wwfcu_9ocxxop6 - Wayne Westland Federal Credit Union

There is a classic Jack Benny line from one of his comedy skits that while walking down a street, a robber sticks a gun in Benny’s back and says, “Your money or your life?” As the miserly Benny pauses to ponder the question and formulate his answer, the impatient robber warns “Well?” Benny blurts, “I’m thinking. I’m thinking.”

Less whimsically, an annual examination of one’s personal financial health is no less significant than the wisdom in having an annual physical exam by a doctor. Better yet, congress recently mandated that every American citizen is entitled to one free credit report annually. Why not go to www.annualcreditreport.com follow the instructions, and download your credit report now.

What’s within the report beyond your personal financial behavior may indicate considerable clean up of erroneous information. Your credit score is a complex mathematical model used by the three major consumer reporting companies Experian, Equifax and Transunion to evaluate many types of information fed and constantly updated by a host of businesses you have conducted business with including financial institutions, insurers, credit card issuers and collection firms if missed debt payments and sloppy bill paying exist. In fact, so much personal and financial data routinely pour into these credit reports that if left uncorrected, lending institutions who deem the reports as gospel may decide not to lend any money.

It may be best to request credit reports from all three consumer reporting services. As stated before, be advised you are entitled to one free credit report annually. Then, as you read each report, circle typos, incorrect addresses, employment and account status. Next, understand the ‘dispute guidelines’ for each credit report company and follow them implicitly. These disputes can take up to 6 months to be stricken from your credit report, so if you are contemplating borrowing money any time soon, start disputing.

Physical, financial, career and spiritual health are all entwined. Your perseverance to improve in all areas will pay huge dividends down the road.

Financial Wellness

Lifelong Money Management Tips

August 22, 2011 wwfcu_9ocxxop6

Life is an unpredictable adventure. Try as you might, you can never plan for unexpected events such as natural disasters, theft or death. The best way to prepare yourself and your loved ones for such emotionally unstable times is to have a well organized financial life. Use these tips to make sure that you have all of your family’s important information in one place. Use an accordion file or organizational method of your choice; just make sure it’s together.

Keep At Home:

• Complete list of financial accounts, member service phone numbers and your passwords. Be sure to include credit cards, debit cards, local and on line banks. Review this monthly or as often as you change banking passwords.

• Copies of all insurance policies, warranties, contracts and guarantees.

• Property: Including mortgages, land ownership deeds and investment properties.

• Vehicles: Include loan information, titles, and drivers licenses for each car and family member.

• Personal: Have photocopies of birth, marriage, death, adoption, divorce and citizenship papers.

• Copies of your will, instructions for your last days, and keys to your safe deposit box.

• Taxes: Keep copies of federal and state taxes from the past six years.

• Employment: Keep records of pension plans, retirement plans, resumes and employment history.

• Education: Keep high school and college transcripts.

• Medical: Copies of medical records from birth. Whenever you switch doctors, get your file and keep it for future reference.

• Household Items: Keep a running inventory of all valuable items either digitally or text.

In A Safe Deposit Box:

• Birth, death, marriage, divorce, adoption and citizenship papers.

• Property deeds

• Motor vehicle titles

• Stock and bond certificates

• Employment and housing contracts

• Military discharge and veteran papers

• Patents and copyrights

• Important discs, CDs, USBs

• Photos or digital records of your home inventory

Start working on this today and do one thing each day until you are done. Most of these just take some time to find and organize. Set your timer for 15 minutes and do as much as you can in that time each day. You’ll be surprised at how much you can accomplish and just how good you will feel when it’s finished. When life hands you the unexpected, you’ll be so thankful that all this information was at your fingertips.

Financial Wellness

Do You Know Your Credit Rights?

