Insurance

Do You Need Life Insurance?

October 3, 2019

Oftentimes, life insurance is one of those things we put off getting. If you have people relying or depending on you, chances are you should think about getting a policy.

Types of Insurance

If you decide to take the plunge, you’ll need to decide what type of life insurance policy you need. There are two main types of life insurance: term life and whole life.

Term Life Insurance

When you buy term life insurance, your policy will be for a set period of time from five to 30 years. You make payments on it until it expires. Term life insurance is usually the most affordable option and the premiums depend on your health and the amount of coverage you choose. If you’re young and healthy, this is definitely an inexpensive choice.

Whole Life Insurance

Whole life insurance is pretty much what it says, it covers you for your lifetime. The rate and premiums are usually locked in when you buy it, so you know what you’re paying. A major benefit of this type of insurance is that it gains value over the years so you could actually borrow against it or withdraw money from it if needed. The main downside to whole life insurance is that it can be expensive compared to term life.

Which Type of Insurance is Right for Me?

We thought we’d break down what life insurance policies are best for different types of people:

  • Married, No Children
    Just because you don’t have children, it doesn’t mean you shouldn’t get life insurance. The surviving spouse will probably need help paying off debt and funeral costs. Term life insurance is a great option.
  • Married with Children
    This one is a bit of a no-brainer. If you have children and a spouse, you want to make sure expenses are covered if one parent passes away. If your children are older, you might want to make sure you have a solid inheritance in place. Again, term life could solve most of your problems.
  • Single Parent
    Like above, if you have dependents, life insurance will cover important expenses when you die. It could also mean an inheritance if that’s in your plans. Also, if you make child support payments to your ex, a policy could help cover those payments.
  • Retiree
    Hopefully if you’ve reached retirement age, you’ve been covered by a life insurance policy for years, if not decades. If you have whole life insurance, you could be using some of the funds to maintain the lifestyle you’ve worked so hard to achieve.
  • Small Business Owner
    You should definitely have life insurance if you have both loved ones and business to protect. There are several ways to set up a policy to protect not only your business, but any business partners you may have. Speak to your financial advisor to determine what’s best for you, your family and your business.

Whichever life insurance policy you decide is right for you, you’re in luck! WWFCU has teamed with TruStage Insurance to get you discounted prices. Click here to learn more or call (734) 721-5700 and speak to a Member Service Specialist.

Credit Cards Debit Card Fraud Protection

Tips to Help Protect Yourself from Fraud

September 27, 2019

You wouldn’t leave your cash or credit cards out in public for anyone to use, would you? These days you need to protect yourself and your money from thieves and hackers in all you do. The smarter technology becomes, the savvier thieves are becoming as well.

The amount of credit card numbers being exposed to fraud totaled $14.2 million in 2017. That’s an astounding 88% increase from the year before. Also worth noting, Michigan has the highest per capita rate of reported identity theft in the nation.

While these figures can seem overwhelming, don’t let them discourage you from being proactive about protecting yourself from fraud. We’ll walk you through two popular types of fraud and what you can do to safeguard your identity and your money.

ATM Skimming

ATM skimming occurs when fraudsters place a device on the card reader part of an ATM or other card machines like at a gas station. The skimmer will record your credit card information while a small nearby camera will record your PIN.

How to Protect Yourself

  • Inspect the ATM or card machine. The skimmer will usually vary in color from the actual machine. You can also jiggle the card reader area to see if it’s part of the machine.
  • Hide your PIN. Cover the keypad when entering your PIN. Or pretend to hit extra buttons in addition to your PIN to throw thieves off your actual code. It may seem like you’re being overly cautious, but you’re better off playing it safe.
  • Check your account. Whether you review your monthly statements or go online and check your account, do so frequently and thoroughly. Nobody knows your purchases better than you do, meaning you’ll be able to find fraudulent charges that much sooner. Keep in mind, you have 60 days from your last statement to dispute any charges.
  • Use technology to help. You can set up e-alerts using WWFCU’s online banking. E-Alerts can be set up using any dollar amount you choose. For example, if you set it to $50, you’ll get a message whenever there’s a charge for $50 or more. WWFCU also offers CardNav which lets you manage how, when and where your card is used.
  • Be picky about your ATMs. Although it’s tempting to use ATMs at restaurants and bars or very public places like concerts or football games – don’t do it! These types of ATMs can be the most attractive to fraudsters wanting to steal your credit card information.
Compromised Cards

A compromised card is one that’s at risk of being used fraudulently. This potential fraud can be due to computer theft, network intrusion and other suspicious activity such as all of the recent big store security breaches. It’s important to keep in mind that just because your account hasn’t been compromised yet due to one of these events, it doesn’t mean the fraudsters won’t eventually use it.

