Latest News https://wwfcu.org/blog/?p=2253 https://wwfcu.org/blog/sweat-equity-investing-in-your-home/ Home Equity Loans Sweat Equity: Investing in Your Home In terms of real estate, “sweat equity” is understood as value-enhancing improvements made by homeowners. These improvements might be made to increase the immediate value of the home for re-sale, or to increase the usability, enjoyability, and value of the home to the owners as they live there. Investing sweat equity into a home is Thu, 17 May 2018 13:31:13 Z Dan DeRoeck <p>In terms of real estate, “sweat equity” is understood as value-enhancing improvements made by homeowners. These improvements might be made to increase the immediate value of the home for re-sale, or to increase the usability, enjoyability, and value of the home to the owners as they live there.</p> <p>Investing sweat equity into a home is a great option for anyone who can’t afford a more updated, expensive home but has the time and know-how, or willingness to learn, to make value-added improvements.</p> <p>Does this mean you need to take out a large loan to upgrade your kitchen to match the sprawling houses of the rich and famous? Not at all! Simple, lower-cost but high-effort improvements offer the highest return on investment. In fact, investing in the wrong types of renovations might even devalue your home to prospective buyers. So, before you grab a hammer or paint brush and max out your credit card at the home improvement store, here’s how and where you’re most likely to add value to your home.</p> <p><strong>Projects that add the most value:</strong></p> <ul> <li>Updating kitchen and bathrooms (painting cupboards, resurfacing counter tops, installing stainless steel appliances)</li> <li>Replacing or power washing exterior siding</li> <li>Updating interior paint</li> <li>Rejuvenating landscaping</li> <li>Updating/Installing trim and crown molding</li> <li>Refinishing/Replacing flooring (to higher-quality materials)</li> <li>Installing/Updating light fixtures and ceiling fans</li> </ul> <p>Less-profitable and possibly value-damaging projects have one of three flaws: they’re expensive, they focus on a space not used every day, or they reflect too much of the owners’ personal taste (think unusual or extravagant fixtures, finishes, paint colors, hobby spaces, etc.).</p> <p><strong>Projects not guaranteed to add value:</strong></p> <ul> <li>Converting part or all of the garage into a family room or hobby space</li> <li>Turning a spare bedroom into a home office</li> <li>Screening in an outdoor room</li> <li>Conducting a deluxe upgrade in anything but an upscale home</li> </ul> <p>In addition to adding value to a home, sweat equity can empower homeowners and make them more knowledgeable about their house and how best to maintain its value in the long-term.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/House__Home_78904.html?article_id=2581</p> 2018-05-17 13:31 +00:00 2018-05-17 08:31 -05:00 https://wwfcu.org/blog/?p=2244 https://wwfcu.org/blog/apple-pay-now-here-for-wwfcu-visa/ Financial Services Apple Pay Now Here for WWFCU Visa &#160; Wayne Westland Federal Credit Union now offers its members two ways to use Apple Pay. We announced a few weeks ago that we had Apple Pay for our MasterCard Debit Card. As of today, you can now use Apple Pay with your WWFCU Visa Credit Card as well! Here are the perks of Apple Tue, 15 May 2018 11:29:10 Z Amy Neale <p>&nbsp;</p> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="content editor-col OneColumnMobile" align="left" valign="top" width="100%"> <div class="gl-contains-text"> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="editor-text content-text" align="left" valign="top"> <div class="text-container galileo-ap-content-editor"> <div> <p>Wayne Westland Federal Credit Union now offers its members two ways to use Apple Pay.</p> <p>We announced a few weeks ago that we had Apple Pay for our MasterCard Debit Card. As of today, you can now use Apple Pay with your WWFCU Visa Credit Card as well!