Community Financial Credit Union

The Auto Resource Center: What To Know

2012-02-20T11:48:00.002-05:00

Car shopping online has become the easy and convenient way to help you find the right vehicle. Whether you’re looking for a used or new vehicle, Community Financial Credit Union’s Auto Resource Center has everything you need to help you with your next car.

Check dealer inventory and compare. At cfcu.org/AutoResourceCenter you can check local dealers to see what’s available right now. You can search for new and used cars, get quotes on multiple vehicles, and compare prices to find the best value. Take the time to research your options to help you shop smart.

Estimate Your Trade-In Value. Knowing what your current car is worth is very important if you plan to trade it in and use the proceeds as a down payment for your next vehicle. Used car prices are on the rise and our Auto Resource Center uses Black Book, to provide market-driven retail numbers to consumers who are looking to trade-in an existing vehicle or acquire a new or used car. Remember it is always best to treat the sale of your old car & the purchase of your new one as separate transitions; that way you’ll get the best deal on both!

Prepare and plan. Our Auto Resource Center has a payment calculator to help assist you with financial decisions. It’s always best to be financially prepared and budget. Check different payment scenarios and see what you can afford.

Apply online for your auto loan. Once you’ve made your vehicle choice, we can help you out with financing your purchase. At Community Financial our auto loan rates are as low as 2.24% APR*. Visit our site here to see the most current loan rates.

For more tips on car shopping visit our previous post on Used Car Shopping Tips. If you are debating between a lease and a car purchase, read are list of recommendations for you. Don’t hesitate to call us at (877) 937-2328 if you have any questions. Good luck with your shopping!

*Payment example: The monthly payments on a $10,000 auto loan over 48 months would be about $220 assuming: 2.49% Annual Percentage Rate (APR), 2006 or newer model vehicle, 20% down payment and a strong credit history. An additional .25% rate discount is available with auto pay from Community Financial checking. All loans subject to credit approval. Rates as of 2/1/2012 and subject to change without notice.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Saving Savvy: Save with Your Tax Return

2012-02-13T15:36:00.005-05:00

Tax season is here which means you could be in line to put a chunk of money back into your pocket. So what should you do with this year’s refund? While you may want to spend it, Community Financial Credit Union recommends investing in your future with these tips.

Invest in your retirement savings. Roth IRA allows you to make cash contributions of up to $5,000 annually. Roth IRAs also offer more investment options than many retirement plans. Learn more about a Roth IRA by contacting one of our Financial Service Representatives today.

Pay off high rate debt. Review any debt you have and consider what you should pay off first. Credit card debt often has the highest interest rates. Paying off a credit card now can save you money you would spend on interest throughout the year.

Save. Build an emergency fund. Getting into the habit of saving is one of the best money management strategies you can develop. If you struggle with saving routinely throughout the year, it might be best for you to put away your tax return money.

File Your 2011 Taxes Online – Free

Thousands of dollars go unclaimed every year from the IRS because people don’t take the deductions that they are due. Using tax filing software can tell you what deductions that are automatically applied. If you are still filing your taxes, try using our FREE tax service Just File It!

Just File it!, This simple to use online tax filing software walks you through the process and allows you to file for both federal and state of Michigan income tax. For credit union members, your tax return can be deposited fast, right into your account. Visit Just File It! online right now to get started.

*Consult your tax adviser.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Community Financial Awarding College Scholarships

2012-02-06T13:01:00.002-05:00

Last year's scholarship recipients.

Community Financial Credit Union has announced, in collaboration with the Community Foundation of Plymouth (CFP), it will be awarding twelve $1,000 scholarships in April to college-bound students.

Each year, college tuition rises and many students struggle to afford the expense. According to USA Today, two thirds of the undergraduate class of 2011 graduated with an average of more than $25,000 of debt.

“With rising college costs, families may be struggling to help their children financially,” says Sarah Cousineau, Community Financial Marketing Manager. “That’s why we give back to students every year through our scholarships.”

