Post on 16-Jan-2017
Greg Dietrich Marketing & Community Development Coordinatorgdietrich@frankenmuthcu.org
Basics of Banking with a Credit Union
Per capita income for Tuscola County- 2010-2012 $21,449
“Approximately 62% of Americans have NO emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults by personal finance website Bankrate.com.”
Faced with an emergency, they say they would raise the money by…?
Reducing spending elsewhere (26%)
Borrowing from family and/or friends (16%)
Using credit cards (12%)
History• Credit unions, unlike many other participants in the
financial services market, are exempt from Federal and most State taxes because they are member-owned.• Democratically operated, not-for-profit organizations
generally managed by volunteer boards of directors.• They have the specified mission of meeting the credit
and savings needs of consumers, especially persons of modest means.
Signing of the Federal Credit Union Act 1934
http://www.ncua.gov/Legal/Pages/FCUAct.aspx
Who is this President?
Checking AccountHeld at a bank or credit union which allows for withdrawals and deposits. The funds held here a very liquid and can be withdrawn using checks, ATM Debit Cards and Automatic transfers.
Savings AccountEstablishes membership with our credit union and like a checking account allows for withdrawals and deposits. The purpose of the savings account is to accumulate cash for a large purchase and to help pay for unexpected expenses.
bankrate.com
Credit Score• In the state of Michigan, consumers are allowed one free credit report
every 12 months from a credit reporting agency. • www.annualcreditreport.com • Establish credit with a loan or a credit card• A poor credit score will NOT haunt you forever. You can improve it!
• Must have a Personal Checking account.• There is a low $2 monthly fee for the IDProtect Service and this covers
you and your family. The fee will be deducted on the 1st of every month from your checking account and appear on your statement as a "Security Fee".• Family includes: Spouse, persons qualifying as a domestic partner under
the provisions of any applicable federal, state or local law, children under the age of 25 and a parent of such natural persons who are residents of the same household.
Contact phone number 1-877-610-7889 (Access Code: MI841551)
Coverage for member, member’s family, and joint account holders includes:• Debit and Credit card registration • Fully managed Identity Theft Resolution Services • Access to dedicated fraud specialist assigned to manage your case who will work with you until your credit and identity are restored. • Identity theft recovery case plan to inform you of the recovery process • Total Identity Monitoring • Credit Monitoring - daily credit file monitoring and automated alerts of key changes to your Experian, Equifax, and Transunion credit reports • 3-in-1 Credit Report • Free Credit Score every 90 days
Contact phone number 1-877-610-7889 (Access Code: MI841551)
• GreenPath is a free financial education and counseling program for our members, which is offered in partnership through Frankenmuth Credit Union.
• Budget Review – a counselor will develop a comprehensive budge and teach money management skills, including ideas to increase income and reduce expenses.
• Credit Report Review – a credit report review helps members evaluate their credit report, learn how to dispute inaccurate information, and understand all aspects of credit scoring.
• Debt management plan (DMP) –A structured payment plan to repay debts may be an option. Counselors will guide the member to create positive monthly cash flow and will contact the member’s creditors on their behalf to negotiate concessions and/or work out loan payment agreements. A DMP may stop collection calls, lower interest rates, lower monthly payments, and waive late and over-the-limit fees. This isn’t deb settlement. Members would pay the entire principal balance, while paying less interest with one affordable deposit.
• Credit Report Review – a credit report review helps members evaluate their credit report, learn how to dispute inaccurate information, and understand all aspects of credit scoring.
• Debt management plan (DMP) –A structured payment plan to repay debts may be an option. Counselors will guide the member to create positive monthly cash flow and will contact the member’s creditors on their behalf to negotiate concessions and/or work out loan payment agreements. A DMP may stop collection calls, lower interest rates, lower monthly payments, and waive late and over-the-limit fees. This isn’t deb settlement. Members would pay the entire principal balance, while paying less interest with one affordable deposit.
• Student Loan Counseling – Whether a member is preparing to borrow or is paying back loans, GreenPath can review their situation, evaluate their options, and discuss repayment strategies.
• House Counseling –GreenPath is approved by HUD to provide consumers with pre-purchase home buyer preparation, reverse mortgage counseling, and foreclosure prevention.
Mobile Banking
Mobile Site acts and feels like an App!
www.frankenmuthcu.org
You are important to us• Financial Education Classes (April is Financial Literacy
Month)•Mini Educator Grants• FCU Scholarships• Foundation For Our Communities • School Spirit Program•And where every we can fill the need…
In your community and beyond
Birch Run School branch
Habitat for Humanity
Foundation for Our Communities
4H Club
Busia, Africa
Loomis Elementary
Greg Dietrich Marketing & Community Development Coordinator
gdietrich@frankenmuthcu.org
Thank you!
Market behavior in a nut shell
It’s a long term thing…
"I’m this generation's Disney... I want to bring dope s**t to the world... I don’t have enough resources to create what I really can,"