</p> <p><b>Here are the perks of Apple Pay:</b></p> <ul> <li>It’s accepted at <a href="https://www.apple.com/apple-pay/where-to-use/">millions of stores, restaurants and online retailers</a></li> <li>Payments are secure and easy</li> <li>Use it to send and receive money from friends and family</li> </ul> <p>To see if a retailer accepts Apple Pay, just look for these symbols:<span style="font-family: inherit; font-size: inherit;"> </span></p> </div> </div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" width="100%"> <div class="gl-contains-image"> <table class="editor-image editor-image editor-image-vspace-on" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td align="center" valign="top"> <div class="publish-container"><img class="alignleft ae-img" src="http://files.constantcontact.com/7ae9ad08001/eb21a0c1-0057-4687-801a-ef49b64725d2.png" alt="" width="436" border="0" hspace="0" vspace="0" /></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" width="100%"> <div class="gl-contains-text"> <table border="0" width="1133" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top"> <div>We’ll need to verify your account during the wallet set up process.<br /> <a href="https://support.apple.com/en-us/HT204506" target="_blank" rel="noopener" data-aesra-score="linkNewWindowWarning:1;">Click here to see how to add your WWFCU MasterCard Debit Card to your Apple Pay Wallet</a>.</div> <div class="text-container galileo-ap-content-editor"> <div></div> <div></div> </div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" width="100%"> <div class="gl-contains-divider"> <table class="editor-divider" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="" align="center" valign="top"> <table class="galileo-ap-content-editor" width="100%"> <tbody> <tr> <td class="divider-base divider-solid" align="center" valign="top" width="100%"><strong><br /> Feel free to contact a WWFCU Member Service Representative at (734) 721-5700<br /> or stop by our branch for assistance setting up Apple Pay.</strong></td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor layout-tools-hover" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" bgcolor="rgb(255, 255, 255)" width="100%"> <div class="gl-contains-text"> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top"> <div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> 2018-05-15 11:29 +00:00 2018-05-15 06:29 -05:00 https://wwfcu.org/blog/?p=2231 https://wwfcu.org/blog/buying-a-home-or-refinancing-soon-read-this-first/ Home Loans Mortgage Buying a Home or Refinancing Soon? Read This First The housing marketing has been a bit of a roller coaster ride over the past few years. While the ride has seemed to level off as of late, many homeowners or potential homeowners are waiting to see what happens. We’ve got some good news for you – 2018 is a great time to do either: Wed, 02 May 2018 14:06:25 Z Amy Neale <p>The housing marketing has been a bit of a roller coaster ride over the past few years. While the ride has seemed to level off as of late, many homeowners or potential homeowners are waiting to see what happens.</p> <p>We’ve got some good news for you – 2018 is a great time to do either: refinance or buy a home. Mortgage rates are on the cusp of rising, so you won’t want to wait too long to lock in your low rate at Wayne Westland Federal Credit Union. Also, Realtor.com predicts that the home inventory is increasing, so there will be more homes to choose from if you’re in the market. Finally, keep in mind that credit unions have lower loan rates, on average, than a typical bank.</p> <h3><strong>Lobby Days</strong></h3> <p>Whether refinancing or a new home is in your future, chances are you’ve got some questions. That’s why we’ve teamed with the home loan experts at Mortgage Center for Lobby Days. Stop by the Wayne Westland Federal Credit Union branch for <strong>Lobby Days on Friday, May 18 between 1:00 and 4:00 p.m.</strong>to speak to Mortgage Center representative Sandra Qasguargis. She’ll be there to answer your mortgage questions and help find the right mortgage solution for you.</p> <p><strong>If you have any mortgage questions before then (or after!), please call a WWFCU Member Service Representative at (734) 721-5700.</strong></p> 2018-05-02 14:06 +00:00 2018-05-02 09:06 -05:00 https://wwfcu.org/blog/?p=2223 https://wwfcu.org/blog/can-small-businesses-afford-not-to-accept-credit-cards/ Business Credit Cards Can Small Businesses Afford Not to Accept Credit Cards? It’s probably no surprise that two thirds of shoppers prefer to use credit cards over cash on a day-to-day basis. For consumers, there are usually secondary benefits to using a credit card—they get airline miles or cash back—and there is often less risk in using credit cards—if cash is stolen, it’s gone for good, but Wed, 25 Apr 2018 19:12:32 Z Dan DeRoeck <p>It’s probably no surprise that two thirds of shoppers prefer to use credit cards over cash on a day-to-day basis. For consumers, there are usually secondary benefits to using a credit card—they get airline miles or cash back—and there is often less risk in using credit cards—if cash is stolen, it’s gone for good, but if a credit card is stolen, the consumer isn’t responsible for any fraudulent charges made.