August 16, 2011 wwfcu_9ocxxop6

Today, building and maintaining a good credit score is of vital importance. Businesses often take your credit rating into account when evaluating you for a loan, lease, and even employment; so it is useful to understand how credit works and what your credit rights are as a consumer. There are three major federal laws that are meant to help you keep a good credit rating and protect you against unfair treatment. These are the Truth in Lending Act, the Fair Credit Reporting Act, and the Equal Credit Opportunity Act. A solid understanding of these laws will go a long way in ensuring that you know your credit rights.

The Truth in Lending Act is meant to ensure that consumers can make informed decisions about credit by requiring full disclosure of all terms, conditions, and costs as well as a standardized method of calculating borrowing costs. Clearly communicated terms and costs allow you to better understand the real price of credit transactions and makes it easier to shop around for the best offer.

The Fair Credit Reporting Act guarantees that you have access to a free annual credit report from each of the three nationwide credit bureaus, Equifax, Experian, and TransUnion. These consumer-reporting companies collect important information about your credit history, such as where you live and if you’ve ever filed for bankruptcy, and then they sell this data to creditors, employers, and other institutions who have an interest in your credit rating.

The Equal Credit Opportunity Act bans discrimination because of race, color, religion, national origin, sex, marital status, age, or because you receive public assistance on the part of creditors. It is important to understand that this law does not require a business to extend you credit, and there is no guarantee that you will receive credit. Instead, it prohibits institutions from imposing different conditions or refusing you credit altogether for the discriminatory reasons listed above.

Financial Wellness

Successful Money Management Rules

August 11, 2011 wwfcu_9ocxxop6

Ten Rules for Successful Money Management

Never forget that the most important factor in wise money management is not how much money you make, it’s how you use your money. Here are ten rules that can help almost anyone achieve financial success.

1. Arrange a money management system that works for your family. It is vital that everyone in the family uses the same money management system.

2. Create a spending plan that is suited to your individual needs and income level. Everyone has different income and expenditures, and having a plan is vital to successful money management.

3. Decide on long-term and short-term goals that work for your family. Every family has different priorities. College is a big priority for many families, while others believe that taking a vacation each year is important.

4. Plan ahead for each year and make changes only when necessary. Many expenses are monthly and must be estimated, but some expenses such as real estate taxes and car insurance are often paid just twice per year. Dividing these annual payments into a monthly amount can make it easier to save.

5. Include all of your expenses and your entire income. Most people have an idea of how much their regular bills are, but they may forget to budget money for necessary expenses such as gas and clothing.

6. Make every member of the family aware of your financial plan. Saving money can be challenging, but having each member of the family aware of the financial plan can create a sense of unity.

7. Pay yourself first, and strive to save at least 10 percent of your income. There will always be unexpected expenses such as car repairs, that are difficult to predict. Having money in savings allows unexpected expenses to be paid without causing excessive stress.

8. Stick to the plan you create as much as possible, because the plan won’t work unless you actually follow it.

9. Review your plan about once per month because income and expenses are always subject to change.

10. Hold family meetings either monthly or quarterly to review your financial progress together. Reviewing the budget together allows each member of the family to share ideas about the budget and any concerns they may have.

Fraud Protection

What is identity theft, and how do you protect yourself?

July 27, 2011 wwfcu_9ocxxop6

Identity theft, the illegal use of a target’s personal information, such as a social security or credit card number, to pose as that person for financial gain, is rapidly growing both in the United States and abroad. With 8.1 million victims and $37 billion dollars lost in 2010, identity theft is big business. According to the Federal Trade Commission, credit card fraud is the most common way that identity thieves monetize their illegal operations. Credit card fraud can have a severe impact on your finances and credit score, and it may take you many agonizing months, even years, to fully recover. To reduce the chances that you will fall victim to identity theft, the following measures will deter thieves from successfully targeting you.

Properly dispose of documents containing sensitive personal information. Account balances, deposit slips, credit card bills and offers, and other important items that reveal your account, credit card, and social security numbers should be kept in a secure location or thoroughly destroyed. Use a paper shredder before throwing them away; identity thieves often find all the information they need in their victim’s garbage.

