Credit Cards Tips

Ways Businesses Can Save on Credit Card Processing Fees

August 26, 2016

Small Business could miss out in sales in case they decide not to accept payment using credit cards. In 2014, 35% of consumers preferred credit cards over any other type of payment.

Some small business build the cost of accepting credit card in the final price of goods. Instead, there are ways businesses can save on credit card processing fees.

In order to minimize the impact of those costs, the business can implement a minimum for consumers to use credit cards. Post your new rule prominently by the cash register and inform your employees of the change.

Credit card processing companies have to compete to attract and keep clients just like any other business. Some offer a lower rate to lure in new customers, it is worth to look for the best deal for you business.

Ask other businesses in your area what they are using, or search in the Better Business Bureau (BBB) about credit card processing services.

 

 

KEY TAKEAWAYS:

  • Credit card processing fees can vary depending on the company you choose – it pays to shop around to find the best deal.
  • Small fees can make a huge difference to your bottom line over the long haul.
  • Before you sign up to use anyone’s service, make sure you understand their fee structure and how it works.

“When faced with a purchase minimum to use credit, consumers can either turn to cash or spend more – both options that benefit your business. If customers opt for cash, you’ll avoid credit card processing fees altogether. But if they spend a bit more so they can use credit, the extra revenue can help offset credit card processing fees.”

Original Source:

http://www.thesimpledollar.com/how-small-businesses-can-save-on-credit-card-processing-fees/

Loans

Get Extra Value – Earning a College Degree

August 19, 2016

Many people view the goal of a college education as getting a degree with some effort. Treating college with that perspective misses out on additional value that college can provide.

Students should look for any opportunity to build things related to your area of study that can earn income now and incorporate those things into your studies and coursework whenever you can.

Focus on your studies, your experiences, and your useful long-term relationships. Many students might be unsure as to what they should be doing and a great ideia is to look in job listings. Job listings can be an incredibly powerful tool for helping you to plot your next move while in school.

Looking at listings for jobs that you’d like to have and do what you can to fill in those blanks during your studies can be very useful.

KEY TAKEAWAYS

  • The college experience offers the opportunity to build lifelong relationships that can continually benefit you personally and professionally.
  • If you have a key question that’s causing you to lose track of the direction that the entire lecture is going, don’t be afraid to ask it.
  • Talk to your academic department about on-campus work opportunities.

“Winter break, summer break, spring break, all the breaks – fill them with some sort of opportunity to develop your professional skills. Even if it’s just a few weeks, many organizations offer some sort of internship program during that time. Internships related to your desired career are golden.”

Original Source: http://www.thesimpledollar.com/how-to-get-a-ton-of-extra-value-out-of-earning-a-college-degree/

Business

Seller Disclosure Report Can Be Red Flag

August 16, 2016

Buying a home can be compared to falling in love. First start dating and you overlook some critical flaws. Some that flaws that could slowly crack away at your relationship in the future, causing heartbreak and be quite costly.

Pay a lot of attention to all details of the Seller Disclosure Report, be careful not to overlook some major red flags during the process, including some that are spelled out for you.

KEY TAKEAWAYS:

  • If the problems are structural in nature or unable to be fixed, it may be best to walk away
  • Sometimes you’re simply too enamored of your soon-to-be abode
  • By law, sellers must disclose all they know about the property

“It’s not a hard and fast rule that you should dig deeper into what a seller or inspector means when they say “small roof leak” or “a few roof tiles missing”.

Original Source: http://www.forbes.com/sites/trulia/2016/08/16/could-you-spot-these-8-red-flags-on-a-seller-disclosure-report/

Credit Unions

Youth Money Management Skills

August 9, 2016

This summer teach kids some practical life lessons including basic money management skills. Some kids might already have a savings account with a credit union to encourage good money management for kids and see for them to see their savings grow.

Wayne Westland Credit Union
Wayne Westland Credit Union

Most teens will at some stage be offered opportunities to take on debt, perhaps through credit union loans or credit cards. As a parent you can help prevent decisions that they may later regret by guiding them and teaching teens some key questions to ask themselves before borrowing money.

As a general rule adults know a loan is not money for free and explaining that to a kid will save them from financial trouble later in life.

Building responsible money habits start early by introducing good spending and savings habits. Whether your child is saving an allowance or learning to compare prices at supermarket to find better value.

Using everyday situations can be the ideal opportunity for you to engage your child to learn about financial wisdom. Take every opportunity to teach your teenager about other concerns like how to save money and identity theft.

