Credit Cards Loans

Why Skip-a-Payment?

December 19, 2019

During the holidays do you find yourself scrimping to make ends meet and aren’t sure how you’re going to pay this month’s bills? Know that you’re not alone. This is why WWFCU offers Skip-a-Payment.

What is Skip-a-Payment?

If you have a loan at WWFCU and want a month off of your loan payment, all you have to do is fill out a quick form. Once you’re approved, you get to defer one month’s loan payment.

When to Use Skip-a-Payment
  • During the Holidays
    The bills and charges pile up in November and December. Using skip-a-payment can give you a welcome break from at least one of those bills.
  • After the Holidays
    Once the New Year hits, so do all of those new bills from your holiday shopping. Skipping a payment can lighten the load.
  • Holiday Vacation
    Decided to visit a sunny beach somewhere this holiday season instead of dealing with the snow and cold temperatures of Michigan? Wouldn’t it be nice to have one less bill to worry about while you’re gone? That’s where skip-a-payment comes in.
  • In Case of Emergency
    Whether the icy roads caused a fender bender, there’s been a major family illness or another emergency – skipping a payment can make the situation a little more bearable.

Just remember when you skip a loan payment, you’re not getting rid of that payment. You’re just taking it on to the end of your loan, so your loan will go one month longer than before. But sometimes you just need to free up some funds for the reasons stated above, or for many other reasons.

To skip-a-payment, speak to a WWFCU Member Service Representative in our branch or by calling (734) 721-5700.

 

Financial Wellness Investments

Top 5 Year-End Financial Goals

December 12, 2019

The year is almost over, which means it’s time to set up your goals for the New Year. We won’t call them resolutions, because those seem too easy to ignore. If you set up financial goals instead and put a plan together to accomplish them, you’ll be more likely to achieve them.

The idea way to set up goals you’ll actually stick to is to make them SMART: specific, measurable, attainable, realistic and timely. With that in mind, here’s a look at some goals you should be setting.

Spend Less

Easier said than done, right? The best place to start is by reviewing your spending habits from this past year. There are plenty of budgeting apps out there that can help you put this all together so you can figure out what areas need cutting back. Dining out too much? Time for more homecooked meals. Online shopping too much? Dial down how much time you spend online or on those store sites.

Set a budget for the coming year based on what you spent last year but whittle down a few areas. Just be sure your new budget goals are realistic, you’ll be more likely to keep them. Again, use a budgeting app to set your new goals and track what your actual spending habits are. Adjust when necessary.

Save More

Once you have your budget nailed down, you’ll have a better idea what might be left over to save each month. Determine a specific amount you can afford to save each month. Then, to make it easy, make it automatic. If your work offers direct deposit, divert that amount from each paycheck and have it deposited directly into your savings account. If that’s not possible, set a reminder on your phone to transfer that dollar amount from checking to savings each month.

While you’re working on your savings goal, you might want to consider creating an emergency fund. It’d be a separate account that you wouldn’t touch in case of an emergency like a medical issue, auto accident, etc. Click here to learn more about creating an emergency fund.

Other savings goals you might have:

  • Save for retirement – Figure out how much you’ll need to live off of once you hit 65 and then work backward from there. If your work offers a 401(k), take advantage of it – especially if they match funds. If work doesn’t have this option, you could open an individual retirement fund (IRA).
  • Save for a down payment – Is there a new home in your future? Even if it’s a year or more away, now is the time to start saving for the down payment. Ideally, you should have 15-20% saved.
  • Save to pay cash for a car – It may sound impossible, but it isn’t. Especially if you have a used car in mind. Adding a car loan to your debt load could derail your goals.
Improve Your Credit

Did you know that improving your credit can help you achieve the first two goals? The better your credit, the lower your credit card and loan interest rates will be – which saves you money in the long run.

There are two simple things you can do to boost your credit. Pay down your debt and pay your bills on time, every time. Learn more about your credit score here.

Start Investing

Sure, saving money is great. But investing your money will help you earn more money. There are a few options when it comes to investing. One is getting a certificate of deposit. That will let you save money for a predetermined time period at a set rate. You could also open a money market account which lets you contribute when you can and access your savings whenever needed. If you’re unsure of where to start, you might want to find a financial adviser to help.