Be mindful of what information you give out and to whom you give it. Never share your credit card or SSN on social networking sites like Facebook. When shopping online, make sure you only buy from reputable vendors, and be certain that the site’s domain is correct. Identity thieves frequently create dummy pages that look like well known e-commerce sites but are hosted under a different URL. These sites exist only to steal the credit card information of shoppers.

Although identity theft is often a high tech operation, it can also be as easy and as common as stealing a wallet. If your wallet or purse goes missing, immediately file a report with your Credit Union, alert the authorities, and closely monitor credit reports and credit card activity. Never carry your social security card with you.

Even the most careful consumers can be successfully targeted. If you have reason to believe that you are a victim of identity theft, you should place a fraud alert on your credit reports through a consumer reporting company and contact local and federal officials.

Loans

Save More of Your Money with Low Payment Loans

May 10, 2011 wwfcu_9ocxxop6

There are times when an individual or family needs a large amount of cash that can only be obtained through a loan. The money might be used to pay medical bills, purchase a car, consolidate debt or replace an appliance that is beyond repair. When the situation becomes urgent, a lower monthly payment may be more important to the borrower than the total cost of the loan. Local Credit Unions help guide their members through the entire loan process. This includes a thorough explanation of the different ways a loan can be structured to provide a monthly payment that fits comfortably into the family budget.

Low Loan Payment Strategies

By changing the underlying components that are used in loan calculations, payments can be modified according to the needs of the borrower. Essentially, loan payments are most influenced by the following:

Interest Rates: One of the most important elements that will affect a monthly payment is the interest rate that the lender will charge for the loan. Interest rates are largely determined by the credit rating of the borrower and the policies of the lender. A better interest rate will always result in a lower monthly payment when the amount and term of the loan are identical. Since Credit Unions are member owned, they generally offer very competitive interest rates when compared to traditional banks.
Loan Term: Lengthening the term of a loan can substantially lower the associated monthly payment. For example: A 10,000 loan with a 5.25% interest rate and a 36 month term will carry a monthly payment of $300.82. The same $10,000 loan with a 5.75% interest rate over a 60 month term will reduce the monthly payment to $192.17.

It is important to recognize that the total cost for a longer term loan will be greater than a comparable short term loan. Extended repayment periods will also result in higher accompanying interest rates as well.

Credit Union Advantages

Your local Credit Union offers a wide array of products and services that serve the needs of their members. In addition to low payment loans, Credit Unions provide competitive rates on savings and money market accounts, as well as professional advice to help build a successful financial future.

Loans

Credit Union Loan Specials

May 6, 2011 wwfcu_9ocxxop6

Credit Unions are structured differently than traditional banks, and they often play a more active role in the local community. Since every account holder in a Credit Union is also a member, the institution and its employees develop a genuine rapport with people in the surrounding area.

This continuing involvement in the community is evident through the different types of loans that are available through a Credit Union. Whether the loan is for a new vehicle, a home improvement, bill consolidation, or a wide array of other purposes, local Credit Unions invest heavily in the future of their members.

Loan Specials

The flexibility of a Credit Union presents substantial benefits when compared to a traditional bank. This includes offering higher interest rates on savings and money market accounts and lower rates on loan products. Credit Unions regularly offer unique specials and promotions to their members in order to make the loan process even more rewarding. These specials may include substantially lower introductory interest rates, a hardware store gift card with a home improvement loan, or a gas card for an auto and truck loan.

Wayne Westland Federal Credit Union is currently running an “All American” loan special to celebrate America’s favorite national pastimes. For those who have a love of baseball, barbeques and family, there is no better time to get a loan for all of the important needs that have been waiting for attention.

Each member that closes a new loan will have a chance to spin the All American prize wheel. There are many available rewards, including Detroit Tiger Baseball tickets, dinner for two, a family outing to Cedar Point, a Detroit Tigers baseball cap, $25 gift card, and a variety of other prizes. With interest rates remaining at historic lows, members can get an exceptional deal on a new loan and a chance for a great prize as well.

