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Your CPFCU Monthly Statement Inserts
What the New Bankruptcy Reform Act Means to You
By now, you may have heard that the Federal government has passed a new bankruptcy reform act called The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005. This new law goes into affect in October 2005.
The new Bankruptcy Reform Act has tightened the standards making it more difficult to discharge debt. A few of the key items that relate to credit union members include:
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Requires mandatory financial counseling prior to filing bankruptcy
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Requires an instructional course concerning personal financial management prior to receiving a bankruptcy discharge
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Requires a "means test" to determine if you have enough income to pay back at least a portion of the debt
If you are worried about bankruptcy, we can help. As a member of CP Federal Credit Union, you can take advantage of the Accel program, a free financial education and counseling program. Call and Accel counselor at 887-33-ACCEL (332-2235) and receive a free, objective and comprehensive financial evaluation. Accel is a strategic partner of CP Federal Credit Union and can be reached Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this new service, simply call or visit them on the web by clicking here.
Everyone here at CP Federal Credit Union wants to ensure that you fully understand the alternative to and the consequences of filing for bankruptcy. Accel provides the financial education and training necessary to learn the skills and tools to avoid financial difficulties.
Online Banking Tips From Fair Isaac
'Tis the season for internet commerce and, all too frequently, Internet fraud as well. We encourage you to follow these online consumer tips recommended by Fair Isaac Fraud Manager.
Never save your password to your desktop. Saving your password to your desktop may seem like a timesaver but it allows others to access your personal information without your permission.
How personal is your password? Avoid using passwords that are relevant to your personal situation. Passwords with your phone number, date of birth, or social security number are often gateways to disaster. Create passwords that contain letters and numbers that cannot be easily attributable to you. Change your password every 60 days or as often as you feel comfortable. Remember: The longer the password the harder it is to break it. Use plenty of upper and lower case letters and numbers too.
Don't open email from unknown sources. Be wary of any email that asks for PINs, passwords or credit card information. These letters are often include real registered logos of legitimate companies that you may already do business with.
Allow your financial institution to contact you using normal channels of communication. Make sure that your financial institution has your best possible contact telephone numbers and your current mailing address. If your financial institution wishes to contact you they will typically use the telephone followed by an actual paper letter sent to your official address.
Everyone makes mistakes. It is always better to obtain guidance from your financial institution when you suspect that you have inadvertently entered your personal information on a bogus website. Do not delay in contacting your financial institution. There are many resources and solutions available to preserve your piece of mind as well as your financial well being. When in doubt, make the phone call!
Accel Members Financial Management
Free service for members! See a Member Service Rep. for a informational brochure. Accel counselors are available at no cost to you M-Th 8am-9pm(EST), Friday 8am-7pm and Saturday 9am -1pm. To use this new service, simply call 1-877-33ACCEL or log on to their web site by clicking here.
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