Invest in Yourself

Investing in your mental, spiritual or physical health or your career can have immense benefits to your life overall as well as your finances. It may be time for some self-reflection and assessment to determine what areas of your life could use a little boost. Here are a few suggestions of ways to invest in yourself:

  • Find a mentor to help you navigate your career
  • Get certified in an area that will further your potential
  • Go to a conference to get motivated and network
  • Join a group that inspires you personally or for your job
  • Take a class in something you’ve always wanted to learn

Also, take some time to determine if your current job is right for you. A new job will bring both new opportunities and hopefully more money!

It’s up to you if you choose one or all of the above goals – whatever you feel equipped to handle. And remember to make the goals SMART.

Financial Wellness

Surviving the Holidays on a Budget

December 5, 2019

Shoppers are expected to spend around $731 billion on the holidays this year, with the average person projected to spend at least $885. It may sound like a lot, but it’s easy to go over your budget at the holidays. We’ve got some useful tips to help you rein in your expenses this season.

  • Make a List – Just like Santa, you start out with a list of who’s nice enough to get a present this year! Write down everyone, from your family to your hair stylist – anyone you normally give a gift to. Then put a dollar figure next to each name. Add it up to make sure the total is reasonable.
  • Check the List – With your phone, that is. Do some initial online shopping to see just how much those perfect gifts for each person costs. Check that it’s close to the dollar amount you wrote down. If not, you might want to shop around for a deal and/or adjust the dollar amount you’re setting aside for that person.
  • Shop Early – Procrastinators usually end up spending more on presents because they’re scrambling around last minute to get everything on their list. Shopping early gives you a better selection of items at better prices – and takes a little stress out of the holidays.
  • Hit the Sales – As awesome as Black Friday deals are, many online and brick and mortar retailers have big sales throughout the holidays. Check the newspaper and get on the email list for your favorite stores so you can get notifications of upcoming sales.
  • Go Homemade – On a super tight holiday budget? Sometimes homemade gifts are the best solution. From cookies and photos to knit mittens or other crafts, homemade gifts often mean more and will lighten your budget.
  • Think Secret Santa – Have a big family to buy for? You might want to consider drawing names and going the Secret Santa route this year. That way, you’ll only have one family gift to give, instead of a dozen. Also, think about setting a reasonable budget that everyone needs to adhere by. That way none of you will overspend.
  • Start Saving Early – While it’s too late to start saving for those bigger gifts for this holiday season, it’s the perfect time to start thinking about saving for next year’s. Put a little away each week or month and whittle away at that budget. WWFCU even offers a Holiday/Christmas Account to help you save.

We hope our tips will help take a little stress out of your holiday season and help you save money. Want other ways to save your money? Speak to a WWFCU Member Service Representative for information on our various accounts at (734) 721-5700.

Financial Wellness

Understanding Your Credit Report

November 28, 2019

By now, you’ve probably heard it’s in your best interest to check your credit report a couple of times per year for accuracy and errors. But do you know what to actually look for once you’ve got your credit report in front of you?

Getting Your Report

To be able to review your credit report, you first need to get a copy of it. You’re allowed one free credit report per year from one of the major reporting agencies (TransUnion, Equifax and Experian) at annualcreditreport.com. Experts recommend alternating which agency you get your report from every year, you may find something different on each report.

You may want to think about getting all three reports now if you are thinking about buying something big soon such as a new car or home. This gives you the chance to correct any mistakes on all of them right away. If there are no big purchases in your immediate future, requesting them over time might be a better choice. When you spread them out, watch for expected changes or suspicious activity throughout the year.