Credit Union Advantages

Since Credit Unions were established as “not for profit” institutions, their sole focus is to provide quality banking products and services to their members. In addition to outstanding loan rates, a Credit Union’s tax exempt status will also result in reduced user fees. When the fiscal year ends, any profits that have been earned are returned to members in the form of dividends.

While traditional banks continue to look for creative ways to raise fees and inflate profits, Credit Unions will continue to serve their members by offering an exceptional banking environment and a little old fashioned fun.

Auto Loan

Used Auto Loans – A Financially Smart Approach to Car Ownership

April 30, 2011 wwfcu_9ocxxop6

Purchasing a used car is an excellent strategy for avoiding the substantial depreciation associated with buying a new vehicle. As the economy continues to recover and sales of new cars accelerate, dealers are eager to liquidate their growing inventory of trade-in models. This presents anyone in the market for a pre-owned vehicle with an opportunity to acquire a late model car at an exceptional price.

Prior to actually purchasing a car, it is important for the buyer to establish borrowing limits and pre-qualify for a used auto loan. Local area Credit Unions offer competitive loan rates and can help members determine exactly how much they can borrow for a particular make and model.

Understanding Used Auto Financing

While the process for getting a used car loan is similar to obtaining new car financing, there are several key differences. Since the collateral on a new car is considered to be of better quality, the loan term for used cars is usually of shorter duration. Interest rates are also typically higher for used vehicles because the lender’s exposure is greater.

There are a number of criteria that are used in evaluating a borrower’s application for a used auto loan.

Credit Score: Perhaps the most critical aspect in a loan evaluation is the borrower’s credit score. The components used to calculate a person’s credit score include payment history, debt ratio, new credit applications, the length of credit history, and credit diversity.
Credit History: The buyer’s credit history will have a significant impact on interest rates or whether the loan is issued at all. A poor credit history as a result of continuing delinquent payments can restrict loan amounts and raise interest rates.
Income: There may be some situations where the requested amount of the loan is not supported by the borrower’s income.
Employment: A stable job and strong employment history will help convince loan officers that the borrower is in a favorable position to repay the loan.

Choosing a Credit Union

Credit Unions offer extremely competitive interest rates when compared to a bank or auto dealer. Members benefit from exceptional service, lower monthly payments, and substantial savings by financing a used auto through their local Credit Union.

Credit Unions

Credit Union Michigan – Where Members Achieve Their Financial Goals

April 18, 2011 wwfcu_9ocxxop6

Credit Unions are financial institutions that offer a wide variety of banking products and services. Unlike traditional banks, Credit Unions are founded by groups of people that share common interests. Usually based around communities, associations, or employees of large corporations, Credit Unions are owned and operated by their members. This provides a level of service and that is unsurpassed within the banking industry.

How Credit Unions Operate

Credit Unions are chartered under federal law as non profit institutions. As a result, annual earnings are returned to members as either dividends or other types of benefits. The tax exempt status of Credit Unions provides members with interest rates that are typically higher than banks on interest bearing accounts, and lower than banks on loans. Every aspect of a Credit Union revolves around the concept that members are partners and that financial products should be tailored to help people achieve their financial goals.

Joining a Credit Union is a very simple process. Most importantly, a person must reside within the defined geographic boundaries where a community chartered Credit Union operates. A $5 minimum deposit will establish a regular savings account, and a $20 deposit is required for opening a checking account. When visiting a Credit Union, it is important to bring a valid Michigan driver’s license or Michigan I.D card as well as a Social Security card. A friendly Member Services Representative can help explain the details of the process and all the benefits membership provides.

