Banks vs. Credit Unions

Banks

Banks

Does it really make a difference whether you conduct your financial affairs at a bank or a credit union? A lot of people seem to think it does. Believers report that credit unions offer the lowest interest rate around for banking, credit cards and loans.

What is a credit union?

A credit union differs from a bank by the fact that it is owned and directed by its members. Members of the Credit Union elect their usually volunteer Board of Directors through a one person one vote system. The definition provided by the World Council of Credit Unions (WOCCU) says credit unions are not-for-profit cooperative institutions. Credit unions are generally smaller institutions than most banks.

How do credit unions differ from banks?

Banks in the United States typically have $1.53 billion in assets as opposed to credit unions which on average have only $93 million in assets. Most credit unions do offer the same types of services offered by banks such as savings accounts, checking accounts, credit cards, loans, certificates of deposit and online banking. Some credit unions call these banking functions by different names such as share accounts, share draft accounts and share term certificates. In general, only members of a credit union can use their services. You must be eligible to join a credit union.

Banks are for profit shareholder owned companies that are regulated by state regulators or the federal government. The Federal Deposit Insurance Corporation (FDIC) insures banks. The purpose of banks is to make money for their shareholders.

Advantages of credit unions

Credit unions are not publicly traded corporations so in general they can offer lower rates on credit cards, banking, savings accounts, and loans. Though not insured by the FDIC credit unions do have a federal insurance program called the National Credit Union Share Insurance Fund (NCUSIF). Most credit unions are profitable but this money is used to lower loan rates, and fees when possible. Since members are also owners of the credit union, some credit unions will offer bonus checks to members when there are particularly high earnings.

Customer satisfaction

In financial surveys credit unions almost always outperform banks in terms of customer satisfaction. This may come directly from feeling a part of the institution, an owner rather than a customer. When an organization’s primary focus is not on making a profit but on making the members more financially secure this could translate into more satisfaction with the whole financial experience. If you like small financial institutions credit unions are smaller and you are more likely to get to know the employees.

Advantages of banks

The strengths of credit unions may have you rushing to open an account with your closest credit union but banks do have their strong points too. Larger banks may be able to offer the best rates around for financial products. Do some comparison shopping before opening an account anywhere. Banks in general offer more products and services than available at a small credit union. Banks may also have more online banking services and 24 hour customer service phone lines than credit unions. Again compare options when opening an account.

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The $9.84 Charge Scam

BBB

BBB

Following the widespread credit data breach that affected Target customers (as well as customers of other major retailers) over the holiday period, the Better Business Bureau has now issued a new safety warning, and there is a possibility that this warning is related to the holiday data breach.

Reports are emerging that consumers are finding unauthorized charges on their statements. In most cases this charge is $9.84, categorized on the statement as a ‘Customer Support’ charge with one of a number of fake websites.

When victims visit the website levying the charge, they are provided with a telephone support number and an email address. After getting in contact, they are told that the charge will be removed and the amount credited to the affected account. It is not certain whether this information is fake, and whether getting in contact will actually lead to the account being reimbursed.

We recommend that all affected consumers DO NOT get in contact with these fake websites. There are a number of recommendations provided by the BBB to help consumers protect themselves:

–       If you suspect fraud, get in contact with your card issuer.

–       You should destroy your current card and request a new one.

–       Place a fraud alert on your credit file (visit the Federal Trade Commission Website ftc.gov)

–       Be vigilant with all of your existing accounts

Investigators are still determining whether this scam has anything to do with the data stolen over the holiday period.

The ‘One Ring’ Return Call Scam – DON’T RETURN THE CALL!

Fraud Alert

Fraud Alert

The BBB is also warning consumers about another scam, which appears to be unrelated to the holiday-period data breach and the $9.84 charge scam. As of writing no complaints have yet been filed, however the president of the BBB Steve J. Bernas has stated that this scam is spreading across the U.S. very quickly and it is only a matter of time before complaints are filed.

In this scam, malware is used to infect personal computers, which then make thousands of calls to random telephone numbers. Each call only lasts for one ring before it disconnects, hence the name.

The purpose of the scam is to tempt people with missed calls on their phones to return the call.  When they do so, they are charged $19.95 for an international call fee. Victims have reported that the calls are coming from various international locations, mainly foreign British territories.

If you have been affected by this scam, you should immediately alert your cell phone carrier and watch your bill carefully. The earlier you report the fraud, the better chance you will have of having the charges partially or fully reimbursed.