Students must be accepted at or applied to an accredited college, university or trade school for either full or part-time for the 2012 Fall semester. If you’re eligible, make sure to apply by March 2, 2012. You can apply online now by visiting http://scholarships.egrant.org. Please follow the instructions and guidelines for “Community Financial Margaret Dunning, George Lawton and Phil Curtiss Scholarships.”

Judging will be based on a combination of academic performance, community service, extra-curricular activities, letters of recommendation, job and employment, essay answers and financial need. All application materials must be submitted online.

If you are heading off to college soon, make sure to follow these steps to prepare yourself financially and read our previous post on how to budget for your freshman year.

Good luck with the scholarship application and be sure to follow Community Financial on Facebook and Twitter for updates on scholarships and other awards and contents.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Could you use some help tackling your debt? Community Financial Teams up with Accel Members Financial Counseling to provide assistance.

2012-01-30T14:53:00.003-05:00

If you’re struggling to pay your bills, it’s good to know there are options available to help you get them under control. For members who are interested in financial counseling, Community Financial Credit Union is proud to work with Accel to provide free counseling services.

Accel Members Financial Counseling is a financial education and counseling program designed specifically for credit union members. Counselors will meet with you and provide professional advice and help you get out of debt free of charge. Accel also provides credit counseling, financial education, housing counseling services and an optional debt management program.

“Never be afraid to seek financial counseling,” says Ken Kollar, Community Financial Asset Protection Manager. “The counselors at Accel are very supportive and well informed. Our members who have participated have benefited greatly.”

Accel’s free services are designed to help you better manage your money and prepare for your future. Accel counselors are trained to help you with all types of debt. They are available six days a week and charge no hidden fees.

Learn more about Accel by vising them online. If you are not seeking counsel but would like tips on handling debt, Community Financial recommends following these steps in our previous post for strategies for handling your debt.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Preparing Your Finances for Emergencies

2012-01-23T12:27:00.002-05:00

When an emergency strikes, you may not have time to grab all your important belongings. Therefore, be sure to take steps in advance to protect certain documents. Follow these steps to prepare yourself financially for an emergency.

Keep important documents safe. It’s easy to forget about the documents you rarely use, such as your marriage license or birth certificate. You should store these in a fire proof safe at home, or consider renting a safety deposit box to store original copies.

Create an emergency kit. This could be a waterproof box with a lock or any type of safe compartment. Your emergency kit should include copies of your original documents, health insurance cards, telephone numbers for emergency contacts, and emergency cash.

Always have a rainy day fund. Get in the habit of saving money for an emergency. It helps to setup a separate account specifically for this fund. It’s always better to be prepared and you can learn more about saving by reading our previous post.

Community Financial Credit Union offers a variety of savings accounts to help you be prepared. Learn more about Community Financial by visiting one of our branch locations or calling us at (877) 937-2328. We’ll be happy to answer your questions and assist you with any of our services.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Winter Savings Tips – How to lower your Heating Bills

2012-01-16T12:29:00.002-05:00

With winter weather sweeping over Michigan, it’s smart to pay attention to the amount you spend on energy bills. If you haven’t prepared your house for the winter, here are a few easy steps:

Cover up drafty windows. Use a strong, clear plastic sheet to cover any drafty windows. Make sure you seal it tight to keep the heat in. You can also try installing tight, insulation drapes or shades for your windows.

Monitor and adjust your temperature. This is a good habit to get into. When you’re home, keep your thermostat at a comfortable temperature. Always turn it down when you’re out for the day. The US Department of Energy claims that turning it down your thermostat 10-15 degrees for eight hours can save around 10% a year on your heat bill.

Maintain your heating system. To keep your system at its best performance, it’s always good to replace air filters and schedule regular maintenance. If you’re looking to try alternative heating options, make sure you follow these Safety Tips from US News and Money.

For more information on how you can save on Energy check out this Energy Savings Guide from the State of Michigan. Lowering your energy use is good for the environment and for your pockets. Stay warm and keep an eye on your heating bills this winter!

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Strategies for Handling Your Debt

2012-01-09T11:02:00.004-05:00

Is your New Year happy or are you faced with the daunting challenge of paying off debt? Debt issues can limit financial options if they are not managed properly. These suggestions can help you plan to reduce your debt and ease your financial burden in the future.