How to Protect Yourself

  • Shop using trusted websites. Sure, there are no-name online stores out there that have great prices on what you need, but don’t fall for it. Stick with larger, well-known online retailers when shopping online.
  • Monitor accounts. As with skimmers, keeping a close watch to your accounts online or your monthly statements will help you spot fraudulent changes.
  • Replace compromised cards. If you find out you’ve been part of a scam or larger security breach, don’t wait for the fraudsters to find you. Take action and replace your card ASAP.
  • Shred documents. There’s a reason paper shredders exist – to help you protect valuable information like account numbers, etc. Shred any sensitive documents so they won’t get in the hands of thieves.
  • Review all receipts before signing. Periodically, retailers and restaurants will have a bad apple. Before signing a receipt, review it to make sure the correct items and totals are on it.
  • Create strong passwords. We know, you already have too many passwords as it is. Don’t let that stop you from creating complex passwords. Also, don’t reuse passwords between various accounts, it’s basically opening a door to identity theft.

Don’t let the bad guys get your money. You’ve worked hard for it, so work just as hard to protect it. We promise, you’ll be happy you did!

WWFCU members can get FREE ID theft protection. Click here to find out how or call a Member Service Specialist at 734-721-5700.

Credit Unions

All About Credit Unions

September 26, 2019

If you’re a WWFCU member, we’d like to thank you. We also have a question for you … Have you ever really thought about what being a credit union member means?

Sure, in many ways being a credit union member is similar to being a bank customer. You can have checking and savings accounts, get a loan or a credit card, and even open an IRA or money market account. But there are many ways it means more to be a credit union member.

What is a Credit Union?

Credit unions are not-for-profit, member-owned organizations. That means we’re owned and controlled by you, our members. Our board of directors is elected by our members and any profits we make go back into the credit union in the form of lower fees, better rates and more.

Credit Unions vs. Banks

We thought we’d break down the difference between credit unions and banks.

 

  Credit Unions Banks
Purpose For people, not profit For profit
Ownership Members share ownership Customers have no ownership
Decision Controlled by members Controlled by paid officials
Service Service driven Profit driven
Profits Profits go back to members in lower fees, better rates, etc. Profits go to shareholders
Insurance Federally insured by NCUA Federally insured by FDIC


Who Can Join?

Anyone can become a bank customer, but the ability to join a credit union is based on what’s called a field of membership. More often than not, most credit unions’ field of membership requirements are so broad that you can join. In general, it’s based on your:

  • Employer– A lot of employers sponsor their own credit unions
  • Family– You can usually join a credit union if you have a close family member that belongs
  • Location– If you live, work, worship, go to school or volunteer in a geographic location, you can join specific credit unions
  • Groups– This is based on if you are part of a community group, school, place of worship or even homeowner’s association.

Click here to view WWFCU’s field of membership.

Perks of Membership

Oftentimes, credit unions like WWFCU offer special discountsor free financial counseling to help their members. Credit unions are also known to look at more than a credit score when approving loans. We look at the whole picture when a member applies, so we have more flexibility in approving loans compared to banks. And don’t forget the previously mentioned lower fees and better rates!

If you have any questions on being a WWFCU member, stop by our branch or speak to a Member Service Specialist at (734)721-5700.

Financial Wellness

How to Boost Your Credit at WWFCU

September 19, 2019

Is your credit not as good as it could be? You’re not alone. About 20% of Americans have credit in the poor to fair range (669 or lower). WWFCU is always looking out for its members and your financial health. So, we thought we’d share a few general tips on how to boost your credit and some specific things you can do at WWFCU to help as well.