</p> <p>But what about the benefits and risks to small businesses of deciding to accept—or not accept—credit cards as a payment option? These days, the balance is tipping more and more in favor of the pros than the cons, especially with the dropping cost of all-in-one card processing systems for even the tiniest of small businesses.</p> <p>A survey conducted by Intuit found that 83 percent of small businesses that accepted credit cards saw an increase in sales. For those accepting credit cards, fifty-two percent made at least $1,000 more a month, and 18 percent made at least $20,000 more a month. In addition to these convincing numbers, accepting credit cards keeps a business in touch with customer’s spending habits and expectations. Consider these benefits of allowing customers to swipe at check-out.</p> <p><strong>Benefits</strong></p> <ul> <li>Customers are more likely to spend more money when using credit cards, according to many behavioral economics studies.</li> <li>Customers are more likely to make impulse buys if they can use a credit card.</li> <li>By 2011, the combined use of debit, credit, and gift cards surpassed cash.</li> <li>Most customers expect to be able to pay with a credit card; failing to meet this expectation could turn away potential business from them.</li> <li>Credit cards enable customers to make larger purchases.</li> <li>Credit card processors offer faster deposits than accepting personal checks or sending out invoices.</li> <li>With transactions completed through an online terminal, accepting credit cards means fewer trips to the bank, fewer or no bounced checks, and fewer or no invoices to print, mail, and follow up on—which all means more time spent on growing the business!</li> <li>Processing more transactions with credit cards minimizes the amount of cash on-hand in registers, which can be a deterrent for robbers.</li> </ul> <p>Even with all of these benefits, small businesses do have some costs that come with accepting credit cards to consider.</p> <p><strong>Costs</strong></p> <ul> <li>There are fees for use of all-in-one processors and traditional merchant accounts, the two categories of credit card processing solutions for small businesses.</li> <li>A business will be responsible for chargebacks—the demand by a credit card company that a business pay for or make good the loss on a fraudulent or disputed transaction by a dissatisfied customer.</li> <li>If there is a fraudulent claim that initiates a chargeback, the card issuer can debit the merchant account without warning.</li> <li>Fraud liability comes with accepting credit cards. If a fraudulent charge occurs, the business will be out the product sold or shipped and possibly the money paid by the customer for the product due to a refund.</li> <li>There is a standard one- to two-day delay between the merchant account processor approving a transaction and the money deposited into the business bank account.</li> <li>Most processors charge a fee for processing refunds. Some processors, like PayPal, will refund some or all of the original transaction fee charged to the merchant, but many won’t.</li> <li>Some businesses do not wish to enable or participate in the credit card culture of consumer debt, and so refuse to accept payment via credit cards.</li> </ul> <p>For small businesses who believe accepting credit card payments would be beneficial, there are a variety of card processing solutions: all-in-one processing systems, traditional merchant services credit card processors, online payment systems, and processing for mobile sales. The most versatile for businesses making less than $30,000 per month is the all-in-one processing system.</p> <p>The two most popular all-in-one solutions are Square and PayPal, which accept and support all types of payments—in-store, mobile, and online—from one central, convenient account. They also have the simplest and most transparent fee structures.</p> <p>Square, for example, does not charge a monthly fee and merchants pay a flat 2.75% fee per transaction (credit or debit) in store and mobile sales, a 2.9% + $.30 fee per transaction for online transactions, and a 3.5% + $.15 fee per transaction for phone sales, invoices, and recurring payments. The reader equipment is also one of the most reasonable among all-in-one systems: in-store card readers or point of sales stations run $0–$500, their online ecommerce store and online virtual terminal are free, and their mobile card reader runs $0–$49.