Mobile, text banking available
Now you can bank on-the-go with Mid American’s new mobile and text banking services, available on your phone or mobile device.
With mobile banking, you can check balances, view account history, transfer funds and do national and local searches for the nearest ATM or branch. With text banking, you can text us for your account balance and recent transaction history and even transfer funds.
To sign up for the new services, go to http://www.co-opmobile.org.
Mobile and text banking services are free from Mid American. Depending on your cell phone carrier’s data plan, you may incur a data services charge from your cell phone provider.
A couple of tips on getting set up:
· When you are prompted to enter user ID and password, click on New User to begin the process.
· Make sure you enter your personal identification as it is listed on your account.
With the addition of the new services, Mid American keeps you connected through practically any communication device: online through Desktop Banking, with your cell or mobile device through mobile and text banking, and through an automated 24-hour telephone service, Mid American’s Telephone Teller or MATT, by calling 722-3921 and pressing 3 to be connected to the service.
New coffee shop to open in new Mid American branch
A new coffee shop will open within Mid American Credit Union’s new facility in northeast Wichita building at 29th Street and Webb Road when the branch opens in fall 2012.
Mid American’s new 4,500-square-foot branch, which will be located just east of the Courtyard Marriott, near the K-96 and Webb interchange, includes space for a wireless café/coffee shop, along with a community meeting room and is based on a new retail-based concept being used at financial institutions elsewhere.
Savories Tasty Shop & Coffee House will occupy about 925 square feet in the new facility. The owner of Savories is Shawn Blattner, who is a co-owner of another Wichita restaurant, Dolci & Joes. Savories, which is projected to be open from 6 a.m. to 5 p.m. Monday through Saturday, will serve gourmet coffees, along with homemade gourmet cheesecakes and ice cream, according to Blattner. There will be a drive-through lane for the cafe, too.
Mid American’s branch is being designed by Kraybill Architect, the same firm that designed Mid American’s main branch at 8404 W. Kellogg (at Kellogg and Tyler). Cessna Employees and Catholic Family Federal credit unions, and possibly one or two Wichita-area credit unions, will partner with Mid American at the new facility.
“We’re really excited to bring a retail-based concept in financial facilities in Wichita and we’re particularly pleased to feature a locally owned small business in this venture,” said Jim Holt, president and CEO of Mid American Credit Union. A large number of Mid American’s members are employees of the more than 300 businesses that have partnered with the credit union to offer financial services to their employees. The branch will feature free-standing teller pods that work like a concierge center for members.
Branching Out - 28 Wichita Area Branches & Service Centers Now Available
By Jim Holt, president/CEO
Mid American Credit Union members gained access to more than 25 shared branches just within the local Wichita area, when Meritrust Credit Union recently joined the nationwide shared branching network, Credit Union Service Centers.
Mid American recognized the value of the Credit Union Service Centers network and led credit unions from this area to join several years ago.
This unique network has gained in popularity, with more than 4,300 credit unions participating in the U.S. alone.
With this concept, you can maintain your membership and accounts in your home credit union, and still have in-person access at any participating credit union where you may happen to be. This is particularly convenient for those who frequently travel or need to relocate.
It’s easy to find these locations: Look for the distinctive CU Service Centers swirl , displayed at participating credit unions, use the online locator service, or use your portable device to navigate to the closest option. Locator applications are available for some smartphones.
This concept of cooperation among financial institutions is unique to credit unions. You will not find this among banks or other financial institutions.
Because credit unions are a nonprofit cooperative, we realize that we can better serve our member-owners through cooperation.
At Mid American, we have had success cooperating with other local credit unions in other ways. For example, we are working with Cessna Employees and Catholic Family Federal credit unions, and possibly one or two others to bring our brand of service to the northeast. We broke ground on that facility in May.
We’re also in the process of finalizing another partnership for that facility – to offer an Internet café run by a new local business, Savories Tasty Shop & Coffee House. The retail-based concept will be another pioneering milestone for Mid American – we’ll be on the forefront of offering this type of facility in the Wichita area, just as we were on the forefront of bringing the CU Service Center network to town.
Another example of convenient cooperation is our participation the Co-op Network, which allows you to use more than 28,000 ATMs nationwide with no surcharges. You can find those locations online, as well, by clicking on the ATMs link.
We want to serve you in ways that are convenient to you in as many locations as possible. Let me know if there is some way we can be more available to you.
Mid American wins state award for kids’ financial literacy efforts
Mid American Credit Union has won the state-level credit union Desjardins Youth Financial Education Award. As the first place winner, Mid American will go on to compete in the national competition, sponsored by the Credit Union National Association.
The credit union won the award for teaching a financial literacy course in 2010 as part of a summer youth program in two of Wichita’s most culturally diverse and economically disadvantaged neighborhoods.
It was the first time Mid American participated in the program, which started in 2002 as an initiative to provide safe, structured low-cost activities to at-risk youth. It is sponsored by the Wichita Police Department, the Park and Recreation Department, and the city manager’s Community Education Section, and is offered in five Wichita neighborhoods.
Mid American staffers taught more than 200 youth about various aspects of money — its history, how it’s used and how it’s earned and saved —during weekly one-hour sessions.
The 2010 financial literacy pilot program proved so successful that the credit union will offer the course in all five of the program’s camps this summer.
