Yes. Banking can be placed in the same category as watching paint dry, but it’s a skill we all need.
Yep sure did. Many people think banking is nothing more than opening a checking and savings account.
I’m glad you asked sir….errr…mam
First and foremost is picking out the right bank. That means shopping around for a bank that won’t cost you money. Banks are infamous for feeing you to death and robbing their costumers of their money.
Simple Fees to be on the lookout for are:
Which means if you don’t have a certain amount of money they will take money from you. (In other words, if you don’t have money they think it’s a good idea to take more money from you)
They fee you for having an account. Some have requirements that can have this fee waived, but it’s still stupid.
And my personal favorite
Because you decided to conduct a transaction with one of their tellers! ARE YOU KIDDING ME?!
So there is step 1 of banking. Finding a financial institution who will actually provide you the BEST service and won’t cost you much to bank with. I recommend Credit Unions personally…..
More specifically Inspire Federal Credit Union. Check out their site at www.inspirefcu.org, they might just be a perfect pick for you.
I’ll teach you the next set of skills that are required to bank well in the next post. See ya!
Here are Inspire’s three In-School branches. (Formally known as Bucks First. That’s why you see that name on two of our branches. That should be updated in the near future.)
They are located at Truman High School, Palisades High School, and Poquessing Middle School. It should be noted that these branches can only be accessed by students and faculty of the said schools. So don’t get any wise ideas trying to gain access into a school you don’t attend, it won’t work out well for anyone involved.
These branches are fully operational and are used for everyday transactions, but that is not their sole purpose! These branches are run by the students of this school. Each branch has students working the teller line, taking transactions, and learning everyday procedures of the Credit Union. A student advisory board will be built as well. This board will find ways to market the branch in the school to increase transaction volume. This will give the students a dry run on what it’s like to run and grow a company.
The branches will also be competing with each other, not in the regards of transactions, but in decoration competitions for holidays and events throughout the year! Be on the look out!
Financial Aid Terms
FAFSA? Master Promissory Note? Subsidized vs. unsubsidized loans? If you’re lost already, you’ve come to the right place. Consider this brief lesson a prelude to all the studying you’ll have to do in college, and keep this as your handy cheat-sheet.
FAFSA ~ Free Application for Federal Student Aid. It’s a standard application used to determine eligibility for the majority of financial aid, including federal loans. You’ll have to fill out a new one each year that you apply for aid, even if you stay at the same school.
Alternative loan ~ Also called a Private Student Loan. Credit-based, financed through a financial lender with payments deferred until you finish school.
Award letter ~ Official document from secondary education’s financial aid office that informs you of all the financial aid being offered to you.
Consolidation ~ The process of combining all outstanding student loans into one, often with extended repayment terms. This loan is only available for those individuals who have completed school.
Dependent student ~ Any student who depends financially on his or her parents’ income and assets. Considered heavily in awarding financial aid to particular individuals.
Independent student ~ To be classified as independent, an individual must meet any one of the following criteria:
Gift aid ~ Aid that students are not required to pay back, like grants and scholarships.
Lender code ~ Each financial institution has its own lender code used to indicate they are the ones funding your aid.
Master Promissory Note ~ A legally binding contract that includes all terms and conditions under which a borrower promises to repay a loan.
Subsidized loan ~ A federal loan in which the government pays the accruing interest while the student attends school at least half-time, as well as during the grace period and deferment times.
Unsubsidized loan ~ A federal loan not based on need. The borrower is responsible for paying the accrued interest at all times.
Buying a Car for the First Time
Picture this: You’re 22, just out of college, starting a new job, and now you need a car. Being an independent college grad means buying a car on your own, right? Right. Except when you get to the car dealership you’re told that you’ve been denied for a car loan because you don’t have any credit. “No credit? How am I supposed to get by in the real world with no credit?” That’s where we come in.
“THANKS CREDIT UNION!”
“YOU’RE WELCOME MEMBER!”
We realize how difficult, frustrating, and bewildering the car buying process can be – especially when no one seems to want to take the chance on giving you a loan. Inspire Federal Credit Union wants to give you the chance you deserve.
With our First Time Car Buyer Program you can borrow up to $20,000 at a very competitive rate. But there’s more…
Plus, as an added bonus, we’ll give you a $50 WaWa Gas Card when you sign for the loan!
So check out Inspire FCU and see how they can help you get a new set of wheels!
There has been a lot of talk this year about the government trying to tax Credit Unions. As most of you know Credit Unions are tax exempt but some of you might not know why. John H. Murga (Chief Executive Officer of Hidden River Credit Union) wrote a great letter in response to someone who thinks Credit Unions should be taxed. He explains why Credit Union tax exemption exists.
“Credit unions are structured differently in that they are democratically controlled not-for-profit financial institutions. By opening an account and depositing funds you become a member with equal share in the credit union. That’s why you’re called a member. You own it and have a voice in how things are run, no matter how much you have on deposit. There are no customers and certainly no stockholders”
“The character structure of credit unions requires them to exclusively serve a defined field of membership that is approved and enforced by federal or state regulators. The field of membership may be occupational, geographic or associational, for example. Banks have no such restrictions. While it is true fields of membership have broadened in recent years, and only with regulatory approval, the reason is quite simple – people and the market demand it.”
“One more important point to remember: It was during the banking crisis of 2008 that banks, as an industry, asked Congress for taxpayer-funded bailouts – not credit unions. As a movement, we paid for any credit union losses from within the system and from amongst our fellow credit unions with not one cent of taxpayer funds. Banks believed then it was the taxpayers’ turn to pay their “fair share.”
If you read the news a lot you might have heard of this new form of digital currency Bitcoin. According to wikipedia it is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. What does that mean….I am not entirely sure. But here is a great video and article that can help explain it a little better.
Do you use bitcoin? Do you trust it? Let us know!
Its tax season and right now the IRS is holding onto $760 million in unclaimed tax refunds. What will happen to that money if it goes unclaimed? Someone will get it. And that someone is Sam…you may know him…he is your UNCLE!
“GIVE ME YOUR MONEY!”- Beloved American Icon
Don’t let Uncle Sam take your money! If you are one of the 918,600 taxpayers who still haven’t filed their 2010 tax returns do it now or the government keeps it! If you are a credit union member you can even save $15 on Turbo Tax! Go here now to see how.