As a credit union employee, I sometimes take for granted the multiple ways I can manage my account. I’m often reminded of this when I’m talking to friends and family and explaining our products and services to them. The response I hear most is “Wow, that’s so cool, I didn’t know I could do that with my credit union account!”
A classic example of this happened between my husband and I recently. He opened an account for his weekly spending money that he was going to manage and keep track of. When he asked how he could do that, I was more than a little surprised! I spend all day promoting our products and services to our members and making them aware of everything we offer, and here my own husband didn’t realize all the ways he could manage his account without coming into a branch. (In my defense, he usually doesn’t realize when the laundry needs to be done either, and I know I’ve made him aware of that before!) I wondered though how many credit union members out there don’t realize the gold mine of financial resources a credit union offers that can make their everyday life easier!
As a member of a credit union, you may think that you have to sacrifice a certain level of technology or convenience to receive the outstanding level of service and money-saving products that you enjoy. Not true! I bet most members don’t realize that they’re credit union offers all of the same sophisticated technology that big banks do – and we know your name when you visit a branch! Mobile Banking? Check. Text or E-mail notifications on your account? Check. Online Banking? Check. Electronic Bill Pay? Check. Online account opening? Check. Online loan and mortgage applications? Check! The list goes on and on!
And talk about convenience – with the credit union shared branching network you have over 4,000 branches nationwide that you can use like you would your own credit union! Not to mention the over 200 ATMs across the state that you can use with no fee! Because credit unions are financial cooperatives, we work together to deliver our members the same level of convenience and access to their accounts that you can find at a big bank.
So needless to say, when I told my husband that he could keep tabs on his account right on his cell phone through mobile banking, he was pretty excited. Then when I said that he didn’t have to go across town if he needed to make a deposit, he could go to the credit union next door to his work he was even more excited! Not only because he didn’t have to give me all those pesky receipts anymore, but also because he knew this would make his life a lot easier!
- Kim S., University Credit Union
Tuesday, January 26, 2010
Thursday, January 21, 2010
Maine CUs do more to help those who need it most
With the heartbreaking images of the devastation that a 7.0 earthquake recently brought to Haiti constantly on television, online and in the newspapers, people everywhere are wishing that they could do more to help these victims.
In response to this disaster, Maine credit unions are not only taking action to help, they are making it easy for others to do so as well, with a statewide fundraising initiative called, 'Maine People Helping People Across The Earth - A Fund For Haiti'. In conjunction with the National Credit Union Foundation (NCUF), Maine's credit unions have activated a safe and secure web site to raise money for credit union employees, volunteers and members in Haiti. In addition to online contributions, a number of credit unions have set-up donation canisters in their lobbies to collect funds for this important cause.
Visit your local credit union to find out more about this effort, or the many other ways they are helping those in need, across your community and across the world. Or, to make a safe and secure donation to the Haiti fundraising effort, visit www.cuaid.coop/maine and click on the Donate Now link.
-Diana D., Maine Credit Union League
In response to this disaster, Maine credit unions are not only taking action to help, they are making it easy for others to do so as well, with a statewide fundraising initiative called, 'Maine People Helping People Across The Earth - A Fund For Haiti'. In conjunction with the National Credit Union Foundation (NCUF), Maine's credit unions have activated a safe and secure web site to raise money for credit union employees, volunteers and members in Haiti. In addition to online contributions, a number of credit unions have set-up donation canisters in their lobbies to collect funds for this important cause.
Visit your local credit union to find out more about this effort, or the many other ways they are helping those in need, across your community and across the world. Or, to make a safe and secure donation to the Haiti fundraising effort, visit www.cuaid.coop/maine and click on the Donate Now link.
-Diana D., Maine Credit Union League
Tuesday, January 19, 2010
Financial Literacy is a Lifelong Lesson
No matter what your age, take advantage of the New Year and get on the path to financial fitness with your Maine Credit Unions! They are here for you all year round!
Baby boomers
Put your debts in priority order. Make a list of all your liabilities and organize them by the annual interest rate. Pay off those with the highest rates first, while still making at least minimum payments on all the others. Set a specific, realistic date for when you plan to achieve your goal of paying off all debts.
Determine your net worth. Calculate your assets minus liabilities each year--preferably on Dec. 31--so you quickly can see whether you're gaining ground or falling behind. Your net worth should be increasing each year. If it's not, make a plan to improve it, such as pay down a specific debt or put more money into a retirement account.
Seniors
Evaluate your estate plan. Establish or review your will, advance directives, and powers of attorney, and make sure they reflect your preferences and current situation. Make sure all of your intended beneficiaries are on file for all your financial accounts.
Check all insurance policies. For example, know what is covered in your home-owners policy and verify your liability coverage. Call your insurance agent if you have any questions. Many credit unions have relationships with area insurance companies for your convenience.