Continue Reading…

  • money management skills for kid
  • saving goals – use the three little piggy bank
  • credit union loans and savings

“Bank of America Better Money Habits has some tips for getting kids engaged in another kind of challenge: teaching kids some practical life lessons including basic money management skills. Below, they’ve provided 10 financial exercises to teach kids about personal finance, helping them on the path to “financial gold.”

Credit Unions

Credit Unions Strive to Offer the Best Value for Your Banking Dollar

January 12, 2016

Below is an recent article from Time that asserts just how valuable credit unions are to its members. We continue to offer both superior and more affordable products than the alternative.

Credit unions have been providing superior, reasonably priced products and services to their members for going on 100 years in the U.S., so I think the assertion made by Martha White (“One Big Perk of Using a Credit Union Just Disappeared,” Jan. 7) about the median overdraft fee found at credit unions vs. banks does a great disservice to credit unions and the more than 102 million American consumers who are credit union members today.

Credit unions, owned and led by their members, have a vested interest in making sure their members know how to get the best value for their dollar. They work every day to make sure their members understand the terms and conditions of the financial products and services that are offered, and they have a strong track record of working closely with their members to resolve any disputes or concerns. This is true particularly in the case of overdraft fees.

This June, we surveyed our own member credit unions on overdraft, and every respondent to that survey said they offer alternatives to overdraft or courtesy pay programs. Some 84% said the most popular of these, among their own members, are overdraft lines of credit and linked savings accounts. And nearly every respondent–97%–will reverse an overdraft charge on a case-by-case basis.

Most of the credit unions in this survey said they make it a practice to contact members who repeatedly incur overdrafts. Additionally, more than 81% provide financial literacy education to their members that specifically focuses on overdraft avoidance. Moreover, any credit union member can opt out of overdraft at any time.

Credit unions know that overdraft exists as a backstop when someone inadvertently draws more on their account than the money they have in it – nothing more, nothing less.

h/t Time

Auto Loan

Credit Union Auto Loans – 7 Keys to a First Time Buyer’s Approval

December 26, 2015

Credit union auto loans are great for first time buyers in need of money for an upcoming vehicle purchase. In fact, credit unions are usually the best source, because they will typically offer rates and terms to first time buyers that can’t be found with other auto lenders.

Unfortunately, not all first time buyers will qualify.

Here are 7 key factors that credit unions consider in their auto loan approval process:

7) Your Credit Rating

There are essentially four credit situations a first time buyer will be in:

Toughest – i) No credit with collections, i.e. medical, cell phone, utility, judgements, tax liens, etc.

Tough – ii) Absolutely zero credit, no good and no bad.

Easier – iii) Limited credit with short history. You might have a small credit card(s) and/or under two years history.

Easy – iv) Long history, but no prior auto loans. You may have had auto loans in the past, but they are older and no longer show on your credit file.

6) Are You A Current Member

It’s not always necessary to be a member prior to applying for a credit union auto loan, but credit unions have been known to stretch a little for their existing members.

The longer you have been a member, the more money you have in your account and your monthly activity, i.e. regular monthly deposits, all may help when making a decision on a border line application.

5) Your Total Down Payment

Many first time buyers are able to get approved for a credit union auto loan with no money down, but the other factors on this list will be looked at more closely.

It will definitely help if you are able to show your commitment to the vehicle with a large down payment. Credit unions look at large down payments as glue. The more money you have invested up front, the more “stuck like glue” you will be to the vehicle and therefore, it will be that much harder for you to walk away from the vehicle in the future.

4) Your Employment Stability

Most credit unions will want to see a minimum of 12 months on the job, with 18 months being preferred. Often times they will consider how long you have been in the same line of work, if you have had multiple jobs over that time period.

3) Your Ability To Repay The Auto Loan

This is usually figured using a Payment To Income (PTI) ratio and a Debt To Income (DTI) ratio. In order to get approved for a credit union auto loan, most first time buyers will have to have a PTI equal to or less than 15-20 percent of your gross monthly income.

Your DTI takes into account all of your monthly bills, including your new auto loan payment, and will typically need to be equal to or less than 40-45 percent of your gross monthly income.

2) The Vehicles Age and Miles

Not all, but many credit union auto loan approvals will be affected by the vehicles age and miles. Most of the time they will be flexible on the age and not quite so restrictive, but many will not finance vehicles with over 100,000 miles.

If vehicles with 100,000 miles or greater are allowed, then they will often times want to finance for shorter terms, which in turn can impact your monthly payments.

1) The Total Amount Financed

The sky is certainly not the limit when it comes credit union auto loans for first time buyers. Most credit unions will cap the total amount financed at somewhere between 8,000 and 12,000 dollars.

