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The world aches for the people of Haiti. And while relief efforts are arriving from all corners of the globe, credit unions are already there.
In July 2009, the World Council of Credit Unions (WOCCU) launched a three-year program to extend financial services to Haiti’s rural poor; it has similar programs in other countries like Rwanda, Ethiopia, and Kenya. Last Friday WOCCU received word that its staff in Haiti is all accounted for, uninjured, and ready to help—just as they helped with relief and rebuilding efforts during past international disasters, including the December 2004 Asian tsunami, the February 2006 Philippine islands landslide and earthquakes in Peru, El Salvador and Malawi.
MidWest Financial is also ready to help with a $500 donation to relief efforts. We encourage you to show your support for Haiti in whatever way you can. Donations can made directly to the American Red Cross (a $10 donation is as simple as texting “Haiti” to 90999) or one of the other many relief organizations.
Have you heard about the new credit card rules rolling out this year? The second phase of the Credit Card Act of 2009 goes into effect on February 22, 2010. Among other changes, the new law intends to ban unfair rate increases and fee traps. Before you get too excited though, you should be aware that many card issuers are looking for ways to compensate for potential losses of revenue.
While there are no additional fees or rate increases anticipated for MidWest Financial’s credit cards at this point, some financial institutions are already introducing or raising annuals fees on their cards. More changes may concern credit cards with reward programs. For example, with some cards a late payment may result in your reward points being withheld and you being charged a fee to reinstate them. And, with some programs, reward points may be worth less this coming year. MidWest Financial reward points will not be changing.
What should you do? Make sure you are aware of how the new rules are going to affect each credit card in your wallet (notices will be appearing in your mailbox) and make changes to avoid new fees. For example, consider switching to electronic statement if one of your credit cards starts charging for a paper statement. If, ultimately, you decide to change credit cards, do your research, talk to your MidWest Financial Rep about your credit card options, and compare credit cards on sites such as bankrate.com.