Credit Union Services

Local Credit Unions offer many traditional banking products as well as unique and innovative services. They also work to establish a variety of professional partnerships that provide planning and educational benefits for their members. Some of the many available services include:

Savings Accounts: Credit Unions offer several savings account options, including a Standard Savings Account, a Youth Savings Account, and a Christmas Club Savings Account.
Checking Accounts: This includes a Standard Checking Account with a $20 minimum and no per charge check fee, a Lifestyle Checking account for those who write 50 checks or less per year, and a Corporate Check Cashing account.
Loans: Credit Unions offer loans for a variety of purposes, including auto purchases, home improvement, and personal loans. Credit Unions are usually able to offer their members superior terms and interest rates and will make every effort to ensure the member is approved for the loan amount they need.
Money Market Accounts and CDs: For those looking for a superior return on their money, Credit Unions offer Money Market investment opportunities that carry various interest rates and have different deposit maintenance requirements. CDs are also available with an assortment of terms and associated interest rates.

Explore Your Local credit Union

While banks continue to eliminate incentives, raise fees, and reduce services, Credit Unions look for ways to help their members achieve their financial goals. For those looking to join a Credit Union, Michigan offers exceptional choices in nearly every geographic area.

Loans

Credit Union Consolidation Loans – A Better Option for Savings

April 4, 2011 wwfcu_9ocxxop6

For anyone struggling with substantial debt from credit cards and other unsecured loans, a consolidation loan from a local Credit Union can provide immediate financial relief. The debt consolidation process involves combining separate high interest loans into one single balance and monthly payment.

Debt consolidation typically provides a lower interest rate than the combined rate of the outstanding bills. Multiple loan payments with different due dates can be eliminated to save time and money. The added convenience of consolidated debt will help reduce the possibility of inadvertently submitting a late payment.

Benefits of Consolidation Loans

There are a variety of benefits associated with a consolidation loan such as:

Improved Budgeting: Several bills can be replaced with one easy payment making the budgeting process far less complicated.
Reducing Stress: With a consolidation loan, the stress of dealing with multiple creditors is eliminated. They are all paid in full, and the borrower only has one current loan with their Credit Union.
Lower Interest Rate: A Credit Union consolidation loan usually offers a lower interest rate than credit cards and other unsecured personal loans.
Better Credit Score: Credit Scores improve when multiple debts are repaid through a consolidation loan.
Lower Monthly Payment: Consolidation loans can be extended for a longer term than most unsecured loans. In combination with lower interest rates, the resulting single monthly payment will usually be much less than the combined payments of the other debts.

Understanding Credit Unions

Credit Unions are organized and chartered by members of a local community, employees of large companies, or associations. While they offer many of the same services as a bank, account holders at a Credit Union are also members and owners.

The tax exempt status of Credit Unions allows them to offer exceptional interest rates on their loan products. Credit Union members are treated with courtesy and respect. And qualifying for a consolidation loan can be quicker and easier than the process at a traditional bank.

Consolidation Loan Checklist

Before applying for a consolidation loan at a Credit Union, it is important to open an account and become a member. Obtaining a current credit report will help establish borrowing limits and identify problem loans and credit cards targeted for consolidation.

It is important to calculate the total amount owed to determine exactly how much to borrow. Perhaps most importantly, begin the budgeting process to avoid creating another unmanageable financial situation. Your local Credit Union can help provide debt counseling assistance to ensure a future that is financially sound and worry free.

Credit Unions

Michigan Credit Unions – Where Members Are Owners

March 21, 2011 wwfcu_9ocxxop6

While the current economic environment remains challenging, Michigan Credit Unions continue to attract new members with personalized service and innovative banking products. Since Credit Union account holders are also members, employees recognize that every member is also an owner.

As traditional banks raise fees, eliminate incentives, and tighten lending standards, Credit Unions are introducing innovative services and providing loans tailored to the requirements of their members.

Credit Union Advantages

Credit Unions were originally developed as an alternative for those who were not being adequately served by banks. Large groups who shared a common affiliation often found that establishing a Credit Union could provide substantial benefits.

