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.

   

Tax Refunds: How Will You Use them to Your Advantage?

Is your Tax Refund helping you become financially fit? IT CAN! Below are just a few of the many ways you can use your Tax Refund wisely to take steps toward financial fitness...

1. Pay off Debt & Bills

If you have overdue bills or loans, use your tax refund to pay them.  Once your debt is gone you'll feel much better!

2. Open a savings account

Not only will you have a safe place to save money, you'll be creating saving habits and establishing good financial history.

3. Buy a savings bond

Savings bonds can help you to save for emergencies or bigger purchases. You can also buy bonds in someone's name as a gift.

4. Create an emergency fund

Aim to save the amount of money that would pay expenses for 1-3 months in an emergency fund.  You never know when you'll need it!

5. Save for Education and/or Retirement

Save now so you, your child, or grandchild can spend less on a valuable education.  Also, it's never too early to save for retirement!

Although it can be difficult when you get that refund, think about how you can use it to help alleviate any other financial pressures.  It may not seem like the most fun way to spend it in the moment, but you'll more than likely thank yourself later.

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. . .


  

All Good Things Must Come to an End ...

While our Financial Fitness efforts aren't going anywhere, our Series of Savings is drawing to a close - below are our final five tips to get you saving money today.  No fear, dear readers - we are sure to post other money saving, budget improving, fun fact blogs in the future...

16. Slow Down

Did you know that every 5 mph over 60 you drive is the same as paying an extra 29 cents per gallon of gas? Yikes! Driving a littler slower (ahem, the speed limit) can save you quite a bit.

17. Minimize ATM Fees

Look for ways to cut the ATM fees.  This may mean using a particular ATM, but if that’s too inconvenient, look for other options to get your fees reimbursed.

18. Plan your Meals

This one’s pretty straight forward; avoid the restaurant bills and excess grocery spending by planning and cooking your meals at home!  If you make a big batch, this might help with #5 as well.  When you are the chef, you have more control over ingredients, which often means a healthier meal for you.

19. DIY

That’s right, Do It Yourself!  With the explosion of Pinterest, how-to’s and project instructions are easier to find that ever.  You can make your own cleaners, furniture, gifts, and decorations!

20. Be on Time

Those late fees really begin to add up, how about cutting them out all together?  By paying your bills on time, you can begin to save from unnecessary (and unwanted) spending.

We do hope that our blogs in the Series of Saving have inspired you to take another look at your spending.  Saving money is not always easy, but it is possible.  We believe in you and are here to support you!

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Let the Savings Roll - Series of Savings Part 3 of 4

Hopefully by now you've heard all about our 2013 goal for Financial Fitness!  Regardless, we're always excited to help you save money where you can.  Below are our next 5 tips in our Series of Saving!

11.  Unplug it

Get in the habit of unplugging your dormant electronics and appliances.  Pulling the plug on the toaster, phone charger, curling iron, or lamp can help you save you money on your electric bill.  Just don’t forget you’ve unplugged them, or you’ll be frustrated next time you pop some bread down!

12. Make a List, Check it twice

Make of a list of the bills you pay regularly: electric, phone, internet, cable, insurance, etc.  Designate two times a year to check and make sure that you’re still getting the best deals.  It might take some time to shop around and do a little internet research, but if you save money you’ll be glad you did.

13. Do your own Chopping

While pre-chopped fruits and veggies are convenient, if you start chopping your own not only will you save money, you’ll have fresher produce.

14. Swap Sitters

If you and your significant other need a night out and you know another couple feeling the same way, do a babysitting swap!  Tell them you’ll watch their rascals for a night if they return the favor.  You’ll save money on a babysitter and know your kiddos are in trusted hands.

15. Check it Out

Yes, libraries still exist.  Public libraries have free memberships and a plethora of books, magazines, and movies you can check out – FOR FREE (as long as you get it back in time).  Quit forking over money for rentals, cut the magazine subscription, and head over to your local library.

And like the good times, let the savings roll - We'll be back soon with our final 5 ways to save!

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More on the New 4% Checkout Fee

 It’s a bummer that the newly announced 4% 'checkout fee' was approved, and unfortunately we, as a Credit Union cannot do anything about it.  This added fee is 100% on the Merchant’s end; they make the decision if and how much they’ll charge.  In light of the expressed frustration of many, we hope to answer some basic questions about the new fee and fill you in on what we know.

As of Sunday, January 27^th, 2013, stores can pass the cost of payment processing on to the customers who use a MasterCard or VISA credit card.  The merchant can charge anywhere between 1.5% and 4% per transaction; news sources say typically you’ll see the tax between 1.5% and 3%, but it absolutely cannot be higher than 4%.  For example, if you bought a new shirt for $50.00 using your credit card, a retailer could charge $52.00 for not paying with cash or a debit card. 

There are ten states that are not legally allowed to impose the surcharge, including: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.  Likewise, during the settlement some retailers had the option to not charge the new tax on its customers – so a bit of good news is that not everyone will be implementing the surcharge.

Q: How will I know if I'm going to be charged?

A: Merchants and retailers are required to clearly disclose that they will be implementing the credit card surcharge as well as the amount.  Look for a sign when entering a store, check your receipt, or online - look on the checkout screen or the homepage.

Q: If I use my debit or check card and select 'credit' rather than debit, will I be charged?

A: No! No matter how your debit card is processed after the sale, surcharging is not allowed unless it is a CREDIT CARD.  This new fee does not apply to purchases made with a debit card, so feel free to continue selecting the 'credit' option when using it!

Q: What stores won't charge me?

A: Various larger retailers like Target, Wal-Mart, McDonald's, Macy's, Toys-R-Us, JCPenny, the Limited brands, and more 'vowed' not to tack on the extra tax to their consumers in any state.  Some claimed that "the new tax threatens merchants' priority to keep prices low for consumers."

Q: Why did this new surcharge happen?

A: The new checkout fee is a result of one of the largest anti-trust settlements in U.S. history.  According to Huffington Post Business News, "In 2005, a group of merchants claimed that MasterCard, Visa, and nine other companies including JP Morgan Chase & Co. conspired to fix the fees that stores pay to accept credit card purchases".  As a result of the case, "the merchants are allowed to charge customers a fee equal to the cost of the accepting card".

For more information, visit http://tv.msnbc.com/2013/01/28/credit-card-users-could-get-socked-with-4-checkout-fee/

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