Rheem Arkansas Federal Credit Union

Privacy Notice

News

June 1, 2010

CALL TO ACTION

Issue: Credit and Debit Card Payment System

Background: Each time you use your debit or credit card, a merchant is paid immediately and the credit union that issues your card receives “interchange” through the card payment system. This interchange reflects a merchant's fair share of the costs of this convenient and beneficial payment system. At your credit union, interchange supports everything from re-issuing cards compromised by merchant data breaches to providing a call center to contact if your card is lost or stolen. In the coming days, the United States Senate will debate S. 3217, the Restoring American Financial Stability Act and a number of amendments have been offered which would make changes to the card payment system.

Credit Union Member Concerns: These amendments would be harmful to credit unions and consumers alike. Current amendments to S. 3217 threaten credit unions’ ability to offer debit and credit cards to their members and would allow merchants to interfere with consumer choice by arbitrarily varying the terms of card acceptance. The pending amendments are intended to disrupt the card payment system, with the goal of reducing the merchants’ financial responsibility for the benefits received from the card payment system. If you carry a credit card or debit card issued by this credit union, the card payment system enables this credit union to attract, retain, and adequately serve members and provide for their debit card and credit card needs with competitive and consumer-friendly products and services.

Action Needed: Please send a message to both of your Senators TODAY urging them to oppose any amendments to S. 3217 which would affect debit and credit card-issuing credit unions and the card payment system. A prewritten letter is available for your use at the Credit Union Grassroots Action Center, http://capwiz.com/cuna/home/ where you can personalize and send an email or print and fax a letter. (This message will be directed to the appropriate legislators based on the address you enter.) For your convenience, it is also attached below. (Scroll to the bottom of this page).

Make sure your voice is counted! If you do not utilize CapWiz, please be sure to send us a copy of your letter.

Thank you for your participation in this important Action Alert.

Rheem Arkansas Federal Credit Union Scholarship

May 15, 2010

One Scholarship, with the value of $500.00 is made available for use in the freshman year at any accredited college or university in the United States or Canada. The Rheem Arkansas Federal Credit Union will award this scholarship in July 2010.

Who is eligible to compete: All candidates must have a “B” average or better during the junior and senior year in high school. These candidates must be high school graduates, or members of high school classes graduating before July 1, 2010. All candidates must be sons, daughters, or legal wards of members of the Rheem Arkansas Federal Credit Union. This scholarship is unrestricted as to sex, race religion, political affiliation, and intended course of study.

How to apply: All applicants must fill out the attached application, except for the section marked for “Credit Union Verification”. After completion of the application an official from your school district must certify that the information is correct and attach the scholastic record of the applicant to the application form. A photo static transcript of the grades for the applicant will be acceptable but the copy must be notarized for authenticity.

Mailing in applications: All applications must be postmarked on or before June 15, 2010 for consideration. Any applications postmarked after June 15, 2010 will not be considered. Mail application to:

Rheem Arkansas Federal Credit Union

4301 Regions Park Dr. Suite 5A

Fort Smith, AR 72916

Attn: Scholarship Committee

CU Benefits Express

February 16, 2010

Rheem Arkansas Federal Credit Union is now offering CU Benefits Express, a discount card program that provides members with significant savings on healthcare and lifestyle services such as vision care, chiropractic visits, prescription drugs, dental care, hearing aids, alternative medicine, vitamins, nutritional supplements, and diabetic supplies. Plus, savings on everyday expenses such as pet care movie tickets, legal services, roadside assistance, dining and recreation. This plan is not insurance, it is a discount program that will save users 10% to 60% on health-related, financial, legal and recreational services they already use all year long.

Come in and ask one of our staff about CU Benefits today!

COUNTERFEIT CHECK SCAM

August 13, 2009

The credit union has been getting calls about checks arriving by mail to individuals homes that are linked to a mystery shopper scam. Please be aware that unless you request a check from us you will never receive a check by mail. If you receive a check with a letter asking you to send a portion or all of the proceeds to someone else it is likely a scam and the check will not clear leaving you responsible for payment. If you have any question concerning a check you receive please call us. Our credit union is not the only financial institution being targeted by these criminals. Please be on the lookout for anything you receive in the mail that seems too good to be true. Chances are it is.

BEWARE OF SCAMS!

January 1, 2009

The credit union will NEVER call, text, or email you asking for account information. If you receive these messages they are attempting to collect your information for fraudulent use. Do not respond to them. If you have please contact the credit union immediately.

Getting ready for the big move!

November 1, 2008

The credit union is moving to its new office on Monday November 24th. It is located across the street from Rheem Manufacturing, behind the Z-Mart Store in Regions Park Suite #5. We are so excited about the new office and we hope you will be too!

Information on Stimulus Payments

Updated Feb. 15, 2008

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer.

The vast majority of Americans who qualify for the payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. The IRS will use information on the tax return to determine eligibility and calculate the amount of the stimulus payments.

The eligibility for and amount of stimulus payments to taxpayers will vary according to their income and family situations. Here are the various scenarios:

Information for Recipients of Social Security Benefits

The IRS and Treasury will be working closely with the Social Security Administration along with beneficiary organizations to ensure that all eligible individuals know what to do to receive a stimulus payment. In many cases, the taxpayer will be able to use the short tax return Form 1040A.

Consumer Alert on Rebate Scams

Taxpayers should be aware that there are identity theft scams involving the proposed advance payment checks, known informally as rebates to many Americans. The IRS knows of at least one telephone scam making the rounds which uses the proposed rebates as bait.

Phishing Scam
April 16, 2007
Several banks in our area have experienced phishing e-mails being produced fraudulently under the name of their organization. If you receive an email from Rheem Arkansas Federal Credit Union (RAFCU) asking you to click on a link and verify any personal account or password information, delete it immediately and DO NOT RESPOND. It is not our practice to send you an unsolicited email to collect or verify this or any other account information.

Our current online access product is secure and no email lists have been compromised. Frauds like this involve sending spam email to thousands of random email addresses in geographical proximity of the bank, hoping to reach members

If you received a fraudulent email and have responded to it by entering your personal information, please contact the Credit Union immediately by phone.