How to Increase Your Credit Score

  • Review and Fix Your Credit Report– You’re allowed one free credit report per year from one of the major reporting agencies (TransUnion, Equifax and Experian) at annualcreditreport.com. Review the report to make sure it’s accurate and contact the credit reporting agency and creditor to dispute any errors.
  • Contact Your Creditors – If you’re going through a tough financial time, credit unions, banks and other creditors are usually more willing to work with you if you reach out to them beforeyou default on your payments or even if you’re already missing a few payments.
  • Set Up Payment Reminders – Stop letting payments slip through the cracks by setting up payment reminders on your calendar or through an app, or by setting up automatic bill pay on your main checking account.
  • Diversify Your Accounts – To build credit, you need a good combination of both revolving and installment credit. Credit reporting agencies like seeing both, especially if you have a good payment history with both kinds of credit. This includes credit cards, personal loans, auto loans, mortgages, etc.
  • Shop Around – Just because your credit has hit rock bottom, that doesn’t mean you can’t build your credit. There are secured credit cards and quick loans to help build your payment history and improve your score.

How WWFCU Can Help Boost Your Credit Score

If you have any questions about the WWFCU products listed above or need additional help, stop by our branch or call a Member Service Specialist at (734)721-5700.

Credit Cards Debit Card

Why Use a Digital Wallet?

September 12, 2019

If you haven’t fully jumped on the digital/mobile wallet bandwagon, now might be the time. A digital wallet is a smartphone app like Apple Pay, Google Pay or Samsung Pay that lets you store your debit and credit cards in it and then pay for transactions with just a tap.

Many people haven’t used a digital wallet in fear of fraud or that it’s just something new that they haven’t tried yet. However, more and more stores and online retailers are including digital wallets in their checkout, so it might be time to give it a try. Here are some other reasons to start using a digital wallet:

  • Reduced Fraud– It’s become easy for fraudsters to get your credit card number thanks to breaches or more traditional thefts. By storing your credit and/or debit cards in a digital wallet, you’re safeguarding yourself from this kind of fraud. Your full credit card number is never displayed when making a transaction. Plus, there are other safety precautions such as biometrics and encryption.
  • Simplicity– We already take our phones with us wherever we go. Using a digital wallet means you can pay with your phone and leave your credit cards at home. Oftentimes, using a digital wallet means online or in-store checkouts are much faster as well.
  • Perks– Many digital wallets let you store your loyalty cards as well as credit/debit cards, so you’re sure to get any rewards or discounts you’ve earned. If you earn rewards on the credit card itself, using your card via a digital wallet is just the same as using a physical card. You still earn the points, miles or cash back you would with the actual card.

Apple Pay at WWFCU

Did you know that you can link your WWFCU credit and debit cards with Apple Pay? Speak to a Member Service Specialist either in our branch or on the phone at (734) 721-5700 to find out how. 

Financial Wellness Youth Accounts

Money Lessons with Back-to-School Shopping

September 5, 2019

For most kids, back-to-school shopping is all about finding the perfect pencil bag or backpack. But as their parents, it’s up to you to take it up a notch and use it to teach them a few financial lessons as well:

  • Budgeting– Work with your kids to put together a shopping list and then a budget of what they can spend on their school supplies and even clothes. Be sure to take the list with you when you shop – and remember to stick to your budget.
  • Comparison Shopping– Thanks to store websites and weekly flyers, you can get a good idea of what those pencil bags and backpacks will cost and who has the best price. Write the name of the stores next to the items on your list.
  • Needs vs. Wants– This is a valuable lesson for kids, one you’ll probably need to keep reminding them of as they grow! You can prioritize your list to the items they really need for school vs. what they just want. Let them know that you’ll have to buy the items on the “need” section of the list and then maybe splurge on a “want” once all your shopping is done and you have some leftover money.
  • Low vs. High– This lesson is especially relevant when it comes to clothes shopping. Does your child have to have the latest $200 sneakers? You have two great choices here. One, either explain how much they could actually get for their $200 if they picked a $50 pair and then spent the rest on other clothing. Two, you could find a comparable yet lesser expensive pair of sneakers, jeans or whatever high-price item you’re battling over. If they can’t live without those $200 sneakers, offer to pay $50 of it – or the price of a regular pair of sneakers – and they have to pay the rest. They may soon realize they don’t really want those high-price sneakers after all!
  • Cash vs. Credit– As with most shopping, it’s ideal to use cash when back-to-school shopping instead of credit cards. Let your child understand the difference and why it’s better and usually less expensive to pay cash for items rather than pay by credit and accrue interest.
  • Earning More– If your child decides they must have items beyond their budget, you can give them the option to work off the balance. Explain your monthly income and expenses, highlighting that you get paid for the work you do and that you try not to spend more than you earn.

The above are all lessons you may need to teach over several back-to-school seasons, depending on your child’s age. Or you may need to repeat them every year or so to refresh their memories on good financial habits.

