Checking & Savings

Savings

Your Credit Union also offers a wide range of insured savings account to match your short-term and long-term investment needs. There are even automatic plans to make it easier to save.

Regular Savings Account
Money Market Account
Share Certificates
IRA's
Holiday Club Account
Vacation Club Account
Wire Transfers
BALANCE Financial Fitness Program
Rate & Fee Comparison

Regular Savings

This dividend-earning account establishes your Credit Union membership. With our tiered rates, the higher your account balance, the higher the dividends you earn. For maximum earnings, take advantage of Direct Deposit. Dividends are earned daily and paid monthly, from the date of deposit to the date of withdrawal, so your savings work harder for you.

Money Market Account

Our money market account allows you to actively manage your money with the flexibility of deposits and withdrawals in any amount. Dividends are calculated from the date of deposit to the date of withdrawal, increasing your earnings.

There are also many options to make your money management quick and easy. Funds transfers can be made:

• through Anywhere Access Internet Banking
• through Access 24 automated phone service
• by calling our Anywhere Advisors at 889-7755 (800-347-2838 from outside the Albuquerque area), or
• by visiting any of our 16 branch offices.

Share Certificates

Share Certificates are fixed-term investments that pay higher rates of return than other savings account products. The minimum balance requirement for a Share Certificate is $1,000. For an IRA Certificate, the minimum balance is only $500.

• Terms range from 90 days to 5 years to best suit your financial plans.
• Dividend rates are fixed.
• You can withdraw dividends at any time without penalty; however, there is a penalty for early withdrawal of principal.
• Bump Rate Certificates are available in 18-month and 36-month terms. If rates rise during the term, you may "bump up" the rate of your certificate once during the term, and you may deposit additional funds in the certificate at that time.

How much will my certificate be worth at maturity?

IRA's

An Individual Retirement Account (IRA) is a personal savings plan that offers you tax advantages when you set aside money for your retirement. Two advantages are that you may be able to deduct your contributions to your IRA in whole or in part, depending on your circumstances, and, generally, amounts in your IRA, including earnings and gains, are not taxed until they are distributed.

One of our Financial Consultants can help you decide which IRA best suits your future needs.

Traditional IRA - The original IRA, now called the Traditional IRA, gives eligible participants two tax advantages toward saving for retirement.

Roth IRA - You may be able to establish and contribute to a nondeductible tax-free individual retirement account called the Roth IRA.

Education (CESA) - With a Coverdell Education Savings Account (CESA), you may be able to make nondeductible contributions of up to $2,000 annually for a child until he or she reaches age 18.

Plan It Retire Ready Toolkit

Holiday Club Account

This account is an easy way to save money for the holidays. You can contribute as much as $500 per month and earn simple-interest dividends all year long. Once your account matures in the fall, your money will be automatically transferred to your Regular Savings Account. Then you'll have extra money just in time for the holidays.

• Minimum balance requirement to keep account open and earn dividends is $5.
• The account matures on October 31. On November 1, all funds (except for $5) are transferred to your Regular Saving Account.
• Maximum monthly deposit is $500.
• Dividends pay at maturity and do not compound. Dividends are forfeited on any dollars withdrawn prior to October 31.

Vacation Club Account

This account is an easy way to save extra money for your vacations.

• Contribute as much as $500 a month.
• Minimum balance requirement to keep account open and earn dividends is $5.
• The account matures on April 30. On May 1, all funds (except for $5) are transferred to your Regular Savings Account.
• Dividends pay at maturity and do not compound. Dividends are forfeited on any dollars withdrawn prior to April 30.

Wire Transfers

For members wishing to send a wire transfer to New Mexico Educators Federal Credit Union, please provide the following information to your originating bank.

Send wire transfers to:

New Mexico Educators Federal Credit Union
PO Box 8530
Albuquerque, New Mexico 87198
ABA # 307083665

To credit:

Member name (example: John Doe)
Member account # (example: 1234567)

For members sending a wire from their account at New Mexico Educators Federal Credit Union, please provide us with the following information.

Send wire transfers to:

Name of financial institution receiving the wire.*
Financial institution's address, including city and state and zip code.
Financial institution's ABA or transit and routing number.

To credit:

Name on account (example: John Doe)
 

Address of beneficiary
Account # (example: 1234567)

If the wire is being sent to another country, please provide both the IBAN/CLABE code and the SWIFT code.

*Some financial institutions do not receive wires directly. We strongly encourage you to contact the financial institution to get wiring instructions so that there are no delays in processing your requests.

New Mexico Educators Federal Credit Union requires original signatures on all wire transfer requests. For those members residing out of town or who find themselves traveling, please visit a convenient branch office to set up a Wire by Telephone Agreement which will allow you to phone in wire requests with a password.

BALANCESM Financial Fitness Program

During challenging economic times, New Mexico Educators Federal Credit Union can be your first financial resource. That's why we offer BALANCESM, a comprehensive financial education and counseling service, at no charge to our members. BALANCESM counselors are experts in all aspects of personal finance and credit. And because BALANCESM doesn't sell any financial products, you can be sure the information and advice you receive is objective and unbiased.

