Service Upgrade: New & Improved Bill Payer

As a Member of St. Cloud Federal Credit Union, you have the opportunity to use our Bill Payer service, free of charge.  For those of you who don’t know, Bill Payer is a safe and secure way to pay your bills online through your checking account at SCFCU.  It’s a convenient alternative to writing out checks each month, or logging onto individual business websites.  An exciting upgrade is coming soon for Bill Payer service.

Effective August 14^th, we are converting to a new Bill Payer provider.  No worries, current users -  all of your Payees, Payment History, and Scheduled Payments will automatically convert to the new provider.  However, there are a few things we’d like to make you aware of.

• Payments that you set up prior to the upgrade, that had a process date after August 13^th, will now have a different ‘Send Date’.  The term ‘Process Date’ will now be used within Bill Payer instead of ‘Send Date’.  It is extremely important that you log in to your Bill Payer account after August 14^th and review your ‘Process Dates’ (The ‘Process Date’ is the date the funds are deducted from your checking account.) to assure things transferred over.
  
  

• All of your Payees will default to ‘Check Payment’ status at the time of the upgrade.  However, those Payees may convert to ‘Electronic Payment’ status when the first payment is processed with our new provider.
  
  

• The most exciting change is that Bill Payer will be available for your mobile device by the end of the first quarter in 2014.

If you have any questions or concerns about our Bill Payer upgrade, please feel free to contact Barb at (320)258-2150, or Karen at (320)258-2169.

To learn more about accessing Bill Payer, click here.  If you’d like help walking through setting up Bill Payer, check out this video.  Happy Bill Paying!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

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Bill the IV

For the fourth time, there will be a newly designed $100 dollar bill.  The Federal Reserve estimates that this new $100 dollar bill will make its debut on October 8^th, 2013.  The fancy and ‘high-tech’ bill will be one-of-a-kind and has several security features.

This bill has over a decade’s worth of research put into it, including its safety and designs aspects.  The new $100 bill aims to eliminate counterfeits by having a 3-D security ribbon, blue in color, down the front of the bill.  The blue ribbon also ‘moves’ when you tilt your cash from side to side.  This bright feature is not just printed on to the bill, but is actually woven into its fibers.  This security ribbon is not the only thing that transforms, the bell and ‘100’ on the front of the bill also switche from a copper color to a green color when the bill is tilted back and forth.  The shift from gold to green can make this security bell seem as though it disappears into the bill.

When you hold your new $100 bill under light, you’ll also notice a second image of Benjamin Franklin.  This faint face appears to the right of the main portrait and can be seen from either side of the bill.  While you’re ‘looking into the light’, you’ll also see a thread that is embedded vertically to the left of Benjamin’s face.  This additional security thread has both the number ‘100’ and the letters ‘USA’ in an alternating pattern.  Like Benjamin’s second portrait, this can be seen from either side of the bill, and when lit by a UV light, glows a bright pink color.

One of the most notable visual changes on the new $100 bill is the gold ‘100’ running along the back side of the bill.  This helps set the new style apart from the old.  When your rub your fingers over the bill, you’ll feel that aspects of Benjamin’s portraits are embossed, or raised from the rest.  This feature on his left shoulder is another major distinguishing factor in U.S. currency.

As mentioned, this is the fourth time that our Benjamin Franklin featured bill has been revamped and redesigned.  The three prior changes were all made in the last 20 years alone.  These changes and updates are continually working to improve security technology and reduce the ability to counterfeit.  For even more features of the new $100 bill, visit http://www.newmoney.gov/uscurrency/redesigned100.htm!  

Going Green = More Green

As many of you know, April 22^nd is Earth Day!  In effort to create a better understanding of ways we can all contribute to ‘greener’ living, we've been focusing many of our posts around environmental practices and awareness.  Living with Mother Earth in mind is not only good for our conscience, but it can make our wallets feel a little better too! How? Below is a list of ways going green, can help you have more ‘green’… 

1. Aluminum = CHA-CHING

Collecting pop cans is one of the most common forms of recycling.  Did you know you can turn in those aluminum cans for change? In Central MN you can get anywhere from 60-70 cents per pound, which is about 35 cans.  Toss ‘em in a bin and bring ‘em in!

2. Ditch the Plastic

Each year a household can spend up to $700 dollars on buying bottled water.  Choosing to purchase a reasonably priced filter or tap system will not only save you a lot of money in water purchases, but can also help alleviate the amount of plastic thrown away each year (which can be up to 22 billion bottles!).