Analyze your situation. Review the different types of debt you have, including the interest rate each creditor is charging, and how your money is being spent. This high-level view can help determine how much debt you are actually dealing with and help you plan accordingly.

Plan and Prioritize. Is it better to pay off smaller debt or larger debt first? Paying off small debt may give you a sense of accomplishment, and you can add the money saved towards other bills. Take a look at your situation and work with a financial professional to see which steps will save you the most money. With credit cards, always try to pay more than the minimum balance which saves money on interest.

Set Goals. Develop a plan that fits your budget so you can manage your debt. If you need help, work with a financial advisor who will likely be able to provide some options to help.

Community Financial may be able to help you lower your rates and get a better handle your debt now. Learn about our debt consolidation loans now. For financial counseling, we recommend Accel Financial Counseling.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Preparing for the New Year: What to Shred

2012-01-03T12:18:00.008-05:00

According to the Federal Trade Commission, as many as 9 million Americans have their identities stolen each year. It’s important to make sure that the right documents from this past year are saved, and the right ones are destroyed.

MSN Money lists eight things you should shred right now:

Old tax returns. The IRS recommends saving tax returns for three to four years in a firebox, anything older and you are safe to shred.
Bank statements. If you’re tired of keeping paper statements around, switch to eStatements and let your financial institution store them.
Credit card offers. Always destroy credit card offers you receive in the mail.
Old photo IDs. Get rid of old passports & drivers licenses just for safe measures.
Pay stubs. Old pay stubs can provide fraudsters with target information.
Convenience checks. They often come from credit card companies and can be used to borrow money from your line of credit. Shred them if you’re not going to use them.
Canceled checks. Make sure to shred any canceled check, even if you wrote void across the check.
Canceled credit cards. Just to stay on the safe side, it’s best to shred or cut up any old cards.

Along with shredding documents, it is important to review your information online. The beginning of the year is a great to time to check your credit for any fraudulent activity. You can get a free credit report now from www.annualcreditreport.com.

Community Financial Credit Union takes extra steps to protect your information. However, there are steps you can take to protect yourself from identity theft. Learn more in our previous post. If you have any questions feel free to visit one of our branch locations or call us at (877) 937-2328.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

New Year, New You: A look at your next year’s finances

2011-12-28T11:23:00.004-05:00

The start of a new year is a great time to rejuvenate your financial health. It is a good idea to reevaluate your financial goals and budget. This annual exercise will help you stay focused and manage your finances successfully. A great way to get started is to consider these questions.

What are your goals? A great first step is to outline your financial goals for the year. Remember to include any major events coming up, such as a vacation as well as any big ticket purchases you might need to make. Remember to include retirement savings too. While you can’t plan for everything, setting goals will help you save and prepare for the year.

What is your budget? With goals for the year in place, setting up a realistic budget is the next step. If you haven’t drawn up a spending plan, get started now. If your household already has a budget in place it’s always good to review it and adjust accordingly. Please visit our previous post for more on budgeting.

What loans can you refinance? Refinancing outstanding loans with a lower rate will help you start saving money immediately. A good place to start is by shopping around at your local credit union. Community Financial Credit Union can help you review your credit.

One more important step to consider is saving money for emergencies. It’s a good idea to always have a rainy day fund just in case the unexpected happens. Payroll deduction is one of the most painless ways to set money aside.

Start your new year off right by planning for your financial health and avoiding trouble later. Learn more about how Community Financial can help you with payroll deduction and more. Have a happy and healthy new year!

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

eServices - All you need to stay on top of your finances

2011-12-19T10:22:00.005-05:00

Today’s technology has revolutionized the way we bank. It has leveled the playing field between mega banks and your community credit union. Thanks to free ATM networks, smart phones and the internet – you can bank from anywhere.

