News

Go Green, Save Green

Save pocketbook green when you "Go Green". Gulf Coast Educators rewards members who drive environmentally gentle autos* by reducing our current 5.00% APR auto loan rate by DOUBLE the amount of the purchase vehicles' mpg/hwy rate.  For example, buy a vehicle that gets 30 mpg/hwy and it would be discounted by .60% APR.

To qualify for the Go Green loan discounts, you must meet the following requirements , which extend the environmental impact.

• Vehicle must be designated by the Environmental Protection Agency as SmartWay or SmartWay Elite. Click here to search for qualifying vehicles.

• Save paper by opting for electronic statements instead of paper

• Save paper by setting up automatic payments from a Gulf Coast Educators checking account

Go Green Today. Fill out an online application, telephone application at 281.487.9333 or start the process in person and speak with a member services representative at any of our 3 branch locations.

The details: * APR = Annual Percentage Rate. Maximum 1.00% discount on vehicle loans. Includes 1.00% discount for first time borrowers. Actual rates may vary based upon credit qualifications and are subject to change without prior notification. Payment Example: At 5.00% APR on a $15,000 loan with a 60-month term, monthly payment would be $283.07. ** 100% NADA retail value financing minus tax, title, and license. †Offer excludes all loans already financed at the credit union. Go Green, Save Green auto loan program provides qualifying rate discounts double that of vehicles mile per gallon highway output. Qualifying vehicles must be designated by the Environmental Protection Agency as SmartWay or SmartWay Elite. Go Green, Save Green program requires free paperless e-statements and automatic payment from a Gulf Coast Educators checking account. Go Green Save Green promotion may not be combined with any other offer. Offer expires 05/31/08.

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New Loan Can Help Build Credit and Savings

When it comes to building or fixing credit, there are no easy answers or quick fixes. We do have a loan that can assist members trying to build or fix their credit while at the same time helping build savings. With the Credit Saver Loan, a 12, 18 or 24 month Term Share Account is opened and used to secure the loan in the amounts shown below. By making timely monthly payments, positive repayment information is reported the credit bureaus which may help boost credit scores. Once the loan is paid off, the funds of the Term Share Account are deposited to your primary savings account. 

Successful repayment of a Credit Saver Loan won't instantly fix your credit or guarantee additional loan types become available to you but it is a starting point in the building or rebuilding process. Should you have any questions regarding the Credit Saver Loan, please do not hesitate to contact us. 

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Postal Inspectors Initiate Global Fraud Crackdown, Seize Billions in Fake Checks
National alliance, consumer education campaign launched to combat scams

Washington, D.C. – Investigators led by the U.S. Postal Inspection Service have arrested 77 people as part of a global fraud crackdown which has since January intercepted more than $2.1 billion in counterfeit checks bound for the United States.

The eight-month investigation involved schemes in Nigeria, the Netherlands, England and Canada, and has stopped more than half a million fake checks from being mailed to American victims.

At a press conference at the National Press Club, Postmaster General John Potter announced a consumer-awareness campaign to educate the American public. International scammers have found U.S. consumers easy prey and are increasingly targeting them, Potter said.

“All fake check scams have the same common pattern: Scammers contact victims online or through the mail and send them checks or money orders. They then ask that some portion of the money be wired back to them,” said Potter. “The best thing our citizens can do to protect themselves is learn how to avoid these scams. The old adage still holds true: If someone offers you a deal that sounds too good to be true, it probably is.”

Assistant U.S. Attorney General Alice S. Fisher applauded the Postal Inspection Service for its leadership in the global fight against fake checks. “The growing problem of fake check fraud is international in scope, and our response to this criminal activity must be global,” said Fisher. “Thanks to the efforts of the Postal Inspection Service and our international partners, we are able to arrest these scam artists who operate overseas and bring them to justice.”

The Postal Inspection Service, in collaboration with financial institutions, consumer advocacy groups and businesses, has formed the Alliance for Consumer Fraud Awareness, which has launched a consumer-education campaign. A series of television, print and online advertisements will feature a tagline telling consumers: Scams like these don’t work as well in person. That’s why they’re done online.
 