3. Bags, Bags, Bags

Each year over 380 billion bags are used in the U.S.; that’s over 1,200 bags per person.  Of that 380 billion, only 1-2% gets recycled.  Many residents and shoppers are not aware they can recycle plastic bag, but you can just as you would a pop-can, soup-can, or milk jug.  Another great alternative to plastic bags is bringing your own bag.  Many stores give up to 5 cents for each reusable bag, so you’re doing the environment and your wallet a favor.

4. Better Bulbs

Using an energy efficient light bulb uses around 10 times less energy to create the same amount of light.  Not only are they better for the environment, but they’ll also save you money on your electric bill.

While we’re all for saving money and being more financially fit, we’re always invested in the well-being of our Members and community, and that includes the environment we all live in.  Recycling benefits all of us and our future posterity! Spread the love, go green!

We are People Helping People.


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Credit Scores? Just Smile and Nod…

We often hear about the importance of a strong, well-kept Credit Score; but do you really understand what a Credit Score is?  Although the details are far from simple, we did our best to break it down and cover some main points to help you become more informed, so next time you’re asked about a Credit Score, you don’t have to just smile and nod…

What Exactly is It?
A Credit Score is a 3 digit number generated by mathematical algorithms taken from various pieces of information within your Credit Report.  Basically, this calculated number aims to predict your risk as an individual and analyze the chances of you becoming a “delinquent” on different credit obligations. 

Who Uses It?
Your Credit Score is often used by financial institutions and credit card companies to evaluate your eligibility for lending money.  Your score can help determine if you qualify for a loan, what your limits are, and the interest rate.  However, Credit Scores are not only for financial institutions.  A variety of organizations (cell phone companies, insurance companies, landlords, etc.) can use your Credit Score information for the same techniques.  Your Credit Score can be the difference between a low or high interest rate, qualification for an apartment rental, and much more.

Are they All the Same?
While there are all kinds of existing Credit Score models, the most common is the FICO.  According to myFICO.com, “90 percent of all financial institutions in the U.S. use FICO scores” when making decisions.  Your FICO score can be anywhere in the 300 – 850 range; a higher FICO score number indicates lower risk.  There are three different Credit Bureaus that gather your score: Experian, Equifax, and TransUnion – this means each consumer has three FICO scores.  Your FICO score is made up from your Credit Report’s data that is sorted into 5 main categories (see below).  Within this model, some factors are weighed more heavily – like debt and payment history.

What Makes up the Score?
On the right, you’ll see a model of what goes into your Credit Score.  Your Payment History (35%) includes account payment information, including delinquencies and public records.  Your Amounts Owed (30%) is how much you owe on each of your accounts.  The Length of Credit History (15%) is the amount of time between activity on accounts and how long they've been open.  Types of Credit Used (10%) is the variety of accounts you have (installment and revolving).  Lastly, New Credit (10%) includes credit inquiries you've made, recently opened accounts, and your pursuing of new credit.  It is important to note that personal and demographic information (age, marital status, race, income, address, employment, etc.) do not affect your score.

With a better understanding of your Credit Score you can practice better control of your score.  Stay tuned for future blogs about how to build good scores, what can hurt your score, and becoming financially fit. If you have any questions, call or stop by today! We are People Helping People.

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Spring Cleaning = Spring Saving

In the spirit of today being the first day of Spring (we know, it hardly feels like it) – we thought we’d blog accordingly!  Below is a list of 7 places to check for Spring savings when Spring cleaning …

1. Light bulbs
When you’re cleaning and dusting off those light fixtures, why not dust the light bulbs too?  A clean light bulb will give off more light, giving you more ‘bang for your buck’.  If you have to replace any bulbs, consider doing so with energy efficient ones. 

2. Fridge
When you’re throwing out moldy, stinky, rotten food and scrubbing the grime off the shelves, take a look at your temperature dial; is it set colder than it needs to be? Is something blocking it from getting an accurate read?  If you see fit, adjust the temperature so the fridge is kept at suitable setting.  Also, take the extra time to pull the fridge away from the wall and dust off the back coils – this helps the fridge run more efficiently and with less energy (which = less money spent).

3. Filters
Although it is hard for many of us Minnesotans to imagine turning on the Air Conditioner, during your spring cleaning, check out the AC filter.  If necessary, toss the old one and install a new one – an old, beat up, unclean filter makes your AC do more work than necessary, and a new one can save you anywhere from 5% to 15% on yourbill. A good rule of thumb is to change your air filter 2-4 times a year.

4. Dishwasher
For many of us, the Spring Cleaning list doesn't include our dishwasher, but we suggest adding it! Bottom line: a clean dishwasher uses less water.  How? During rinse and wash cycles, many dishwashers will overcompensate for the dirty area surrounding your dirty dishes.  First, clean your dishwasher (door, shelves, racks, etc.) with warm vinegar water and then run a wash cycle with lemonade powder as the soap.   Last, clean the seal around the door – this way your dishwasher won’t pump out extra heat due to leaks. Voila! 

