Merger will present wider product and service offerings to Telco members

FORT WORTH, Texas (Feb. 26, 2013)—Effective May 31, Fort Worth Telco Credit Union will merge with Fort Worth-based EECU in an effort to provide enhanced product and service offerings to the former’s 5,000 members.

“EECU has a long-standing relationship with Fort Worth Telco Credit Union and its leadership,” said Lonnie Nicholson, president and CEO of EECU. “The decision to merge seemed like a natural extension of the relationship between the two credit unions. We are excited to enhance the products, services and delivery options provided to Telco’s members.”

As one of North Texas’ largest locally owned financial institutions, EECU serves more than 167,000 people with products and services to meet their financial needs, including checking and savings accounts, credit cards, loans, insurance and investment services. In addition, the credit union offers the convenience of multiple branch locations and online and mobile banking products, not previously available to Fort Worth Telco members.

“We feel this merger will be extremely beneficial to our members as they will have access to resources not currently available to them,” said Ron Reed, Fort Worth Telco Credit Union president. “Having been our neighbor in Fort Worth for 33 years, we’re confident in EECU’s commitment to upholding the high standards of service our members are used to.”

The merger, which is already in progress and scheduled for completion on May 31, will transfer the approximately 5,000 Fort Worth Telco Credit Union member accounts, which include checking and savings deposits and loans, to EECU where they will continue to be serviced.

Fort Worth Telco Credit Union members will receive communications throughout the merger process to ensure the transition is completed smoothly and all questions are answered.

Good credit: it’s difficult to get, and even more difficult to understand. You’ll have an easier time building credit if you know the building blocks of a good credit score. Turns out it’s a bit more complicated than saving money and staying debt free.

Your credit score (also called a FICO score) is a 3-digit number based on a formula issued by the Fair Isaac Corporation (FICO). This formula uses 5 different factors to determine your overall credit worthiness. You don’t need to have each factor memorized, but you do need to make your payments on time, maintain accounts that build credit, and avoid a few common pitfalls. Here’s the breakdown:

1. Payment history – 35%

Making regular payments on your credit cards, student loans and other debts will boost your credit score. Any missed payment will lower it. Recent history counts more, so if you’re making a good effort to repay your debts now, fear not: credit bureaus will take notice.

2. Amounts you owe – 30%

Long story short, don’t max out your credit cards. Credit bureaus look at the difference between your spending limits and the total amount of debt you have, so if you carry a balance regularly, this will lower your score. However, this doesn’t necessarily apply to installment loans (like student loans), which can actually improve your score if you keep up with the payments. Continue reading

Each year, the Better Business Bureau compiles a list of the year’s biggest scams to help consumers avoid being taken advantage of. These are ten of 2012’s most prominent scams as described by the Better Business Bureau.

Original Article: “Better Business Bureau Names ‘Top Ten Scams’ of 2012,” The Torch Newsletter, Vol. 77, No.1, January 2013 Continue reading

Looking for a way to help your kids or grand kids begin learning about money and personal finances? What if they could get paid to learn? As part of our efforts to help educate our young members and local youth, EECU partners with Googolplex, an effort of the Credit Union National Association (CUNA), to help students learn the fundamentals of money management through fun, interactive materials, and they’re looking to hire youth for the upcoming school year.

googolplex-youth-board

Googolplex is seeking responsible young people with diverse backgrounds for 12 paid positions on its youth editorial board. No travel is necessary—applicants are welcome from all over the country. Continue reading

Did you know the average American gets a new cell phone every two years? If you’re like most people, you probably have one or two devices sitting around not being used. Now through April 10, EECU would like to take your extra cell phones off your hands and put them to good use.

Cell Phones for Soldiers

Through a partnership with Cell Phones for Soldiers, your unused cell phone can be turned into a direct line home for an overseas soldier. Cell Phones for Soldiers is a non-profit organization dedicated to providing cost-free communication services to active military members and veterans. Through generous donations, the organization has provided more than 181 million minutes of free talk time through more than 10.8 million recycled cell phones. For an overseas soldier, that time is extremely valuable.

Before you bring your device in, follow these simple steps:

  1. Terminate service to the advice by contacting your wireless carrier.
  2. Clear the phone’s memory of contacts and other stored information. If you need help doing this, click here for instructions.
  3. Remove your phone’s SIM card if it has one. For assistance, or to find out if your phone uses a SIM card, contact your wireless carrier.

If you or anyone you know has unused devices you would like to donate to this cause, bring them by any of EECU’s convenient branches through April 10, and give one of our soldiers the chance to call home.