There is a variety of advantages that Credit Unions offer, including:

Member Ownership: Every account holder in a Credit Union is also an owner.

This reality creates an atmosphere where members are treated with the personalized service and respect that are often missing in the traditional banking environment.

Member Elected Board of Directors: Unlike banks, the Board of Directors is elected by members.

Nonprofit Designation: The 1934 Federal Credit Union Act established the nonprofit status for Credit Unions and exempted them from most federal and state taxes. As a result, Credit Unions can typically offer their members better rates on interest bearing accounts, and lower interest rates on loans.

Lower Fee Structure: Fees associated with checking accounts, loan origination’s and other products are usually much lower at a Credit Union than a bank.

Dividends: Since Credit Unions operate as not-for-profit business entities, excess operating income is usually returned to members in the form of dividends.

Simple Membership Process: Those living within the defined borders of a community chartered Credit Union are invited to become members. Wayne and Westland residents can open a Credit Union savings account with as little as $5 or a checking account with $20.

Products and Services

Modern Credit Unions provide their members with a banking experience that is friendly, professional, courteous, and responsive. The many service options include cutting edge technologies, such as online and mobile banking that offer enhanced accessibility and convenience.

Credit Unions take pride in helping their members with every banking related requirement. They specialize in offering loans for a variety of needs and providing important services like retirement planning, financial counseling, and identity protection.

Credit Unions

ATM – The Automatic Teller

March 3, 2011 wwfcu_9ocxxop6

Automatic Teller Machines (ATM) serve an important role in the complete banking experience. ATM’s provide outstanding convenience and a variety of banking services available at many locations.

Small, wallet sized cards allow access to ATM machines and often serve as debit cards that are accepted at most retail stores and supermarkets. The use of the card eliminates the need for paper checks and carrying cash. ATM’s can be accessed through any associated network with an active account holder’s card. However, it is important to note that ATM’s outside the network may charge transaction fees.

ATM Services

When accessing an ATM, customers will discover a myriad of services designed to make the banking experience quick and convenient.

* Deposits: Deposits can be made from any of the 4000 ATM’s within the nationwide network.

* Withdrawals: Withdrawals are available from 15,000 ATM’s located throughout the country.

* 24 Hour Service: ATM’s are accessible 24/7, which allows customers to tailor their banking needs to fit their own schedule.

* Usage Fees: There are no fees associated with the use of ATM services within the network.

* Mini Statements: Each transaction slip provides important account information.

ATM Benefits

An ATM debit card can help an account holder keep control of finances through better tracking. On monthly statements, each transaction is itemized with the amount and corresponding date. ATM cards largely eliminate the potential for unintended overdrafts.

Payments made with ATM debit cards are also more secure and remove any chance that cash will be lost or change miscounted. Convenient use of debit cards at gas pumps and retail outlets saves time while reducing the need for immediate manual record keeping. Since ATM’s can be extremely valuable for cash management when traveling, it is important to identify the different Credit Unions that belong to the cardholder’s network.

Security

When banking through an ATM, Wayne Westland Federal Credit Union members need to take appropriate precautions to assure the safety and security of their account. It is important to be cautious and observant when using an ATM, especially at night. The card ought to be ready for insertion before reaching the machine, and other people should be blocked from seeing the pin number entry. When withdrawing cash, never count it while standing in front of an ATM. Wait for a receipt, and make sure it is not left in the machine.

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Author: wwfcu_9ocxxop6

Check your Credit Report Regularly

Lifelong Money Management Tips

Do You Know Your Credit Rights?

Successful Money Management Rules

What is identity theft, and how do you protect yourself?

Save More of Your Money with Low Payment Loans

Credit Union Loan Specials

Used Auto Loans – A Financially Smart Approach to Car Ownership

Credit Union Michigan – Where Members Achieve Their Financial Goals

Credit Union Consolidation Loans – A Better Option for Savings

Michigan Credit Unions – Where Members Are Owners

ATM – The Automatic Teller

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