5. Dryer
The dryer is pretty basic, and keeping lint filters clean seems like common sense, we know.  This Spring, also remember to have your dryer ducts clean and like the fridge, clean behind your dryer to keep things running efficiently.  If you’re really looking to save – boycott the dryer all together on warm, sunny days and use a clothesline!

6. Roof
When you’re cleaning all the leaves out of your gutters, take a second to check at the ventilation in your attic.  Clean ventilation can help reduce the build up of heat (which means less cost on running the AC) and is also better for the life of your shingles.

7. Sliding Doors
Hopefully we’ll be using these soon to step on the back patio, but in the mean time - keep the sliding track clean.  Dust and dirt can build up over the winter months and loosen the seal – clearing that out can assure you that your air conditioner isn't doing more work than it has to. 

We know that Spring Cleaning is hardly exciting for most of us, but our financial fitness goals seem to be applicable to all areas of life: the good, the bad, the clean, and the dirty. Happy Spring and Happy Cleaning!


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Bill Who? Bill What? BILL PAYER!

With St. Cloud Federal Credit Union, you have the opportunity to use our Bill Payer service, free of charge.  What is Bill Payer, you may ask?

Bill Payer is a safe and secure way to pay your bills online through your checking account at SCFCU.  It’s a great alternative to writing checks or logging onto several individual websites to pay your bills.

Bill Payer is easily accessible through our Online Banking section of our website.  Bill Payer allows you to designate several different ‘payees’; anything from heating and electric, to cable, to your daycare provider.  Most ‘common’ payees (which is about 85% of all payments) will be sent electronically, the other roughly 15% are sent out by check.  Depending on how your payment is sent, Bill Payer only needs a 3 to 6 day lead period to guarantee your payments arrive on time – which can help you avoid late fees!

When you use Bill Payer, your payment history is stored for approximately 18 months, allowing you to review your payments as needed.  Bill Payer also has a built-in security feature that sends you an email alert any time a new payee is created, when a payment is added, or when a payment is deleted – so you’re in the loop of everything that’s going on in your Bill Payer.

Member’s who have tried Bill Payer tell us all the time how much they love it, and that they can’t imagine going back and paying their bills any other way.

If you’re already using Bill Payer, check out our March promotion by clicking here. If you’d like to learn more about using Bill Payer or want to sign up – call or stop by, we’re happy to walk you through it and help get you started! Get #FinanciallyFit and take the stress out of paying bills!

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America Saves Week: Money is like Cake ...

Money is like a cake. When you get that delicious dessert, it can be tempting to eat it all at once. But if you do, you’ll end up with a stomachache, that sugarcoated feeling on your teeth, and perhaps most importantly – no cake for later.  Similarly, if you spend all of your money, you’ll probably end up regretting your splurges – and wishing you had some funds sitting in the bank.

Often, savings strategies are obvious – you set a big piece of cake aside, and it’s there waiting for you. But sometimes, it’s the little things that make that cake disappear.  The following list features both kinds of savings strategies – big ones that work all at once, and little ones that add up over time. All of them can be put into action during America Saves Week, and every single one ensures that you can have your cake and eat it too.

1. Track Your Spending, and Make a Budget
Understanding where your money is going is the best way to start saving, which is why your first step is to make a budget. It might be that, once you make your budget and realize how much you’re spending in certain categories, you can immediately save $100 by making little trims here and there.

2. Negotiate Your Bills
Checking for over-servicing isn’t the only way to lower your regular bills. If you’re not paying a promotional rate for services like cable and Internet, you’re paying too much. Call your service provider, and ask if there is any way you can lower your bill. If they don’t automatically say yes, suggest that you’re going to find another provider. Be patient, nice, and firm, and you can get a better rate.

3. Vow to Reuse, Repair, and Repurpose Instead of Buying New
Every time you think about buying something new, ask yourself – do you really need it, or can you make do with something you already have or that you can borrow from a friend?

4. Get to Know Your Credit Card
Visit your credit card company’s website and read the fine print. Many credit cards offer free benefits that are not well publicized. These benefits may include extended warranties, free tickets, price drop protection, extra discounts, concierge services, and cash giveaways. Of course, you should not use a credit card at all if you carry a balance every month. If you can’t control your spending, consider switching over to a cash-only system.

5. Clean Out Your Pantry
Empty your cupboards, see what you have, and plan meals around the ingredients you want to use up. You’ll slash your next grocery bill, and you’ll help ensure that food doesn’t go stale.

6. Create a “Cheap Fun Club” With Friends
If you’re trying to save money, it can be disheartening when friends invite you to things that you don’t want to spend money on. Instead, be proactive, and invite your friends to share in frugal activities with you, such as potlucks, watching movies at home, and board game nights.