</p> <p>With 50 percent of shoppers routinely carrying $20 or less in their wallet, accepting credit card payments is becoming the standard for businesses of all sizes. A close study of a business’s current and potential customer base is the best way to decide if installing a credit card terminal should be the next move.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/Small_Business_Services_78922.html?article_id=2591</p> 2018-04-25 19:12 +00:00 2018-04-25 14:12 -05:00 https://wwfcu.org/blog/?p=2218 https://wwfcu.org/blog/building-credit-teens-and-credit-cards/ Credit Cards Building Credit: Teens and Credit Cards If someone recommended getting your teenager a credit card, your first reaction might be to call them crazy. But maybe there’s something to it. Building good credit is a long and sometimes complicated process. Young adults ages 17 and 18 are signing off on five-digit student loans, young college students are looking to buy their Fri, 20 Apr 2018 20:41:11 Z Dan DeRoeck <p>If someone recommended getting your teenager a <a href="https://wwfcu.org/borrow/visa-card-application">credit card</a>, your first reaction might be to call them crazy. But maybe there’s something to it. Building good credit is a long and sometimes complicated process. Young adults ages 17 and 18 are signing off on five-digit student loans, young college students are looking to buy their first car with their first auto loan, and before you know it after graduation, the investment of buying a house is looming.</p> <p>But if credit isn’t established before applying for auto loans, mortgages, or other financing, it could make approval near impossible. You might have heard it before: many lenders would rather you had bad credit than no credit at all. Here’s how making your teen an authorized user on your credit card can help them out in the long run.<i></i></p> <p><strong>Benefits</strong></p> <ol> <li>Your teenager can inherit your credit score (check with your credit card on their reporting practices to make sure they report the account on the authorized user’s—your teen’s—credit report). Not only does this give them a head start in establishing a credit score, it also gives you another reason to keep your own score in tip-top shape! As an authorized user, your teen is not responsible for making payments, but if you make a late payment their credit history and score will suffer. On the flip side, if your teen overspends with the card, you may not be able to make your next payment, which is why a discussion about how and when to use the credit card is an important conversation!</li> <li>You can teach your teen how to use a credit card responsibly, how interest works, and how habits like delaying purchases and using a budget will help keep them out of credit card debt.</li> <li>By establishing a credit history as an authorized user of your card, your teen will be more likely to receive better interest rates for loans later in life or pre-approval offers from credit cards with better terms. And remember, establishing credit history is like establishing a verifiable identity in the world of credit and finance.</li> <li>Your teen will be covered on any additional insurance offered by the card company when they use the card to make certain purchases. For example, when using American Express to purchase plane tickets, you are automatically covered by additional life insurance and baggage loss policies. Other cards offer additional rental car insurance.</li> <li>A credit card gives your teen back-up access to funds in an emergency. They are also a safer form of currency in the event of theft as fraudulent charges are waived, but cash stolen is cash lost.</li> </ol> <p>There are some steps you can take to prepare your teen for the responsibility of using a credit card, whether their own if they’re 18 or as an authorized user of your credit card.</p> <p><strong>How to Prepare</strong></p> <ol> <li>Open a checking account with a debit card in their name at your credit union. This will help your teen track cash flow and understand that money is limited (when their account is empty, their card won’t work, just like hitting a credit limit). They will also need a checking account when they are ready for their own credit card.</li> <li>Start with pre-paid cards. Like a debit card, it sets a mind-set of limited supply: when the card runs out, you can’t overbuy your way into debt. It can also help you monitor their spending.