The BBB states that the best way to protect yourself from this fraud is to not answer or return calls for any international numbers that you do not recognize.

For more help and information, visit the Better Business Bureau website bbb.org.

Be Vigilant,

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Watch Out! Target Credit Card Breach

Target

Target

If you have shopped at Target recently with a credit card then it is important that you check your credit account. The major US retailer was recently the victim of a major payment data breach, so if you are a Target shopper or have been in between certain dates, then you’ll want to pay attention and see if this affects you, no matter how many transactions you have made or how much you have spent.

The Target Breach

While the exact details of the breach are unclear, a picture is slowly emerging. Attackers managed to install malignant software onto payment desk computer systems in over 1,800 Target store locations It is not yet known how the attackers were able to successfully achieve this across so many stores.

Between November 27 and December 15, 2013, this software stole information from credit or debit cards that were used by customers to make payments at brick-and-mortar Target stores. This has allowed the attackers to gain access to customer names, credit card numbers, CVV security codes and expiration dates (with debit cards as well as credit cards).

This is proving to be a very serious and widespread security breach.  The security of up to 40 million credit/debit cards may have been compromised. Not long after the breach, credit card issuers began to report fraudulent activity across the U.S.  Target is now being sued by numerous customers for the breach, which could amount to millions in damages being paid out.

Am I At Risk?

The attack took place between November 27 and December 15, 2013, so if you paid for your purchase by credit or debit card at a U.S. brick-and-mortar Target store during this time then you should assume that you are at risk. Data gained from your card’s magnetic stripe could be used to create counterfeit payment cards. This was not a server data breach, so you are not at risk if you shopped online with Target.

If you have been a victim of this massive fraud, please comment below and share your experience to help others who may be similarly situated.

What Can I Do To Protect My Account?

Unfortunately there is not a great deal that you can do to prevent the attackers from exploiting your details if they have managed to get hold of them already. In this case your only real option is to remain highly vigilant. The best thing to do is to keep a very close eye on your credit card statements, and to get in contact with your provider immediately if you see any fraudulent activity.

Account alerts can be set up with online credit card management services, and fraud alerts can be registered with each of the major credit reporting agencies. Your credit card issuer or bank may also be helping to keep an eye on things for you. For example, JP Morgan Chase has temporarily lowered daily spending limits for vulnerable cards, while other banks are tightening security and keeping a very close eye to spot fraudulent activity.

Target has stated that they would offer free credit monitoring for any of their customers that have been affected by fraud. If you used a credit card at Target during the aforementioned period, the only fail-safe way to protect yourself would be to cancel your account and have your credit card issuer issue a new card.

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Credit Card Payment

Credit Card Payment

Credit Card Payment

Credit card holders should carefully monitor their credit card payment. Are you aware your minimum MasterCard credit card payment is rising?

A new govt. program working to get USA citizens out of credit card debts are pushing MasterCard issuers to raise minimum standard payments. If you are an American, your minimum monthly MasterCard payment may shortly be doubling.

Who’s Raising Your Monthly Minimum MasterCard Payment? Whose concept was it to extend card minimum standard payments? The Office of the Comptroller of the Currency, a bureau of the U.S. Treasury Office which has become more concerned with ruling in the abuses of MasterCard corporations.

BOA has been asking for the higher monthly minimum amount. MBNA, Citigroup (a.k.a. Citibank), Discover, and Chase (on some of its cards) have been breaking the news to their card owners . How Much Will Card Minimums Increase? For many visa cards, eg MBNA and B of A, the new rates mean that monthly lowest payments will double. At this time, the monthly minimum amount is only 2 percent of the balance on the majority of these cards. The new rate will be around 4% (the particular number may vary greatly from card provider to card company).

This indicates that if you’ve got the average American Visa card balance of approximately $10,000, your minimum regular payment will go from $200 / month to $400 / month. Why the MasterCard Minimum Amount Increase? You’re probably wondering why any person would wish to make you pay a higher minimum standard payment. The basic reason for making you pay more is: for your own good.

Credit Card Payment Tips

According to Mike Peterson, founder of American Credit Foundation, by doubling the sum you pay each month towards credit card debts, you may ease back on what you pay towards interest by much more. Look: Old monthly minimum amount of two percent of balance, $2,000 bank card arrears at 18% % interest:

  • Time to repay debt in full: about thirty years.
  • Interest paid: about $5,000 two and a half times what you first borrowed! New monthly minimum amount of 4% of balance, same debt:
  • Time to pay down debt in full: about ten years.
  • Time saved vs. Old payment: twenty years.
  • Interest paid: about $1,100slightly over half what you originally borrowed. Total saved versus. Old payment: $3,900.