Reading Your Report

Once you get your credit report, you’ll see it’s separated into six sections. Here’s an overview of what those sections are and what to check:

  1. Personal Information
    This section includes your name (and any names you’ve used), current and previous addresses, phone numbers, social security number and birthdate.
    You may find a few various spellings of your name or your maiden/married name. Make sure none stand out. Also, check the listed addresses to verify they’re all places you’ve lived. Unfamiliar addresses might mean someone has opened a fraudulent account in your name.
  2. Accounts
    You’ll find all of your accounts, current and closed, in this section. You’ll also find your payment history for each account, listing any late payments. Review your accounts to see if there are any you don’t recognize, if there are any listed as open that are closed, or vice versa.
  3. Inquiries
    Any time you apply for a loan or credit card, you’ll get what’s called a hard credit inquiry on your report. A hard inquiry will ding your credit score a bit. The good news is if you’re shopping for a loan or credit card at several places at the same time, the credit reporting agency will usually list them as one hard inquiry.
    You’ll also see soft credit inquiries listed. These are when someone, often a new employer, does a background check on you. Or sometimes a credit card company will do a soft inquiry before making you an unsolicited offer.
  4. Public Records
    This area will show records obtained from local, state and federal courts. Listings include bankruptcies (which stay on your report for up to 10 years), judgements (up to seven years) and liens (up to 10 years).
  5. Collections
    Here you’ll find any outstanding debt placed by creditors through collection agencies. These will usually have a negative impact on your credit score.
  6. Consumer Statement
    If there are mistakes on your report or mitigating circumstances that have affected your information, this is where any brief statements you’ve submitted to the bureau will appear.

In conclusion, be sure to keep an eye on your credit report whether it’s yearly or bi-annually. You don’t want any last-minute surprises when you’re looking to make an important purchase.

Want to understand all of the factors that negatively impact your credit score? We’ve got a blog for that!

 

Financial Wellness

Can Being Thankful Help Your Finances?

November 21, 2019

By now you’ve probably heard that keeping a gratitude journal can help make you happier. But can being grateful/thankful help make you richer? Perhaps.

  • Increased Productivity
    Boosting your daily gratitude can actually help boost your bottom line due to increased productivity. It turns out the happier you are, the chances are you’re more inclined to get work done. Psychologist Shawn Achor did a study that found those who practice positive thinking improve productivity (37%), are more likely to be promoted (40%) and can increase sales (37%).
  • Work Happy
    Not only do people want to work more with people who are happy and grateful, customers and clients also want to work with positive people. Think about the last time you had a happy salesperson or server wait on you. Didn’t that increase the likelihood that you’d return to that store or restaurant? And employers/employees would rather work with and for grateful people. Nobody likes to collaborate with a complainer!
  • Become Less Material
    If you spend your days thinking more about how lucky your life is the way it is versus focusing on what you don’t have, you’ll probably spend less money on material things. Without gratitude, it doesn’t matter what you have – you’ll never be satisfied.
  • Grateful Teens
    Studies have shown that grateful people tend to earn more. In fact, a Business Insider study discovered that “very happy” students aged 16-18 had greater life satisfaction by age 22 and incomes that were 10% higher than average when they hit age 29.
  • Avoid Instant Gratification
    When you’re grateful, you’re more likely to avoid the need for instant gratification. A study in Psychological Science found that those who show a higher level of gratitude were more likely to choose to receive $80 in 30 days rather than get $54 immediately. More than half of Americans say they’ve spent $100 or more on impulse purchases. Not to mention, waiting and saving for a purchase rather than buying it today on your credit card will save you in interest.

Tips to Become More Thankful

  1. Keep a grateful journal, writing down three things each day you’re thankful for.
  2. Look in the mirror each morning and state three things you like about yourself. Positive affirmations work!
  3. Thank your family and coworkers more often, even for the little things. It will make both your home life and your work environment become more positive.
  4. Become more mindful and live in the moment whenever possible. Focusing on the here and now can shift your focus from what you don’t have to what you do have.
  5. Practice empathy with those around you. Make a habit of putting yourself in the other person’s shoes. It will not only boost understanding but gratefulness as well.
  6. Use technology for good. Instead of wasting time on your smartphone comparing yourself to others on social media, use your phone as a tool toward thankfulness. Here are a few suggestions of apps that can help.

We know we’re thankful for the support of our WWFCU members – we wouldn’t be here without you!