Community Financial’s new eServices gives you 24/7 access to your credit union accounts safely & securely using today’s latest technology. Here is a brief overview of what our eServices can do for you.

eBanking, our free online banking access at www.cfcu.org, allows you to view account balances, transaction history, even pending transactions on your accounts. Transferring money between your credit union accounts or to other financial institutions is also right at your fingertips. You can even customize “My Homepage” so the information you use most is front & center when you login.

ePay, our bill paying service within eBanking, lets you pay anyone from your credit union checking account including businesses, individuals and charities. It is simple to enroll and customize your payee list. Then all it takes is a few clicks to pay bills - no need to write a check or find stamps.

eAlerts are customized emails or text messages that you send from eBanking when certain events occur. For example, you can set an alert when your checking balance falls below $50 or your car loan payment is due. eAlerts help you stay connected to your money and avoid mishaps.

eStatements, eNotices & eReceipts are paperless ways to receive important information on your accounts. Just tell us you want to go green and we will email you when your statements are available to view in eBanking.

Community Financial’s new eServices have everything you need to make banking easy, fast and convenient. Take a few minutes to set up your account, get comfortable with the options, and enjoy the freedom of eBanking!

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Tis the Season of Giving! Community Financial is donating over $50,000 to local schools and non-profits.

2011-12-12T08:13:00.010-05:00

Our Season of Giving campaign has just kicked off! On behalf of our members, Community Financial Credit Union is donating over $50,000 to local non-profits and schools throughout the month of December.

In the spirit of the holidays, each organization will be surprised with a donation from Community Financial. The gifts will be kept under Community Financial's giving tree. Join us on Facebook where the winners will be announced every weekday!

“The schools and non-profits in our communities do so much good work throughout the year, and we wanted to show our appreciation,” said Bill Lawton, Community Financial President and CEO. “As a community credit union, it is part of our mission to support our communities and we are proud to be able to do that this holiday season.”

Gift recipients so far include The Ostego County Community Foundation, Gaylord area schools, Hillman and Atlanta area schools, JoBerg/Lewiston area schools and the Community Foundation of Northeast Michigan.

Community Financial Credit Union is a not-for-profit institution that gives back to the community. To learn more about upcoming programs and community events connect with us on Facebook and Twitter.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Campaign for Your Community: Helping the Plymouth Community United Way

2011-12-05T10:16:00.001-05:00

At Community Financial Credit Union, we believe engaging in our communities is one of the best ways to keep them vibrant and successful. That’s why we give back to our local non-profits and schools throughout the year. Part of that effort includes our work to raise money in support of the Plymouth Community United Way’s Campaign Drive.

During this annual campaign, our employees enroll to have donations deducted from their paychecks; all donations are then matched by Community Financial. Community Financial has been a Silver Campaign Sponsor for the past 13 years.

Even a little amount can go a long way for our community. If you see the payroll deduction application come across your desk, consider signing up! Not every company offers payroll deduction contributions.

The Plymouth Community United Way serves all of Western Wayne County. The foundation helps support the community by providing emergency shelters, food pantries, and other services for struggling families. Contributions are made for basic needs and stability resources such as crisis intervention, educational and youth development services, family services, and job training. Learn more about the Plymouth Community United Way and how you can help.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Picture Perfect Michigan Success

2011-11-28T09:45:00.002-05:00

Community Financial’s second annual Picture Perfect Michigan photo contest was a success! With dozens of entrees received, we celebrated beautiful places across Michigan.

Each week our Facebook fans posted photos of special moments and locations in Michigan. We received photos from all over the state, including photos of Detroit, Plymouth, Lake Michigan, Northern Michigan and many other great settings!

“At Community Financial, we celebrate being a part of our community,” said Sarah Cousineau, Community Financial Marketing Manager. “We’re happy to give back to those who helped us capture and share wonderful photos of Michigan.”

Visit our YouTube channel to see some of this year’s photos. Do you have another photo you’d like to share? Even though the contest is over, you’re always welcome to post your photos and comments on our page at Facebook.com/CommunityFinancial. We’re always happy to hear from you.

Community Financial Credit Union is a not-for-profit institution where giving back to the community is part of our mission. To learn more about upcoming programs and community events connect with us on Facebook and Twitter.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Features worth Finding in a Financial Institution

2011-11-22T13:45:00.003-05:00

When we’re shopping we usually look for not only the best deals but also the best service. The same applies to selecting a financial institution. If you’re thinking about making a switch, here are some qualities to look for.

