at the Lisbon Credit Union, you’ll know that we mean it. We feel it’s the best option for our Members. Feel free to visit www.lisboncu.org for more information.

Building Futures. Preserving Dreams.

Credit Unions are Cooperatives

Nowadays, the differences between banks and credit unions are quite blurred. The names of these two organizations are used interchangeably by lots of folks. In fact, it’s not uncommon to hear one of our Members take a call from their cell phone in the lobby and say…"I’m at the BANK." Due to the fact that both are full service financial institutions and offer similar products and services, consumers may perceive them as the same. We’d like to change that perception with our post today!

A credit union is called a financial cooperative and follows some unique principles. One principle is that they are owned by their Members. When each new Member comes in to open an account, they are becoming a one-part owner of the credit union. Also, they get one vote to be used at the credit union’s annual meeting. Essentially, Members are able to participate with how the organization is run.

Here’s another principle; a credit union is run by a volunteer Board of Directors who are also Members. With this structure, Board Members are able to govern more effectively because they have a vested interest. Banks are governed by a paid Board of Directors who may not even be a customer of that specific institution. The last principle we’d like to share is that a credit union is a not-for-profit (not a non-profit) organization. With our income, we are able to give higher rates on deposit products, lower rates on loans and offer more free or low cost services to our Membership. Banks, on the other hand, are for-profit institutions and use their income differently.

To illustrate our point better, we’d thought you like this video. It’s a pretty fun way to explain the differences spoken above.



Building Futures. Preserving Dreams.

Telling Our Story

Lisbon Community Federal Credit Union is truly a unique organization. Likewise, the communities we serve are just as unique! We all have a pretty interesting story to tell.

Welcome to Field Work! Over the course of the next several posts, the Lisbon Credit Union will begin to tell its story by sharing ideas, concepts, products and services that are vital to day to day operation. You can expect to read and become informed about the cooperative nature of the Credit Union, an in-depth look at the products and services we offer, our history, our dedication to grow and maintain our success, and much more. Just as our brand indicates, we are committed to building futures and preserving dreams for our Members. This blog will show you exactly how we strive to achieve that goal!

Here’s the twist; a critical function of the Credit Union is supporting and sustaining the community that we serve—called our Field of Membership. Currently, our Field of Membership consists of Lisbon, Durham, Lewiston, Auburn, Bowdoin, Sabattus, Pownal and Topsham. Anyone that lives, works, worships or goes to school in these communities can become a Member of the Lisbon Credit Union. So, right alongside the posts mentioned above will be community related posts that will outline the following: our outreach to local organizations and businesses, promotion of unique events and highlighting any creative projects taking place. Essentially, we want to help get the word out about the great things happening in our area.

Here’s what you can expect from Field Work; every Friday, we will submit an insightful post for you to read and make comments. Every other week, a post with a Lisbon Credit Union focus will be featured. Those Fridays in between will feature a post concentrated on our communities. We welcome you to follow along and interact with us. Also, please invite your friends to do the same. We’re excited to share our story!

Building Futures. Preserving Dreams.