Fraud Protection

Holiday Shopping Fraud Alert

November 14, 2019

‘Tis the season for not only family gatherings, good food and holiday shopping – it’s also the season for fraud. With all of the stress that comes with the holidays, it’s easy to let your guard down. To help protect our members, WWFCU is offering these scam alerts:

  • E-skimming
    Scammers find weak links on online shopping websites and take advantage of them. You may be unwittingly redirected to a malicious website where a skimming code can capture your information from the checkout page. Pay attention to the web addresses/URLs when you’re online shopping to make sure you’re shopping where you should be.
  • Social Media Scams
    Online advertising is everywhere on Facebook, Instagram and other social media sites these days. Some scammers will set up a fake online store and advertise it using social media so they can get your payment information. Again, keep an eye on the website addresses when you shop.
  • Porch Pirates
    The holidays bring more online shopping and more packages delivered to your door. This attracts porch pirates who go through neighborhoods and steal the shipments. Beat them at their own game and either get a surveillance doorbell or, better yet, get your gifts shipped to work instead.
  • Shipment Update Scams
    Fraudsters will send you a fake email notifying you of a shipment delivery failure or requesting updated shipping information. While it may look like it’s coming from the original sender, it will have a link with malware. Be sure to always check the sender’s email address on suspicious emails.
  • Fake Charities
    The holidays are a popular time to give back – and scammers know this. If you get an email from a charity, check the sender’s email address and the website address to see if they’re legitimate.
Fighting Fraud

Fight holiday fraud with these tips:

  • Set up transaction alerts with apps like CardNav to monitor for unauthorized transactions.
  • Think before you click on emails, attachments and links. Always check the email or website address before clicking.
  • Avoid web forms when shopping online. Use stored payment information when possible such as Amazon Pay, PayPal or Apple Pay.
  • Be sure to have the latest antivirus, anti-spyware and firewalls for your home computers and devices.
  • Only use well-known websites for online shopping.
  • Type in the website addresses instead of clicking ad links.
  • Look for skimming devices when using ATMs or gas pumps. If fueling up, pick a pump closest to the cashier.
  • Review and monitor your accounts daily for discrepancies and report them immediately if you find any.

If you encounter any fraud issues with your WWFCU credit or debit cards, please call (888) 241-2510. You can also reach a WWFCU Member Service Representative at (734) 721-5700.

Credit Cards Debit Card

Which to Choose – Credit or Debit?

November 13, 2019

Credit or debit? Most of us are asked that question several times a week when using our debit card. But do you truly know what the difference is and which is the best choice for you?

Choosing Debit

  • You use your PIN for purchases
  • It’s an offline transaction when you check out
  • There are lower processing fees for the merchant
  • The transaction happens electronically and usually right away, or within the same business day
  • You’re able to get cash back at many merchants

Choosing Credit

  • You sign for your purchases
  • It’s an online transaction when you check out
  • Merchants are usually charged more in fees than if you chose debit
  • It’s processed like an electronic funds transfer (EFT) through credit card networks like STAR or NYCE
  • You’re not borrowing money as if you were using a credit card, the money is withdrawn directly out of your checking account
  • Transactions can take several days to show up in your checking account

A Few Things to Keep in Mind

While the choice between debit and credit may seem pretty straightforward, there are a few things to consider before choosing.

  • Account holds – Places like gas stations will put a hold for $50 to $100 before you fuel up since they don’t know how much gas you’re going to buy when you swipe. This amount could be on hold for several days.
  • Protection – Debit cards don’t have the same amount of protection as a credit card. You’re at more personal risk when you use a debit card, whether you select credit or debit when you shop. This is because fraudsters will be able to take money directly out of your checking account, which could leave you short. However, at WWFCU, your debit and credit cards are both protected if breached.
  • Build Credit – Unlike credit cards, using your debit card doesn’t help build your credit. No matter how you use it, a debit card just gives you access to the money you already have without giving you additional credit. However, overspending using your debit card could negatively impact your credit score and lead to overdrafts in your account.

Which to Choose?

All things considered, it makes no difference which one you pick. Just keep in mind you’ll have longer holds when you choose credit. However, credit unions and banks often offer rewards for using your debit card as credit.