Please spend a few minutes to familiarize yourself with the professional assistance that's available through BALANCESM. And be sure to make full use of this Credit Union benefit.

Money Management Counseling
Debt Management Plan
Avoiding Foreclosure
Credit Report Review
Information Line

BALANCESM Financial Fitness Program

Money Management Counseling

You can pre-schedule a BALANCESM telephone counseling appointment throughout the day and evening, weekdays and weekends. Each session lasts about an hour and can be conducted in either English or Spanish.

Your counselor will work with you to determine your needs in these areas.

• Money management
• Goal setting
• Budgeting
• Savings plans
• Debt repayment
• Bankruptcy prevention
• Home purchase
• Avoiding foreclosure

Each 60-minute session is action-oriented and there is no limit to the number of sessions you can have...all free of charge. After each session, you'll receive a written action plan outlining the options, choices, rights and responsibilities discussed during your counseling session.

To schedule a money management counseling session, call 888-456-2227 toll-free Monday through Thursday 6 a.m. - 9 p.m., Friday 6 a.m. - 6 p.m., or Saturday 9 a.m. - 6 p.m. (MST). Identify yourself as a member of New Mexico Educators Federal Credit Union when you call.

Or you can request your first session by sending an e-mail to: info@balancepro.org.

BALANCESM Financial Fitness Program

Debt Management Plan

Do you find yourself constantly struggling with debt? Are you stuck with huge bills at high interest rates? Are you paying only the minimum amount due each month, or using credit to supplement your income?

If you're having trouble making ends meet, are receiving collection calls or letters, and not making any progress in repaying your bills, BALANCESM can prepare a customized Debt Management Plan for you. Your counselor will explore all of the available options for effective debt repayment:

• Accelerating payments
• Increasing income
• Decreasing expenses
• Adjusting interest rates
• Accessing home equity

Through this plan, BALANCESM can work with you to consolidate bill payments and request concessions from your creditors including lowering payments, re-aging an account, and reducing or eliminating interest and fees. Your plan enables you to repay your unsecured debt in three to five years.

To get help now, call 888-456-2227 toll-free Monday through Thursday 6 a.m. - 9 p.m., Friday 6 a.m. - 6 p.m., or Saturday 9 a.m. - 6 p.m. (MST). Identify yourself as a member of New Mexico Educators Federal Credit Union when you call.

Or you can request a session by sending an e-mail to: info@balancepro.org.

BALANCESM Financial Fitness Program

Saving Your Home from Foreclosure

As home prices and personal debt rise to record levels, many people are at the breaking point. Between variable rate loans adjusting, the popularity in recent years of interest-only mortgages, the surge of subprime loans, and rampant refinancing, many homeowners who took what seemed like the best loan they could find just to get into a house -- or to keep their house -- are now finding themselves on the brink of foreclosure. To make matters worse, many people don't know where to turn for help and "mortgage foreclosure rescue" scams are on the rise.

BALANCE provides early delinquency intervention counseling for New Mexico Educators Federal Credit Union members in danger of losing their homes to foreclosure. At no cost, a BALANCE counselor will work with you to determine all of your available options and guide you through the process of negotiating with the lender to resolve the delinquency. It's wisest to address the delinquency before it becomes so severe that you might consider turning to bankruptcy for relief, which will negatively impact your credit rating for years to come.

Take action today by visiting this mini-website that has all the basic information you need to get started: Early Delinquency Intervention: Saving Your Home from Foreclosure.

BALANCESM Financial Fitness Program

Credit Report Review

Do any of these situations apply to you?

• You've been denied for a loan.
• You're preparing to apply for a loan.
• There is inaccurate information on your credit report.
• You've been a victim of identity theft or fraud.

Then BALANCESM can help. In a credit report review session, a counselor will review the contents of your credit report and help you better understand credit scoring, how to maintain and improve your credit report, correct inaccuracies and combat identity theft. Afterward, you'll receive a plan of action for improving your credit standing plus supplemental educational materials.

To schedule a counseling session, call 888-456-2227 toll-free Monday through Thursday 6 a.m. - 9 p.m., Friday 6 a.m. - 6 p.m., or Saturday 9 a.m. - 6 p.m. (MST). Identify yourself as a member of New Mexico Educators Federal Credit Union when you call.

Or you can request a session by sending an e-mail to: info@balancepro.org.

BALANCESM Financial Fitness Program

Information Line

You can get answers to a wide variety of money management, personal finance and credit-related questions-in English or Spanish. Some of the topics BALANCESM counselors can discuss with you are:

• Money management
• Debt repayment strategies
• Handling a job loss or other financial crisis
• Credit reports and credit scoring
• Savings plan options
• Home buying
• Buying or leasing a car

Depending upon the amount of assistance you need, your toll-free call may last up to 30 minutes. After your call, you'll receive additional educational material by U.S. mail or e-mail, or you can view and download relevant additional information from the BALANCESM website.

Simply call 888-456-2227 Monday through Thursday 6 a.m. - 9 p.m., Friday 6 a.m. - 6 p.m., or Saturday 9 a.m. - 6 p.m. (MST). Identify yourself as a member of New Mexico Educators Federal Credit Union when you call.

Or you can get started now by sending an e-mail to: info@balancepro.org.