ONE NEWS
Quarterly Newsletter • January 2025
Building Your Credit with Responsible Credit Card Use
A strong credit score is a cornerstone of financial health, opening doors to better loan terms, lower interest rates, and improved housing options. One effective way to build and maintain good credit is through responsible credit card use. Let's explore how this approach can benefit your financial future.
How Credit Cards Can Build Your Credit
Using a credit card wisely can significantly impact your credit score. Here's how:
Timely Payments: Consistently making payments on or before the due date establishes a positive payment history, a crucial factor in credit scoring.
Credit Utilization: Keeping your credit utilization rate below 30% demonstrates responsible borrowing habits. This means using less than a third of your available credit limit.
Credit Mix: Having a credit card alongside other types of credit accounts can improve your credit mix, potentially boosting your score.
Length of Credit History: Maintaining a credit card account over time contributes to a longer credit history, which can positively influence your score.
Benefits of Building Credit with a Credit Card
Responsible credit card use can lead to several advantages:
• Access to better financial products and more favorable terms
• Increased likelihood of approval for future loans and mortgages
• Potential for lower interest rates on various financial products
• Enhanced financial credibility with lenders and financial institutions
Avoiding Common Pitfalls
To maximize the benefits of using a credit card for building credit:
• Avoid overspending by sticking to a budget
• Set up automatic payments to ensure you never miss a due date
• Regularly monitor your credit report for errors or unexpected changes
• Use your credit card as a financial tool, not a source of extra income
By following these guidelines, you can harness the power of credit cards to build a strong financial foundation. Remember, responsible credit use is key to achieving your long-term financial goals.
Learn more about Alabama ONE credit cards at alabamaone.org/creditcards
USING CONTACTLESS PAYMENT
Tap to Pay / Digital Wallet
Contactless payment is the recommended form of payment for Alabama ONE Members, here's why:
• It's convenient. This method is quick and easy to use.
• It offers more security. Tap to pay and digital wallet purchases are more secure than traditional magnetic stripe payments, and chip technology protects against fraud
• Reduced contact reducing the spread of illness and germs
•High Interest Operating Account
•For Personal & Business Accounts
•Earns additional interest with enhancements
•Dividends compounded and paid monthly
•Mastercard® Debit Card
† For new funds. Restrictions apply.
Alabama ONE Announces Partnership with Wiregrass Electric Cooperative
Alabama ONE Credit Union has announced a strategic partnership with Wiregrass Electric Cooperative, marking a significant step in expanding its service outreach. This collaboration will introduce Alabama ONE’s financial services to the Wiregrass Electric Cooperative Samson and Dothan payment centers, beginning with a soft opening on December 11, 2024.
checking and savings accounts to more specialized services like mortgage, commercial, land, agriculture and equipment financing, insurance, and wealth advisory solutions.
comprehensive, modern financial options are available to the communities served by Wiregrass,” said Alabama ONE CEO, Whitney Oswalt.
Alabama ONE Announces Partnership with Wiregrass Electric Cooperative
Alabama ONE Credit Union has announced a strategic partnership withWiregrassElectric Cooperative, marking a significant step in expanding its service outreach. This collaboration will introduce Alabama ONE’s financial services to theWiregrassElectric Cooperative Samson and Dothan payment centers, beginning with a soft opening by January 2025.
As part of this partnership, Alabama ONE will be installing Anytime Teller (ATM) machines at all four Wiregrass Electric Cooperative payment centers. This strategic move aims to enhance accessibility and convenience for members of the cooperative. Additionally, Alabama ONE will continue to receive utility payments at these locations, maintaining their commitment to supporting community needs and the Wiregrass Electric Cooperative.
Alabama ONE Credit Union is known for its comprehensive suite of financial products, offering everything from
As part of this partnership, Alabama ONE will be installing Anytime Teller (ATM) machines at all fourWiregrass Electric Cooperative payment centers. This strategic move aims to enhance accessibility and convenience for members of the cooperative. Additionally, Alabama ONE will continue to receive utility payments at these locations, maintaining their commitment to supporting community needs and the Wiregrass Electric Cooperative.
Alabama ONE Credit Union is known for its comprehensive suite of financial products, offer-
ing everything from checking and savings accounts to more specialized services like mortgage, commercial, land, agriculture and equipment financing, insurance, and wealth advisory solutions.