Free checking. Lately many banking institutions are charging for checking. At Community Financial Credit Union we off truly free checking. That means no hidden requirements and no debt card fees. You can open an account with just $5.

Great rates. Ask about the interest rates you can get on your savings or checking accounts and look for low loan and mortgage rates. Remember that every institution has different rates, and the rates are subject to change. Credit Unions like Community Financial typically have lower rates on loans and mortgages than banks.

Customer service. Even in a world where we often prefer the ease of online banking, customer service is still key. At Community Financial you’re more than just a number to us. We’re here to personally assist you through your financial decisions. That’s the kind of relationship we believe you should be able to have with your financial institution.

Are you making the switch? It’s not as hard as you think. At Community Financial we make banking easier. If you’re interested in learning more about the difference between credit unions and banks, read our previous post. Community Financial is here to assist you with any questions you have about our services. Feel free to visit one of our branch locations or call us at (877) 937-2328 and we’ll be happy to help you.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Holiday Travel Tips from Community Financial

2011-11-14T09:07:00.003-05:00

The holidays are right around the corner! For those of you traveling this holiday season, here are a few tips from Community Financial Credit Union to prepare yourself financially.

Purchase your tickets early. Plan ahead and order your ticket early to find the best prices. Be flexible with the days you choose. Traveling on less popular days can save you time and money. Wednesdays are usually the cheapest days to fly.

Avoid overspending. The best way to avoid overspending is to stick to your budget. This doesn’t just include holiday shopping, budget for all of your travel expenses.
Set money aside for an emergency. Read our previous post for more on budgeting.

Take precautionary steps to prevent identity theft. Due to an increase in attempted identity theft, Community Financial closely monitors any foreign transactions. If you are planning to travel abroad for the holidays, please let us know. We will monitor and assure that all of your Visa transactions are processed smoothly.

Fraud and identity theft are serious issues. Learn how to protect yourself from fraud. Taking these extra steps can help you have a safe and enjoyable holiday. Feel comfortable financially this holiday season and stick to your travel budget.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

The Cost of Thanksgiving: donating to those in need

2011-11-07T09:30:00.004-05:00

In honor of the Thanksgiving holiday, Community Financial Credit Union is collecting canned food to donate to families in need.

Over the last ten years, the cost of Thanksgiving dinner has increased dramatically. Last year the average cost of a classic, home-made turkey dinner for ten was $43.47 according to the American Farm Bureau Federation. Rising food costs and high unemployment mean many families are struggling to put food on the table this year.

“Last year the community really turned out to help,” said Community Financial Plymouth Branch Manager Mark Evenson. “We collected hundreds of cans of food to help make Thanksgiving easier for local families. Donations made at our office go to the Plymouth Salvation Army food pantry; they serve all of Western Wayne County.”

Please help make these efforts a success by donating canned food this week at any Community Financial branch. Donations are collected at all our branches and distributed to local food panties year round.

Our credit union members care about the community and this program is one of the many ways we support their efforts to make a difference. You can learn more about our community involvement, including scholarships, financial literacy programs and donations by joining us on Facebook and Twitter.

Thank you and Happy Thanksgiving!

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Holiday Planning: Shop Online to Save Money

2011-10-31T10:50:00.003-04:00

While the weather outside is getting colder, your home is a warm and cozy place to shop from. If you’re considering shopping online this holiday season, remember you can reap lots of benefits if you shop smart.

Save your money by using comparison sites. While websites such as Amazon.com and Ebay.com are great places to shop online there are other websites you can use to help compare prices. Try sites such as pricegrabber.com, shopzilla.com, or Google Shopping. Taking the time to research products and prices will help you find the best deals online.

Keep an eye out for discounts on shipping. One of the benefits of shopping online is the convenience of having everything delivered to your home, but be careful not to pay too much for shipping. During the holidays most sites will offer some kind of free shipping, typically on larger purchases or limited time offers. Try searching on Freeshipping.org for free shipping codes.