</li> <li>Talk about how credit cards work. Explain interest rates, compound interest, principle, billing cycles, carrying over a balance from month to month, and the consequences of not paying a bill on time. Discuss how making minimum payments means paying more in the long run in interest, how debt adds up, and the importance of paying off the balance each month. Talk about the permanence of credit history, how a credit score is calculated, and how it impacts them throughout life. Don’t forget to talk about safe credit card use online.</li> <li>Decide from the beginning what types of charges your teen can put on the card. Then be sure to show them the balance each billing cycle, even if you’re making the payments and they only made acceptable purchases, so they understand how quickly the total adds up and what it would be like if they <i>did</i> have to pay it off. A good plan is to have them make regular, already-planned purchases on the card, like gas or groceries when they are out with you. If they make their own purchases with the card, just make sure they pay you back!</li> </ol> <p>Of course there are lots of things to consider before making the decision to give your teen a credit card. Every teen and family is different, so make the decision best for you.</p> <p>How credit cards work and how to use them wisely shouldn’t be a mystery—for anyone! Talking to teens about responsible credit card use is a great lesson in financial education and responsibility.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/Loan__Credit_Management_78913.html?article_id=2537</p> 2018-04-20 20:41 +00:00 2018-04-20 15:41 -05:00 https://wwfcu.org/blog/?p=2213 https://wwfcu.org/blog/secured-vs-unsecured-loans/ Car Loans Home Loans Secured vs. Unsecured Loans Secured and unsecured loans are the most common types of loans the average person will use throughout their life. But do you know the differences? Understanding how these two types of loans work will help you better understand your own financial portfolio. Secured Loans A secured loan is one protected by an asset, used as Fri, 20 Apr 2018 20:27:23 Z Dan DeRoeck <p>Secured and unsecured loans are the most common types of loans the average person will use throughout their life. But do you know the differences? Understanding how these two types of loans work will help you better understand your own financial portfolio.</p> <p><strong>Secured Loans</strong></p> <p>A secured loan is one protected by an asset, used as collateral, in case the borrower defaults on the loan. The item acting as collateral can be the item you are taking the loan out to purchase, like a car or a home (<a href="https://wwfcu.org/products-services/loans/vehicle-loans">auto loans</a> and <a href="https://wwfcu.org/products-services/loans/home-loans">mortgages</a> are the most common secured loans). The lender will hold on to the title of the car or the deed to the house until the loan is paid in full, including interest. The lender’s claim against the collateral is called a lien.</p> <p>Secured loans are generally for larger amounts of money because the collateral off-sets the risk to the lender that the borrower won’t make loan payments. If payments stop, the lender can re-poses the car, home, or other assets put up as collateral and use it (usually by selling it) to recoup the money lost through the outstanding loan balance.</p> <p>Home equity loans or lines of credit are also considered secured loans because they use the amount of home equity as collateral: the current market value of the home minus the amount still owed. Like with a mortgage, failure to make payments on this type of loan can result in loss of the home.</p> <p>Other assets like stocks, bonds, and valuable personal property can also be used to secure a loan. In general, because they are a lower risk, secured loans have lower interest rates, higher borrowing limits, and longer repayment periods.</p> <p>If a borrower has poor credit history or is rebuilding their credit, lenders are more likely to consider them for a secured loan over an unsecured loan.</p> <p><strong>Unsecured Loans</strong></p> <p>An unsecured loan is not protected by any collateral, meaning if the loan defaults, the lender doesn’t have any property to reclaim and sell. The most common unsecured loans are credit cards, student loans, <a href="https://wwfcu.org/products-services/loans/personal-loans">personal</a> or signature loans, and some home improvement loans. Interest rates are higher for these loans because there is greater risk to the lender.