CD

Top 4 Reasons You Need a CD

August 15, 2019

There are literally dozens of ways you can save and invest your money these days. But the truth is, most of us are looking for something simple, dependable and relatively risk-free. If that’s what you want, then a certificate of deposit (CD) may be the answer. (They’re called share certificates at WWFCU.)

The ABCs of CDs

A CD is a savings certificate that has a fixed maturity date and a specified fixed interest rate. They can be issued in varying amounts and term lengths. Your access to the funds is restricted until its maturity date. Once the CD matures, the entire principal and the earned interest can be withdrawn. WWFCU offers share certificates for terms of 3, 6, 9, 12, 15, 24, 35, 48 and 60 months. Click here to view our rates.

Most CDs are what’s called non-negotiable, which means they can’t be transferred, sold, bought or exchanged. And if you withdraw your funds before the maturity date, you’ll pay a penalty fee. The cost of the fee depends on the length of your CD, and are usually based on the established amount of interest.

Why Choose a CD?

With all of the savings/investing options out there, why should you choose a CD? We have four great reasons why:

  1. Risk
    If you like to play it safe with your investments, then a CD is probably an excellent choice for you. The National Credit Union Administration insures deposits up to $250,000 per individual, so your money is protected. (Click here to learn more.) A main benefit of a CD is that it doesn’t work like stocks, the amount doesn’t fluctuate depending on the market. Your CD will slowly grow at a steady rate.
  2. Rates
    Speaking of steady rates, a CD’s rate will be higher than your average savings account. Here’s a good comparison … A 5-year CD at our current rate of 1.66% annual percentage yield (APY) compounded monthly will earn $2,065.03 on an initial investment of $25,000. The same amount put into a savings account that pays at our current rate of 0.05% would earn just $62.58 in five years if the interest rate remains the same.
  3. Dates
    Whether you’re saving for a car in six months or college in five years, you can find a CD to meet your needs and align with your financial goals. They are a great option if you have a large, one-time expense you know will be heading your way. And you can usually time the CD’s maturity date to when you’ll need it for that expense.
  4. Fees
    One of many great aspects of a CD is that they usually don’t come with any fees. However, if you redeem your certificate before it matures, you may have to pay an “early withdrawal” penalty or forfeit a portion of the interest you earned. Just make sure you read the fine print before you sign so you’re aware if there are fees and what the penalties will be.

If getting a CD sounds good to you, learn more about WWFCU’s CDs here or speak to a member service specialist either at our branch or by calling (734)721-5700.

 

 

 

 

Youth Accounts

Save Money this Back-to-School Season

August 1, 2019

Who knew that erasers and binders could cost so much? Americans spent over $28 billion on back-to-school purchases in 2018. That’s an average of about $650 per child. Scary, huh?

Your bottom line doesn’t need to be so scary or so high. We have a few tips to help you save some money this back-to-school season.