Prior credit history will typically be the biggest factor in determining how much a credit union will loan you and this total amount financed range is usually reserved for customers just starting out with a limited credit history.

Summary

Not all of the factors above need to be met in order to get approved for a first time buyer auto loan, but the more the better. You can lack in one or more areas, but make up for it in another.

In my opinion, all first time buyers should consider a credit union auto loan as their first source for money when buying a vehicle. They typically offer the best rates and the best terms, while at the same time allowing you to establish a solid history with a lender you may do business with for many years to come.

Start the new year out with a competitive auto loan from Wayne Westland Federal Credit Union.

Investments

Investing – New Year Financial Tune Up

December 19, 2015

While you’re making your New Years’ resolutions, don’t forget to give your financial house an annual tune-up. As the old saying goes, an ounce of prevention is worth a pound of cure, and few adjustments now could save you thousands of dollars, not to mention some major headaches, in the months and years to come.

The first step in any financial tune-up is to reassess your financial goals and make sure you’re on track to reach them. For instance, has your target date for retirement changed? Has a spouse had a career move that affects how much you have going into savings? Are you planning any major purchases this year, such as a kitchen remodel or buying a car?

If you depend on your investments for income, perhaps your cost of living has increased and you need to find a way to increase your returns. Maybe you’ve downsized your home and your income needs have decreased. Whatever the case, now is the time to determine what your current needs are and how to adjust your investments to improve their ability to achieve your goals.

 

The second step of your financial tune-up is to make sure your estate planning and insurance policies are up-to-date and in order. I know it’s not a lot of fun to do this, but believe me, if you could talk with folks like I have, who didn’t have their houses in order and are paying the price, you’d gladly take the time to do it now. And it’s not as bad as you think.

Read over the estate documents you have, such as a will, living trust, powers of attorney, etc., and make sure they reflect your current wishes and situation. Don’t have the right documents in place? No time like the present to take care of it. Not sure what you need? Just ask me.

Review your insurance policies, making sure to verify your liability coverage. For instance, most drivers don’t carry enough uninsured motorists coverage. And after all the hurricanes of 2005, make sure you know exactly what is covered in your homeowner’s policy. If you have questions, make an appointment with your insurance agent and know for certain. Don’t forget about reviewing your long-term care and disability policies as well. And if your needs for life insurance have changed, maybe it’s time to cancel some policies or up your coverage.

If you’re still employed, talk with your human resources department and make sure you’re maximizing all available benefits. Max out your 401k and any matching contributions from your employer. See if there are ways to lower your health insurance costs. Some even offer tuition reimbursement.

The last major step of your financial tune-up is a close inspection of your investments. If you have mutual funds, check out your funds at http://www.Morningstar.com. By entering each fund’s symbol, you can quickly measure your fund’s performance, rating, how they compare to similar funds, and whether your fund has had a recent management change that could affect performance. You want to be in funds that have consistently performed well over the long haul, not just one-year-wonders. If you happen to own some funds that are laggards, then fire them and replace them with higher-ranked ones.

When determining what funds to have, don’t just look at performance, but also look at diversification. If you own several funds, but they’re all invested in large-cap companies, that’s not proper diversification. You should spread your eggs among several different categories, types and strategies. And don’t forget to make sure your company retirement account isn’t 100% in company stock.

Make sure you’re not too over-weighted in any one category. For example, energy and international stocks did very well in 2005. If you have hefty gains in those holdings, you might want to rebalance some of those profits into other categories.

An annual financial tune-up might only take a few hours, but its benefits could last a lifetime. If nothing else, you’ll gain the peace of mind that you’re on track to reach your financial goals and you have your estate in order. If you uncover some problem areas, you’ll be able to make changes now before you have to pay for costly mistakes.

We highly recommend visiting our ‘Invest in Yourself‘ page for tips and guidelines for our members.

Auto Loan Credit Unions

Credit Unions Step Up to the Plate!

November 23, 2015

While Banks and Savings and Loan institutions nationwide have been busy lining up to the public trough for bailout funds, another institution has been busy writing home mortgages, your neighborhood credit union! Surprised? Don’t be, since credit unions have been writing home mortgages for years- they just have a different business model than the big boys.

Credit unions are non-profits that exist to make money, just not profit. Their basic business plan is simple: credit unions receive deposits, and use that money to make loans. They then charge more on those loans than is paid on deposits. Ta-Da! A business that thrives. And of course, they are very conservative when it comes to their lending standards. Subprime and option ARM mortgages have never been in their portfolios, nor did they sell and repackage loans as investments on the secondary market.