</p> <p><strong>Paying Off the Loans</strong></p> <p>If a borrower has trouble paying bills and making loan payments, it’s usually more important to first pay down a secured loan over an unsecured loan. If they fail to make the car payment, for example, they could lose the vehicle, which in turn could put them in danger of losing their job. This is not to say that failing to make on-time payments on unsecured loans is without consequence.</p> <p>Missing these payments harms a borrower’s credit score and may more quickly drive them into debt due to the high interest payments and unsecured debt (corresponding to secured and unsecured loans, respectively) are treated differently in bankruptcy. Unsecured debts are more likely to be discharged, while some secured debts will be sold to pay off the debt or put under supervision of a court-appointed trustee.</p> <p>With this information, hopefully you can make more informed decisions when it comes to applying for both types of loans!</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/Loan__Credit_Management_78913.html?article_id=2585</p> 2018-04-20 20:27 +00:00 2018-04-20 15:27 -05:00 https://wwfcu.org/blog/?p=2177 https://wwfcu.org/blog/wwfcu-now-offers-apple-pay/ Debit Card Uncategorized Apple Pay WWFCU Now Offers Apple Pay Wayne Westland Federal Credit Union is always looking for new ways to make our members’ lives easier. That’s why we’re excited to announce that our MasterCard Debit Card is now available on Apple Pay! Here are the perks of Apple Pay: It’s accepted at millions of stores, restaurants and online retailers Payments are secure and Tue, 17 Apr 2018 15:31:19 Z Amy Neale <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="content editor-col OneColumnMobile" align="left" valign="top" width="100%"> <div class="gl-contains-text"> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="editor-text content-text" align="left" valign="top"> <div class="text-container galileo-ap-content-editor"> <div> <p><a href="https://wwfcu.org/blog/wp-content/uploads/2018/04/LifeEasier.png"><img class="alignnone wp-image-2180" src="https://wwfcu.org/blog/wp-content/uploads/2018/04/LifeEasier-1024x441.png" alt="" width="807" height="300" /></a></p> <p>Wayne Westland Federal Credit Union is always looking for new ways to make our members’ lives easier. That’s why we’re excited to announce that our MasterCard Debit Card is now available on Apple Pay!</p> <p><b>Here are the perks of Apple Pay:</b></p> <ul> <li>It’s accepted at <a href="https://www.apple.com/apple-pay/where-to-use/">millions of stores, restaurants and online retailers</a></li> <li>Payments are secure and easy</li> <li>Use it to send and receive money from friends and family</li> </ul> <p>To see if a retailer accepts Apple Pay, just look for these symbols:</p> <p>&nbsp;</p> </div> <div></div> </div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" width="100%"> <div class="gl-contains-image"> <table class="editor-image editor-image editor-image-vspace-on" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td align="center" valign="top"> <div class="publish-container"><img class="alignleft" src="http://files.constantcontact.com/7ae9ad08001/eb21a0c1-0057-4687-801a-ef49b64725d2.png" alt="" width="436" border="0" hspace="0" vspace="0" /></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" width="100%"> <div class="gl-contains-text"> <table style="height: 62px;" border="0" width="1133" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top"> <div><span style="font-family: inherit; font-size: inherit;"><br /> We&#8217;ll need to verify your account during the wallet set up process. </span><br /> <a style="font-family: inherit; font-size: inherit;" href="https://support.apple.com/en-us/HT204506" target="_blank" rel="noopener">Click here to see how to add your WWFCU MasterCard Debit Card to your Apple Pay Wallet</a><span style="font-family: inherit; font-size: inherit;">.</span></div> <div class="text-container galileo-ap-content-editor"> <div></div> <div> <p>WWFCU will soon be adding its Visa Credit Card to Apple Pay. Stay tuned for details.</p> </div> <div></div> </div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" width="100%"> <div class="gl-contains-divider"> <table class="editor-divider" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="" align="center" valign="top"> <table class="galileo-ap-content-editor" width="100%"> <tbody> <tr> <td class="divider-base divider-solid" style="text-align: left;" align="center" valign="top" width="100%"><strong><br /> Feel free to contact a WWFCU Member Service Representative at (734) 721-5700 or stop by our branch for assistance setting up Apple Pay.