Stay away from window shopping even online. Shopping sites will suggest items you may like based on your selections, be careful not to add extra items to your cart. Make a list of items and stick to your list. Window shopping may entice you to spend more than you planned.

Shopping online can help make your holiday shopping easy and stress free. It keeps you out of those busy stores and can help you stay focused. Plus, you get to avoid all the crowds and enjoy the season. However, if you are worried about your holiday budget make sure to check out our Visa credit cards. Community Financial offers great low rates for our members. Learn more by visiting our site here.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Financial Decision Making: How to avoid decision fatigue

2011-10-26T10:56:00.004-04:00

Did you know? The human brain is more susceptible to impulsive decision making at the end of the day than at the beginning. It’s called “decision fatigue” and is caused by the wearing down of willpower and mental energy throughout the day by all the decisions consumers face, according to the NYT.

Decision fatigue can negatively affect financial health if we allow ourselves to make big decisions at the wrong time of day. Wise financial choices require a strong, clear state of mind. That’s why morning is the best time of day to make important decisions.

The more decisions we make throughout the day, the less strength we have and the more susceptible we become to impulsive purchases. This leaves us vulnerable to marketers and salesmen (who call us at dinner time!!?) so that by the end of the day, decision fatigue can cost us money.

Here are some tips to help avoid decision fatigue:

· Arrange to make important financial decisions in the morning

· Avoid shopping trips after work

· Make lists and plan ahead

· Set financial goals to help you become financially fit.

Nobody wants to end the day with buyer’s remorse and fortunately proper planning can help avoid decision fatigue.

For more information on how stay financially healthy, read our previous posts on budgeting and saving. Community Financial Credit Union is here to help you with any questions. Stop by one of our convenient branch locations for further assistance.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Holiday Planning: Budget to Reduce your Holiday Stress

2011-10-17T11:57:00.004-04:00

With holiday parties, family events, shopping and cooking, you may feel stressed as the holiday season approaches. When it comes to shopping, you should plan ahead and set a budget to help you manage your money.

Make a list. It’s never too early to start planning. Brainstorm your gift ideas ahead of time. We all know it can be easy to window shop and purchase extra items during the holiday season. Making a list will help you stick to your plan.

Setting a budget is crucial. A budget will help you feel less stressed and help you control the amount you spend. You can research different prices for your gift items. Shop around but set a spending limit and stick to it.

Always check out sales. The day after Thanksgiving is a big day for sales, but if you want to avoid the crowds check out the sales online. Some websites will offer deals similar to those in stores. You can stick to your budget and maybe even save more than you planned.

Apply for a credit card. If you’re worried about not having enough money, use a credit card from Community Financial. Credit cards can be a great way to help you pay for your gifts later but remember your budget. If you manage your credit card payments wisely you can build good credit. Learn more on how to build good credit in our previous post.

You can enjoy your holiday shopping if you plan ahead and avoid unnecessary stress. If you are in need of a little help, learn more about the Visa credit cards Community Financial offers.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

A Look at Fees in the Banking Industry

2011-10-10T11:02:00.002-04:00

You may have heard the news recently that banks have started charging monthly debit card fees. At Community Financial Credit Union, debit card use remains free. However, many financial experts warn that customers at traditional banks may find debit card fees to be a new trend in the banking industry. To protect yourself, we recommend taking positive steps to analyze your relationship with your financial institution.

Be proactive. As a customer, you always have a choice. Find out if your institution will be adding such fees. Banks have the right to charge fees, and different banks will charge different fees for their services.

Consider your options. Credit unions like Community Financial do not charge debit card fees. We are a not-for-profit financial institution where earnings are returned to members in the form of better rates and lower fees. Credit unions offer the same services as banks but are more focused on the people they serve. Learn more about the difference between banks and credit unions by reading our previous post.

Avoid unnecessary fees. Many banks charge monthly fees for checking accounts as well as charging for debit card use. Instead, you can choose an institution that works for you. At Community Financial we offer both free checking and free debit card use to our members. Becoming a member is as simple as opening a $5 savings account.