Tips for Paying Double Simply How does one pay off your new, higher card balance?

Stop Charging

Yes, you will need to make major sacrifices to cease using your ATM card. If you have difficulty resisting the enticement to charge, these are some solutions that have really worked: * Give your MasterCard’s to a chum or relation to hold in safe keeping. * Freeze the cards in a block of ice. * Never carry more than one Visa card with you. Economize on the Tiny Things According to Michael Peterson of the North American Credit Foundation, even little savings truly add up when talking of debt. His favorite example is the Cola example: * If you purchase one Cola a day at $1 / day that is $365 / year. * If you instead invested that one greenback a day at ten percent interest (the average annual return on major stocks during the last half century), you’d be a millionaire inside fifty six years. * Naturally, with cards, this logic works in reverse : if you are sufficiently fortunate to be paying only ten percent interest, 50 years of charging Cola to your MasterCard will mean you have lost the same quantity, not just in interest paid, but in the lost chance to save and invest. One greenback a day is $30 / month, 15% of the average $200 increase in Visa card minimum regular payments.

So as to get that complete $200 increase out of your daily budget, you would just have to save $200 / thirty or less than $7 a day. OK, perhaps you are not drinking 7 Diet Cokes a day.

Saving weekly instead of daily, $200 / month works out to about $45 / week, or the price of an eatery meal for a tiny family–another luxury you may want to skip till you are debt-free. Larger Savings * Taxes. Most US citizens could pay tons of bucks less tax every year if they just took all of the discounts they were suitable for up front, instead of waiting to get a repayment in April. By April, you’ll have spent an enormous piece of cash on interest on debt that you would not have spent if you would had the cash to hand. * Pleading. Call the card firms and ask if they can permit you to set up a repayment schedule, or at a minimum supply a transient extension. Simply calling and informing them you have not forgotten about them can help in keeping you out of the worst difficulty. * Credit counseling. Credit advisors can talk with MasterCard issuers to help get a repayment agreement you can stay abreast of. They can also open your eyes to untouched income sources you never knew you had, like kicking the $1,000,000 Cola habit. With only a modest amount of planning, you can make the higher minimum standard payment work to your benefit, just as the policy’s writers intended.

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Kissimmee Utility Authority Bill Pay

KUA

KUA

This guide is here to show you your bill payment options for the Kissimmee Utility Authority. Learn about your options and get your bill paid. Want to pay online? To make a payment online or manage your account, follow the link provided below on this page to the KUA bill pay login. You will also find useful “pay my bill” information such as the credit card customer service number, payment mailing address, and billing phone number below.

Pay My Kissimmee Utility Authority Bill

Kissimmee Utility Authority offers plenty of payment options. There is a simple online payment service, and a range of other options to suit customers with different needs and preferences.

Pay My Bill Online: The Kissimmee Utility Authority provides an online bill payment service to its customers: KUA eBill. This service gives you a fast and simple way to keep on top of your utility bill payments. Follow the link provided here to log in, or register for the service. Additionally, if you do not want to sign up for this service, you can instead pay online with the single online payment service. To make your KUA bill payment online click the “Pay Online” button below to login, register, view your bill or manage your account online.

Pay My Bill By Phone: KUA offers a convenient telephone payment service, available 24 hours a day. Call (407) 933-7777, or call toll free (877) 582-7700. This service accepts checking payments and credit card payments.

Pay My Bill At Amscot: You can pay your Kissimmee Utility Authority bill at one of nine Amscot locations in Osceola County, and one of thirty two locations in Orange County. Amscot financial locations are open every day of the week, and certain locations are open 24 hours a day. These locations only accept cash payments, and there is a $1 transaction fee. Call 1-800-801-4444 to find your nearest Amscot location.

Pay My Bill By Mail: The KUA bill payment mailing address is: Kissimmee Utility Authority 1701 W. Carroll St. Kissimmee, Florida 34741. Please include your KUA account number on your check. Your account number is located on your statement. To ensure your KUA payment is received on time it is recommended that you mail your payment at least 5 business days prior to the due date shown on your monthly billing statement.