</strong></td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table class="galileo-ap-layout-editor layout-tools-hover" border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class=" editor-col OneColumnMobile" align="" valign="top" bgcolor="rgb(255, 255, 255)" width="100%"> <div class="gl-contains-text"> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top"> <div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> 2018-04-17 15:31 +00:00 2018-04-17 10:31 -05:00 https://wwfcu.org/blog/?p=2174 https://wwfcu.org/blog/redefining-retirement/ Retirement Redefining Retirement Gone is the dream of twilight years spent on the golf course and keeping an immaculate lawn. And at the same time, gone is the guarantee of Social Security and dependable pension plans. Contributing to this shift in the retirement landscape is the desire of twenty- and thirty-year-olds to be involved and serve a purpose Wed, 11 Apr 2018 17:22:15 Z Dan DeRoeck <p>Gone is the dream of twilight years spent on the golf course and keeping an immaculate lawn. And at the same time, gone is the guarantee of Social Security and dependable pension plans. Contributing to this shift in the retirement landscape is the desire of twenty- and thirty-year-olds to be involved and serve a purpose with their time and talents when they get older. They often cite wanting to live more now and spend their retirement years staying relevant and useful, even if that means working part time. All of this means their financial needs in retirement will be different.</p> <p>What Millennials are looking for might be more accurately termed “financial independence,” which doesn’t have a minimum age requirement or a reliance on programs like Social Security in order to achieve it. With Millennials pioneering extreme budgets, lifestyle blogs, and a willingness to invest in new financial tools, like cryptocurrencies, they are breaking the long-standing mold of work yourself to the bone for 40-50 years in order to retire to a guaranteed life of quiet leisure at 65. Financial independence, on the other hand, can be realized in their 40s, 30s, or even 20s.</p> <p>Financial independence doesn’t necessarily mean leaving the workforce. It means being able to live a desired lifestyle not hindered or dependent on a certain sized paycheck. It’s saving for short-term goals and not just retirement. That may mean working longer, but it’s more likely to include prioritizing travel, expanding life experiences, working in different fields regardless of income incentive, pursuing fitness, enjoying hobbies, and supporting humanitarian, social justice, or environmental movements.</p> <p>The shift in views regarding retirement and financial independence may also be due in part to having seen how volatile and changeable any market is. What’s “guaranteed” or a safe bet today, might not be tomorrow. And so putting stock (pun intended) into a single plan for their twilight years doesn’t seem a wise move for a large portion of today’s younger workforce.</p> <p>That being said, the conventional wisdom of saving 15-20% of net income toward retirement (and this can include aggressively paying off debts) still stands as sound advice if pursuing financial independence for the later years of life. More if you’d like to gain that independence sooner. Diversifying those savings is also a wise move. Take advantage of any matched 401(k) program offered by an employer, but also look into contributing to a Roth account or annuity in addition.</p> <p>Getting creative and thinking outside the box in regard to finances isn’t something new for younger generations, as many struggle to find ways to pay off large student loans. But they are carrying over this determination, creativity, and willingness to self-educate when it comes to saving for the future near and far-off future.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/Financial_Planning_78896.html?article_id=2555</p> 2018-04-11 17:22 +00:00 2018-04-11 12:22 -05:00 https://wwfcu.org/blog/?p=2169 https://wwfcu.org/blog/automate-savings-to-build-good-habits/ Savings Automate Savings to Build Good Habits Automation helps any process or action run smoother and helps remove room for error—like forgetting or making an excuse to not do something or do it differently. And it’s no different for growing your saving account or investment portfolio. There are dozens of budgeting and financial management apps out there, but Acorns stands out in that it Tue, 10 Apr 2018 21:27:20 Z Dan DeRoeck <p>Automation helps any process or action run smoother and helps remove room for error—like forgetting or making an excuse to not do something or do it differently. And it’s no different for <a href="https://wwfcu.org/products-services/savings/compare-accounts">growing your saving account</a> or investment portfolio.