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A Message to Our Members About COVID-19
The health and well-being of our Members, STAR Staff, and community is our top priority. We understand the concern and uncertainty you may be experiencing surrounding the coronavirus (COVID-19) and are committed to being responsive to the needs of our Members as the situation evolves.
We strongly encourage you to use the website www.starcu.org and other resources for self-service banking and 24/7 account access. You can access your accounts online or by using mobile banking at your convenience. From there, you can make payments, view transactions, check balances, find an ATM and more. It’s easier and faster to manage your account digitally, especially given call wait times may be longer than usual.
We also understand that there may be instances where Members find themselves facing financial difficulties. STAR Financial Credit Union is here to help, and we encourage Members who may be impacted to reach out to discuss how we might be of assistance.
Should you find yourself in need of assistance, please call 361-242-7827.
As always, the health, safety and well-being of our Members, our STAR Staff and our community is of great concern. We continue to monitor this quickly evolving situation and are here to assist our STAR Members as needed. For additional information about COVID-19, visit the Centers for Disease Control and Prevention at cdc.gov.
STAR Financial Credit Union will be upgrading to a new e-statement processor in June. Beginning February 7th e-statements will No Longer be available from the MyKeptData Vault website. Statements will be delivered by postal mail until June. If you are currently signed up for estatements, any paper statement fees will be refunded to your account. If you need copies of your past statement, you will need to download or print them from MyKeptData prior to February 7th.
If you have any comments, questions, or concerns, please contact us 361-242-7827
Debit Card Notice
STAR Financial Credit Union has implemented additional anti-fraud procedures for our Visa Debit Cards in order to protect our members from debit card fraud. The new procedures will affect members using their cards as a “credit” transaction. You will need to choose “debit” and enter your PIN (personal identification number) for purchases over $149.99 at the following types of merchants; home supply warehouse stores, wholesale clubs, discount stores, department stores, grocery stores, supermarkets, electronic sales and drug store pharmacies. If you encounter any problems using your Visa Debit Card, please contact Member Services at 361-242-7827 during normal business hours.
From STAR Financial Credit Union
Amid the turmoil of the financial world today, the foremost question on everyone’s mind is: Are my deposits safe? At STAR Financial Credit Union your deposits are safe. STAR Financial Credit Union is a secure and strong financial institution with over 12% reserves (8% is considered well capitalized).Deposits in STAR Financial Credit Union are federally insured up to $250,000 by the NCUA, through the National Credit Union Share Insurance Fund (NCUSIF). NCUSIF is backed by the full-faith and credit of the United States Government.
In addition, the Board of Directors of STAR Financial Credit Union have chosen to provide an additional $250,000 of savings coverage to qualifying accounts through ESI, a licensed property and casualty insurance company. The short answer to your question is: Your funds are safe at STAR Financial Credit Union.
PSA: Spot Delivery/Yo-Yo- Financing/Conditional Sale at the dealership
When a Member buys a new (or used) car, the contract is signed and they drive home. Then a few days (or a week or two) later the dealership calls and says that the Member was not approved for the loan and to bring the car back. This is called “spot delivery,” or sometimes a “yo-yo scam,” or conditional sale.In some states this is illegal and protected under consumer protection laws or truth in lending laws. The first thing the Member will want to do is get everything out of the car. There is a chance that the car dealer will try to repossess the car. The Member needs to go over all of the paperwork that they have for the car and check for any paperwork where there is a clause in loan financing approval. If the Member wants to keep the car, then they need to make the agreed upon payments. Send them to the contractually required address via certified mail and make sure the notes say it is for loan payment for vehicle vin # (whatever the vin is). Failure to do this is default on the loan agreement and they can legally take the car back regardless if the spot delivery was legal or not.
Contact a consumer protection lawyer. Get a free consult. Based on what the lawyer says, contact the dealer and say “my lawyer says this….” If they don’t back down, the lawyer may take the case on contingency (which means he will make his money off the settlement) and will sue the dealership for their violations. But the Member’s first step is to see if Texas state has laws protecting the consumer with “spot delivery” of vehicles.
Some states it is legal with provisions such as:
if they cannot secure the loan, the vehicle must be returned and all fees and payments returned to the consumer
The vehicle must be returned and the consumer pays for non-recoverable fees such as state paid title and tag fees
The vehicle needs to be returned and daily use fees need to be paid.