What credit unions did do is loan only to credit worthy members on mortgages that truly were not greater than what the member could afford. They also did this without creating fraudulent applications and wildly inflated appraisals-just like banks used to do in the old days!

 

Joining a credit union is generally based on membership requirements such as living in a certain area, working for a particular employer or industry, or belonging to a certain group. The largest advantage of credit union membership is that loan rates are lower and returns are greater on savings and CD’s than usually found at banks. Unlike banks, credit unions are member owned with excess earnings either passed back to members in the form of lower rates, greater earnings, or shares paid.

They hold most loans to maturity, and fewer than 1% of credit union mortgages are 60 or more days late according to the Credit Union National Administration (CUNA). While their mortgage business is a fraction of that of other mortgage lenders, credit union originations increased 10% in the first 6 months of 2008 (according to CUNA), while mainstream lender originations dropped 18% during the same period as reported by the Mortgage Bankers Assn.

Not surprising, with car sales down and the difficulty dealers are having arranging financing, especially for the used car market, credit unions are more than willing to once again step up to the plate to assist. As a result, credit union membership is growing by leaps and bounds, all thanks to sound business practices.

Loans

Holiday Loan Special

November 14, 2015

5.95% APR* for 12 Months Up to $2500!

The holidays are right around the corner, and whether you are looking to finance a family trip or a gift for someone special, we created a great loan rate just for you this holiday season.

~ Offer Ends December 24

*APR = Annual Percentage Rate. Rates subject to change without notice. See a Member Service Representative for complete details.

Credit Unions

Why Join the Credit Union? Better Benefits are Hard to Find!

November 9, 2015

What is a credit union?

A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by its members. Credit unions serve people that share something in common such as an employer or place of worship. Credit unions allow members to pool their savings, lend to one another, and have a voice in the governance in the organization. This aspect of credit unions is particularly appealing given the increasing alienation many consumers are feeling from mega banks.

Credit unions are similar to banks in that they offer many of the same services such as check and savings accounts as well as loans. Deposits are also federally insured with credit unions as they are with banks. Credit unions combine these services with many other benefits such as personal service, generally lower interest rates and higher investment returns.
Steps to take to find a credit union to join.

Contact your employer to see if your company provides this benefit. If not, ask them to consider making the valuable benefit of credit union membership available. If a family or household member is eligible to join a credit union you may be eligible to join because of your relationship. Also, try contacting occupational, fraternal, religious and alumni organizations you are affiliated with to see if they have a credit union you can join. CreditUnionRate.com is also a good source to use when searching for a credit union.

What are benefits of a credit union?

Because credit unions are democratic, member-owned cooperatives, every member, regardless of account size, has a voice in governance. Each year, your local credit union holds an annual election and meeting where members select candidates for the Board of Directors from among its members to represent them in setting the policies of the credit union. As a member-owner of your credit union, you are entitled to vote on credit union business and elect new board members. You can also serve on your credit union’s volunteer board or one of its committees. Credit union elections are based on a one-member, one-vote structure. This structure is unlike the for-profit, public companies where stockholders vote according to the number of shares of stock they own.

Once you become a member of the credit union you always remain a member – as long as you maintain an account. Even after your discharge from services or relocation you can still be a member of your credit union.

Again, because you are a member-owner of your not for profit credit union you derive financial benefits that are reserved for stock holders at for profit banks. In other words, you get higher interest rates on basic savings (share) accounts, interest-bearing checking accounts and CDs. Many credit unions also pay “bonus” dividends in especially good years.
Credit unions also offer lower interest rates on credit cards and loans than banks. This comes as a strong point in favor of the credit unions. Many young families who are just starting out have very demanding financial needs and most often they are required to stretch their limited dollars. From credit cards to car loans, credit unions consistently offer lower rates, better terms and lower fees.

This holds true even for mortgage rates and equity loans. Credit unions are known to provide better and competitive mortgage rates and equity loans. Not only are the rates low, but closing costs generally are much lower than those paid through a conventional lender.

Your local credit union helps you make the most of your money. From personalized service to low interest and high returns its easy to see why 89 million members depend on a credit union to meet their banking needs.

1 … 13 14 15 16 17 … 30

Tax Solutions and Savings for Members

Trust & Will

TruStage Auto & Home Insurance Program

wwfcu.org

You are about to open a window to a third party website. WWFCU is not responsible for the content of the third party website. WWFCU does not represent either the third party or the user if the two parties enter into a transaction. Privacy and security policies may differ from those practiced by WWFCU. Do you wish to continue?

You will be redirected to

Click the link above to continue or CANCEL