Consumers Can Protect Themselves

“Most Americans don’t realize they are financially liable when they fall for these scams,” said Susan Grant, vice president of the National Consumer's League, an Alliance partner. “There is no legitimate reason anyone would mail you a check or money order and then ask you to wire money in return,” Grant said. “People need to know that checks can take months to clear, even if the money initially looks like it’s in your account. The scammers know that, and most consumers don’t.”

The six most popular scams are: 

• Foreign Business Offers: Scammers pretend to be businesspeople or government officials and promise millions of dollars. But real companies and government agencies don’t offer legitimate business propositions to people they don’t know.
• Love Losses: The scammer poses as a romantic interest online, and promises to come to the U.S. to be with the victim. Soon after, the online friend asks the victim to cash a check or money order to cover “travel expenses.”
• Overpayments: Scammers buy merchandise online, and then claim they mailed the wrong amount by mistake. The seller is asked to deposit the “wrong” check anyway, and then return the “excess” amount to the scammer. But the check doesn’t clear, and the victim has sent the scammer his own money.
• Rental Schemes: Scammers claim to be moving to the area, and put down a rental deposit. Then they tell their landlord they have unexpected expenses, so they ask for some of their deposit back as a favor. They never move in, and the deposit check never clears.
• Sudden Riches: The scammer claims the victim has won a foreign lottery or sweepstakes. The notice comes by mail, phone, fax or email. Consumers should know that winners of real cash prizes are notified by certified mail.
• Work-at-Home: The scams promise easy money by “processing” checks. The victim deposits the checks and sends the money to the scammer, minus a small fee. Legitimate companies don’t do business like this.

Consumers can learn more and report fraudulent activity at the Alliance website, FakeChecks.org.

If consumers believe they have been defrauded by a scam, the Postal Inspection Service wants to hear from them. These crimes can be reported by calling 1-800-372-8347.

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Credit Union Granted New Charter to Serve More Educators
The credit union received exciting news from the National Credit Union Administration that the credit union's request to extend membership to members of the education profession working in Harris, Galveston and Brazoria Counties was approved. The credit union's Board of Directors ratified the charter change at the August 17^th Board Meeting. The Board of Directors is comprised of 11 current and/or retired education professionals who serve as unpaid volunteers. It was important to the Board that the credit union remain the Teachers' credit union while maintaining our ability to compete in today's competitive market.

The following outlines the credit union' new field of membership:

1. employees who work regularly in the Educational Industry in the counties of Harris, Galveston, or Brazoria, Texas, meaning they work for:

• an elementary school, secondary school, or post-secondary school;
• a county superintendent of schools office;
• an authorized education foundation; or
• a school board, either as employees or trustees.

2. members of record of this credit union as of July 20. 2006. the effective date of its conversion to a TIP charter;

3. employees of this credit union;

4. persons retired as pensioners or annuitants from the above employment;

5. spouses of persons who died while within the field of membership of this credit union;

6. members of their immediate families or households as highlighted below; and

7. organizations of such persons.

If you know of any employees within the education field who now qualifies for membership, please let them know how happy you are with your credit union's services. After all, the stronger the credit union  grows, the better for all of the members of the credit union.

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Internet/E-Mail Fraud Alert
Recently, there have been multiple e-mail fraud attempts, known as "Phishing”, that were initiated via e-mail sent to both the general public and to some credit union members that appeared to be from NCUA. This false e-mail asked for the recipient to click on a link to verify their credit union account registration. If the recipient proceeded to do so, the link directed them to a false website and asked for their credit union account number and PIN, along with other personal information.

NCUA does not ask credit unions members for such personal information. Anyone who receives an e-mail that purports to be from NCUA and asks for account information should consider it to be a fraudulent attempt to obtain their personal account data for an illegal purpose and should not follow the instructions in the e-mail.

If you responded to such an e-mail and provided any confidential account information, please notify your credit union immediately of the scheme. You should also change your account’s PIN, and take any additional action recommended by your credit union to protect your account.

If you feel that you have received a fraudulent phishing e-mail purportedly from NCUA please forward the entire e-mail message to Phishing@ncua.gov

Additionally, you can file formal complaints concerning any suspected fraudulent e-mail with the Internet Fraud Complaint Center (IFCC) at ncua@ic3.gov.  The IFCC is a partnership between the Federal Bureau of Investigation, and the National White Collar Crime Center. 

For more information including sample e-mails, click here.

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