Navigating Financial Services at Miami University: A Comprehensive Guide
Miami University and its surrounding community offer a variety of financial services designed to support students, faculty, staff, alumni, and their families. This article provides an overview of these services, ranging from banking options to financial planning and insurance.
Banking and Credit Unions
Several financial institutions cater specifically to the Miami University community:
Miami University Community Federal Credit Union (MUCCU): MUCCU offers a range of services, including:
- Savings and Checking Accounts: Traditional banking services for managing day-to-day finances.
- Loans: A variety of loan options, including student loans, study abroad loans, and loans for purchasing textbooks or laptops. Members can be eligible for VISA Platinum card based on credit score.
- Overdraft Protection:
- Automatic Transfer: When a transaction exceeds the checking account balance, funds are automatically transferred from the savings account to cover the shortfall for a small $5.00 fee. All Overdraft signups are reviewed for the accountholder's standing with MUCCU, including account history, and are subject to approval or denial at MUCCU's discretion. Payment of an overdraft is not guaranteed. If MUCCU does not authorize and pay an overdraft, the transaction will be declined and item returned unpaid.
- Courtesy Pay: MUCCU may honor checks and ACH transactions even if the account has insufficient funds, potentially saving members from additional charges from merchants. Courtesy Pay may provide certain members considered in "good standing" with the ability to overdraw their account up to $450 including fees. The Credit Union charge a Courtesy Pay Fee of $31.00 each time they pay an overdraft. There is no limit on the total fees they can charge for overdrawing the account. MUCCU can close the account if there are excessive overdrafts. All Courtesy Pay signups are reviewed for the accountholder's standing with MUCCU, including account history, and are subject to approval or denial at MUCCU's discretion. Payment of an overdraft is not guaranteed. If MUCCU does not authorize and pay an overdraft, the transaction will be declined and item returned unpaid.
- Safe Deposit Boxes: Secure storage for belongings in a fireproof vault, with boxes available at reasonable prices (starting from $25 per year, depending on the size).
- Notary Services: Free notary services for members needing to notarize documents such as auto titles, deeds, affidavits, and power of attorney. Notary Services are available at both offices in Oxford, Ohio.
First Miami Student Credit Union: This is one of only two completely student-run credit unions in the nation. It is a division of Miami University and Community Federal Credit Union. First Miami provides the tools needed to find the right student loan or refinancing options. First Miami offers a wide range of loans to all members. Everything from study abroad, student loans, textbooks or laptops. First Miami has all the tools you need to find the right student loan or refinancing options. Paying into a savings account each month, which remains locked until the end of the loan term. Making payment on time every month helps to build good credit history. At the end of the term, members will have access to the funds they've saved.
PNC Bank: PNC Bank aims to make it easier for Miami students to manage their money.
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Financial Planning Services
Preferred Planning Associates (PPA): MUCCU partners with PPA to offer members financial independence through clear goals and financial discipline. Andrew Van Erp, a financial advisor with PPA, provides comprehensive personal planning services, educating members to make informed financial decisions. Services include:
- Comprehensive Financial Planning
- Investment Management Services
- Retirement Income Planning
- 401k/403b/457 Investment Guidance
- College Planning
- “Second Opinion” Service
- Asset Protection & Risk Management
- Estate Planning
- Social Security Guidance
- IRA Check-Ups
Andrew Van Erp can be contacted at (513) 523-7710 or www.ppavanerp.com. Andrew has been in the financial services industry for over 25 years helping clients, advisors and institutions attain their financial goals and objectives by utilizing effective products, services and strategies. Prior to joining PPA, Andrew held significant positions at Ameritas, Manning & Napier, JP Morgan Chase and Morgan Stanley. He is a graduate of the University of Michigan with a B.A. in Economics and is a long-standing member of the Financial Planning Association. Andrew stays involved in the community by supporting Matthew 25 Ministries, Lakota/Mason Food Pantry and Saint Maximillian Kolbe church.
Captrust: Captrust advice team members are available to consult with Miami Employees (full and part-time) as a part of their benefit package. Personalized, objective financial guidance is available.
Insurance Options
Liberty Mutual Insurance: Miami University partners with Liberty Mutual Insurance to provide auto and home insurance coverage at affordable rates.
Debt Protection and AD&D: MUCCU offers a Debt Protection Program that may cancel loan payments or balance (up to contract maximums) in case of involuntary unemployment, disability, or death. AD&D coverage can pay a cash benefit to the member and their loved ones in the case of a covered accident. It can also pay benefits if the member is hospitalized or suffers from lost ability (such as loss of eyesight or hearing) due to an accident. Debt Protection is optional and will not affect the application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any financial institution. Product and features may vary and not be available in all states.
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Additional Miami University Resources
- One Stop: Access all the services of the bursar, financial aid, and registrar in one location.
- IT Help and Support Services: The central point of contact for technology questions at Miami.
- Miami Notebook (Student laptop program): Discover the advantages of the Miami Notebook program.
- Parent & Family Programs: Committed to supporting families as vital partners in student success. The Parent & Family Mental Health Video Series provides valuable insights and resources to help parents and family members navigate student well-being. There is also a Parent and Family Guide with additional resources for families of incoming and continuing Miami students.
- Study Abroad: Regardless of financial situation, study abroad can be a reality for any student.
Additional Credit Unions in the Area
University Credit Union: Serving the banking needs to all employees, alumni, and students at the University of Miami, Florida International University, St. Thomas University. Membership is available to St. Thomas University faculty, staff, students, alumni and their immediate families. University Credit Union offers the St. Thomas University family the very best rates and service on Loans and Deposit products.
FIU Employees Credit Union: The Official Banking Partner of FIU.
Important Considerations
*Non-Deposit Investment Products are not NCUA or FDIC insured, are not obligations of or guaranteed by the Credit Union, involve investment risk and may lose value. Preferred Financial Planning, Miami University Community Federal Credit Union, and Cambridge are not affiliated. Cambridge’s Form CRS (Client Relationship Summary). Check out the background of this investment professional on FINRA's BrokerCheck.
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