New branch features retail-based concept, cooperative effort
BY JIM HOLT, PRESIDENT/CEO
As we celebrate our 75th anniversary this year, we are looking to the future. This spring, Mid American Credit Union will break ground for its latest full-service branch. It will be located in northeast Wichita off K-96 highway at the 29th Street and Webb intersection. The facility will combine a retail-based concept, which will be new to the Wichita financial industry market, and the proven cooperative strategy of working with other credit unions.
We are working with Cessna Employees Credit Union and Catholic Family Federal Credit Union and perhaps one or two other credit unions to bring this new facility to fruition. This concept is similar to the one we used in developing our branch in southwest Wichita. The grand opening of the new facility is expected in fall 2012.
We are particularly excited to bring a retail-based concept in financial facilities to Wichita. The 4,000-square-foot facility will feature up to three free-standing teller-pods in a rotunda-shaped lobby. The pods will work like a concierge center for members. Employees will greet members as they arrive and handle financial transactions in a more relaxed setting, without the physical barrier of a large teller line.
Financial institutions in other markets using this model say it improves member relationships, allowing the member to feel more like they are a part of the credit union and partners in handling their financial needs.
We believe this approach will appeal to guests of adjacent hotels and shoppers and employees of nearby retailers. The facility will include a Wi-Fi cafe -- complete with a drive-through lane for convenience. Members of the 4,100 branches within the Credit Union Service Centers network can handle their banking needs at this new facility, along with taking time to sip a coffee while checking e-mail or surfing the Internet.
The building also will include a community room that can be used by not only our affiliate employee groups but other community organizations. This will allow those groups to experience the people-helping-people credit union brand, and possibly even consider joining us as an employee group or as individual member.
Understanding mortgage closing costs
While interest rates are slowly going up after reaching record lows in 2010, they still remain low enough for people to consider refinancing their current mortgage or purchasing a new home.
Besides considering interest rates, current or prospective homeowners should also understand the variety of fees associated with securing a mortgage. Most closing fees are actually pass-through fees, meaning the money goes to third parties, such as government entities, other financial institutions or title companies. These fees are paid when closing, or finalizing, your mortgage.
Here’s an explanation of some of those closing fees and what they cover:
- Application fee. According to the Federal Reserve Board, institutions charge between $65 and $640. Some, like Mid American, charge lower fees. At Mid American, we charge a nominal fee of less than $20 for processing your credit report to start the application process.
- Origination fees. These fees cover underwriting, document preparation and costs to deliver paperwork to other financial institutions.
- Title fees. In order to process a mortgage, a property’s title must be free and clear of any liens or claims. A title company is hired to check this.
- Registration and tax fees. The cost of these fees is related to the amount of the mortgage loan. These fees cover the processing of showing ownership and paying property taxes to the county.
- Recording fees. All properties must be recorded with the register of deeds, a government entity.
- Appraisal fees. The value of the property has to be determined, since it plays a part in your mortgage and equity, as well as how your property tax is assessed.
- Points. One can purchase “points” to lower a mortgage interest rate. The industry standard is that the cost of each point is 1 percent of the loan amount. For example, on a $100,000 loan, one point would cost $1,000. Whether one should buy points depends on how long they intend to keep the loan.
Mid American will celebrate its 75th anniversary in 2011. Here are just a few of the highlights of your credit union’s history.
1936 – Opens as the Kansas Federal Credit Union to serve employees and volunteers of other Kansas credit unions
1972 – Law changed to allow Kansas credit union employees, volunteers full access to their own credit unions
1979 – Name changes to Mid American Credit Union and charter changes from federal to state
1988 – Mid American implements MATT, a telephone account access system
1989 – Mid American opens offices within Wichita’s Coleman Co. plants
2007 – Greensburg branch destroyed in EF5 tornado
2009 – Business loans offered; Sunflower CU in Arkansas City merges with Mid American
2011 – Mid American to open second partnered credit union in northeast Wichita
75 years and counting
In 2011, Mid American Credit Union will mark its 75th anniversary. We’ll share reaching a significant milestone with our state — Kansas will celebrate its 150th year of statehood.
It was because of a federal law that Mid American opened its doors in 1936 in Wichita. At that time, employees and volunteers of credit unions in Kansas could not borrow from their own
credit union. We began as a federally chartered credit union, known as Kansas Federal Credit Union, to serve those employees and volunteers of Kansas credit unions.
When federal legislation changed allowing employees and volunteers full access to their own credit unions, we became state chartered, opened our field of membership and in 1979 changed our name to Mid American Credit Union.
Because the qualifications for our membership changed, we needed to identify a niche for ourselves and we have successfully done that over the past three decades. We are a credit union that works with Kansas employers to be the credit union of choice for serving their employees’ financial needs — be it a place to directly deposit paychecks, to finance a home or a vehicle or even obtain financial education at a seminar.
We now work with approximately 300 employers, who are known as our employee groups. Most of you have joined our credit union through that avenue. Some of our more than 23,000 members nationwide have come to us through the variety of options we have continued to add throughout the years.
Although we have undergone changes by acquiring branches and enhancing services, one thing has remained a constant: We opened to serve Kansans and provide access to a member-owned, nonprofit cooperative offering financial products and services with better rates on savings and loans and lower fees and charges. This essential mission remains unchanged.
So as we celebrate our 75th anniversary in 2011, I want to take this time to thank you, our members and owners, for your continued confidence in this credit union. We look forward to serving you for many more decades.
- Jim Holt, president/CEO
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