Credit Union vs. Banks - parody of Mac/PC commercials

Credit Union vs. Banks video2

Credit Unions vs. Banks video3

Money U

Financial Education for Youth

Winners versus Losers

The Winner is always a part of the answer; The Loser is always a part of the problem.

The Winner always has a program; The Loser always has an excuse.

The Winner says, "Let me do it for you;" The Loser says, "That's not my job."

The Winner sees an answer for every problem; The Loser sees a problem in every answer.

The Winner says, "It may be difficult but it's possible;" The Loser says, "It may be possible but it's too difficult."

Are two-for-one deals really a bargain . . . if you only need one in the first place?
Almost everyone loves a good bargain, but cheapness without usefulness is not a bargain.  Two for ones are a bargain if the one item you needed is something that you use regularly.   For instance, if the offer is for canned soup, then yes, it is a bargain. You can use one this week and the other next week.  There is a time when something you really need only one of can still be a bargain....if you can donate the second (or free) one to someone in need.

Secure Your Social Security Number

One of the easiest ways to steal someone's identity is to steal their social security number, since it potentially links to a lot of other sensitive information about the individual. Hence, your social security number is the number one item to protect.

• Why do you need my Social Security number?
• How will my Social Security number be used?
• How do you protect my Social Security number from being stolen?
• What will happen if I don't give you my Social Security number?

You can then make an informed decision whether or not to share your social security number with the business. Remember, it's up to you.

Dollars and $ense

December 2007

Gift Cards

For many decades, people obtained gift certificates from stores (or restaurants) when they wanted to give a gift but didn’t know what size or color they should purchase. The gift certificate was valid only at that store, and while such certificates always had a certain popularity, they were most appropriate as gifts for people who lived near the store or restaurant. Today, gift certificates have largely been replaced by gift cards that can be used at the store which sells the card.

The newest gift cards are being issued by financial institutions and are backed by Visa or Mastercard. This makes them more versatile, as they can be used virtually anywhere that credit cards or debit cards are accepted, as well as online. These cards are ‘loaded’ with the dollar amount specified by the purchaser, from $5 to more than $500. This type of gift card gives the recipient the opportunity to choose when, where, and how to spend the card, without being limited to a specific store.

Today’s teens have grown up with gift cards, and as a result they are gaining more financial freedom and have grown accustomed to choosing how to spend their money. A recent survey revealed that teens prefer to receive cash or gift cards rather than receiving actual items as gifts. And once they get a gift card, teens are ready to spend. Sixty-two percent of teens say that they hold on to their gift cards for one month or less before using them. Only one in 10 teens keep a gift card for more than two months before using it the first time. This is a smart way to spend gift cards, as holding on to cards for an extended period can result in fees. If you receive a gift card during the holidays, get the specifics and be a smart consumer.

When does the gift card expire?
Is your gift card good for six months? A year? Even longer? You should receive disclosures with your gift card; be sure to find out the expiration date. With some gift cards, once you pass the card's expiration date, you're done. It doesn't matter how much value is still on the card, you won't be able to use it.

Where can I use my gift card?
The answer depends on the type of gift card that you receive. Use a store gift card to buy merchandise from that store or through the store's Web site. Not all gift cards can be used for online shopping, so be sure to ask. A general-purpose gift card from Visa or MasterCard may be used almost anywhere those cards are accepted - look for the Visa or MasterCard logo displayed at the store’s front entrance or cash register. Important exceptions, including paying at the pump for gasoline, may apply. Read the card’s disclosures.

Is there a monthly maintenance fee?
Some gift cards will charge you a monthly fee if you still have a balance on your card after six months or a year. Anyone receiving a gift card should check for monthly maintenance fees. A $25 gift card could get whittled down to nothing before you know it. If your gift card comes with a monthly fee, you'll want to use it promptly. Whoever gave you the gift card meant for you to use that money to buy yourself a gift, not let it get eaten up by fees.

How do I check my gift-card balance?
Many general-purpose gift cards allow you to check your balance online or by calling a toll-free number. With store-specific gift cards, you also may be able to check in stores. It's also a good idea to keep track of your balance on your own.

What happens if my gift card is lost or stolen?
Some cards will charge a fee between $5-$10 to issue you a replacement card; these cards may require that you register the card as soon as you receive it. With some gift cards, if you lose the card you're just plain out of luck. It's best to treat a $50 gift card as you would treat $50 in cash.

The bottom line:
If you receive gift cards this holiday season and you aren’t going to spend them within a month or two, find out the specifics on monthly fees and expiration dates for each card. Happy Holidays!

October/ November 2007

Cell Phone Safety

Recently, a woman's handbag was stolen. One of the items in the handbag was her cell phone. Unfortunately, due to a common mistake, that was not all she was left without. When she finally succeeded in reaching her husband, he told her that he had answered her text message asking for the PIN number to their joint checking account. It was too late to tell him that it had not been she who asked for the PIN. The thief had found "hubby" on the phone, got the PIN number, and emptied the account.

This couple learned the hard way about another form of identity theft that most people are unaware of, but which is very simple to avoid. When adding contacts to your cell phone, do not indicate their relationship to you, lest the phone fall into the wrong hands. Also, whenever someone requests sensitive information from you via text, take a moment to call them back and verify the identity of the person to whom you are giving the information. As always, it's far better to be safe than sorry.

Money U - Financial Education for Youth

Foreign Languages - The Language of Money

Mark was thrilled. Swinging the keys in his hands, he bounded up the porch stairs and ran straight into see his dad.
“Dad! I got it! I was approved for a car loan, and now I can buy the Camry I want!”
Dad smiled. “Hey, that’s great, Mark! I know you’ll be responsible, both as a driver and about making your payments on time. You must feel wonderful!”
Mark fell into a chair. “I do. And you know what? Buying a car is an investment. I buy a car for $8,000 and my net worth goes up by $8,000, right?”
Dad rolled his eyes and peered at Mark. “Uh, not quite Mark. Are you buying that car with your savings?”
“Of course not, Dad! I don’t have that much saved up! That’s why I’m getting a loan from the credit union!”
“Right. And that loan, for $6,000, is taken off the total number of assets you have when figuring your net worth. Not that you need to worry about it, but that $6,000 loan makes your $8,000 asset amount to only $2,000 towards your net worth. A loan comes with an obligation to repay it, and it detracts from your assets. That’s why every loan is considered a liability.”
A liability is an obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt.

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