- Adam M., Maine Family FCU
Baby boomers
Put your debts in priority order. Make a list of all your liabilities and organize them by the annual interest rate. Pay off those with the highest rates first, while still making at least minimum payments on all the others. Set a specific, realistic date for when you plan to achieve your goal of paying off all debts.
Determine your net worth. Calculate your assets minus liabilities each year--preferably on Dec. 31--so you quickly can see whether you're gaining ground or falling behind. Your net worth should be increasing each year. If it's not, make a plan to improve it, such as pay down a specific debt or put more money into a retirement account.
Seniors
Evaluate your estate plan. Establish or review your will, advance directives, and powers of attorney, and make sure they reflect your preferences and current situation. Make sure all of your intended beneficiaries are on file for all your financial accounts.
Check all insurance policies. For example, know what is covered in your home-owners policy and verify your liability coverage. Call your insurance agent if you have any questions. Many credit unions have relationships with area insurance companies for your convenience.
- Adam M., Maine Family FCU
Monday, January 11, 2010
Make Smart New Year's Resolutions
Everyone--regardless of age--can take steps to shape up their finances in this new year/decade.
As you decide on your New Year's resolutions (or perhaps you already have them decided), think SMART--financial goals that are specific, measurable, adjustable, realistic, and time-oriented. Your individual Credit Union staff's are here to help with any questions you might have!
Here are some examples of financial goals for the younger generation:
Youth
Collect your change. Each time you buy something, save the change you get back. Deposit the change in a container at the end of every day. Over time it could add up to a significant amount of money.
Save your allowance. Whether you want to buy something you've been eyeing for months or you want to start saving for college, the only way you are going to do it is by putting your allowance away. Deposit at least part of your allowance in a share savings account at the credit union with the many youth savings accounts available.
Gen Y
Open a Roth IRA (individual retirement account) and start saving. Make savings a habit and invest at least 10% of every paycheck for retirement. The longer you have to save with a Roth IRA, the more you save on taxes. Although contributions aren't tax-deductible, your money grows tax-free and comes out tax-free as long as you meet certain requirements.
Put your credit card away. Use credit cards only when you know you have the funds set aside to pay the bill in full when the bill comes. Try not to leave a balance on your credit card or you'll be charged interest.
-Adam M., Maine Family FCU
As you decide on your New Year's resolutions (or perhaps you already have them decided), think SMART--financial goals that are specific, measurable, adjustable, realistic, and time-oriented. Your individual Credit Union staff's are here to help with any questions you might have!
Here are some examples of financial goals for the younger generation:
Youth
Collect your change. Each time you buy something, save the change you get back. Deposit the change in a container at the end of every day. Over time it could add up to a significant amount of money.
Save your allowance. Whether you want to buy something you've been eyeing for months or you want to start saving for college, the only way you are going to do it is by putting your allowance away. Deposit at least part of your allowance in a share savings account at the credit union with the many youth savings accounts available.
Gen Y
Open a Roth IRA (individual retirement account) and start saving. Make savings a habit and invest at least 10% of every paycheck for retirement. The longer you have to save with a Roth IRA, the more you save on taxes. Although contributions aren't tax-deductible, your money grows tax-free and comes out tax-free as long as you meet certain requirements.
Put your credit card away. Use credit cards only when you know you have the funds set aside to pay the bill in full when the bill comes. Try not to leave a balance on your credit card or you'll be charged interest.
-Adam M., Maine Family FCU
Tuesday, January 5, 2010
There’s more to consider when traveling in 2010
It’s a new year and if your new year’s resolution was to take a vacation you may be planning where you want to go and when. Now is the time to start a vacation fund, and many credit unions have special club accounts to make saving easier. You can have money deposited into your club account automatically, or make deposits when you can, making planning your vacation a little less stressful.
And when you are planning your trip, whether it’s across the state or across the country, there are some travel tips you should keep in mind for 2010. If you are traveling by plane, arrive at the airport early, make sure you have all liquids and medication labeled and in a plastic bag, and keep your ID, airline ticket, boarding passes all in one folder and take all government issued photo ID certificates you can find, such as a drivers license and your passport.
If you are traveling by car, keep informed about the weather and road conditions during the time you will be traveling there, know where you are going by looking at a map or guide book before you leave your car or hotel, and don’t leave luggage or valuables in your car overnight.
-Jess H., Maine Credit Union League
And when you are planning your trip, whether it’s across the state or across the country, there are some travel tips you should keep in mind for 2010. If you are traveling by plane, arrive at the airport early, make sure you have all liquids and medication labeled and in a plastic bag, and keep your ID, airline ticket, boarding passes all in one folder and take all government issued photo ID certificates you can find, such as a drivers license and your passport.
If you are traveling by car, keep informed about the weather and road conditions during the time you will be traveling there, know where you are going by looking at a map or guide book before you leave your car or hotel, and don’t leave luggage or valuables in your car overnight.
-Jess H., Maine Credit Union League
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