7. Sell Your Stuff
Taking the time to declutter your house and sell your extra stuff has multiple benefits. Not only can you make money getting rid of your old items, but you might also discover other useful things you had forgotten about.


How are you planning to save money for America Saves Week? For more information, visit http://www.americasaves.org/

#PeopleHelpingPeople

  

Your Voice is Heard

At St.Cloud Federal Credit Union, we value the voice of our Members and ensure they are empowered.  As a cooperative financial institution, all Members of our credit union are also owners.  When a person joins our credit union, they become one of the owners and shareholders of our institution.

As mentioned in a previous blog, one thing that differentiates credit unions is that we are “not-for-profit” – there is no private ownership.  We are member-owned and all our profits stay in the credit union, our local community, and aid in the benefit of our valued Members.   The democratic nature of our credit union allows all our Members to have an equal voice in the operation of the organization, regardless of the amount each person has in their account.  Credit union Members participate by voting in mail-in elections for the credit union's Board.

Our credit union is governed by our local, volunteer Board of Directors.  Now is the perfect time for all our Members to exercise their ownership and have a say in how their credit union is run!  Ballots for the candidates for our Board of Directors were recently mailed out.  Please take time to look them over, fill them out, and get them back to us by March 16, 2013.  Please join us on Thursday, March 21^st for our Annual Meeting at our St. Cloud office at 3030 First Street South, in the lower level Community Room – cookies will be served, and election results will be announced!   The Business Meeting starts at 5:30 pm.

Our mission is to engage in a relentless effort to provide superior service to our Members.  We aim to educate, support, and encourage our members to be financially fit.
We are People Helping People.

   

Help Make Miracles

At St. Cloud Federal Credit Union, we are always looking for ways to contribute to others and strengthen our sense of community.  Since January 10^th, we have been participating in the Chain of Hearts fundraiser for Gillette Children’s Hospital of St. Paul, MN.  There’s still time for you to join the cause!  Until February 28^th, you can purchase a paper link ($1) or paper heart ($2) at either of our Sartell or St. Cloud locations. 

All proceeds raised will benefit the children at Gillette’s and their clinics across the state, helping to relieve the financial burdens of children with disabilities and chronic conditions.  Since 1897, Gillette Children’s Hospitals have been on the forefront of medical treatment, education, and research for children with a variety of disabilities.  Gillette’s mission is to help patients realize the greatest possible independence, well-being, and enjoyment in life.

In 2012, Minnesota credit unions partnered with the Children’s Miracle Network were able to raise over $41,000 for Gillette Children’s Hospitals.  Each personalized heart or link purchased are displayed in our lobbies, a first hand example of our People Helping People mission. 

We strongly encourage all our members, community residents, and area businesses to contribute in any way they can.  Please show your love for Minnesota’s kids by stopping in, writing your name on a heart, and donating what you can to support Gillette Children’s Specialty Healthcare.

For more information about Credit Unions 4 Kids, visit http://www.cu4kids.org/

A Penny for Your Thoughts

Have you heard? Canada did away with their penny as of Monday, February 4^th, 2013.  What are your thoughts on our little one cent friend? Do you like having a penny? Would you be OK with the decision to eliminate the small, copper, Lincoln-silhouetted coin?

Just for fun, we’ve gathereed a few facts about the U.S. penny:

1.  The Average penny lasts 25 years.

2.  The penny was the first coin minted in the United States.

3.  There are 11 different designs of the penny.

4.  The Lincoln penny was originally minted in 1909, which was Lincoln's 100^th birthday.

5.  Lincoln is the only coin-featured president that faces the right – all others face the left.

6.  The penny was the first U.S. coin to have the “IN GOD WE TRUST” motto on it.

7.  Every year the United States Mint produces over 13 billion pennies.

8.  The U.S. Mint collects one cent for each penny made- this profit goes toward helping pay the public debt.

9.  In 2009, four new backsides to the penny were designed and released in honor of Lincoln’s 200^th Birthday.  Each design depicts a different scene from his life.

10.  The penny costs more to make than it’s actually worth, but is the most profitable coin.

11.  Melting down pennies from before 1982 (due to their valuable copper) is illegal and could cost you $10,000 in fines or five years in prison.

12.  Just over 1,000 new pennies are minted every second.

13.  “E Pluribus Unum” (engraved on pennies) means “One out of many”.

14.  The penny weighs 2.5 grams.

15.  The average American home has roughly $93.75 worth of pennies collected in jars, lost under sofa cushions, of forgotten in old purses and pockets.

Recent polls show that 73% of Americans favor keeping the penny in circulation, do you?  It sure got us thinking. . .