<i></i></p> <p>There are dozens of budgeting and financial management apps out there, but <a href="https://www.acorns.com/">Acorns</a> stands out in that it helps you save without you having to think about it—or do any math! By linking your debt and credit cards to the app, it rounds each purchase up to the next highest dollar, automatically depositing the change into a managed investment portfolio based on your risk profile.</p> <p>If you’ve created a personal budget and have successfully lived within your means for a while, this is an option to start investing and saving in small ways that add up over time. You should keep an eye on your expenses throughout the month while trying out this app to make sure it doesn’t cause you to over spend, but even when you’re ready to make larger, regular deposits into savings, this can be a great way to save more—without thinking about it!</p> <p>Ideally, a dollar amount to be saved each month should be built into every budget. But how do you decide how much to save each month? A good strategy is to start small with an amount you are confident you can pay each month without trouble. After a few months of successful savings, trying raising that number a little bit. And you can automate this type of saving plan as well. Credit unions offer automatic transfers between accounts and many employers offer automatic deposits from your paycheck into multiple accounts—say a certain percentage into checking and a certain amount into saving.</p> <p>There are many benefits to using automation to establish a savings habit. Automating saving turns those deposits into another “monthly expense” that you’re more likely to pay. This prioritizes saving and reduces the likelihood you’ll spend those funds on extra comforts. You also won’t forget! It also saves you time and hassle not having to view multiple accounts and manually request fund transfers. And lastly, it supports the saving rule that the more you invest now and consistently, the larger your investment will grow.</p> 2018-04-10 21:27 +00:00 2018-04-10 16:27 -05:00 https://wwfcu.org/blog/?p=2161 https://wwfcu.org/blog/wwfcu-is-growing/ Uncategorized WWFCU is Growing! To better serve its community, Wayne Westland Federal Credit Union (WWFCU) has expanded its field of membership to include all of Wayne County. The WWFCU Board approved the field of membership expansion in July 2017, it was later approved by the National Credit Union Administration (NCUA). That means if someone you know lives, works, worships, Thu, 22 Mar 2018 13:46:42 Z Amy Neale <p><a href="https://wwfcu.org/blog/wp-content/uploads/2018/03/community-crowd.jpg"><img class="size-full wp-image-2165 alignleft" src="https://wwfcu.org/blog/wp-content/uploads/2018/03/community-crowd.jpg" alt="" width="283" height="139" srcset="https://wwfcu.org/blog/wp-content/uploads/2018/03/community-crowd.jpg 283w, https://wwfcu.org/blog/wp-content/uploads/2018/03/community-crowd-86x42.jpg 86w, https://wwfcu.org/blog/wp-content/uploads/2018/03/community-crowd-163x80.jpg 163w" sizes="(max-width: 283px) 100vw, 283px" /></a>To better serve its community, Wayne Westland Federal Credit Union (WWFCU) has expanded its field of membership to include all of Wayne County. The WWFCU Board approved the field of membership expansion in July 2017, it was later approved by the National Credit Union Administration (NCUA).</p> <p>That means if someone you know lives, works, worships, attends school or volunteers in Wayne County, they can join WWFCU. In addition, registered members of St. John the Baptist Parish in Dearborn Heights and the Notre Dame Council #3021 Knights of Columbus in Wayne as well as most members and employees of the Roman Catholic Parishes in the Western Wayne Vicariate can join.</p> <p>So, let your Wayne County family and friends know that they too can experience all the benefits that come with being a member of WWFCU.</p> <p><strong>To get the details of our field of membership expansion, or if you have any questions, please speak to a WWFCU Member Service Representative at (734) 721-5700.</strong></p> 2018-03-22 13:46 +00:00 2018-03-22 08:46 -05:00