This includes WWFCU’s Mastercard Priceless Surprises Sweepstakes where you can get entered to win trips or gift cards. Click here to learn more. For more information about WWFCU’s debit card, click here.

Auto Loan

When’s the Best Time to Buy a Car?

November 7, 2019

So, you’ve been scrimping and saving to buy a new car. But is now the best time for the best deal? Before you spend more of that hard-earned money than you should, we’ve got some tips on when is the ideal time to buy a car.

No Weekends

While the weekends might be the easiest time to hit the car lots, it’s not the best time to make a deal. Busy weekends aren’t the right time to negotiate. Mondays – Wednesdays are quieter, which makes them the best days of the week to buy a car.

Late in the Month/Quarter/Year

Car salespeople usually have sales quotas with deadlines that fall at the end of the month, quarter or year. It’s deadlines like these that will help motivate your salesperson to negotiate a better deal with you. Just keep in mind that quota deadlines aren’t always the absolute end of the month, some fall a few days before. You might want to visit the dealership around the 26th to 28th.

Holiday Sales

From shopping for furniture and televisions to cars, the holidays are a great time to save money. Retailers and car dealerships alike use holidays as an opportunity to offer sales and attract more customers. Plus, car manufacturers may offer decent rebates at these times. But not all holiday sales are created equal. Christmas, July 4th and Memorial Day and Labor Day weekends are prime times for finding a discount. However, shopping on New Year’s Eve is one of the best days of the year to buy a car.

New Model Time

There’s probably no better time to buy a new car than when dealerships are looking to clear out old models to make room for the new. As long as you’re in the market for the model year that’s going out, you could find some sizeable incentives waiting for you.

Whatever your plans are for buying a new car, we’d like you to make WWFCU part of the process. Not only do we offer auto loans for new or used cars at great rates, we also offer AutoSmart, which lets you research and shop for a vehicle. Once you get your new car, WWFCU also offers auto insurance at a discount through TruStage.

Savings

Saving Doesn’t Need to Be Scary

October 30, 2019

Saving money. It’s something we all mean to do, but never seem to get around to. For some, it’s the inconvenience of moving money around in their accounts. To others, it’s the panic that if they save a percentage of their income, they won’t have enough money to live off of.

The good news is that saving money doesn’t need to be difficult or scary. To make it less frightening, we thought we’d share some good reasons to save and some tips to make it simpler to save.

Why You Should Save Money

Beyond the adage of “saving money for a rainy day,” there are several excellent reasons you should start saving today.

  • Buy a Car – Sure, you can get an auto loan to buy your next vehicle. But you have much more buying power if you can have a sizeable down payment. Plus, it’ll help lower your monthly loan payments if you put more money down when you buy.
  • Buy a House – The same rules apply for buying a new home. The more money you save to use as a down payment, the more house you’ll be able to afford. Or stay closer to your house budget and put more money down to lower those monthly payments.
  • Save up to 50%
    Some experts say if you save money to purchase items rather than charge them on your credit card, you’ll be saving up to 50%. That’s because, despite our best intentions, most of us don’t pay off all our credit card charges each month. Be patient and save for bigger purchases and avoid costly interest charges.
  • Financial Independence
    We’re not saying putting away 5-10% of your pay will make you rich, but it could make you more financially independent. Wouldn’t it be nice to be able to take that vacation when you want or buy a new dishwasher if the old one conks out? Saving will get you there.
  • In Case of Emergency
    We’ve talked about having an emergency fund in other blogs, but they also have a place here. Try to put away the equivalent of one to two months’ salary into an emergency savings account. Don’t touch it unless it’s a real emergency. That way it’ll be there if you face unexpected medical expenses or lose your job.
Easy Ways to Save

The easiest and most effective way to save money is to make it automatic. Here are a few tips how:

  • Direct Deposit
    Does your place of employment offer direct deposit? If so, you probably already use it to deposit your pay into your checking account. Speak to your HR department to see if you’re able to split your paycheck into two or more accounts. If the answer is yes, then set up your direct deposit to put 5-10% (or whatever amount works for you) into savings account. Click here to learn more about direct deposit at WWFCU.
  • Transfer Funds
    If you use WWFCU online banking, you can set up a recurring transfer from one account to another. Once you log on, click on Transfers and then select what account you’re transferring to and from and the amount. In the Frequency dropdown menu, select how often you’d like to make this transfer and then click the Submit button. Voila, you have a recurring transfer to your savings account!

