If you are a parent whose child plays games on a smartphone or other electronic device, you should be aware that these games can result in high charges on your credit card. The culprit: in-app purchases. An in-app purchase is a purchase made from within an on-line game for additional features, upgrades and other add-ons. The app might be free to download, but it might be far from free to play it. Sometimes these apps have clear warnings that you need to spend additional money, but sometimes they do not. All it often takes is a tap of a button for a child to make all the charges they want. And if your credit card is already linked to your mobile device, as it usually is, your account will be charged and you will be liable for the purchases...
In our Winter 2013 newsletter, we reported the discontinuation of our Life Savings and Loan Protection Insurance effective December 31, 2014. This change is the result of our insurance provider, CMFG Life Insurance Company, canceling the program for all credit unions in the United States.
This cancelation does not affect our insurance through the National Credit Union Administration (NCUA), which is backed by the full faith and credit of the United States government. Your deposits here at CSE Credit Union remain insured up to $250,000 through NCUA.
Since reporting this news, we have worked diligently to find a replacement for both types of coverage. Fortunately, we have been successful in retaining Loan Protection Insurance for our borrowing members. This coverage, which offers up to $10,000 in loan protection, will continue to be offered to credit union members at no direct member cost.
Life Savings Insurance up to $2,000 will not be retained and therefore coverage on existing insurable deposits will end on December 31, 2014. However, you can individually convert your Life Savings coverage to a guaranteed issue Primary Protection Plan, underwritten by CMFG Life Insurance Company. For more information about conversion, call 855-728-5205 and speak with a CMFG insurance representative.