If you choose to close your accounts, make sure they are completely closed. The Detroit News offers tips for accurately closing accounts and avoiding additional fees.

It’s your money – make sure it’s in good hands. If you would like to learn more about Community Financial, visit one of our convenient locations or call us at (877) 937-2328. We’ll be happy to answer your questions and assist you with any of our services.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Used Car Shopping Tips

2011-10-04T13:26:00.004-04:00

Buying a used vehicle can be a great way to get a quality vehicle for a lower price. At the same time, the fact that the vehicle has a “past” can introduce some uncertainties. If you are shopping for a used car, there are steps you can take to help find a safe, reliable vehicle.

Certification. Find out if the car you’re interested in is a certified pre-owned vehicle. This is an attractive alternative to purchasing a new car. A certified pre-owned vehicle has met stringent guidelines set by the manufacturer and typically comes with a limited warranty. Each auto manufacture has slightly different certification procedures, so ask the dealer for information about the manufacturer’s pre-owned certification program.

History. Every used car has a history, and you can get a CARFAX report by entering the car’s Vehicle Identification Number (VIN) at Carfax.com. A VIN is a 17-character unique number assigned to each vehicle. It can be found on the dashboard at the base of the windshield and the driver’s side door. All of the vehicle’s recorded history including repairs, odometer readings, accidents and title information are documented using the VIN. However, only accidents and repairs that are reported or performed by a professional mechanic will be recorded in this history.

Condition. Find out how the car runs. When you take the vehicle for a test drive, ask if you can drive it overnight. Prove you’re insured and agree in writing that you won’t drive for more than 100 miles. Also, ask the owner to let you take the car to your mechanic. It’s wise to have someone you trust check the vehicle and evaluate any repairs it may need.

In recent years, prices for used cars have increased. It is important to make sure you have extra funds for any immediate repairs. Community Financial Credit Union offers great low rates on Auto Loans. Find out more at one of our convenient branch locations.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Celebrate Fall with our Picture Perfect Michigan Contest

2011-09-26T12:03:00.004-04:00

Fall is a beautiful season in Michigan! The trees are ablaze with color and the weather is cool and crisp. It’s a great time for photography and Community Financial invites you to enter your favorite photo from any season in our Picture Perfect Michigan contest.

We’re hosting the Picture Perfect Michigan contest on our Facebook page. Each week one photographer will receive a $25 Visa gift card from Community Financial. Simply join us on Facebook and upload your favorite picture of Michigan from your personal photo album.

Once your photo is uploaded to our Facebook wall, users can click “like” to vote for your picture. Votes will be tallied from the number of “likes” each photo receives. Every Friday at noon the “likes” will be counted and Community Financial will announce the winner by posting on Facebook. To qualify, photos must be your own original property. Entrees are limited to one photo per week and contestants must be 18 years of age or older.

Last year’s contest included spectacular photos of Michigan. Take a look at some of the entrees by visiting our YouTube channel. We’re looking forward to this year’s pictures! Join us on Facebook now for your chance to receive a $25 Visa Gift Card by sharing your photo of Picture Perfect Michigan!

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

What to Know about Your Credit

2011-09-19T09:20:00.006-04:00

By: Michelle Richards, Education Partnership Coordinator II

Michelle Richards of Community Financial

Whether you are applying for an auto loan or signing up for cell phone service, your credit score is an important factor in many areas of your financial life. That’s why it’s important to understand what your credit score says about you and how your score is determined.

Your credit score is a number between 850-300 that rates your ability to handle debt. Credit scores can be rated on a scale similar to this example: 850-730 (A+), 729-680 (A), 679-640 (B), 639-600 (C), and below. But what does this mean to you? You’ll pay considerable more for a “C” rated car loan than an “A+” rating. And if you fall too low, you‘ll be shut out of borrowing altogether.

To examine your credit, get a free credit report from Annualcreditreport.com. While the report is free, please note that there is a $7.95 charge to get your credit score. When viewing your report, you should always check to make sure it is accurate. An estimated 48% of credit reports have errors in them. If you find any evidence of fraud you should immediately contact the credit bureau. More information about this is available in our previous post, What to do if you are a Victim of ID Theft.

