Why read the fine print?
Disclosure comes in many forms. You’re most likely familiar with the sped-up moments at the end of a radio commercial, the tiny print that appears at the bottom of a television commercial for a service or product and, of course, the receipts you receive from any store regarding return policies. But, did you know that financial institutions have disclosure, too?
Sometimes, reading disclosures can seem like deciphering a bunch of mumbo jumbo, but disclosure statements contain the critical information you need to make an informed decision about which financial institution, and its products and services, to choose.
Disclosure details are material facts relevant to products and services (in Mission Fed’s case, your accounts and transactions). Reading the disclosures will inform you of important dates (like when your payments are due), what to do if you lose your Debit or Credit Card or direct you to whom you need to contact if you have a question or concern about a transaction on your statement.
Disclosure statements are also considered legal documents. You should read the disclosures you receive when you open an account at your credit union. When you’re signing up for a Checking or Savings Account, you’re probably most interested in what type of protection is offered with your Debit Card purchases or the percentage of interest you may earn on a Retirement Account over a certain period of time. Disclosure, however, points out what you are agreeing to when you sign up for an account, and the disclosures may help you avoid paying fees. Many credit unions and banks offer no monthly fees, but they usually come with a stipulation, like enrolling in eStatements versus paper statements or having a minimum direct deposit per month or maintaining an average daily balance.
When life becomes a little busier than usual, or a big payment is coming up, it’s easy to forget about these details. That’s why it’s important to make sure you look for any updates in disclosure as well. Reading the entire disclosure document helps you understand your legal rights and responsibilities as well as the rights and responsibilities of the credit union. Don’t be shy about asking for explanations, clarifications and answers to your questions before you open an account or take out a loan. You should understand the disclosure statements prior to signing any document, and Mission Fed is happy to answer your questions—down to the very last detail.
The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided.
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