Pay My Bill In Person: You can make walk-in payments at the KUA Carroll St. Location (1701 W. Carroll St. in Kissimmee). The site is available for walk-in payments between 7AM – 6PM, excluding holidays, and there is also a payment deposit box for out-of-hours payments.

Opening & Closing Accounts

Open or Transfer Account: A new service or a transfer of service may be requested by completing the online form available at the KUA website, or you can visit the KUA main office at 1701 W. Carroll Street in Kissimmee. KUA provides a downloadable customer welcome pack online – this provides a detailed overview of options, rates and fees, as well as advice on saving energy.

Close Account: It is a simple process to close an existing service with KUA. Simply visit the “Termination for Request” page at the KUA website and enter your information.

Kissimmee Utility Authority Contact

The KUA customer service center is available weekdays 7AM – 6PM, and this includes the walk-in lobby and the call center. Emergency support is available around the clock.

Customer Service: (407) 933-9800, Toll-Free (877) 582-7700

Fax: (407) 933-1936

Online Contact: Visit the Contact page at the KUA website

About Kissimmee Utility Authority

Kissimmee Utility Authority is a full-service municipal utility provider offering water, power, sewer and refuse services to Osceola County, FL. The authority was founded in 1901, and today is the 6th largest utility of its type in the state. An overview of its energy services is available online, as well as news and tips for saving energy.

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Jackson Energy Authority Bill Pay

Jackson Energy Authority

Jackson Energy Authority

Looking for the JEA bill pay service? This guide brings together all your payment options in one place – simply select the option that works for you. It is easy to manage your account and pay your bills online. To make a payment online or manage your account, follow the link provided below on this page to the Jackson Energy Authority bill pay login. You will also find useful “pay my bill” information such as the credit card customer service number, payment mailing address, and billing phone number below.

Pay My Jackson Energy Authority Bill

Jackson Energy Authority offers its customers a range of different payment options. It is easy to keep on top your bills with the online payment service.

Pay Your Bill Online: JEA’s online payment service lets you make secure payments by checking account, credit card or debit card. Discover, Visa and MasterCard are accepted. The service also allows you to see your bills, check the amount you have to pay and schedule payments for the future, and also access your billing history. You can even help the environment by opting out of paper bills. To make your JEA bill payment online click the “Pay Online” button below to login, register, view your bill or manage your account online.

Pay Your Bill by Mail: The Jackson Energy Authority bill payment address is: Jackson Energy Authority P.O. Box 68, Jackson, TN 38302-0068. You should use the envelope provided with your bill, and send your payment along with the top half of your bill. Please include your JEA account number on your check. Your account number is located on your statement. To ensure your JEA payment is received on time it is recommended that you mail your payment at least 5 business days prior to the due date shown on your monthly billing statement.

Pay Your Bill by Automatic Payment Plan: If you want a simple way to keep on top of your utility bills, you can enroll in automatic billing. You can enroll for automatic billing online or by visiting a JEA location.

Pay Your Bill in Person: There are two customer centers available to pay your bill in person. One center is located downtown at 351 Dr Martin Luther King Jr. Drive, and is open Monday – Friday 8AM – 5PM. Another center is located at 2030 Pleasant Plains, and is open Monday – Friday 8AM – 6PM. You can also make payments at these locations after hours with JEA drop boxes located outside the premises.

Opening & Closing Accounts

Jackson Energy Authority makes it easy for new customers to begin a new service, change an existing service or stop a service. Visit the “Apply for Service” page at the JEA website, and fill in the online form. If you have any questions regarding new services, or if you need any other advice, get in contact with customer services. Check below for customer contact details.

Jackson Energy Authority offers a clear overview of its utility services and rates. A full account of all current residential, commercial and industrial rates is available in PDF form at the Jackson Energy Authority website.

Jackson Energy Authority Contact

Customer Service: 731-422-7500

Customer Service (Toll Free Outside Madison County): 888-577-6427

Customer Service Center (Downtown): 351 Dr Martin Luther King Jr. Drive. Jackson, TN 38301

Customer Center (North): 2030 Pleasant Plains Ext. Jackson, TN 38305

Emergencies: 422-7500 (call any time day or night)

You can also get in contact with Jackson Energy Authority online with the Contact Us form.

About Jackson Energy Authority

Jackson Energy Authority is a municipal utility that supplies electric, water, natural gas and wastewater services to residents and businesses in Jackson, TN and areas of Madison County. The utility services about 40,000 customers. Their mission is to deliver exceptional utility services and create value for customers and the community.

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