It’s also helpful to know that the majority of your credit score, over 35%, is based on payment history. Therefore, it’s very important to make payments on time. The rest of your score is based on factors such as your credit capacity, the length and type of credit, and the total amount of your debts.

Building a good credit score requires first establishing credit. One easy way to establish credit is a secured Visa credit card. If you have a $500 credit limit on your secured Visa, Community Financial will put a hold on the $500 in your savings account. Then after you show you can handle the card responsibly, Community Financial will release the hold and convert your account to a traditional Visa. Making payments on time and not maxing out your credit limit will help to Build Good Credit.

Building a strong relationship with your financial institution is another important way to improve your financial strength. Having a checking and savings account and using direct deposit with Community Financial will help you get the best rates for loans and credit.

Join me as I lead a seminar this week on “Understanding and Improving Credit,” on Tuesday, September 20^th at our Novi Office. Community Financial’s seminars focus on financial education and assistance. Call our Novi location for more information.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Freshman Finances: How to budget for your new college life

2011-09-12T11:55:00.005-04:00

College can be a substantial investment and proper planning is important in order to successfully manage financial responsibilities at school. It helps to start planning ahead by creating a budget.

When creating your budget, estimate what you will need for tuition, fees, books, and food. This will give you an idea of what your expenses will be at college. If you’re interested in keeping expenses low, here are some tips to assist you.

Books. Look for used books from your campus bookstore or shop online. Consider renting your books or buying a book from a friend who has taken the course the previous semester. Some colleges also have websites that students use to sell their old books for fair prices.

Meals. Take advantage of meal plans – you’ve already paid for it. Some cafeterias may be open late or all night so you can avoid ordering food or going out to dinner. Colleges like Michigan State University have Sparty's Express stops where you can use your meal plan to get food to take on the go. If you shop for dorm snacks, use coupons and other discounts to save money.

Entertainment. When going out with friends, plan to take a certain amount of money with you. You can leave the rest behind. This will help you limit your spending during a night out. You can also take advantage of student discounts because many places will give you a discount when you show your student ID.

Take advantage of free and inexpensive campus events. There are an abundance of free movies, sports events, planetariums and museums to explore on most college campuses.

Fees. Watch out for little fees that may chip away at your budget. Whether it is a parking fine or a late drop fee, these costs can really add up.

To help you easily access your money and manage your spending, Community Financial Credit Union offers VISA® debit cards that can be used on college campuses. We don’t charge “foreign fees” when you access your money through network ATMs on campus. For more information visit our previous post on Financial Steps for the College Bound on how to financially prepare for college.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

Community Financial’s Summer of Sharing Success

2011-09-06T09:21:00.009-04:00

Our first ever Summer of Sharing Program successfully donated $1,060 to 60 local charities, community groups and school groups serving Michigan. That’s a total of $63,500 going back to our communities! The campaign honored Community Financial’s 60^th Anniversary.

Community Financial was able to see first-hand the good that local charitable groups do for Michigan. One example, Camp Casey, let Community Financial witness their program in action. Camp Casey is a non-profit horseback riding program for children with cancer. From their barn in Novi, the group travels to give horsey house calls to sick children living in Metro Detroit.

Community Financial watched as Camp Casey surprised a 10-year-old girl with brain cancer. She received a spirit-lifting horseback ride and was featured on Channel 4 News.

“Camp Casey, like many of the smaller community groups and charities we honored this summer, don’t often receive large donations or grants that larger organizations benefit from,” said Sarah Cousineau, Community Financial Marketing Manager. “Our Summer of Sharing was able to reach out to local groups who are struggling in a rough economic climate.”

Other recipients include Plymouth Oratorio Society, Friendship Shelter in Gaylord, Canton Young Marines, and numerous school programs. You may read all of the recipient’s stories online at SummerofSharing.org. You can also visit our YouTube channel to see photos of check presentations.

Community Financial Credit Union is a not-for-profit institution that gives back to the community. To learn more about upcoming programs and community events connect with us on Facebook and Twitter.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.