See, saving isn’t scary at all, is it? WWFCU wants to make it easy for you to save and reach your financial goals. If you have questions or want to learn more, call (734) 721-5700 or stop by our branch to speak to a member service specialist.

 

 

Credit Unions

Celebrating International Credit Union Day

October 17, 2019

Happy International Credit Union Day (ICU Day)! Thanks to the Credit Union National Association, the third Thursday in October has been set aside to celebrate U.S. credit unions since 1948.

WWFCU Celebrates ICU Day

ICU Day gives us the opportunity to celebrate the credit union movement and to thank our community. On October 17, 2019, stop by WWFCU to help us celebrate with these FREE events:

  • 9:30 a.m. – 11:00 a.m. Coffee and donuts
  • Noon – 3:00 p.m. Hot dogs and pop
  • 3:00 – 6:00 p.m. Clowns, face painting and balloons (for youngsters)

Throughout the day, members of all ages will receive goody bags filled with fun giveaways.

Why Belong to a Credit Union?

While credit unions are a lot like banks, there are a few very important differences. Unlike banks who operate as for-profit businesses, credit unions are not-for-profit and gives profits back to their members in the form of better loan rates and lower fees.

Credit unions also have strong ties to their communities. WWFCU supports local businesses and nonprofits as well as provides free financial education and counseling to its members. We also offer valuable discounts on insurance, cell service, theme park tickets, tax prep software and more.

Stop by October 17 to help us celebrate ICU Day and being a WWFCU member!

Credit Cards Savings

Twelve Easy Ways to Save Money

October 10, 2019

In honor of National Savings Day on October 12, we thought we’d give you some realistic ways to save money. If you’re like most, you have the best intentions when it comes to saving, but have a hard time following through. That’s why we have twelve easy ways to save:

Credit Cards

  1. Pay your cards off each month. Impossible? Then pay off the one with the highest rate first.
  2. Did you know credit card companies are often willing to negotiate your interest rate? If you’ve got decent credit and have been making your payments on time, give them a call and see if they’ll reduce your rate.
  3. In case you were unsuccessful at getting your rate reduced, you may want to transfer your balance to a card that has a 0% introductory rate or to a credit union credit card. Credit unions are known to have some of the lowest rates around

Shopping

  1. Buying things on sale isn’t going to always save you money. Think of all the times you purchased something you didn’t need, just because it was on sale. Next time, don’t.
  2. Cheaper isn’t always better. Cheaper often means poorer quality than a more costly option. You’re not saving any money if you have to replace the item sooner than expected.
  3. Think used. Whether it’s clothes, furniture or household goods, your local thrift or consignment store or Salvation Army/Goodwill should become your destination, not Amazon. You can find gently used items at a fraction of the cost if they were new.

Home

  1. Think of cutting the cable and go with streaming services instead. This could save you around $1,000 per year. Not ready to cut cable? Call your cable company and see if they have any discounts to help bring your bill down. This works with your cell phone service as well.
  2. Don’t ignore your major appliances or car. Replace parts when needed and make sure you get your oil changed on your vehicle regularly. Maintaining these items is way cheaper than having to buy new ones.
  3. Get smart when it comes to grocery shopping. Make a list and stick to it. Buy generic brands when possible. Cook more and go out to restaurants less.

Entertainment

  1. Find free events to go to whenever possible. Check out Facebook events or local websites and newsletters to see what’s going on near you.
  2. Forget the gym membership. Get some weights or check out some exercise videos on YouTube. You can also run/walk outside for free.
  3. Go to the library. Not only can you check out the latest best sellers, but most libraries today have e-books, DVDs, CDs and even video games. They also have many fun, free events you might want to check out.

Have your own ways to save money? Let us know on Facebook or Twitter. Happy saving!

1 … 5 6 7 8 9 … 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