We are grateful for the partnership Alabama ONE has had in serving Wiregrass Electric Cooperative members over the years. “ ”
We are grateful for the partnership Alabama ONE has had in serving Wiregrass Electric Cooperative members over the years.
sive, modern financial options are available to the communities served byWiregrass,” said Alabama ONE CEO, Whitney Oswalt. “Alabama ONE is now the former Rural Electric Cooperative Credit Union in Alabama.
“We are grateful for the partnership Alabama ONE has had in serving Wiregrass Electric Cooperative members over the years. In expanding our partnership with Wiregrass Electric Cooperative, Alabama ONE is ready to deliver these services to a wider audience, ensuring
“We are grateful for the partnership Alabama ONE has had in serving Wiregrass Electric Cooperative members over the years. In expanding our partnership withWiregrassElectric Cooperative, Alabama ONE is ready to deliver these services to a wider audience, ensuring comprehen-
“Alabama ONE is now the former Rural Electric Cooperative Credit Union in Alabama. By partnering with Alabama ONE and sharing office space in Dothan and Samson, this arrangement benefits both parties. It provides Alabama ONE with a physical presence for members in the Wiregrass area, which they previously lacked, and allows the cooperative to operate efficiently by sharing office space and resources, ultimately helping to keep costs low for both organizations,” said Wiregrass Electric Cooperative CEO, Brad Kimbro.
By partnering with Alabama ONE and sharing office space in Dothan and Samson, this arrangement benefits both parties. It provides Alabama ONE with a physical presence for members in the Wiregrass area, which they previously lacked, and allows the cooperative to operate efficiently by sharing office space and resources, ultimately helping to keep costs low for both organizations,” said Wiregrass Electric Cooperative CEO, Brad Kimbro.
By supporting the growth and financial well-being of the Wiregrass Cooperative members, Alabama ONE reinforces its dedication to serving the rural communities of Alabama.
By supporting the growth and financial well-being of the Wiregrass Cooperative members, Alabama ONE reinforces its dedication to serving the rural communities of Alabama.
Take Control of Your Money
Alabama One Credit Union has partnered with Banzai to bring you clear, in-depth lessons that help you dive into the financial topics you care most about.
Learning to Budget Budgeting
isn't about restriction, it's about prioritizing. The best way to avoid financial strain is to know where your money is going and plan ahead!
Notice
Building Credit
It takes credit to get credit, and credit is crucial to buying a new home, finding a place to rent, or purchasing a new car. You have to start somewhere, start here.
Learn more at alabamaonecu.banzai.org/wellness
Director Nominations
Nominations may also be made by petition signed by 500 members of the Credit Union per nominee. There shall be no petitions by proxy, nor may members sign blank petitions (candidates name omitted). All signatures are subject to proper validation by procedures approved by the Secretary of the credit union. Each nominee by petition shall submit the following:
• A brief statement of qualifications and biographical data in a form approved by the Board of Directors with the petition. A petition form can be requested by emailing ComplianceDept@alabamaone.org or by contacting our Compliance & Risk Department at (800) 225-0110.
• Nominations by petition must be accompanied by a signed certificate from the nominee stating that he or she is agreeable to nomination and will serve if elected to office.
The deadline for filing nominations by petition with the Secretary of the Credit Union no later than February 5, 2025. Nominations may be filed at the Main Office or via certified mail to 1215 Veterans Memorial Parkway, Tuscaloosa, AL 35404, Attention: Ron Abernathy, Board Secretary.
Planning for an Emergency It's impossible to predict a car breaking down or losing a job, but it's absolutely possible to prepare for the financial blow. Emergencies happen, make sure you're prepared.
Alabama ONE continues to expand statewide!
New branches are scheduled to open in the Samson and Dothan area this month. Next, Alabama ONE has additional plans to open branches in Valley, Southside, Wedowee, Ozark, and Andalusia.
For a list of all locations, click here.
Our Mobile App Digital Banking Wherever You Are
Alabama ONE members can access their accounts quickly and safely using their smartphone. In addition, your mobile device’s fingerprint verification or facial recognition feature will match to your user ID, increasing security and authenticity for financial transactions.
New Year's Day
Januar y 1
Martin Luther King Jr. Day Januar y 20 Presidents’ Day February 17
Don’t forget all branches are closed from 8:30AM-9:00AM on Wednesdays for TEAM Training.