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International Money Tips
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on 04 Aug 2008 3:32 PM
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Whether you’re traveling overseas for business or pleasure, here are a few money tips to keep in mind. In general, it is a good idea to diversify your payment options by carrying both cards (debit or credit) and some local currency. Most of the time, the easiest and cheapest way to get foreign currency is to use an ATM in the country you are visiting.
Before you leave, notify your credit union, bank and credit card issuer (the financial institution that sent you the card; not Visa or MasterCard) that you’ll be using your cards in another country. This prevents a blocked card due to fraud monitoring. To make sure you are not surprised on your next billing or account statement, research current international fees that are charged for each transaction and local exchange rates—they change. Your transaction is converted from the local currency to dollars based on that day’s exchange rate. It is also wise to have the international contact numbers for all of your financial institutions and credit card issuers in case you have a problem.
More things to know about ATM/debit cards:
· Make sure your card is active and will not expire during your trip because you cannot activate a new card overseas.
· Pay attention to fees. There is a minimum 1% International Assessment Fee from MasterCard and Visa that is added to any debit card transaction in addition to other fees your financial institution can add on.
· Be aware of your daily point-of-sale and ATM limits. If you need more cash than your ATM limit allows, use your debit card to do a cash advance over the counter at a financial institution.
· Don’t use your ATM/debit card to make reservations for hotel or rental car accommodations. These service providers typically hold an additional amount over the cost of the room or rental, and this can tie up extra funds in your checking account until the hold is released.
· If your PIN is longer than four digits or contains letters, contact your financial institution to change it to a four digit number.
Do you have any tips to share from your experiences? Post your comment! Those of us who are not expert world travelers will greatly appreciate it.
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Keeping it simple: what share insurance means to you
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on 23 Jul 2008 3:52 PM
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We have all heard the news about ailing financial institutions, but do you realize how safe credit unions are? Not only do you get insurance from the NCUSIF—$100,000 on deposit accounts and $250,000 for IRAs—at Alliance, you also receive additional coverage up to $250,000 from American Share Insurance (ASI). That means that each Alliance Credit Union member receives up to $350,000 for the sum of all savings, certificates, and checking accounts, and $500,000 for IRA all at no extra cost.
The Credit Union Journal stated on July 16, 2008 that the “NCUSIF enters the second half of 2008 secure and well-capitalized with a reserve ratio of 1.24 (dollars per insured deposits), projected to reach 1.28 by year end.” This means that for every $1.00 insured the NCUA has $1.24 supporting that contingent liability. Despite ongoing problems at certain institutions, the credit union industry is healthy and federally insured deposits are safe.
It is also important to realize that joint accounts and beneficiaries named on an account can increase the coverage amount. To fully understand your personal share protection and to ensure your deposit accounts are structured in a way that gives you maximum coverage, please meet with a Member Relationship Manager at any of Alliance’s financial centers.
For a more information regarding share insurance, please click here for an informational article that also includes many helpful links.
Do you still have questions? Ask us! Post a comment and we’ll be sure to respond.
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Golfing for a good cause
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on 16 Jul 2008 3:58 PM
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 Alliance Credit Union was honored to have the opportunity to coordinate the 2008 fundraiser for the San Jose Firefighters Burn Foundation sponsored by the CCUL-Santa Clara Valley Chapter.
The 10th Annual Benefit Golf Classic proved to be one of the most successful thus far. The relentless heat did not stop over 70 people who came out to play a round of golf at Los Lagos Golf Course to support the San Jose Firefighters Burn Foundation on July 9, 2008. Thirteen generous businesses and organizations sponsored holes on the course in addition to the five contest holes that included a chance to win a new car with a hole-in-one.
The winning team of the scramble tournament finished with an unbelievable score of 55,  beating the second place team by six strokes! The winners were Tom Bradley of Trinity Printing, Mike Scampini, Kent Luckin, and Mike Luckin, all from Technology Credit Union. There were no hole-in-ones, so no one left with a new car, but many people walked away with great raffle prizes such as new clubs, golf bags, hotel packages, and hundreds of dollars in gift cards.
Alliance would like to thank everyone that contributed to a fantastic day: participants, sponsors, donors, and all that helped make this event happen. Together we have made a significant donation to the San Jose Firefighters Burn Foundation and have helped make a difference in improving the quality of life for local burn survivors.
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