  1. Take an Inventory
    Chances are, you have some unused, left over school supplies from the previous school year. Lay everything out and make a list of what you have and what you need. Be sure to wait till the school’s or teacher’s school supply list comes out before making your final shopping list.
  2. Create a Budget
    Time to get your kids truly involved. Go through the list with them and come up with estimates on how much you’re going to spend on each item. A little online research will help you come up with a realistic number. It will also show your children just how much supplies really cost! It may also help them stick to their budget better.
  3. Review Your List
    There are usually items on a school list that your child probably doesn’t really need or may not need right away. Prioritize what items are “must haves” and what items you can wait to buy. If they’re asking for three containers of sanitized wipes, maybe buy one now and the other two later in the school year. This is also a good time to think about what sells out at stores first, like those cute, trendy folders and pencils bags, and move them up the prioritized list.
  4. Shop the Sales
    From Office Depot to Target, every store has a different time period they offer huge bargains on supplies. Keep an eye on the store flyers, either in the mail or online, to see when it will be the best time to hit up each store. A good example is Staples usually offers 1¢ reams of paper once a year, usually around early August. Take out your list and write next to the items the stores and dates to get the best deals. Don’t forget that many stores offer price matching guarantees if you want to do all your shopping in one place but another store has a better deal.
  5. Wait to Purchase
    While many school supplies and deals will run out before the end of September, clothing is one item that can definitely wait. Sure, buy that outfit for the first day back at school, but wait till at least the end of September to buy the bulk of your school clothes – that’s when most of the clothing sales occur.
  6. Buy in Bulk
    If you’re not already a Costco or Sam’s Club aficionado, now is the time to jump on the bandwagon. They’re terrific school supply destinations, especially if you have more than one child or to stock up for the year if you have just one child. Mechanical pencils, clothes, shoes, plastic baggies and snacks can all be found in great quantities at usually even better prices at these warehouse stores.
  7. Shop Inexpensively
    Don’t forget your local dollar or thrift stores when back-to-school shopping. Dollar stores usually have a great inventory of school supplies to choose from. Thrift stores are a fantastic place to get gently worn kids’ clothes, which is a great option when they’re younger and grow out of their clothes quickly. You may even be able to find school uniforms basics like polos and khakis.
  8. Use Gift Cards
    Store gift cards are a great way to stay on budget. Get them for the amount you’re able to spend at each store and don’t go above that amount when shopping. An added plus is many stores like Kroger offer you extra perks when you buy gift cards for local stores or Visa/Mastercard gift cards.
  9. Get Social
    If you’re on Facebook, Twitter, Instagram or Snapchat, follow your favorite back-to-school brands and retailers. Many of them will post exclusive savings on their social media accounts. So, why not be in-the-know and save at the same time?
  10. Have Some Fun
    Back-to-school season can be very stressful – and expensive – for parents. Don’t forget to take some time to remember how magical and fun this time of year is for your kids. Let them splurge on that cute character lunch box they’ve wanted or the trendy must-have backpack. It’s these little things that your children will remember when school is over.

Still have supplies to buy but can’t make ends meet? WWFCU has a Summer Loan Special that can help with that. Call (734) 721-5700 or stop by our branch to learn more.

 

Investments

Should You Retire or Become an Entrepreneur?

July 18, 2019

The average age that people are retiring these days is 60. For the past twenty years, that number has slowly been rising. The main reason is that we’re living longer so we’re choosing to work longer. The other reason is aging workers can’t rely on a pension or social security to sustain them in their old age, so they need to work longer to earn and save more. Finally, some retirees just want to work to give back to their communities during their retirement.

On the flip side of that retirement coin is the fact that people are discovering they haven’t saved enough to retire when they’d like. In fact, 60% of workers have less than $25,000 in retirement funds, and 43% of Millennials lack any kind of retirement savings. These are all reasons why many retirees are choosing to get creative in their retirement years versus moving to Florida.

Why Choose Entrepreneurship?

A major trend among retirees is becoming an entrepreneur and/or a small business owner. The Kauffman Foundation found that almost a quarter of entrepreneurs are age 55 or older. And Merrill Lynch states that 70% of pre-retirees are planning to work in retirement.

Continuing work after retirement doesn’t just come with financial advantages, but health-related benefits as well.  83% of surveyed retirees feel that working after retirement helps them to stay more youthful. If you choose to not work in retirement, keep in mind that 66% that do experience a decline in their physical and mental abilities.

Why else should you consider being an entrepreneur in retirement? According to Duke University, there are twice as many successful entrepreneurs over age 50 than there are under age 25. Older entrepreneurs have more financial strength, self-awareness and personal stability than those that are just starting out. Plus, older workers can often face age discrimination in the workplace, so it often pays to work for yourself!

Things to Consider

If you’ve been bitten by the entrepreneur bug and want to start your own business in retirement, here a few things to consider before taking that leap:

  • Risk– Being a business owner comes with perks, but it also comes with significant personal liability and threats to your personal estate. Be sure to protect yourself beyond your basic homeowners’ insurance. Talk with your attorney and insurance agent about the best way to protect yourself and your business. You might need to form an LLC, LLP or corporation and start a business insurance policy to safeguard your assets.
  • Investment– How much should you spend to start a business? While that number differs for everyone, you won’t want to threaten the financial security you’ve worked so hard for. Consult with your financial advisor to see if your business plan is what’s best for you and if borrowing or tapping into your savings makes the most sense.
  • Enjoyment– After all is said and done, you want to enjoy your senior years regardless of if you relax by the pool or start your dream business. You don’t want to dread going to work each day if it’s your own business – be sure it’s meaningful yet fun.

If you decide to take the entrepreneurship leap and have decided it makes sense to borrow some money to do it, WWFCU has a business loan to help. Speak to a member service specialist at (734) 721-5700 or stop our branch to learn more.

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